Argan, Inc. (AGX) 10-Year Financial Performance & Capital Metrics

AGX • • Industrial / General

IndustrialsEngineering & ConstructionEnergy & Industrial ConstructionIndustrial Plant Construction

AboutArgan, Inc., through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments. The Power Industry Services segment offers engineering, procurement, and construction contracting services to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 15 gigawatts of power-generating capacity. This segment serves independent power project owners, public utilities, power plant equipment suppliers, and energy plant construction companies. The Industrial Fabrication and Field Services segment provides industrial field, and pipe and vessel fabrication services for forest products, industrial gas, fertilizer, and mining companies in southeast region of the United States. The Telecommunications Infrastructure Services segment offers trenchless directional boring and excavation for underground communication and power networks, as well as aerial cabling services; and installs buried cable, high and low voltage electric lines, and private area outdoor lighting systems. It also provides structured cabling, terminations, and connectivity that offers the physical transport for high-speed data, voice, video, and security networks. This segment serves state and local government agencies, regional communications service providers, electric utilities, and other commercial customers, as well as federal government facilities comprising cleared facilities in the mid-Atlantic region of the United States. Argan, Inc. was incorporated in 1961 and is headquartered in Rockville, Maryland.Show more

Revenue $874M +52.5%
EBITDA $94M +141.5%
Net Income $85M +164.1%
EPS (Diluted) 6.15 +157.3%
Gross Margin 16.13% +14.4%
EBITDA Margin 10.74% +58.4%
Operating Margin 10.09% +58.7%
Net Margin 9.78% +73.2%
ROE 26.59% +135.0%
ROIC 43.24% +62.2%
Debt/Equity 0.01 -17.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.4% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.6%

✗Weaknesses

✗Expensive at 13.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.6%

5Y29.61%

3Y19.73%

TTM13.49%

Profit (Net Income) CAGR

10Y10.87%

5Y-

3Y30.74%

TTM81.42%

EPS CAGR

10Y11.61%

5Y-

3Y36.84%

TTM77.62%

ROCE

10Y Avg18.56%

5Y Avg14.42%

3Y Avg17.68%

Latest27.04%

Peer Comparison

Industrial Plant Construction

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGXArgan, Inc.	4.57B	329.66	53.60	52.47%	13.11%	28.57%	3.52%	0.01
AMRCAmeresco, Inc.	1.09B	31.32	29.27	28.76%	3.34%	5.75%		1.63
KBRKBR, Inc.	5.71B	44.98	16.06	11.3%	4.71%	25.87%	6.74%	1.95
FLRFluor Corporation	7B	43.44	3.53	5.43%	25.35%	69.19%	9.48%	0.28
SUNESUNation Energy Inc.	3.61M	1.06	-0.00	-28.59%	-33.82%	-93.5%		2.39
FGLFounder Group Limited Ordinary Shares	2.68M	0.15	-2.18	-38.98%	-5.7%	-32.28%		2.09
MTRXMatrix Service Company	381.37M	13.56	-12.79	5.64%	-2.93%	-17.54%	28.79%	0.15

