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Side-by-side financial comparison of ARGAN INC (AGX) and Empire State Realty OP, L.P. (ESBA). Click either name above to swap in a different company.
ARGAN INC is the larger business by last-quarter revenue ($251.2M vs $199.2M, roughly 1.3× Empire State Realty OP, L.P.). Empire State Realty OP, L.P. runs the higher net margin — 16.1% vs 12.2%, a 3.9% gap on every dollar of revenue. On growth, Empire State Realty OP, L.P. posted the faster year-over-year revenue change (0.8% vs -2.3%). ARGAN INC produced more free cash flow last quarter ($171.9M vs $50.6M). Over the past eight quarters, ARGAN INC's revenue compounded faster (23.5% CAGR vs 4.9%).
ARGAN INCAGXEarnings & Financial Report
Argan Inc. is a diversified holding company that provides comprehensive engineering, construction, project management and consulting services. Its core operating segments focus on power generation, telecommunications, industrial infrastructure and renewable energy projects, primarily serving public and private sector clients across North America.
Empire State Realty OP, L.P. is a real estate operating partnership focused on owning, managing, and leasing premium commercial and retail properties primarily in the New York City metropolitan area. Its portfolio includes iconic landmarks like the Empire State Building, serving corporate tenants, retail brands and tourism-related business segments.
AGX vs ESBA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $251.2M | $199.2M |
| Net Profit | $30.7M | $32.2M |
| Gross Margin | 18.7% | — |
| Operating Margin | 13.0% | 17.8% |
| Net Margin | 12.2% | 16.1% |
| Revenue YoY | -2.3% | 0.8% |
| Net Profit YoY | 9.7% | 71.2% |
| EPS (diluted) | $2.17 | $0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $251.2M | $199.2M | ||
| Q3 25 | $237.7M | $197.7M | ||
| Q2 25 | $193.7M | $191.3M | ||
| Q1 25 | $232.5M | $180.1M | ||
| Q4 24 | $257.0M | $197.6M | ||
| Q3 24 | $227.0M | $199.6M | ||
| Q2 24 | $157.7M | $189.5M | ||
| Q1 24 | $164.6M | $181.2M |
| Q4 25 | $30.7M | $32.2M | ||
| Q3 25 | $35.3M | $13.6M | ||
| Q2 25 | $22.6M | $11.4M | ||
| Q1 25 | $31.4M | $15.8M | ||
| Q4 24 | $28.0M | $18.8M | ||
| Q3 24 | $18.2M | $22.8M | ||
| Q2 24 | $7.9M | $28.6M | ||
| Q1 24 | $12.0M | $10.2M |
| Q4 25 | 18.7% | — | ||
| Q3 25 | 18.6% | — | ||
| Q2 25 | 19.0% | — | ||
| Q1 25 | 20.5% | — | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 13.7% | — | ||
| Q2 24 | 11.4% | — | ||
| Q1 24 | 14.4% | — |
| Q4 25 | 13.0% | 17.8% | ||
| Q3 25 | 12.6% | 19.9% | ||
| Q2 25 | 12.6% | 18.4% | ||
| Q1 25 | 14.1% | 14.3% | ||
| Q4 24 | 11.8% | 21.7% | ||
| Q3 24 | 8.2% | 22.7% | ||
| Q2 24 | 4.1% | 20.8% | ||
| Q1 24 | 7.1% | 17.1% |
| Q4 25 | 12.2% | 16.1% | ||
| Q3 25 | 14.8% | 6.9% | ||
| Q2 25 | 11.6% | 6.0% | ||
| Q1 25 | 13.5% | 8.8% | ||
| Q4 24 | 10.9% | 9.5% | ||
| Q3 24 | 8.0% | 11.4% | ||
| Q2 24 | 5.0% | 15.1% | ||
| Q1 24 | 7.3% | 5.6% |
