Argan

Argan’s margins improved with mix and disciplined bidding, not by unilateral price increases. The company mostly competes for fixed‑price EPC work where price discovery is intense and cost overruns accrue to the contractor. A favorable cycle and reduced competitor set provide pockets of pricing latitude, but sustainable list‑price power is modest.

Data center‑driven urgency can tilt terms toward contractors, yet we underwrite mid‑cycle profitability rather than peak margins.