Tearsheet

Fluor (FLR)

Market Price (11/16/2025): $42.36 | Market Cap: $6.9 Bil
Sector: Industrials | Industry: Construction & Engineering

Fluor (FLR)

Market Price (11/16/2025): $42.36
Market Cap: $6.9 Bil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 49%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 45%	Weak multi-year price returns 2Y Excs Rtn is -35%, 3Y Excs Rtn is -48%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -226 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -18%
2	Megatrend and thematic drivers Megatrends include Water Infrastructure, Renewable Energy Transition, and Hydrogen Economy. Themes include Water Treatment & Delivery, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 49%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 45%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
2	Megatrend and thematic drivers Megatrends include Water Infrastructure, Renewable Energy Transition, and Hydrogen Economy. Themes include Water Treatment & Delivery, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -35%, 3Y Excs Rtn is -48%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -226 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -18%

Market Valuation & Key Metrics

	11/16/25	2024	2023	2022	2021
Share Price CYE	$42.36	$49.32	$39.17	$34.66	$24.77
Market Cap CYE ($ Bil)	6.9	8.6	6.7	4.9	3.5
Total Debt ($ Bil)	1.1	1.1	1.2	1.1	1.2
Total Cash ($ Bil)	2.8	3.0	2.6	2.6	2.3
Enterprise Value ($ Bil)	5.1	9.7	7.9	6.0	4.7
Valuation Ratios
P/S TTM	0.4	0.5	0.4	0.4	0.2
P/EBIT TTM	-57.7	12.9	15.7	16.2	-13.6
P/E TTM	2.0	4.0	42.3	33.9	-7.9
Sector Ratios
P/S TTM (Sector)	1.5	1.4	1.4	1.1	1.6
P/EBIT TTM (Sector)	11.6	10.1	10.2	8.3	12.1
P/E TTM (Sector)	15.2	13.7	14.1	11.2	15.6

	11/16/25	2024	2023
Share Price CYE	$42.36	$49.32	$39.17
Market Cap CYE ($ Bil)	6.9	8.6	6.7
Total Debt ($ Bil)	1.1	1.1	1.2
Total Cash ($ Bil)	2.8	3.0	2.6
Enterprise Value ($ Bil)	5.1	9.7	7.9
Valuation Ratios
P/S TTM	0.4	0.5	0.4
P/EBIT TTM	-57.7	12.9	15.7
P/E TTM	2.0	4.0	42.3
Sector Ratios
P/S TTM (Sector)	1.5	1.4	1.4
P/EBIT TTM (Sector)	11.6	10.1	10.2
P/E TTM (Sector)	15.2	13.7	14.1

	FLR	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	15.6
Rev Chg Q	-17.7%	7.1%
Rev Chg LTM	-1.8%	6.1%
Rev Chg 3Y Avg	4.7%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	3.4
Op Mgn LTM	-1.4%	18.8%
CFO/Rev LTM	2.0%	20.5%
Net Inc Mgn	21.7%	13.1%
VALUATION	LOW
P/S	0.4	3.2
P/CFO	22.4	15.0
P/FCF	29.0	20.0
P/E	2.0	23.4
STABILITY	VERY GOOD
Debt/Equity	0.16	0.21
Cash/Assets	0.25	0.07

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Metric	Value	Date	Source
Consolidated Backlog	28.2 billion	9302025	Link
Consolidated New Awards	3.3 billion	9302025	Link
Reimbursable Backlog Percentage	82%	9302025	Link
Urban Solutions Segment Backlog	20.5 billion	9302025	Link
Urban Solutions Segment New Awards	1.8 billion	9302025	Link
Energy Solutions Segment Backlog	5.1 billion	9302025	Link
Energy Solutions Segment New Awards	222 million	9302025	Link
Mission Solutions Segment Backlog	2.6 billion	9302025	Link
Mission Solutions Segment New Awards	1.3 billion	9302025	Link
Number of Employees	nearly 27,000	11072025	Link

FLR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for the approximate -25.3% stock movement of Fluor (FLR) from July 31, 2025, to November 15, 2025: 1. Significant Q2 2025 Earnings Miss and Lowered FY2025 Guidance. On August 1, 2025, Fluor announced its second-quarter 2025 financial results, reporting an adjusted earnings per share (EPS) of $0.43, which missed consensus estimates by $0.13, and revenue of $3.98 billion, falling short of estimates by $570 million. This led to a substantial downward revision of the full-year 2025 adjusted EBITDA and EPS guidance. Following this announcement, Fluor's shares dropped by 27.04% to close at $41.42 per share on August 1, 2025.

2. Growing Costs and Delays in Key Infrastructure Projects. The poor Q2 2025 financial performance was largely attributed to increasing costs and delays in several major infrastructure projects, including the Gordie Howe International Bridge, I-635/LBJ, and I-35 highways in Texas. These issues stemmed from subcontractor design errors, rising prices, and scheduling delays.

3. Impact of Santos Ruling and NuScale Investment on Q3 Net Loss. Fluor's third-quarter 2025 results, reported on November 7, 2025, included a GAAP net loss of $697 million. This substantial loss was primarily driven by a $653 million charge related to the Santos ruling in August and a $401 million reduction in the fair value of its NuScale investment.

4. Multiple Securities Fraud Class Action Lawsuits. From August through November 2025, several law firms initiated or sought lead-plaintiff status in class action lawsuits against Fluor. These lawsuits allege that the company made misleading statements and failed to disclose material information regarding financial risks, cost overruns in its infrastructure projects, and the reliability of its FY2025 financial guidance.

5. Client Hesitation and Reduced Capital Spending. Management also highlighted that client hesitation due to economic uncertainty and a reduction in capital spending contributed to a slowdown in new project awards and caused delays in existing projects, impacting the company's financial outlook.

Show less

Stock Movement Drivers

Fundamental Drivers

The 1.2% change in FLR stock from 8/16/2025 to 11/15/2025 was primarily driven by a 21.4% change in the company's P/E Multiple.

	8162025	11152025	Change
Stock Price ($)	41.88	42.39	1.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	16314.00	15588.00	-4.45%
Net Income Margin (%)	25.35%	21.72%	-14.35%
P/E Multiple	1.67	2.03	21.43%
Shares Outstanding (Mil)	165.00	162.00	1.82%
Cumulative Contribution			1.18%

LTM = Last Twelve Months as of date shown

Market Drivers

8/16/2025 to 11/15/2025

	Return	Correlation
FLR	1.2%
Market (SPY)	4.4%	46.8%
Sector (XLI)	1.0%	41.8%

Fundamental Drivers

The 10.2% change in FLR stock from 5/17/2025 to 11/15/2025 was primarily driven by a 94.9% change in the company's Net Income Margin (%).