| Q4 25 | $2.17 | $0.11 | ||
| Q3 25 | $2.50 | $0.05 | ||
| Q2 25 | $1.60 | $0.04 | ||
| Q1 25 | $2.26 | $0.05 | ||
| Q4 24 | $2.00 | $0.07 | ||
| Q3 24 | $1.31 | $0.08 | ||
| Q2 24 | $0.58 | $0.10 | ||
| Q1 24 | $0.89 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $423.7M | $132.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $419.7M | — |
| Total Assets | $1.1B | $4.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $423.7M | $132.7M | ||
| Q3 25 | $275.5M | $154.1M | ||
| Q2 25 | $304.3M | $94.6M | ||
| Q1 25 | $298.4M | $187.8M | ||
| Q4 24 | $299.8M | $385.5M | ||
| Q3 24 | $302.0M | $421.9M | ||
| Q2 24 | $291.8M | $535.5M | ||
| Q1 24 | $306.5M | $333.6M |
| Q4 25 | $419.7M | — | ||
| Q3 25 | $393.2M | — | ||
| Q2 25 | $363.9M | — | ||
| Q1 25 | $351.9M | — | ||
| Q4 24 | $328.7M | — | ||
| Q3 24 | $308.1M | — | ||
| Q2 24 | $293.2M | — | ||
| Q1 24 | $290.9M | — |
| Q4 25 | $1.1B | $4.5B | ||
| Q3 25 | $882.7M | $4.1B | ||
| Q2 25 | $792.2M | $4.1B | ||
| Q1 25 | $836.2M | $4.1B | ||
| Q4 24 | $768.9M | $4.5B | ||
| Q3 24 | $726.6M | $4.4B | ||
| Q2 24 | $624.4M | $4.4B | ||
| Q1 24 | $598.2M | $4.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $172.5M | $249.1M |
| Free Cash FlowOCF − Capex | $171.9M | $50.6M |
| FCF MarginFCF / Revenue | 68.4% | 25.4% |
| Capex IntensityCapex / Revenue | 0.2% | 99.6% |
| Cash ConversionOCF / Net Profit | 5.61× | 7.74× |
| TTM Free Cash FlowTrailing 4 quarters | $283.0M | $109.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $172.5M | $249.1M | ||
| Q3 25 | $34.6M | $105.3M | ||
| Q2 25 | $35.3M | $26.7M | ||
| Q1 25 | $44.6M | $83.1M | ||
| Q4 24 | $31.8M | $260.9M | ||
| Q3 24 | $73.5M | $102.8M | ||
| Q2 24 | $17.7M | $37.1M | ||
| Q1 24 | $24.6M | $70.9M |
| Q4 25 | $171.9M | $50.6M | ||
| Q3 25 | $32.9M | $72.8M | ||
| Q2 25 | $34.9M | $-55.1M | ||
| Q1 25 | $43.3M | $41.1M | ||
| Q4 24 | $29.2M | $88.0M | ||
| Q3 24 | $71.1M | $-65.1M | ||
| Q2 24 | $17.4M | $19.5M | ||
| Q1 24 | $24.0M | $23.2M |
| Q4 25 | 68.4% | 25.4% | ||
| Q3 25 | 13.8% | 36.8% | ||
| Q2 25 | 18.0% | -28.8% | ||
| Q1 25 | 18.6% | 22.8% | ||
| Q4 24 | 11.4% | 44.5% | ||
| Q3 24 | 31.3% | -32.6% | ||
| Q2 24 | 11.0% | 10.3% | ||
| Q1 24 | 14.6% | 12.8% |
| Q4 25 | 0.2% | 99.6% | ||
| Q3 25 | 0.7% | 16.5% | ||
| Q2 25 | 0.2% | 42.8% | ||
| Q1 25 | 0.6% | 23.4% | ||
| Q4 24 | 1.0% | 87.5% | ||
| Q3 24 | 1.0% | 84.1% | ||
| Q2 24 | 0.2% | 9.3% | ||
| Q1 24 | 0.4% | 26.3% |
| Q4 25 | 5.61× | 7.74× | ||
| Q3 25 | 0.98× | 7.72× | ||
| Q2 25 | 1.57× | 2.35× | ||
| Q1 25 | 1.42× | 5.27× | ||
| Q4 24 | 1.13× | 13.88× | ||
| Q3 24 | 4.04× | 4.51× | ||
| Q2 24 | 2.24× | 1.30× | ||
| Q1 24 | 2.05× | 6.94× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AGX
| Power Industry Services | $195.5M | 78% |
| Industrial Construction Services | $49.4M | 20% |
| Telecommunications Infrastructure Services | $6.3M | 3% |
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