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	413.27M	675.05M	892.82M	482.15M	239M	392.21M	509.37M	455.04M	573.33M	874.18M
Revenue Growth %	0.08%	0.63%	0.32%	-0.46%	-0.5%	0.64%	0.3%	-0.11%	0.26%	0.52%
Cost of Goods Sold+	313.81M	528.34M	743.49M	399.71M	245.82M	330.14M	409.64M	368.68M	492.5M	733.19M
COGS % of Revenue	0.76%	0.78%	0.83%	0.83%	1.03%	0.84%	0.8%	0.81%	0.86%	0.84%
Gross Profit+	99.47M	146.71M	149.32M	82.44M	-6.82M	62.07M	99.73M	86.36M	80.83M	140.99M
Gross Margin %	0.24%	0.22%	0.17%	0.17%	-0.03%	0.16%	0.2%	0.19%	0.14%	0.16%
Gross Profit Growth %	0.19%	0.48%	0.02%	-0.45%	-1.08%	10.1%	0.61%	-0.13%	-0.06%	0.74%
Operating Expenses+	25.06M	32.48M	41.76M	40.71M	44.13M	39.04M	47.32M	44.69M	44.38M	52.79M
OpEx % of Revenue	0.06%	0.05%	0.05%	0.08%	0.18%	0.1%	0.09%	0.1%	0.08%	0.06%
Selling, General & Admin	25.06M	32.48M	41.76M	40.71M	44.13M	39.04M	47.32M	44.69M	44.38M	52.79M
SG&A % of Revenue	0.06%	0.05%	0.05%	0.08%	0.18%	0.1%	0.09%	0.1%	0.08%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	74.41M	112.25M	106.98M	40.24M	-55.84M	18.41M	44.51M	41.67M	36.46M	88.19M
Operating Margin %	0.18%	0.17%	0.12%	0.08%	-0.23%	0.05%	0.09%	0.09%	0.06%	0.1%
Operating Income Growth %	0.16%	0.51%	-0.05%	-0.62%	-2.39%	1.33%	1.42%	-0.06%	-0.13%	1.42%
EBITDA+	75.72M	115.46M	110.79M	44.67M	-51.19M	23.03M	48.75M	45.38M	38.86M	93.86M
EBITDA Margin %	0.18%	0.17%	0.12%	0.09%	-0.21%	0.06%	0.1%	0.1%	0.07%	0.11%
EBITDA Growth %	0.17%	0.52%	-0.04%	-0.6%	-2.15%	1.45%	1.12%	-0.07%	-0.14%	1.42%
D&A (Non-Cash Add-back)	1.31M	3.21M	3.81M	4.43M	4.65M	4.62M	4.24M	3.71M	2.4M	5.66M
EBIT	74.41M	114.23M	107.56M	41.73M	-50.95M	23.03M	52.41M	41.67M	36.46M	88.19M
Net Interest Income+	0	0	0	0	5M	0	-10.71M	0	0	21.2M
Interest Income	0	0	0	0	5M	0	0	0	0	21.2M
Interest Expense	12.41M	8.78M	0	0	0	0	10.71M	0	0	0
Other Income/Expense	1.1M	2.28M	5.65M	6.98M	8.07M	1.86M	2.55M	4.33M	12.47M	23.01M
Pretax Income+	75.51M	114.53M	112.63M	47.22M	-47.77M	24.89M	47.06M	46M	48.93M	111.2M
Pretax Margin %	0.18%	0.17%	0.13%	0.1%	-0.2%	0.06%	0.09%	0.1%	0.09%	0.13%
Income Tax+	25.3M	37.11M	40.28M	-4.65M	-4.83M	-3.58M	11.36M	11.3M	16.57M	25.75M
Effective Tax Rate %	0.48%	0.61%	0.64%	1.1%	0.9%	0.96%	0.81%	0.72%	0.66%	0.77%
Net Income+	36.34M	70.33M	72.01M	52.04M	-42.94M	23.85M	38.24M	33.1M	32.36M	85.46M
Net Margin %	0.09%	0.1%	0.08%	0.11%	-0.18%	0.06%	0.08%	0.07%	0.06%	0.1%
Net Income Growth %	0.19%	0.94%	0.02%	-0.28%	-1.83%	1.56%	0.6%	-0.13%	-0.02%	1.64%
Net Income (Continuing)	50.2M	77.43M	72.35M	51.87M	-40.71M	23.81M	35.71M	34.7M	32.36M	85.46M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.34M	937K	43K	-196K	1.78M	1.74M	-797K	0	0	0
EPS (Diluted)+	2.42	4.50	4.56	3.32	-2.75	1.51	2.40	2.33	2.39	6.15
EPS Growth %	0.18%	0.86%	0.01%	-0.27%	-1.83%	1.55%	0.59%	-0.03%	0.03%	1.57%
EPS (Basic)	2.46	4.67	4.64	3.34	-2.75	1.52	2.43	2.35	2.42	6.35
Diluted Shares Outstanding	15.02M	15.63M	15.78M	15.69M	15.62M	15.82M	15.91M	14.18M	13.55M	13.91M