	5172025	11152025	Change
Stock Price ($)	38.48	42.39	10.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	16563.00	15588.00	-5.89%
Net Income Margin (%)	11.14%	21.72%	94.94%
P/E Multiple	3.52	2.03	-42.44%
Shares Outstanding (Mil)	169.00	162.00	4.14%
Cumulative Contribution			9.97%

LTM = Last Twelve Months as of date shown

Market Drivers

5/17/2025 to 11/15/2025

	Return	Correlation
FLR	10.2%
Market (SPY)	13.4%	39.1%
Sector (XLI)	6.0%	40.9%

Fundamental Drivers

The -18.4% change in FLR stock from 11/15/2024 to 11/15/2025 was primarily driven by a -94.1% change in the company's P/E Multiple.

	11152024	11152025	Change
Stock Price ($)	51.92	42.39	-18.36%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15875.00	15588.00	-1.81%
Net Income Margin (%)	1.64%	21.72%	1225.89%
P/E Multiple	34.15	2.03	-94.06%
Shares Outstanding (Mil)	171.00	162.00	5.26%
Cumulative Contribution			-18.58%

LTM = Last Twelve Months as of date shown

Market Drivers

11/15/2024 to 11/15/2025

	Return	Correlation
FLR	-18.4%
Market (SPY)	15.8%	54.6%
Sector (XLI)	10.5%	55.3%

Fundamental Drivers

The 25.2% change in FLR stock from 11/16/2022 to 11/15/2025 was primarily driven by a 25.1% change in the company's P/S Multiple.

	11162022	11152025	Change
Stock Price ($)	33.86	42.39	25.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13655.00	15588.00	14.16%
P/S Multiple	0.35	0.44	25.11%
Shares Outstanding (Mil)	142.00	162.00	-14.08%
Cumulative Contribution			22.71%

LTM = Last Twelve Months as of date shown

Market Drivers

11/16/2023 to 11/15/2025

	Return	Correlation
FLR	12.1%
Market (SPY)	52.7%	51.5%
Sector (XLI)	48.7%	53.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FLR Return	-15%	55%	40%	13%	26%	-14%	127%
Peers Return	21%	27%	1%	48%	60%	32%	380%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
FLR Win Rate	33%	42%	67%	58%	58%	50%
Peers Win Rate	47%	47%	33%	58%	53%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FLR Max Drawdown	-82%	-9%	-19%	-25%	-9%	-37%
Peers Max Drawdown	-33%	-5%	-22%	-4%	-7%	-20%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FIX, ROAD, ACA, GVA, FBGL. See FLR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/14/2025 (YTD)

How Low Can It Go

Unique Key	Event	FLR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	69.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	101 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-83.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	511.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	307 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-73.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	281.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-70.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	233.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to FIX, ROAD, ACA, GVA, FBGL

In The Past

Fluor's stock fell -40.8% during the 2022 Inflation Shock from a high on 5/7/2021. A -40.8% loss requires a 69.0% gain to breakeven.

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About Fluor (FLR)

Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide. It operates through four segments: Energy Solutions, Urban Solutions, Mission Solutions, and Other. The Energy Solutions provides solutions to the energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power, and other low-carbon energy sources. It also provides consulting services, including feasibility studies, process assessments, and project finance structuring; and a range of services for small modular reactor technologies, as well as operation support services for nuclear power facilities and managing waste. This segment serves the oil, gas, and petrochemical industries. The Urban Solutions segment offers EPC and project management services to the infrastructure, advanced technologies, life sciences, and mining and metals industries. This segment also provides staffing services to the company and third-party clients with technical, professional, and craft resources on a contract or permanent placement basis. The Mission Solutions offers technical solutions to the U.S. and other governments. It also delivers solutions for nuclear security and operation, nuclear waste management, and laboratory management; and operation and maintenance, logistics, EPC, and life support solutions for mission-critical facilities across U.S. military service organizations. This segment offers site management, environmental remediation, and decommissioning for nuclear remediation at governmental facilities, as well as services to commercial nuclear clients. The Other segment researches, develops, licenses, and commercializes small modular nuclear reactor technology. It also provides unionized management and construction services. The company was founded in 1912 and is headquartered in Irving, Texas.

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Here are 1-2 brief analogies for Fluor (FLR):

The Lockheed Martin for industrial plants and large-scale infrastructure.
The Accenture or IBM Global Services for massive physical energy and industrial facilities.

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Engineering, Procurement, and Construction (EPC) Services: Comprehensive project delivery encompassing design, material acquisition, and facility construction for large-scale industrial projects.
Project Management: Oversight and coordination of complex projects, ensuring on-time and on-budget delivery across various sectors.
Program Management: Management of multiple related projects (a program) to achieve strategic business objectives for clients.
Operations & Maintenance: Provision of ongoing services to ensure the efficient and safe operation and upkeep of industrial facilities after construction.
Consulting: Strategic advice and technical expertise provided for project development, risk assessment, and process optimization across industries.

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Major Customers of Fluor (FLR)

Fluor Corporation primarily sells its services to other companies and government entities, not individuals. As a large engineering, procurement, construction (EPC), and project management firm, Fluor's client base is diverse, and no single customer consistently accounts for a substantial majority (e.g., 10% or more) of its consolidated revenues, as stated in their financial filings. This reflects their project-based business model across multiple sectors. However, Fluor serves a variety of major clients within specific industries. Based on their historical project work and sector focus, their significant customer types and examples of companies they frequently work with include:

Integrated Oil & Gas / Energy Companies: Fluor has long-standing relationships with major global energy companies for projects in oil & gas exploration and production, refining, petrochemicals, and liquefied natural gas (LNG). Examples include:
- ExxonMobil (XOM)
- Shell plc (SHEL)
- Chevron Corporation (CVX)
- Saudi Aramco (2222.SR - a publicly traded company in Saudi Arabia, not U.S.-listed, but a critical global client for Fluor)
Chemical and Petrochemical Companies:
- Dow Inc. (DOW)
- Other global chemical manufacturers.
Government Entities: Fluor provides services to various government agencies, particularly for complex and critical infrastructure or environmental projects.
- U.S. Department of Energy (DOE)
- U.S. Department of Defense (DOD)
- Other national and local government agencies for infrastructure development.
Mining Companies: Clients in the mining and metals sector for processing facilities and infrastructure.
Advanced Manufacturing Companies: Companies in semiconductors, electric vehicle batteries, and other high-tech manufacturing.
Life Sciences Companies: Pharmaceutical and biotechnology firms for research and manufacturing facilities.
Utility Companies: For power generation projects, including traditional and renewable energy sources.

