AGX vs FLR: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
AGX and FLR are similarly sized, but FLR trades noticeably cheaper on forward earnings (15.33x vs 35.11x): the market is paying up for AGX's profile and pricing FLR more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
AGX vs FLR: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AGX | FLR | What it tells you |
|---|---|---|---|
| Forward P/E | 35.11 | 15.33 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 50.26 | 22.91 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.56 | 1.23 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 61% of range | 70% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 16.89 | 2.47 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: FLR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AGX and FLR affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AGX and FLR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AGX and FLR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Argan (AGX) do?
Argan, Inc. is an Arlington, Virginia holding company that provides construction and related services to the power industry, mainly through its Gemma Power Systems (GPS) subsidiary and its Ireland-based Atlantic Projects Company (APC). Gemma has installed roughly 20 GW of capacity across combined-cycle and simple-cycle natural-gas plants, biomass, solar and wind, and is one of a shrinking group of EPC firms with the balance sheet and risk appetite for large, complex power projects. Argan also runs a smaller industrial-services unit (The Roberts Company) and a telecom-infrastructure unit (SMC), but power EPC is the engine.
What does Fluor Corporation (FLR) do?
Fluor Corporation is one of the largest engineering, procurement, and construction (EPC) firms in the world. The company provides design and construction services for large industrial projects across energy, chemicals, mining, infrastructure, government, and increasingly clean energy and advanced manufacturing. Fluor typically operates as the lead EPC contractor on multi-billion-dollar projects, coordinating engineering, equipment procurement, and construction execution.
AGX vs FLR: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AGX drivers: US power-demand supercycle; Record backlog and margin expansion.
- FLR drivers: Strategic refocus and risk discipline; NuScale Power and small modular reactors.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Argan is a project-based contractor, so results are lumpy and depend on winning and cleanly executing large fixed-price jobs; a single cost overrun, delay or cancellation can swing earnings. For FLR, large EPC projects carry execution risk that has historically been disruptive to earnings.
AGX or FLR: which should you pick?
AGX vs FLR: the full fundamentals
AGX. Argan carries a premium valuation (a trailing P/E near 37) that reflects its record backlog, expanding margins and debt-free balance sheet. The near-1% growth of fiscal 2026 revenue accelerated to roughly 50% year-over-year growth in the first quarter of fiscal 2027, but the multiple already discounts continued momentum. Figures are as of July 2026 and change with each quarterly report.
FLR. Fluor's valuation reflects the EPC project execution risk that has historically driven earnings volatility, the NuScale Power optionality, and the LNG and energy transition project pipeline. The thin EPC margins make profit margins very sensitive to project outcomes.
Headline figures (approximate, JULY 2026): AGX shows revenue (fy2026, ended jan 2026) ~$944.6M, net income (fy2026) ~$137.8M (~$9.74 diluted EPS), q1 fy2027 revenue (ended apr 2026) ~$291M (~+50% YoY), backlog ~$2.8B; FLR shows revenue (ttm) ~$17 billion, operating margin ~4% (thin, typical EPC), net income (ttm) ~$200 million (volatile), eps (ttm) ~$1.30.
The bottom line: AGX vs FLR
AGX and FLR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AGX and FLR exposure against your real portfolio. It is not an investment adviser.
Wondering how AGX or FLR fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Argan with AI
Connect the broker you already use and ask Walnut's AI how AGX fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AGX and FLR?
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Argan, Inc. Fluor Corporation is one of the largest engineering, procurement, and construction (EPC) firms in the world. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AGX or FLR the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AGX or FLR?
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On forward P/E (as of August 2026), AGX trades at 35.11x and FLR at 15.33x, so FLR is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AGX and FLR?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AGX vs FLR?
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AGX: Argan is a project-based contractor, so results are lumpy and depend on winning and cleanly executing large fixed-price jobs; a single cost overrun, delay or cancellation can swing earnings. Backlog can shrink if the gas-plant award cycle cools, and demand is sensitive to interest rates, permitting, turbine supply and energy policy. The stock trades at a premium multiple that already assumes continued growth, leaving downside if awards slow or margins normalize. Customer concentration, exposure to a handful of large projects, and reliance on subcontractors and equipment suppliers add execution risk. Walnut is not an investment adviser and none of this is a recommendation. FLR: Large EPC projects carry execution risk that has historically been disruptive to earnings. NuScale's commercial path is uncertain. Energy transition policy reversals or delays can affect project pipelines.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AGX or FLR; figures are approximate and dated (as of August 2026). Verify current data before investing.