Fluor Corporation (FLR)
NYSE:FLR
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Fluor
(NYSE:FLR)
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Rating:50Neutral
Price Target:
$46.00
▼(-5.27% Downside)
Action:Reiterated
Date:06/01/26
The score is held back primarily by weak recent operating profitability and especially deteriorated cash flow trends, partially offset by a healthier balance sheet. The technical setup is modestly negative (below key moving averages with negative MACD). Valuation is middling at ~22x earnings with no stated dividend yield support, while the latest earnings update provides some offset from improved liquidity, better Q1 operating cash flow, and substantial buyback plans despite narrowed guidance and project/geopolitical risks.
Positive Factors
Large, growing prospect pipeline & reimbursable backlog
A ~ $100B prospect pipeline and a $25.7B backlog with 82% reimbursable work provide durable revenue visibility and reduce fixed-price exposure. High reimbursable mix limits cost-overrun risk and working-capital strain, supporting steadier cash conversion across multi-year project cycles.
Negative Factors
Weak and deteriorating cash generation
Persistent negative operating and free cash flows elevate funding and liquidity risk versus peers. If sustained, weak cash generation forces reliance on asset sales or external financing, constrains reinvestment, and undermines the company’s ability to absorb project overruns and sustain capital returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, growing prospect pipeline & reimbursable backlog
A ~ $100B prospect pipeline and a $25.7B backlog with 82% reimbursable work provide durable revenue visibility and reduce fixed-price exposure. High reimbursable mix limits cost-overrun risk and working-capital strain, supporting steadier cash conversion across multi-year project cycles.
Read all positive factors
Fluor Key Performance Indicators (KPIs)
Fluor (FLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.09B
Dividend YieldN/A
Average Volume (3M)3.18M
Price to Earnings (P/E)24.4
Beta (1Y)1.24
Revenue Growth-8.32%
EPS Growth-87.53%
CountryUS
Employees26,866
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.06
Shares Outstanding139,669,890
10 Day Avg. Volume2,747,677
30 Day Avg. Volume3,175,201
Financial Highlights & Ratios
PEG Ratio1.28
Price to Book (P/B)2.07
Price to Sales (P/S)0.43
P/FCF Ratio-15.35
Enterprise Value/Market Cap0.60
Enterprise Value/Revenue0.28
Enterprise Value/Gross Profit-17.31
Enterprise Value/Ebitda-23.24
Forecast
1Y Price Target
$50.50Price Target Upside4.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.59
Revenue Forecast (FY)$16.18B
Fluor Business Overview & Revenue Model
Company Description
Fluor Corporation is a global enterprise delivering a comprehensive array of professional services, including engineering, procurement, and construction (EPC), alongside fabrication, modularization, operational and maintenance support, asset integ...
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 bas...
Fluor Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Neutral
Mixed but balanced. The company demonstrated material strategic and financial positives: a materially expanded prospect pipeline (+50% YoY), strong liquidity ($3.2B), significant proceeds and value capture from NuScale monetizations (MOIC ~4.5x), a meaningful operating cash-flow recovery and select commercial wins (FEEDs, SMR, data center LNTP). However, the quarter was weighed down by discrete charges (LOGCAP $96M, mining $37M), a steep YoY decline in adjusted EBITDA and EPS, higher G&A from stock-based items, and geopolitical risks (Middle East/Venezuela) that could affect timing and margin conversion. Management characterizes many issues as discrete or temporary and highlights a path to stronger back-half performance, but near-term earnings were meaningfully impacted.Positive Updates
Large and Growing Prospect Pipeline
Front-end work in-house represents over $60.0 billion of potential revenue with another $40.0 billion of tracked prospects (total ~$100B); prospect pipeline increased ~50% in the past 12 months. Backlog ended at $25.7 billion and was 82% reimbursable.
Negative Updates
Significant Legal Charge Impacting Mission Solutions
LOGCAP-related court outcome produced a $96 million GAAP impact (jury award $15M that increased to $96M with treble damages and fees), driving Mission Solutions to a $71 million segment loss in Q1 vs a $5 million profit a year ago. Company expects to appeal.
Read all updates
Q1-2026 Updates
Positive
Negative
Large and Growing Prospect Pipeline
Front-end work in-house represents over $60.0 billion of potential revenue with another $40.0 billion of tracked prospects (total ~$100B); prospect pipeline increased ~50% in the past 12 months. Backlog ended at $25.7 billion and was 82% reimbursable.