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David E. Constable Chairman and Chief Executive Officer
David E. Constable was appointed Fluor Corporation's Chief Executive Officer in January 2021 and became Chairman of the Board in May 2022. He previously held various leadership roles at Fluor from 1982 to 2011, including group president positions for Project Operations, Power, and Operations & Maintenance. From 2011 to 2016, he served as CEO of Sasol Ltd, where he executed a comprehensive change program and implemented a new operating model. He has also served as a director on the board of ABB Ltd. since 2015 and was previously a member of the boards of Anadarko Petroleum Corporation and Rio Tinto Ltd. Mr. Constable also spent four years as a senior advisor at Cerberus Capital Management.

John Regan Chief Financial Officer
John Regan was appointed Chief Financial Officer of Fluor Corporation, effective March 2025, succeeding Joe Brennan, who will retire in July 2025. He currently serves as Fluor's Executive Vice President and Chief Accounting Officer. Before joining Fluor, Mr. Regan held the CFO position at Alta Mesa and Vine Oil & Gas LP. He is a certified public accountant with extensive experience in public company financial planning, reporting, and operations management.

Jim Breuer Group President, Energy Solutions
Jim Breuer serves as the Group President of Fluor's Energy Solutions business. In this role, he is responsible for the company's business development and global operations focused on energy, fuels, refining, chemicals, and nuclear project services. His expertise spans the engineering, procurement, and construction (EPC) industry, including downstream, upstream, mining, power, and petrochemicals sectors, and he has held progressive roles in project management, engineering, and operations across various industries.

John R. Reynolds Executive Vice President, Chief Legal Officer, and Secretary
John R. Reynolds has been with Fluor since 1985. He serves as the company's Executive Vice President, Chief Legal Officer, and Secretary. His previous responsibilities included overseeing Fluor's legal team and enterprise risk management.

Stacy Dillow Executive Vice President, Chief Human Resources Officer
Stacy Dillow is responsible for Human Resources at Fluor, overseeing the HR strategy and supporting over 41,000 employees. She directs global HR strategy and operations, focusing on attracting, developing, and retaining talent to foster a diverse and inclusive business. Ms. Dillow has more than two decades of experience with Fluor, having led global projects in various sectors, including healthcare, chemical, oil and gas, and mining. Prior to her current role at Fluor, she led supply chain transformation for Southeast Asia and Australasia at Unilever for two years.

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Accelerated Decarbonization and Energy Transition

Fluor has historically maintained a significant presence in the engineering, procurement, and construction (EPC) of projects within the traditional oil, gas, and petrochemical sectors. A rapid acceleration of global decarbonization efforts and the broader energy transition, driven by stricter environmental regulations, increasing corporate sustainability commitments, and governmental incentives for green technologies, poses a clear emerging threat. While Fluor is actively diversifying into new energy markets such as renewables, hydrogen, carbon capture, and advanced nuclear, an abrupt or faster-than-anticipated decline in demand for their legacy fossil-fuel-related services could reduce a significant portion of their traditional revenue base. This shift could intensify competition in nascent green sectors, potentially leading to compressed margins or a challenge in scaling their new energy capabilities quickly enough to offset declines in their core business.

Disruptive Construction Technologies and Advanced Project Delivery Models

The engineering and construction industry is experiencing rapid innovation in project delivery methods and technologies. Emerging threats stem from the increasing adoption of advanced digitalization, artificial intelligence (AI) for design optimization, predictive analytics, robotics, comprehensive digital twin technology, and highly industrialized modular construction. Firms specializing purely in these advanced and often more efficient methods, or clients developing robust internal capabilities leveraging these technologies, could disrupt traditional large-scale, onsite EPC models. These advanced approaches promise significantly faster project execution, reduced costs, enhanced safety, and greater predictability, potentially commoditizing aspects of Fluor's traditional service offerings or creating a competitive disadvantage if competitors or specialized new entrants can deliver projects with superior efficiency and cost-effectiveness.

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Fluor Corporation (NYSE: FLR) is a global engineering, procurement, and construction (EPC) and maintenance company. Its main products and services fall into three core business segments: Energy Solutions, Urban Solutions, and Mission Solutions.

Here are the addressable market sizes for Fluor's main products and services:

Energy Solutions

Overall Engineering, Procurement, and Construction (EPC) Market: The global EPC market is projected to reach approximately $974.4 billion in 2025, and is anticipated to grow to $1,131.8 billion by 2034, at a Compound Annual Growth Rate (CAGR) of 3.5%. North America holds the largest market share in the global EPC market.
Oil and Gas EPC: The global oil and gas EPC market was valued at $52.9 billion in 2024 and is expected to reach $76.7 billion by 2033, demonstrating a CAGR of 4.2% from 2025-2033. In 2023, the global oil and gas EPC market was valued at $53.10 billion and is projected to reach $92.49 billion by 2032, with a CAGR of 6.3%. North America accounts for the largest share in the oil and gas EPC market, totaling $19.8 billion in 2023. The Middle East & Africa region held a dominant share of 68.72% in this market in 2023.
Chemicals EPC: The chemicals segment within the EPC market is projected to reach a valuation of $25.32 billion globally by 2024.
Power (including Renewables) EPC: The power industry segment within the EPC market is anticipated to account for $20.2 billion globally in revenue in 2024.

Urban Solutions

Infrastructure / Civil Engineering: The global civil engineering market was valued at $9,703.2 billion in 2024 and is expected to reach approximately $17,214 billion by 2034, growing at a CAGR of 5.9% from 2025 to 2034. Asia-Pacific dominates this market, holding over 33.7% of the market share in 2024. The U.S. Infrastructure Investment and Jobs Act allocated $1.2 trillion for infrastructure development.
Advanced Technologies and Life Sciences (EPC-related services): The global life science market size was valued at $88.2 billion in 2024 and is estimated to grow significantly, reaching $998.63 billion in 2025. It is further projected to reach approximately $2,695.6 billion by 2034, expanding at a robust CAGR of 11.82% from 2025 to 2034. North America dominated the global life science market in 2024.
Mining and Metals (Engineering Services): The global mining engineering services market was valued at $10.5 billion in 2023 and is projected to reach $15.2 billion by 2032, growing at a CAGR of 4.2% from 2024 to 2032. Asia Pacific is expected to dominate the mining engineering services market. Within the broader EPC market, the mining segment is projected to reach a market size of $15.4 billion globally by 2024.

