Fluor (FLR) AI Stock Analysis

• Market Cap: $7.02B
• Dividend Yield: N/A
• Average Volume (3M): 2.89M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: -1.81%
• EPS Growth: 1228.51%
• Country: US
• Employees: 26,866
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.33
• Shares Outstanding: 146,564,670
• 10 Day Avg. Volume: 2,427,074
• 30 Day Avg. Volume: 2,886,111
• PEG Ratio: 1.28
• Price to Book (P/B): 2.07
• Price to Sales (P/S): 0.43
• P/FCF Ratio: -15.35
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 0.38
• Enterprise Value/Gross Profit: -49.59
• Enterprise Value/Ebitda: -25.87
• 1Y Price Target: $53.00
• Price Target Upside: 10.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 2.66
• Revenue Forecast (FY): $16.77B

• Rating: 55 Neutral
• Price Target: $45.00 ▼(-6.00% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by sharp 2025 profitability and cash-flow deterioration and ongoing project execution risks, despite a de-risked leverage profile. Offsetting factors include a very low valuation multiple and a moderately constructive outlook from the earnings call (2026 guidance, backlog strength, and significant planned buybacks), while technical signals point to stabilization rather than strong momentum.

Positive Factors

Backlog & Awards

A >$25B backlog with 2025 new awards of $12B and a book-to-burn >1 provides multi-period revenue visibility and supports near-term EBITDA. High backlog (largely reimbursable) cushions future quarters from new-bid cyclicality and underpins predictable conversion of contracted work.

NuScale Monetization

Monetizing NuScale generated substantial, non-operating proceeds and reduced equity-method exposure, materially improving liquidity and strategic flexibility. Proceeds strengthen the balance sheet, fund buybacks, and reduce dependence on operating cash to cover legacy project volatility over the medium term.

Capital Returns & Share Reduction

Aggressive, continued buybacks (11% float reduction noted) signal management confidence in cash-generation plans and improve per-share economics. Consistent capital returns are a durable allocation policy that can enhance shareholder value once operating volatility stabilizes.

Negative Factors

Project Execution Risk

Multiple infrastructure projects in loss positions and ongoing cost growth highlight structural execution risk in Fluor's fixed-price/EPC exposures. Such legacy overruns erode margins, require provisions or funding, and create recurring headline risk that can depress earnings durability across cycles.

Cash Flow & Liquidity Volatility

Sharp OCF swings and an ~$800M decline in cash balances reflect working-capital and event-driven liquidity strain (Santos payment, tax timing). Inconsistent cash conversion raises structural funding and timing risk for project execution, G&A, and sustained capital return programs.

Earnings Volatility & Segment Losses

Large swings in segment profitability, including a major Energy Solutions loss, underscore volatile earnings quality tied to project outcomes and regional demand. Dependence on equity-method gains (NuScale) and episodic charges makes sustainable margins and ROE unpredictable across multi-quarter horizons.

Fluor Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Fluor makes money primarily by delivering project-based services under contracts with customers that need large capital assets designed, built, modernized, or managed. Revenue is generated from (1) engineering and design services (often billed based on labor hours and reimbursable expenses), (2) procurement and supply chain services (management fees and/or reimbursed costs for sourcing equipment and materials, depending on contract terms), (3) construction and project management services (fees tied to project milestones, progress, or measurable performance obligations), and (4) integrated EPC delivery where Fluor is responsible for combining engineering, procurement, and construction into a single contracted scope. The company’s earnings (profit) on this revenue depend heavily on the contract structure: some contracts pay cost reimbursements plus a fee (helping limit exposure to cost overruns), while others are fixed-price or otherwise place more execution and cost risk on Fluor (where margin is driven by Fluor’s ability to deliver under budget and on schedule). Fluor may also generate revenue from long-term services such as maintenance, turnaround/outage support, and other field services that continue after a facility is built, typically under multi-year or recurring service arrangements. Significant factors influencing how much Fluor ultimately earns include the size and mix of its project backlog, the proportion of reimbursable versus fixed-price work, change orders and claims management, project execution performance (schedule/cost control, productivity, subcontractor performance), and broader market conditions in its served end markets. Specific partnership details are null.

Fluor Financial Statement Overview

Summary

Financials are dominated by volatility: profitability improved into 2024 but deteriorated sharply in 2025 with losses, negative gross profit, and a steep revenue decline. Balance sheet leverage appears more manageable, but cash flow conversion is inconsistent and 2025 free cash flow was negative, elevating execution and working-capital risk.

Income Statement

Results have been volatile. After improving profitability through 2022–2024 (including strong 2024 net income and positive operating earnings), 2025 deteriorated sharply with a return to losses, negative gross profit, and a steep revenue decline versus the prior year. Margins remain thin in the “good” years, highlighting sensitivity to project execution and cost issues.

