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of Contents](#TOC)\n\n​\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\nWashington, D.C. 20549\n\n​\n\n**FORM****10-K**\n\n​\n\n☒\n\nANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\n​\n\nFor the Fiscal Year Ended January 31, 2026\n\nor\n\n​\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\n​\n\nFor the transition period from                      to                     \n\n​\n\nCommission File Number 001-31756\n\n​\n\n**ARGAN, INC.**\n\n(Exact Name of Registrant as Specified in its Charter)\n\n​\n\nDelaware\n\n  ​ ​ ​\n\n13-1947195\n\n(State or Other Jurisdiction of Incorporation or Organization)\n\n \n\n(IRS Employer Identification No.)\n\n​\n\n4075 Wilson Boulevard, Suite 440, Arlington, Virginia\n\n \n\n22203\n\n(Address of Principal Executive Offices)\n\n \n\n(Zip Code)\n\n(301) 315-0027\n\n(Issuer’s Telephone Number, Including Area Code)\n\n​\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n​\n\nSecurities registered under Section 12(b) of the Exchange Act:\n\n​\n\n​\n\n​\n\nTitle of Each Class\n\n​\n\nTrading Symbol\n\n​\n\nName of Each Exchange on Which Registered\n\nCommon Stock, $0.15 par value\n\n​\n\nAGX\n\n​\n\nThe New York Stock Exchange (“NYSE”)\n\n​\n\nSecurities registered under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”): None\n\nIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933. Yes ☐ No ⌧\n\nIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. ◻\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ⌧    No ◻\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ⌧    No  ◻\n\nIndicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer   ⌧\n\n  ​ ​ ​\n\nAccelerated filer   ◻\n\n  ​ ​ ​\n\nNon-accelerated filer   ◻\n\n  ​ ​ ​\n\nSmaller reporting company  ☐ \n\n​\n\nEmerging growth company   ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐\n\nIndicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No  ⌧\n\nThe aggregate market value of the common stock held by non-affiliates of the Registrant was approximately $2,828,180,674 on July 31, 2025 (the last business day of the Registrant’s second fiscal quarter), based upon the closing price on the NYSE as reported for that date. Shares of common stock held by each officer and director and by each person who owns 5% or more of the outstanding common shares have been excluded because such persons may be deemed to be affiliates. The determination of affiliate status is not necessarily a conclusive determination for other purposes.\n\nNumber of shares of common stock outstanding as of March 20, 2026: 13,945,962 shares.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the Registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this form 10-K.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**ARGAN, INC. AND SUBSIDIARIES**\n\n**2026 ANNUAL REPORT ON FORM 10-K**\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n ** **\n\n**  ​ ​ ​**\n\n**PAGE**\n\n[**PART I**](#PARTI_165400)\n\n​\n\n[**ITEM 1.**](#ITEM1BUSINESS_266674)\n\n[**BUSINESS**](#ITEM1BUSINESS_266674)\n\n​\n\n**-**3**-**\n\n[**ITEM 1A.**](#ITEM1ARISKFACTORS_659018)\n\n[**RISK FACTORS**](#ITEM1ARISKFACTORS_659018)\n\n​\n\n**-**9**-**\n\n[**ITEM 1B.**](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_207862)\n\n[**UNRESOLVED STAFF COMMENTS**](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_207862)\n\n​\n\n**-**19**-**\n\n[**ITEM 1C.**](#ITEM1CCYBERSECURITY)\n\n[**CYBERSECURITY**](#ITEM1CCYBERSECURITY)\n\n​\n\n**-**19**-**\n\n[**ITEM 2.**](#ITEM2PROPERTIES_298251)\n\n[**PROPERTIES**](#ITEM2PROPERTIES_298251)\n\n​\n\n**-**21**-**\n\n[**ITEM 3.**](#ITEM3LEGALPROCEEDINGS_89035)\n\n[**LEGAL PROCEEDINGS**](#ITEM3LEGALPROCEEDINGS_89035)\n\n​\n\n**-**21**-**\n\n[**ITEM 4.