Mission Solutions

Government Services (Engineering and Construction-related to infrastructure): While a specific market size for "government services EPC" is not readily available, the government sector is a significant driver of the civil engineering market, holding 67.4% of the total market share in 2024, globally. The U.S. government, for instance, allocated $1.2 trillion for infrastructure development through the Infrastructure Investment and Jobs Act.

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Fluor Corporation (FLR) is expected to drive future revenue growth over the next 2-3 years through several key areas:

Robust Backlog and New Awards in Urban Solutions: Fluor anticipates significant revenue growth from its strong project backlog and new contract awards within the Urban Solutions segment. This segment has shown a substantial increase in its backlog over the past year and is benefiting from increased execution activities in advanced technologies, life sciences, mining, metals, and infrastructure projects. The company reported a 45.8% year-over-year growth in Urban Solutions sales and new awards of $1.8 billion in Q3 2025 for this segment.
Growth in Energy Solutions, including LNG and Chemical Facilities: The Energy Solutions segment is poised for future revenue expansion through a focus on securing front-end engineering and design (FEED) packages to support subsequent engineering, procurement, and construction management (EPCM) work. This includes new opportunities in the liquefied natural gas (LNG) sector and chemical facilities, particularly in the Middle East.
Expansion in Advanced Technologies, Life Sciences, and Mining & Metals: Fluor is strategically positioned to capitalize on growth opportunities in advanced technologies and life sciences. This is evidenced by ramp-up activities on multiple advanced technology and life sciences projects. The mining and metals sector is also a significant contributor, with recent incremental awards for rare earth minerals refineries and copper mining projects.
Ongoing Government Contracts and Disaster Relief Efforts (Mission Solutions): The Mission Solutions segment is expected to continue contributing to revenue growth, driven by Department of Energy (DOE) construction projects and contracts related to FEMA hurricane relief efforts. New awards in this segment, such as a six-year contract extension for the Portsmouth decontamination and decommissioning program, underpin this growth.

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Share Repurchases

  In Q3 2025, Fluor repurchased $70 million in shares and announced plans to repurchase an additional $800 million through February 2026.
  Fluor initiated its capital allocation program in 2024 with $125 million in stock repurchases, acquiring 2.3 million shares, during Q4.
  The company completed a multi-year share buyback program in Q2 2025, which had resulted in the retirement of nearly 46.2 million shares for a total of $2.56 billion since 2011.


Share Issuance

  No significant share issuances by Fluor were identified over the last 3-5 years.


Inbound Investments

  No large strategic inbound investments by third-parties were identified in the last 3-5 years.


Outbound Investments

  Fluor is actively monetizing its investment in NuScale Power, having sold 15 million Class A shares for $605 million in October 2025, and expects to complete the full monetization of its remaining 39% equity by the end of Q2 2026.
  The deconsolidation of NuScale in Q4 2024 resulted in a $1.6 billion gain for Fluor.
  As part of its strategy to transition to an "asset-light model," Fluor completed the sale of its Stork operations in continental Europe in Q1 2024 and its U.K. operations in Q1 2025.


Capital Expenditures

  Fluor's capital expenditures were $164 million in 2024, $106 million in 2023, $75 million in 2022, and $75 million in 2021.
  Anticipated capital expenditures for 2026 are approximately $140 million.
  These expenditures are focused on supporting the existing scale of the business and accommodating future growth in key markets such as mining and metals, life sciences, semiconductors & data centers, chemicals & power, and selective LNG.

Better Bets than Fluor (FLR)

	FLR	Better Performance than FLR
Metric	Value	Industry (Construction & Engineering)
Rev Chg LTM	-1.8%	PWR (18.7%), FIX (27.7%), EME (14.1%), J (61.5%), ACM (1.5%)
Rev Chg 3Y Avg	4.7%	PWR (17.9%), FIX (29.0%), EME (14.7%), ACM (7.2%), APG (8.8%)
Op Mgn LTM	-1.4%	PWR (5.7%), FIX (13.4%), EME (9.4%), J (7.2%), ACM (6.3%)
CFO/Rev LTM	2.0%	PWR (6.7%), FIX (11.2%), EME (7.7%), J (4.2%), ACM (5.7%)
FCF/Rev LTM	1.5%	PWR (4.6%), FIX (9.6%), EME (7.1%), J (3.5%), ACM (5.1%)
Total Yield	49.3%

	FLR	Better Performance than FLR
Metric	Value	Sector (Industrials)
Rev Chg LTM	-1.8%	GE (17.7%), RTX (8.8%), UBER (18.2%), GEV (9.4%), BA (10.2%)
Rev Chg 3Y Avg	4.7%	GE (15.7%), CAT (5.8%), RTX (9.4%), UBER (19.6%), BA (10.1%)
Op Mgn LTM	-1.4%	GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%), GEV (3.7%)
CFO/Rev LTM	2.0%	GE (17.2%), CAT (18.0%), RTX (9.3%), UBER (18.1%), GEV (9.1%)
FCF/Rev LTM	1.5%	GE (14.7%), CAT (12.3%), RTX (5.5%), UBER (17.5%), GEV (6.6%)
Total Yield	49.3%	ZIM (156.8%), INVE (83.9%), PPSI (122.7%), PSHG (218.6%), EHLD (79.2%)

	FLR	Better Performance than FLR
Metric	Value	All Other Sectors
Rev Chg LTM	-1.8%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	4.7%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM	-1.4%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM	2.0%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	1.5%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	49.3%	TM (2184.3%), HMC (2412.3%), BIDU (70.6%), ERIC (76.1%), JBS (92.5%)