Balance Sheet

Leverage appears manageable and has improved versus earlier years: debt-to-equity moved down meaningfully from 2020–2022 levels to a lower level in 2024–2025, and total debt is relatively stable. However, profitability swings drove return on equity from very strong in 2024 to negative in 2025, and equity levels have fluctuated materially—signaling that earnings quality and consistency are key balance-sheet risks.

Cash Flow

Cash generation is inconsistent. 2024 showed strong operating cash flow and solid free cash flow, but 2025 reported zero operating cash flow and negative free cash flow, indicating a sharp working-capital/operating reversal. Earlier years also show uneven conversion (including negative free cash flow in 2021–2022), which raises execution and cash timing risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.50B	16.32B	15.47B	13.74B	14.16B
Gross Profit	-120.00M	574.00M	477.00M	355.00M	454.00M
EBITDA	-245.00M	732.00M	449.00M	376.00M	-182.00M
Net Income	-51.00M	2.15B	139.00M	145.00M	-440.00M
Balance Sheet
Total Assets	8.24B	9.14B	6.97B	6.83B	7.09B
Cash, Cash Equivalents and Short-Term Investments	3.77B	2.96B	2.59B	2.62B	2.34B
Total Debt	1.07B	1.10B	1.16B	1.13B	1.19B
Total Liabilities	4.96B	5.15B	4.92B	4.83B	5.52B
Stockholders Equity	3.24B	3.95B	1.94B	1.79B	1.39B
Cash Flow
Free Cash Flow	-437.00M	664.00M	106.00M	-44.00M	-50.00M
Operating Cash Flow	-387.00M	828.00M	212.00M	31.00M	25.00M
Investing Cash Flow	502.00M	-333.00M	-277.00M	-78.00M	-122.00M
Financing Cash Flow	-862.00M	-116.00M	127.00M	315.00M	122.00M

Fluor Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 47.87
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLR, the sentiment is Positive. The current price of 47.87 is below the 20-day moving average (MA) of 47.97, above the 50-day MA of 46.81, and above the 200-day MA of 45.82, indicating a neutral trend. The MACD of -0.73 indicates Positive momentum. The RSI at 53.95 is Neutral, neither overbought nor oversold. The STOCH value of 75.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLR.

Fluor Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STRL	76 Outperform	$13.23B	32.23	30.17%	―	6.20%	72.81%
IESC	74 Outperform	$9.06B	21.15	40.95%	―	16.89%	54.13%
PRIM	74 Outperform	$7.73B	24.39	17.49%	0.25%	21.45%	67.31%
KBR	69 Neutral	$4.69B	12.59	28.27%	1.65%	9.66%	29.01%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
DY	62 Neutral	$10.66B	37.65	18.81%	―	13.19%	33.58%
FLR	55 Neutral	$7.02B	-131.50	-1.14%	―	-1.81%	1228.51%

Fluor Corporate Events

Fluor Announces Board Leadership Changes and New Director

Fluor Corporation announced that Executive Chairman David E. Constable informed the board on March 3, 2026, that he will not stand for reelection at the May 6, 2026 annual meeting and will retire from the company as of that date. In anticipation of this transition, the board has appointed current Lead Independent Director James T. Hackett as Chair of the Board effective May 5, 2026, and Fluor’s subsidiary FDEE Consulting, Inc. entered into a one-year consulting agreement on March 4, 2026, under which Constable will provide advisory services beginning May 6, 2026 for a fixed fee paid quarterly.

In a related governance move, the board voted on March 4, 2026 to expand its size to 12 members and elected Robert G. Card to fill the new seat, effective immediately. Card, deemed independent under New York Stock Exchange standards and the company’s governance guidelines, has joined the Audit Committee and the Commercial Strategies and Operational Risk Committee, reinforcing the board’s independent oversight and strategic risk management capabilities while receiving the standard compensation and indemnification provided to non-employee directors.

The most recent analyst rating on (FLR) stock is a Hold with a $46.00 price target. To see the full list of analyst forecasts on Fluor stock, see the FLR Stock Forecast page.

Fluor Appoints James P. Elliott as Chief Accounting Officer

On February 3, 2026, Fluor Corporation’s board of directors appointed James P. Elliott, 47, as chief accounting officer effective February 4, 2026, elevating him from his current role as corporate controller, which he has held since 2025 after serving as director of technical accounting and internal reporting from 2019 to 2025. The company emphasized that Elliott has no family relationships with directors or executive officers and no disclosable related-party transactions, and noted that his appointment will be accompanied by standard indemnification and change-in-control agreements, underscoring routine governance practices around a key finance leadership transition.

The most recent analyst rating on (FLR) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Fluor stock, see the FLR Stock Forecast page.