Argan vs Innovate
Innovate is the larger business, with $1.25bn of revenue in fiscal 2025 against $945m for Argan (1.3 times as much). Innovate grew faster (12.5% against 8.1%). Argan kept more of each dollar of sales as profit: a net margin of 14.6% against -4.9%.
| Latest fiscal year | ArganAGX, 2026 | InnovateVATE, 2025 |
|---|---|---|
| Revenue | $945m | $1.25bn |
| Revenue growth | 8.1% | 12.5% |
| Net income | $138m | −$60.6m |
| Operating margin | 14.3% | 2.3% |
| Net margin | 14.6% | -4.9% |
| Return on equity | 33.8% | — |
| Free cash flow | $411m | $146m |
| Cash | $339m | $108m |
| Total debt | — | $687m |
| Debt to equity | — | — |
| Dividend per share | $1.75 | — |
| Dividend yield | 0.6% | 2.5% |
| Share buybacks | $9.9m | — |
| Employees | 1,409 | 3,587 |
| Market value | $4.88bn | $76.1m |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 61 (Moderate) | 25 (Weak) |
| Insider trades, 12 months | 0 buys, 37 sales | 0 buys, 0 sales |