		Best Bets In Industrials Sector
	FLR	GATX	VRSK	PAYX	ADT	AME	NDSN	TDG	PCTY	FTV	VRRM
What You Pay
P/E	2.0	18.0	32.7	24.4	10.6	30.4	28.6	40.3	36.5	28.3	72.4
P/EBIT	-57.7	8.7	22.3	17.7	5.3	24.1	19.4	19.6	26.2	13.8	21.5
What You Get
Rev Chg Q	-17.7%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	9.3%	12.5%	2.3%	16.1%
Rev Chg LTM	-1.8%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	12.8%	13.3%	27.9%	8.5%
Rev Chg 3Y Avg	4.7%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	18.2%	21.4%	9.4%	9.1%
FCF/Rev 3Y Avg	1.5%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	20.8%	21.5%	20.1%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Fluor Earnings Notes
2	Is Fluor Stock Built to Withstand More Downside?	Return
3	FLR's 22% One Month Dip Begs The Question: Is GOOGL Better Instead?	Counter-Intuitive Comparisons
4	With FLR Down 22% in a Month, Is It Time to Compare It Against GD?	Counter-Intuitive Comparisons
5	FLR Drops 22% in a Month, But Does EME Offer Better Fundamentals?	Counter-Intuitive Comparisons
6	null
7	Better Bet Than FLR Stock: Pay Less Than Fluor To Get More From POWL, RHP
8	Better Bet Than FLR Stock: Pay Less Than Fluor To Get More From POWL
9	FLR Dip Buy Analysis
10	Fluor Total Shareholder Return (TSR): 25.9% in 2024 and 26.2% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	FLR Lost 25% In A Month. Do You Buy Or Wait?		August 22nd, 2025

	Title
0	DASHBOARDS
1	Fluor Earnings Notes
2	Is Fluor Stock Built to Withstand More Downside?
3	FLR's 22% One Month Dip Begs The Question: Is GOOGL Better Instead?
4	With FLR Down 22% in a Month, Is It Time to Compare It Against GD?
5	FLR Drops 22% in a Month, But Does EME Offer Better Fundamentals?
6	null
7	Better Bet Than FLR Stock: Pay Less Than Fluor To Get More From POWL, RHP
8	Better Bet Than FLR Stock: Pay Less Than Fluor To Get More From POWL
9	FLR Dip Buy Analysis
10	Fluor Total Shareholder Return (TSR): 25.9% in 2024 and 26.2% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	FLR Lost 25% In A Month. Do You Buy Or Wait?

Trade Ideas

Select past ideas related to FLR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEO_10312025_Dip_Buyer_FCFYield	10312025	GEO	GEO	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-10.3%	-10.3%	-14.1%
RUN_10312025_Short_Squeeze	10312025	RUN	Sunrun	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-10.2%	-10.2%	-17.5%
PLPC_10312025_Quality_Momentum_RoomToRun_10%	10312025	PLPC	Preformed Line Products	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.4%	-3.4%	-4.8%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper	10172025	VRSK	Verisk Analytics	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.1%	-7.1%	-10.5%
CARR_10102025_Dip_Buyer_ValueBuy	10102025	CARR	Carrier Global	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-4.2%	-4.2%	-4.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEO_10312025_Dip_Buyer_FCFYield	10312025	GEO	GEO	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-10.3%	-10.3%	-14.1%
RUN_10312025_Short_Squeeze	10312025	RUN	Sunrun	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-10.2%	-10.2%	-17.5%
PLPC_10312025_Quality_Momentum_RoomToRun_10%	10312025	PLPC	Preformed Line Products	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.4%	-3.4%	-4.8%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper	10172025	VRSK	Verisk Analytics	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.1%	-7.1%	-10.5%
CARR_10102025_Dip_Buyer_ValueBuy	10102025	CARR	Carrier Global	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-4.2%	-4.2%	-4.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CDTX	Cidara Therapeutics	3.4	105.4%	709.9%
PGEN	Precigen	1.4	25.6%	333.0%
SRRK	Scholar Rock	4.2	24.4%	-13.4%
AVDL	Avadel Pharmaceuticals	2.3	22.5%	124.2%
SEPN	Septerna	1.0	20.9%	1.6%
CSIQ	Canadian Solar	2.3	17.3%	202.0%
DNTH	Dianthus Therapeutics	1.5	15.1%	87.4%
ANGX	Angel Studios	1.0	13.9%
EWTX	Edgewise Therapeutics	2.4	11.4%	-14.8%
FLNC	Fluence Energy	2.3	10.2%	12.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-35.9%	-66.1%
SOC	Sable Offshore	0.4	-28.9%	-81.7%
STUB	Stubhub	4.9	-21.0%
DEFT	DeFi Technologies	0.4	-15.2%
NGNE	Neurogene	0.5	-14.0%	-0.4%
ECX	ECARX	0.7	-10.9%	0.9%
MNPR	Monopar Therapeutics	0.5	-10.4%	254.5%
TWST	Twist Bioscience	1.6	-10.1%	-42.2%
PLUG	Plug Power	2.5	-9.8%	5.4%
RSKD	Riskified	0.7	-9.8%	-4.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	378.3%	18.7%
COGT	Cogent Biosciences	3.8	126.3%	330.0%
CDTX	Cidara Therapeutics	3.4	108.6%	709.9%
MH	McGraw Hill	3.0	38.7%
EWTX	Edgewise Therapeutics	2.4	32.6%	-14.8%
SRRK	Scholar Rock	4.2	29.2%	-13.4%
KALV	KalVista Pharmaceuticals	0.7	26.3%	60.8%
AVDL	Avadel Pharmaceuticals	2.3	26.1%	124.2%
REAL	RealReal	1.6	26.0%	26.7%
SEPN	Septerna	1.0	25.7%	1.6%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BTDR	Bitdeer Technologies	2.0	-52.2%	-51.5%
AVXL	Anavex Life Sciences	0.3	-50.0%	-66.1%
CTEV	Claritev	0.7	-37.5%
ARDT	Ardent Health	1.3	-37.4%	-47.2%
WYFI	Whitefiber	0.7	-37.4%
PSFE	Paysafe	0.4	-31.4%	-59.2%
CIFR	Cipher Mining	5.4	-30.6%	209.5%
NKLR	Terra Innovatum Global	0.3	-29.9%
CLSK	Cleanspark	3.1	-29.6%	19.0%
HIVE	HIVE Digital Technologies	0.6	-29.6%	16.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.1	162.0%	307.2%
VTYX	Ventyx Biosciences	0.7	131.2%	322.4%
INBX	Inhibrx Biosciences	1.2	116.2%	413.8%
CSIQ	Canadian Solar	2.3	114.7%	202.0%
CDTX	Cidara Therapeutics	3.4	113.4%	709.9%
COGT	Cogent Biosciences	3.8	105.0%	330.0%
PUMP	ProPetro	1.0	93.8%	6.3%
REPL	Replimune	0.8	92.5%	-25.8%
MBX	MBX Biosciences	0.8	80.0%	34.5%
CELC	Celcuity	4.0	76.4%	608.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-68.1%	-81.7%
NTLA	Intellia Therapeutics	0.9	-65.1%	-25.4%
NKLR	Terra Innovatum Global	0.3	-64.0%
ASPN	Aspen Aerogels	0.3	-62.9%	-74.1%
CCOI	Cogent Communications	0.8	-60.9%	-75.7%
AVXL	Anavex Life Sciences	0.3	-59.5%	-66.1%
BTDR	Bitdeer Technologies	2.0	-59.4%	-51.5%
METC	Ramaco Resources	1.2	-56.4%	113.5%
LRN	Stride	2.8	-54.4%	-38.3%
FMC	FMC	1.7	-53.6%	-70.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CDTX	Cidara Therapeutics	3.4	105.4%	709.9%
PGEN	Precigen	1.4	25.6%	333.0%
SRRK	Scholar Rock	4.2	24.4%	-13.4%
AVDL	Avadel Pharmaceuticals	2.3	22.5%	124.2%
SEPN	Septerna	1.0	20.9%	1.6%
CSIQ	Canadian Solar	2.3	17.3%	202.0%
DNTH	Dianthus Therapeutics	1.5	15.1%	87.4%
ANGX	Angel Studios	1.0	13.9%
EWTX	Edgewise Therapeutics	2.4	11.4%	-14.8%
FLNC	Fluence Energy	2.3	10.2%	12.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-35.9%	-66.1%
SOC	Sable Offshore	0.4	-28.9%	-81.7%
STUB	Stubhub	4.9	-21.0%
DEFT	DeFi Technologies	0.4	-15.2%
NGNE	Neurogene	0.5	-14.0%	-0.4%
ECX	ECARX	0.7	-10.9%	0.9%
MNPR	Monopar Therapeutics	0.5	-10.4%	254.5%
TWST	Twist Bioscience	1.6	-10.1%	-42.2%
PLUG	Plug Power	2.5	-9.8%	5.4%
RSKD	Riskified	0.7	-9.8%	-4.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	378.3%	18.7%
COGT	Cogent Biosciences	3.8	126.3%	330.0%
CDTX	Cidara Therapeutics	3.4	108.6%	709.9%
MH	McGraw Hill	3.0	38.7%
EWTX	Edgewise Therapeutics	2.4	32.6%	-14.8%
SRRK	Scholar Rock	4.2	29.2%	-13.4%
KALV	KalVista Pharmaceuticals	0.7	26.3%	60.8%
AVDL	Avadel Pharmaceuticals	2.3	26.1%	124.2%
REAL	RealReal	1.6	26.0%	26.7%
SEPN	Septerna	1.0	25.7%	1.6%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BTDR	Bitdeer Technologies	2.0	-52.2%	-51.5%
AVXL	Anavex Life Sciences	0.3	-50.0%	-66.1%
CTEV	Claritev	0.7	-37.5%
ARDT	Ardent Health	1.3	-37.4%	-47.2%
WYFI	Whitefiber	0.7	-37.4%
PSFE	Paysafe	0.4	-31.4%	-59.2%
CIFR	Cipher Mining	5.4	-30.6%	209.5%
NKLR	Terra Innovatum Global	0.3	-29.9%
CLSK	Cleanspark	3.1	-29.6%	19.0%
HIVE	HIVE Digital Technologies	0.6	-29.6%	16.1%

