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French REIT that develops, owns and leases large logistics warehouses to retailers and distribution companies.
French REIT that develops, owns and leases large logistics warehouses to retailers and distribution companies.
Develops warehouses for tenants who sign long leases before construction, then keeps them, so rent starts once the building is delivered. Rents are indexed to inflation, and most buildings are in France.
In one line: A French, smaller Prologis.
Moat: narrow (scale, installed base, switching costs). Modern, well-located warehouse portfolio with long leases, but a small player versus pan-European logistics REITs.
Headquarters: Paris, France · Founded: 1993
Size Argan (ARG.PA) is a France Real Estate company (Real Estate Development) with a market value of $1.95B, the 106th largest of 206 France companies the cockpit tracks. Shares closed at €67.50 on 6 Nov 2026.
Performance Over six months the shares gained 13.6%, against -4.9% for the median peer and -0.4% for the France market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +4.4%); the operating margin is 78.5% (peer median 19.1%).
Valuation It trades at 11.2× forward earnings against a peer median of 14.7× (6th cheapest of 18).
Credit Argan has 2 bonds outstanding ($1.11B), rated BBB- by the agencies and trading like BBB at a weighted spread of 83 bp.
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €258M | €252M | €239M | €221M | €198M |
| Revenue growth | — | +5% | +8% | +12% | — |
| Gross profit | €212M | €209M | €196M | €180M | €161M |
| EBITDA | €203M | €200M | €186M | €172M | €150M |
| Net income | €266M | €245M | €246M | -€263M | €95.1M |
| Free cash flow | €184M | €188M | €174M | €186M | €136M |
| Capital expenditure | €2.75M | €11.5M | €161,000 | €136,000 | €152,000 |
| Total debt | n/a | €1.79B | €1.86B | €2.00B | €2.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Argan ARG.PA | $1.95B | +14% | +5% | 78% | 11.2× | n/a |
| Prologis PLD | $123B | -11% | +7% | 38% | 39.0× | n/a |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 69% | 23.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARG.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +1.7% | 10th lowest of 21 |
| 6-month return | +13.6% | -4.9% | 3rd highest of 21 |
| Distance from 52-week high | -13.7% | -19.5% | 6th highest of 21 |
| Revenue growth (TTM) | +4.6% | +4.4% | 10th highest of 21 |
| Operating margin | 78.5% | 19.1% | 3rd highest of 21 |
| Forward P/E | 11.2× | 14.7× | 6th cheapest of 18 |
| Bond spread | 83 bp | 177 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Argan ARG.PA | France | $1.95B | +14% | +5% | 78% | 11.2× | n/a | n/a |
| Metrovacesa MVC.MC | Spain | $1.95B | -5% | +58% | 13% | 26.4× | n/a | n/a |
| Zhaojin International Gold 000506.SZ | China | $1.95B | -13% | +42% | 27% | n/a | n/a | n/a |
| Entra ENTRA.OL | Norway | $1.95B | -4% | -9% | 82% | 15.2× | n/a | n/a |
| Brigade Enterprises BRIGADE.NS | India | $1.93B | -4% | -4% | 23% | 20.0× | n/a | n/a |
| China Enterprise 600675.SS | China | $1.98B | -15% | -35% | 4% | n/a | n/a | n/a |
| Poly Property Services 6049.HK | Hong Kong | $1.92B | -14% | +8% | 11% | 7.9× | n/a | n/a |
| Leopalace21 8848.T | Japan | $1.99B | +52% | +3% | 8% | 13.0× | n/a | n/a |
| Nanjing Gaoke 600064.SS | China | $2.00B | -4% | +4% | -18% | 5.8× | n/a | n/a |
| Shanghai Industrial 0363.HK | Hong Kong | $1.89B | -14% | -28% | 15% | 7.1× | n/a | n/a |
| Fabege FABG.ST | Sweden | $2.02B | -16% | +27% | 59% | 14.7× | n/a | n/a |
| Inmocemento IMC.MC | Spain | $1.88B | -4% | +10% | 29% | n/a | n/a | n/a |
| Neinor Homes HOME.MC | Spain | $2.04B | +10% | +165% | 10% | 13.0× | n/a | n/a |
| Altarea SCA ALTA.PA | France | $2.05B | -31% | -20% | 9% | 9.9× | n/a | n/a |
| Grainger GRI.L | United Kingdom | $1.83B | +19% | -23% | 49% | 19.8× | n/a | n/a |
| Intershop ISN.SW | Switzerland | $1.82B | -9% | +5% | 79% | 18.5× | n/a | n/a |
| Winnovation Culturaltainment Development Limited 000620.SZ | China | $2.12B | -6% | +14% | -39% | 66.0× | n/a | n/a |
| Country Garden Services 6098.HK | Hong Kong | $2.13B | -21% | +11% | 4% | 7.0× | n/a | n/a |
| Hufvudstaden HUFV-A.ST | Sweden | $2.14B | -5% | -4% | 47% | 20.9× | n/a | n/a |
| Sirius Real Estate SRE.L | United Kingdom | $2.14B | +1% | +13% | 41% | 13.6× | n/a | n/a |
| Lumo Homes LUMO.HE | Finland | $2.14B | -3% | +1% | 59% | 15.8× | n/a | n/a |
Argan has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 3.81%, a spread of 83 bp over government bonds.