**](#ITEM4MINESAFETYDISCLOSURES)\n\n[**MINE SAFETY DISCLOSURES**](#ITEM4MINESAFETYDISCLOSURES)\n\n​\n\n**-**21**-**\n\n​\n\n​\n\n​\n\n[**PART II**](#PARTII_959619)\n\n​\n\n[**ITEM 5.**](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL)\n\n[**MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL)\n\n​\n\n**-**22**-**\n\n[**ITEM 6.**](#Item6)\n\n[**[RESERVED]**](#Item6)\n\n​\n\n**-**23**-**\n\n[**ITEM 7.**](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n[**MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n​\n\n**-**23**-**\n\n[**ITEM 7A.**](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n​\n\n**-**35**-**\n\n[**ITEM 8.**](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY)\n\n[**FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY)\n\n​\n\n**-**36**-**\n\n[**ITEM 9.**](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n[**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n​\n\n**-**36**-**\n\n[**ITEM 9A.**](#ITEM9ACONTROLSANDPROCEDURES_134312)\n\n[**CONTROLS AND PROCEDURES**](#ITEM9ACONTROLSANDPROCEDURES_134312)\n\n​\n\n**-**36**-**\n\n[**ITEM 9B.**](#ITEM9BOTHERINFORMATION_919308)\n\n[**OTHER INFORMATION**](#ITEM9BOTHERINFORMATION_919308)\n\n​\n\n**-**38**-**\n\n[**ITEM 9C.**](#ITEM9CDISCLOSUREREGARDINGFOREIGN)\n\n[**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**](#ITEM9CDISCLOSUREREGARDINGFOREIGN)\n\n​\n\n**-**38**-**\n\n​\n\n​\n\n​\n\n[**PART III**](#PARTIII_479346)\n\n​\n\n[**ITEM 10.**](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO)\n\n[**DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO)\n\n​\n\n**-**38**-**\n\n[**ITEM 11.**](#ITEM11EXECUTIVECOMPENSATION)\n\n[**EXECUTIVE COMPENSATION**](#ITEM11EXECUTIVECOMPENSATION)\n\n​\n\n**-**38**-**\n\n[**ITEM 12.**](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n[**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS**](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n​\n\n**-**38**-**\n\n[**ITEM 13.**](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n[**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n​\n\n**-**39**-**\n\n[**ITEM 14.**](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n[**PRINCIPAL ACCOUNTANT FEES AND SERVICES**](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n​\n\n**-**39**-**\n\n​\n\n​\n\n​\n\n[**PART IV**](#PARTIV_494577)\n\n​\n\n[**ITEM 15**](#ITEM15EXHIBITSANDFINANCIALSTATEMENTS_866)**.**\n\n[**EXHIBITS AND FINANCIAL STATEMENTS**](#ITEM15EXHIBITSANDFINANCIALSTATEMENTS_866)\n\n​\n\n**-**39**-**\n\n[**ITEM 16.**](#ITEM16FORM10KSUMMARY)\n\n[**FORM 10-K SUMMARY**](#ITEM16FORM10KSUMMARY)\n\n​\n\n**-**41**-**\n\n[**SIGNATURES**](#SIGNATURES_604537)\n\n​\n\n**-**42**-**\n\n​\n\n​\n\n​\n\n- 2 -\n\n[Table of Contents](#TOC)\n\n**PART I**\n\n**FORWARD-LOOKING STATEMENTS**\n\nThe Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. We have made statements in this Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “2026 Annual Report”) that may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements.\n\nOur forward-looking statements, financial position and results of operations, are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for existing operations that do not include the potential impacts of any future acquisitions.\n\nOur forward-looking statements, by their nature, involve significant risks and uncertainties (some of which are beyond our control) and assumptions. They are subject to change based upon various factors including, but not limited to, the risks and uncertainties described in Item 1A of this 2026 Annual Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, actual results may vary in material respects from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise."}