Peer Comparisons for Fluor

Financials

	FLR	FIX	ROAD	ACA	GVA	FBGL	Median
Name	Fluor	Comfort .	Construc.	Arcosa	Granite .	FBS Glob.
Mkt Price	42.39	909.60	106.82	100.48	102.55	0.60	101.52
Mkt Cap	6.9	32.1	5.9	4.9	4.5	-	5.9
Rev LTM	15,588	8,323	2,451	2,833	4,236	-	4,236
Op Inc LTM	-226	1,112	180	298	257	-	257
FCF LTM	237	799	153	315	346	-	315
FCF 3Y Avg	240	677	88	143	204	-	204
CFO LTM	306	928	275	469	462	-	462
CFO 3Y Avg	355	779	191	325	333	-	333

Growth & Margins

	FLR	FIX	ROAD	ACA	GVA	FBGL	Median
Name	Fluor	Comfort .	Construc.	Arcosa	Granite .	FBS Glob.
Rev Chg LTM	-1.8%	27.7%	39.2%	14.0%	6.9%	-	14.0%
Rev Chg 3Y Avg	4.7%	29.0%	27.6%	8.0%	8.7%	-	8.7%
Rev Chg Q	-17.7%	35.2%	50.5%	24.6%	12.4%	-	24.6%
QoQ Delta Rev Chg LTM	-4.5%	8.3%	11.9%	5.9%	3.9%	-	5.9%
Op Mgn LTM	-1.4%	13.4%	7.3%	10.5%	6.1%	-	7.3%
Op Mgn 3Y Avg	0.6%	10.3%	5.5%	8.2%	3.9%	-	5.5%
QoQ Delta Op Mgn LTM	-3.3%	1.2%	0.7%	2.3%	0.7%	-	0.7%
CFO/Rev LTM	2.0%	11.2%	11.2%	16.6%	10.9%	-	11.2%
CFO/Rev 3Y Avg	2.2%	11.9%	9.8%	12.6%	8.3%	-	9.8%
FCF/Rev LTM	1.5%	9.6%	6.2%	11.1%	8.2%	-	8.2%
FCF/Rev 3Y Avg	1.5%	10.3%	4.3%	5.2%	4.9%	-	4.9%

Valuation

	FLR	FIX	ROAD	ACA	GVA	FBGL	Median
Name	Fluor	Comfort .	Construc.	Arcosa	Granite .	FBS Glob.
Mkt Cap	6.9	32.1	5.9	4.9	4.5	-	5.9
P/S	0.4	3.9	2.4	1.7	1.1	-	1.7
P/EBIT	-57.7	30.1	34.6	15.6	14.1	-	15.6
P/E	2.0	38.3	79.1	33.1	24.6	-	33.1
P/CFO	22.4	34.6	21.4	10.5	9.7	-	21.4
Total Yield	49.3%	2.8%	1.3%	3.2%	4.3%	-	3.2%
Dividend Yield	0.0%	0.2%	0.0%	0.2%	0.3%	-	0.2%
FCF Yield 3Y Avg	2.8%	5.4%	2.4%	3.1%	4.7%	-	3.1%
D/E	0.2	0.0	0.3	0.3	0.3	-	0.3
Net D/E	-0.3	-0.0	0.2	0.3	0.2	-	0.2