Basic Shares Outstanding	14.76M	15.07M	15.52M	15.57M	15.62M	15.67M	15.71M	14.08M	13.37M	13.45M
Dividend Payout Ratio	0.29%	0.22%	0.22%	0.3%	-	1.97%	0.41%	0.42%	0.45%	0.21%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	351.72M	587.95M	545.75M	416.35M	421.75M	546.22M	507.28M	438.7M	547.18M	781.3M
Cash & Short-Term Investments	275.01M	522.99M	434.01M	296.53M	327.86M	456.73M	440.5M	325.46M	412.4M	525.14M
Cash Only	160.91M	167.2M	122.11M	164.32M	167.36M	366.67M	350.47M	173.95M	197.03M	145.26M
Short-Term Investments	114.1M	355.8M	311.91M	132.21M	160.5M	90.06M	90.03M	151.51M	215.37M	379.87M
Accounts Receivable	68.26M	58.03M	40.13M	94.53M	70.57M	55.35M	31.88M	90.24M	113.78M	240.14M
Days Sales Outstanding	60.29	31.38	16.41	71.56	107.78	51.51	22.85	72.38	72.44	100.27
Inventory	0	0	0	0	0	0	738K	11.9M	9.98M	320K
Days Inventory Outstanding	-	-	-	-	-	-	0.66	11.78	7.4	0.16
Other Current Assets	0	0	-1.53M	25.29M	23.32M	34.15M	1.76M	6.56M	4.97M	9.95M
Total Non-Current Assets+	59.18M	56.54M	57.64M	60.3M	65.78M	56.41M	46.3M	50.78M	51.05M	54.93M
Property, Plant & Equipment	12.31M	13.11M	15.3M	19.78M	24.95M	24.12M	14.49M	16.45M	18.54M	24.52M
Fixed Asset Turnover	33.58x	51.48x	58.36x	24.38x	9.58x	16.26x	35.16x	27.66x	30.92x	35.66x
Goodwill	37.41M	34.91M	34.33M	32.84M	27.94M	27.94M	28.03M	28.03M	28.03M	28.03M
Intangible Assets	9.34M	8.18M	7.15M	6.14M	5M	4.1M	3.32M	2.61M	2.22M	1.83M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	122K	92K	426K	0	0	0	0	0	0	0
Total Assets+	409.79M	644.49M	542.67M	476.65M	487.54M	602.63M	553.59M	489.49M	598.23M	836.23M
Asset Turnover	1.01x	1.05x	1.65x	1.01x	0.49x	0.65x	0.92x	0.93x	0.96x	1.05x
Asset Growth %	0.05%	0.57%	-0.16%	-0.12%	0.02%	0.24%	-0.08%	-0.12%	0.22%	0.4%
Total Current Liabilities+	187.71M	350.72M	243.99M	82.28M	144.03M	276.09M	223.03M	202.5M	302.26M	479.86M
Accounts Payable	46.4M	101.94M	100.24M	39.87M	35.44M	53.3M	41.82M	56.38M	39.48M	97.3M
Days Payables Outstanding	53.96	70.43	49.21	36.41	52.63	58.92	37.26	55.81	29.26	48.44
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	18.61M	18.29M	21.21M	29.77M
Current Ratio	1.87x	1.68x	2.24x	5.06x	2.93x	1.98x	2.27x	2.17x	1.81x	1.63x
Quick Ratio	1.87x	1.68x	2.24x	5.06x	2.93x	1.98x	2.27x	2.11x	1.78x	1.63x
Cash Conversion Cycle	-	-	-	-	-	-	-13.76	28.35	50.57	51.99
Total Non-Current Liabilities+	224K	1.2M	1.28M	960K	2.48M	4.13M	4.96M	6.09M	5.03M	4.51M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	224K	1.2M	1.28M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	960K	2.48M	4.13M	4.96M	6.09M	5.03M	4.51M
Total Liabilities	187.94M	351.92M	184.54M	82.28M	146.51M	280.22M	227.99M	208.59M	307.29M	484.37M
Total Debt+	0	0	0	0	0	0	1.37M	1.57M	2.73M	2.71M
Net Debt	-160.91M	-167.2M	-122.11M	-164.32M	-167.36M	-366.67M	-349.11M	-172.38M	-194.31M	-142.55M
Debt / Equity	-	-	-	-	-	-	0.00x	0.01x	0.01x	0.01x
Debt / EBITDA	-	-	-	-	-	-	0.03x	0.03x	0.07x	0.03x
Net Debt / EBITDA	-2.13x	-1.45x	-1.10x	-3.68x	-	-15.92x	-7.16x	-3.80x	-5.00x	-1.52x
Interest Coverage	6.00x	12.79x	-	-	-	-	4.16x	-	-	-
