AGXARGAN INC

Construction - Special Trade Contractors

Revenue: $945M; 8.1% YoY
Operating margin: 14.3%; 41% YoY
EBITDA: $137M; 52% YoY
Market cap: $4.8B
Employees: 1,409; $670K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
301% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$670K · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$147M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$509M	$455M	$573M	$874M	$945M	8.1%
Operating income	$45M	$42M	$36M	$88M	$135M	53%
Net income	$36M	$35M	$32M	$85M	$138M	61%
Operating cash flow	$28M	−$30M	$117M	$168M	$415M	147%
Capex	$1M	$3M	$3M	$7M	$4M	41%
Stock-based comp	$3M	$4M	$4M	$4M	$8M	76%
Buybacks	$20M	$68M	$12M	$2M	$10M	548%
Dividends	$16M	$14M	$15M	$18M	$24M	33%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $147M · 37
Net: −$147M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	886	440
FY2025	—	—	347	280
FY2024	—	—	111	181
FY2023	—	—	95	161
FY2022	—	—	88	125