Returns

	FLR	FIX	ROAD	ACA	GVA	FBGL	Median
Name	Fluor	Comfort .	Construc.	Arcosa	Granite .	FBS Glob.
1M Rtn	-12.5%	8.5%	-7.6%	8.7%	-2.9%	-6.2%	-4.6%
3M Rtn	1.2%	33.7%	-0.7%	4.0%	-6.0%	10.1%	2.6%
6M Rtn	10.2%	93.0%	5.6%	13.0%	18.1%	-7.6%	11.6%
12M Rtn	-18.4%	105.1%	20.7%	-0.7%	7.9%	-	7.9%
3Y Rtn	25.2%	657.9%	241.0%	71.0%	204.5%	-	204.5%
1M Excs Rtn	-14.1%	6.9%	-9.2%	7.1%	-4.5%	-7.8%	-6.1%
3M Excs Rtn	-3.8%	26.4%	-6.0%	-0.7%	-11.1%	6.4%	-2.2%
6M Excs Rtn	-2.9%	80.0%	-7.4%	0.0%	5.1%	-20.6%	-1.4%
12M Excs Rtn	-25.1%	84.8%	0.5%	-15.3%	-6.5%	-	-6.5%
3Y Excs Rtn	-47.6%	603.1%	198.6%	1.7%	137.8%	-	137.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/18/2025	2/20/2024	2/21/2023	2/22/2022	2/26/2021	9/25/2020
Key Financials
Total Revenue	15,588	16,315	15,474	13,744	14,156	14,158	15,454
EBITDA	-47	732	449	376	-182	174	-604
Operating Income	-226	371	253	113	223	198	-346
Net Income	3,385	2,145	139	145	-440	-435	-1,522
EPS	20.04	12.48	0.55	0.75	-3.29	-3.09	-10.87
Growth Rates
Total Revenue Growth	-1.8%	5.4%	12.6%	-2.9%	-0.0%	-8.4%	-18.0%
EBITDA Growth	-108.8%	63.0%	19.4%	306.6%	-204.3%	128.9%	-188.9%
Operating Income Growth	-195.0%	46.6%	123.9%	-49.3%	12.6%	157.2%	-177.2%
Net Income Growth	1201.9%	1443.2%	-4.1%	133.0%	-1.1%	71.4%	-977.5%
Margins
EBITDA Margin	-0.3%	4.5%	2.9%	2.7%	-1.3%	1.2%	-3.9%
Operating Income Margin	-1.4%	2.3%	1.6%	0.8%	1.6%	1.4%	-2.2%
Net Income Margin	21.7%	13.1%	0.9%	1.1%	-3.1%	-3.1%	-9.8%
Cash & Debt
Total Cash	2,829	2,959	2,588	2,624	2,336	2,222	2,004
Total Debt	1,070	1,104	1,158	1,130	1,192	1,706	1,690
Net Debt / (Cash)	-1,759	-1,855	-1,430	-1,494	-1,144	-516	-314
Cash Flows
Net Cash from Operations	306	828	212	31	25	186	219
Free Cash from Operations	237	664	106	-44	-50	72	38
Returns to Shareholders
Dividends	0	-0	29	39	19	29	118
Share Repurchases	490	125	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/1/2025	5/2/2025	2/18/2025	11/8/2024	8/2/2024	5/3/2024	2/20/2024	11/3/2023	8/4/2023	5/5/2023	2/21/2023
Key Financials Quarterly
Total Revenue	3,368	3,978	3,982	4,260	4,094	4,227	3,734	3,820	3,963	3,939	3,752	3,710
Ebitda	-455	17	138	253	116	241	122	54	294	166	-66	84
Operating Income	-478	8	104	140	54	128	40	16	195	141	-100	32
Net Income	-697	2,460	-241	1,863	54	169	59	-22	206	61	-107	9
EPS	-4.30	14.93	-1.42	10.83	0.32	0.99	0.35	-0.18	1.18	0.36	-0.82	0.00
Key Financials TTM
Total Revenue TTM	15,588	16,314	16,563	16,315	15,875	15,744	15,456	15,474	15,364	15,013	14,373	13,743
Ebitda TTM	-47	524	748	732	533	711	636	448	478	221	193	377
Operating Income TTM	-226	306	426	362	238	379	392	252	268	28	-38	114
Net Income TTM	3,385	4,136	1,845	2,145	260	412	304	138	169	-15	-10	145
Growth Rates Quarterly
Total Revenue Growth	-17.7%	-5.9%	6.6%	11.5%	3.3%	7.3%	-0.5%	3.0%	9.7%	19.4%	20.2%	2.4%
EBITDA Growth	-492.2%	-92.9%	13.1%	368.5%	-60.5%	45.2%	284.8%	-35.7%	694.6%	20.3%	-155.9%	133.9%
Operating Income Growth	-985.2%	-93.8%	160.0%	775.0%	-72.3%	-9.2%	140.0%	-50.0%	533.3%	88.0%	-292.3%	-51.5%
Net Income Growth	-1390.7%	1355.6%	-508.5%	8568.2%	-73.8%	177.0%	155.1%	-344.4%	836.4%	-7.6%	-322.9%	103.2%
Margins Quarterly
EBITDA Margin	-13.5%	0.4%	3.5%	5.9%	2.8%	5.7%	3.3%	1.4%	7.4%	4.2%	-1.8%	2.3%
Operating Income Margin	-14.2%	0.2%	2.6%	3.3%	1.3%	3.0%	1.1%	0.4%	4.9%	3.6%	-2.7%	0.9%
Net Income Margin	-20.7%	61.8%	-6.1%	43.7%	1.3%	4.0%	1.6%	-0.6%	5.2%	1.5%	-2.9%	0.2%
Cash & Debt
Total Cash	2,829	2,271	2,511	2,959	3,006	2,708	2,409	2,588	2,485	2,322	2,311	2,624
Total Debt	1,070	1,070	1,087	1,104	1,116	1,136	1,149	1,158	1,443	996	994	1,130
Net Debt / (Cash)	-1,759	-1,201	-1,424	-1,855	-1,890	-1,572	-1,260	-1,430	-1,042	-1,326	-1,317	-1,494
Cash Flows Quarterly
FCF from Operations	286	-21	-286	327	330	282	-111	308	3	62	-161	46
Cash Flows TTM
FCF from Operations TTM	306	350	653	828	809	482	262	212	-50	65	58	31
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	9	10	10	10
Share Repurchases	70	153	142	125	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Corporate	3,623	3,622	3,594		3,379
Urban Solutions	1,211	1,170	906	1,122
Energy Solutions	1,053	967	1,158	1,011
Mission Solutions	577	485	764	576
Other	509	583	667	38	68
Discontinued Operations - Assets held for sale					394
Diversified Services					1,291
Energy & Chemicals					1,139
Government					629
Infrastructure & Power					471
Mining & Industrial					595
Total	6,973	6,827	7,089	2,747	7,967