Total Equity+	221.85M	292.57M	358.13M	394.37M	341.03M	322.41M	325.6M	280.9M	290.94M	351.86M
Equity Growth %	0.27%	0.32%	0.22%	0.1%	-0.14%	-0.05%	0.01%	-0.14%	0.04%	0.21%
Book Value per Share	14.77	18.72	22.70	25.13	21.83	20.37	20.46	19.81	21.47	25.30
Total Shareholders' Equity	218.52M	291.63M	358.08M	394.57M	339.25M	320.67M	326.39M	280.9M	290.94M	351.86M
Common Stock	2.23M	2.32M	2.34M	2.34M	2.35M	2.36M	2.37M	2.37M	2.37M	2.37M
Retained Earnings	99.58M	154.65M	211.11M	247.62M	189.31M	166.11M	188.69M	207.83M	225.51M	292.7M
Treasury Stock	0	0	0	0	0	-33K	-20.41M	-88.64M	-97.53M	-105.64M
Accumulated OCI	-565K	-762K	1.42M	-346K	-1.12M	-1.08M	-2.45M	-2.88M	-3.6M	-6.54M
Minority Interest	3.34M	937K	43K	-196K	1.78M	1.74M	-797K	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	-33.6M	259.04M	-72.79M	-112.32M	53.56M	174.68M	28.41M	-30.06M	116.86M	167.58M
Operating CF Margin %	-0.08%	0.38%	-0.08%	-0.23%	0.22%	0.45%	0.06%	-0.07%	0.2%	0.19%
Operating CF Growth %	-1.36%	8.71%	-1.28%	-0.54%	1.48%	2.26%	-0.84%	-2.06%	4.89%	0.43%
Net Income	50.2M	77.43M	72.35M	51.87M	-40.71M	23.81M	35.71M	34.7M	32.36M	85.46M
Depreciation & Amortization	1.31M	3.21M	3.81M	4.43M	4.65M	4.62M	4.24M	3.71M	2.4M	5.66M
Stock-Based Compensation	2.37M	2.34M	4.65M	1.65M	3.83M	4.84M	3.46M	3.96M	4.46M	4.46M
Deferred Taxes	3.42M	1.24M	-64K	-2.14M	-6.64M	7.64M	-208K	-3.23M	1.33M	1.86M
Other Non-Cash Items	-242K	2.5M	-664K	1.19M	6.79M	2.46M	14.1M	-195K	-1.67M	2.26M
Working Capital Changes	-90.66M	172.34M	-152.87M	-169.32M	87.35M	133.21M	-28.88M	-69.01M	77.97M	67.88M
Change in Receivables	-12.19M	9.22M	-39.59M	-10.2M	-1.04M	8.46M	-480K	-23.25M	0	-128.61M
Change in Inventory	0	0	0	0	3.28M	-31.44M	5.74M	-9.08M	0	0
Change in Payables	-12.2M	59.52M	-6.16M	-60.19M	-3.28M	31.44M	-5.74M	9.08M	0	66.23M
Cash from Investing+	-130.54M	-243.81M	38.67M	170.63M	-36.06M	68.3M	-7.04M	-63.12M	-67.61M	-193.62M
Capital Expenditures	-3.12M	-2.81M	-4.83M	-8.6M	-7.06M	-1.7M	-1.42M	-3.37M	-2.76M	-6.58M
CapEx % of Revenue	0.01%	0%	0.01%	0.02%	0.03%	0%	0%	0.01%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.96M	-241M	-1.5M	225K	-29M	1.33M	-5.02M	-59.75M	0	-21.34M
Cash from Financing+	-8.65M	-8.86M	-13.62M	-15.54M	-13.99M	-45.41M	-34.61M	-82.8M	-26.05M	-26.06M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-10.38M	-15.26M	-15.55M	-15.64M	-15.62M	-47.05M	-15.66M	-13.96M	-14.68M	-18.27M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.73M	6.4M	1.93M	30K	1.63M	1.64M	1.43M	-611K	1.1M	-6.27M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-36.72M	256.23M	-77.62M	-120.92M	46.51M	172.98M	26.99M	-33.43M	114.1M	161M
FCF Margin %	-0.09%	0.38%	-0.09%	-0.25%	0.19%	0.44%	0.05%	-0.07%	0.2%	0.18%
FCF Growth %	-1.41%	7.98%	-1.3%	-0.56%	1.38%	2.72%	-0.84%	-2.24%	4.41%	0.41%
FCF per Share	-2.44	16.40	-4.92	-7.71	2.98	10.93	1.70	-2.36	8.42	11.58
FCF Conversion (FCF/Net Income)	-0.92x	3.68x	-1.01x	-2.16x	-1.25x	7.32x	0.74x	-0.91x	3.61x	1.96x
Interest Paid	0	0	0	659K	0	0	0	0	0	0