Price Behavior

Price Behavior

Market Price	$42.39
Market Cap ($ Bil)	7.0
First Trading Date	12/01/2000
Distance from 52W High	-25.3%
	50 Days	200 Days
DMA Price	$44.90	$42.90
DMA Trend	down	up
Distance from DMA	-5.6%	-1.2%
	3M	1YR
Volatility	41.4%	54.3%
Downside Capture	260.48	183.71
Upside Capture	209.09	136.66
Correlation (SPY)	46.5%	54.1%

FLR Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.45	1.32	2.43	1.78	1.47	1.34
Up Beta	2.50	1.57	0.87	1.71	1.41	1.21
Down Beta	-0.24	-0.28	3.57	2.54	1.64	1.50
Up Capture	326%	268%	169%	184%	147%	244%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	13	22	32	64	119	372
Down Capture	165%	189%	306%	154%	130%	107%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	22	33	62	131	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FLR With Other Asset Classes (Last 1Y)
	FLR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.9%	7.3%	13.3%	55.3%	3.7%	-3.3%	6.4%
Annualized Volatility	54.1%	18.8%	19.5%	19.7%	16.0%	17.8%	35.7%
Sharpe Ratio	-0.09	0.24	0.51	2.11	0.04	-0.34	0.21
Correlation With Other Assets		54.7%	53.9%	3.2%	26.2%	28.8%	31.1%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of FLR With Other Asset Classes (Last 5Y)
	FLR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	27.4%	15.0%	15.5%	15.5%	13.1%	6.1%	43.6%
Annualized Volatility	47.9%	17.3%	17.1%	15.7%	18.9%	19.1%	49.1%
Sharpe Ratio	0.68	0.71	0.74	0.79	0.57	0.24	0.71
Correlation With Other Assets		51.1%	42.9%	10.5%	32.6%	31.0%	18.9%

Based On 10-Year Data

		Comparison of FLR With Other Asset Classes (Last 10Y)
	FLR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.5%	12.7%	14.2%	13.7%	5.3%	5.4%	73.9%
Annualized Volatility	57.0%	19.9%	18.1%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.22	0.57	0.68	0.76	0.23	0.23	0.93
Correlation With Other Assets		50.2%	43.1%	-0.3%	32.9%	32.8%	14.9%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	8,153,085
Short Interest: % Change Since 10152025	-13.4%
Average Daily Volume	3,709,718
Days-to-Cover Short Interest	2.20
Basic Shares Quantity	162,000,000
Short % of Basic Shares	5.0%

Returns Analyses

	Title
0	Is Fluor Stock Built to Withstand More Downside?
1	Fluor Stock Return Comparison
2	Fluor Total Shareholder Return (TSR): 39.9% in 2022 and 22.4% 3-yr returns (below peer average)
3	Fluor (FLR) Stock Return: AI Predicts FLR Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2025	2.6%
8/1/2025	-27.0%	-22.3%	-27.7%
5/2/2025	-0.0%	-0.5%	15.0%
2/18/2025	-8.4%	-14.4%	-14.3%
11/8/2024	-13.6%	-13.8%	-6.2%
8/2/2024	0.1%	3.0%	5.5%
5/3/2024	-5.7%	-5.4%	5.7%
2/20/2024	-12.7%	-15.8%	-6.8%
...
SUMMARY STATS
# Positive	10	7	13
# Negative	13	16	10
Median Positive	2.9%	8.0%	12.9%
Median Negative	-8.4%	-8.1%	-14.3%
Max Positive	15.6%	12.9%	38.2%
Max Negative	-27.0%	-29.5%	-77.0%

	Forward Returns
11/7/2025	2.6%
8/1/2025	-27.0%	-22.3%	-27.7%
5/2/2025	-0.0%	-0.5%	15.0%
2/18/2025	-8.4%	-14.4%	-14.3%
11/8/2024	-13.6%	-13.8%	-6.2%
8/2/2024	0.1%	3.0%	5.5%
5/3/2024	-5.7%	-5.4%	5.7%
2/20/2024	-12.7%	-15.8%	-6.8%
11/3/2023	5.9%	-0.6%	12.9%
8/4/2023	15.6%	11.8%	14.8%
5/5/2023	-0.7%	-3.5%	6.8%
2/21/2023	-0.2%	-2.2%	-16.0%
11/4/2022	6.1%	12.9%	15.8%
8/5/2022	-9.1%	4.4%	1.1%
5/6/2022	3.2%	-0.1%	7.2%
2/22/2022	-5.4%	2.8%	38.2%
11/5/2021	13.8%	9.7%	15.0%
8/6/2021	1.9%	8.0%	-0.8%
5/7/2021	1.2%	-22.4%	-17.3%
2/26/2021	-13.2%	-10.4%	12.2%
12/10/2020	-1.4%	-8.1%	-3.2%
9/25/2020	2.6%	-2.1%	30.5%
2/18/2020	-24.3%	-29.5%	-77.0%
SUMMARY STATS
# Positive	10	7	13
# Negative	13	16	10
Median Positive	2.9%	8.0%	12.9%
Median Negative	-8.4%	-8.1%	-14.3%
Max Positive	15.6%	12.9%	38.2%
Max Negative	-27.0%	-29.5%	-77.0%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2182025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Fluor (FLR)

Market Price (11/16/2025): $42.36 | Market Cap: $6.9 BilSector: Industrials | Industry: Construction & Engineering

Fluor (FLR)

Market Price (11/16/2025): $42.36Market Cap: $6.9 BilSector: IndustrialsIndustry: Construction & Engineering

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FLR Stock

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About Fluor (FLR)

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Accelerated Decarbonization and Energy Transition

Disruptive Construction Technologies and Advanced Project Delivery Models

Energy Solutions

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Market Price (11/16/2025): $42.36 | Market Cap: $6.9 Bil
Sector: Industrials | Industry: Construction & Engineering

Market Price (11/16/2025): $42.36
Market Cap: $6.9 Bil
Sector: Industrials
Industry: Construction & Engineering