Taxes Paid	25.68M	36.86M	44.31M	3.9M	0	0	13.9M	6.67M	14.3M	30.83M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	18.32%	27.34%	22.13%	13.83%	-11.68%	7.19%	11.8%	10.91%	11.32%	26.59%
Return on Invested Capital (ROIC)	91.56%	90.37%	44.4%	12.95%	-20.75%	21.34%	-	73.53%	26.66%	43.24%
Gross Margin	24.07%	21.73%	16.73%	17.1%	-2.85%	15.83%	19.58%	18.98%	14.1%	16.13%
Net Margin	8.79%	10.42%	8.07%	10.79%	-17.96%	6.08%	7.51%	7.27%	5.64%	9.78%
Debt / Equity	-	-	-	-	-	-	0.00x	0.01x	0.01x	0.01x
Interest Coverage	6.00x	12.79x	-	-	-	-	4.16x	-	-	-
FCF Conversion	-0.92x	3.68x	-1.01x	-2.16x	-1.25x	7.32x	0.74x	-0.91x	3.61x	1.96x
Revenue Growth	7.87%	63.34%	32.26%	-46%	-50.43%	64.11%	29.87%	-10.67%	26%	52.47%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Power Industry Services	387.64M	586.63M	814.54M	367.81M	135.73M	319.35M	398.09M	346.03M	416.28M	693.04M
Power Industry Services Growth	-	51.33%	38.85%	-54.84%	-63.10%	135.29%	24.65%	-13.08%	20.30%	66.48%
Industrial Fabrication And Field Services	15.26M	78.99M	65.3M	101.67M	94.68M	65.26M	97.89M	92.77M	142.8M	167.62M
Industrial Fabrication And Field Services Growth	-	417.65%	-17.33%	55.69%	-6.88%	-31.07%	49.99%	-5.23%	53.92%	17.38%
Telecommunications Infrastructure Services	10.38M	9.43M	12.97M	12.67M	8.59M	7.59M	13.39M	16.23M	14.25M	13.52M
Telecommunications Infrastructure Services Growth	-	-9.19%	37.59%	-2.31%	-32.22%	-11.60%	76.43%	21.22%	-12.21%	-5.14%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
U [S]	-	-	-	-	-	-	456.21M	328.85M	334.24M	783.11M
U [S] Growth	-	-	-	-	-	-	-	-27.92%	1.64%	134.29%
I [E]	-	-	-	-	-	-	35.04M	68.24M	198.7M	81.36M
I [E] Growth	-	-	-	-	-	-	-	94.73%	191.17%	-59.06%
G [B]	-	-	-	-	-	-	17.52M	57.95M	40.39M	9.72M
G [B] Growth	-	-	-	-	-	-	-	230.73%	-30.30%	-75.94%
U	-	-	-	371.61M	169.3M	340.62M	-	-	-	-
U Growth	-	-	-	-	-54.44%	101.19%	-	-	-	-
G	-	-	-	81.32M	49.03M	37.84M	-	-	-	-
G Growth	-	-	-	-	-39.71%	-22.83%	-	-	-	-
I	-	-	-	28.35M	20.34M	13.64M	-	-	-	-
I Growth	-	-	-	-	-28.25%	-32.96%	-	-	-	-
Country Other	-	-	-	-	328K	117K	-	-	-	-
Country Other Growth	-	-	-	-	-	-64.33%	-	-	-	-
Country_other	-	-	-	873K	-	-	-	-	-	-
Country_other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Argan, Inc. (AGX) has a price-to-earnings (P/E) ratio of 53.6x. This suggests investors expect higher future growth.

Growth & Financials

Argan, Inc. (AGX) reported $915.0M in revenue for fiscal year 2025. This represents a 545% increase from $141.8M in 2012.

Argan, Inc. (AGX) grew revenue by 52.5% over the past year. This is strong growth.

Yes, Argan, Inc. (AGX) is profitable, generating $119.9M in net income for fiscal year 2025 (9.8% net margin).

Dividend & Returns

Yes, Argan, Inc. (AGX) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

Argan, Inc. (AGX) has a return on equity (ROE) of 26.6%. This is excellent, indicating efficient use of shareholder capital.

Argan, Inc. (AGX) generated $283.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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