Read all positive updates
Company Guidance
Fluor narrowed its full‑year 2026 guidance to adjusted EBITDA of $525–560 million (previously $525–585M) and adjusted EPS of $2.60–2.80, with expected operating cash flow of $300 million (excluding the NuScale tax payment); corporate G&A is guided to $175–185M (~$40M/quarter in Q2–Q4) with up to $15M of potential ERP costs and an assumed tax rate of 26–28%, and management assumes a revenue mix of ~65% Urban / 20% Energy / 15% Mission. Management also expects a new‑awards book‑to‑burn >1 (weighted to the back half of the year), full‑year reported segment margins of Urban 2.5–3.5% (reflecting the mining charge), Energy Solutions 5–6% and Mission ~6%, plans roughly $1.4 billion of share repurchases in 2026, and anticipates providing an additional ~$200 million of funding for certain JV lost projects by year‑end; the guidance assumes resolution of the Middle East situation by end‑Q2 and will be revisited if disruptions persist into Q3.Fluor Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.19B | 15.50B | 16.32B | 15.47B | 13.74B | 14.16B |
| Gross Profit | -247.00M | -120.00M | 574.00M | 477.00M | 355.00M | 454.00M |
| EBITDA | -184.00M | -245.00M | 732.00M | 449.00M | 376.00M | -182.00M |
| Net Income | 350.00M | -51.00M | 2.15B | 139.00M | 145.00M | -440.00M |
Balance Sheet | ||||||
| Total Assets | 7.92B | 8.24B | 9.14B | 6.97B | 6.83B | 7.09B |
| Cash, Cash Equivalents and Short-Term Investments | 3.67B | 3.77B | 2.96B | 2.59B | 2.62B | 2.34B |
| Total Debt | 1.07B | 1.07B | 1.10B | 1.16B | 1.13B | 1.19B |
| Total Liabilities | 4.97B | 4.96B | 5.15B | 4.92B | 4.83B | 5.52B |
| Stockholders Equity | 2.87B | 3.24B | 3.95B | 1.94B | 1.79B | 1.39B |
Cash Flow | ||||||
| Free Cash Flow | -41.00M | -437.00M | 664.00M | 106.00M | -44.00M | -50.00M |
| Operating Cash Flow | 9.00M | -387.00M | 828.00M | 212.00M | 31.00M | 25.00M |
| Investing Cash Flow | 1.88B | 502.00M | -333.00M | -277.00M | -78.00M | -122.00M |
| Financing Cash Flow | -1.16B | -862.00M | -116.00M | 127.00M | 315.00M | 122.00M |
Fluor Technical Analysis
Positive
48.56
Price Trends
48.21
Positive
47.75
Positive
45.72
Positive
Market Momentum
0.73
Negative
56.69
Neutral
77.20
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 48.56 is above the 20-day moving average (MA) of 47.40, above the 50-day MA of 48.21, and above the 200-day MA of 45.72, indicating a bullish trend. The MACD of 0.73 indicates Negative momentum. The RSI at 56.69 is Neutral, neither overbought nor oversold. The STOCH value of 77.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLR.
Fluor Risk Analysis
Fluor disclosed 40 risk factors in its most recent earnings report. Fluor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fluor Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $14.94B | 38.04 | 41.14% | ― | 16.16% | 62.83% | |
82 Outperform | $26.36B | 76.64 | 32.77% | ― | 36.96% | 31.00% | |
73 Outperform | $14.08B | 45.36 | 18.85% | ― | 29.76% | 33.40% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $4.54B | 11.03 | 26.57% | 1.65% | -3.61% | 10.17% | |
61 Neutral | $5.35B | 22.09 | 15.21% | 0.25% | 13.40% | 19.67% | |
50 Neutral | $7.09B | 24.40 | 8.12% | ― | -8.32% | -87.53% |
* Industrials Sector Average
FLR
Fluor
50.47
0.59
1.18%
DY
Dycom
471.30
239.47
103.30%
IESC
IES Holdings
726.41
454.97
167.61%
KBR
KBR
34.82
-17.31
-33.20%
PRIM
Primoris Services
101.34
26.53
35.47%
STRL
Sterling Infrastructure
866.67
645.31
291.52%
Fluor Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial DisclosuresShareholder Meetings
Fluor Shareholders Back Board, Executive Pay and Auditor
Positive
May 8, 2026
At its May 6, 2026 annual meeting, Fluor shareholders re-elected ten directors, approved on an advisory basis the compensation of its named executive officers, and ratified Ernst Young LLP as the company’s independent auditor for 2026, sign...
Business Operations and StrategyExecutive/Board Changes
Fluor Engages Former Executive for Strategic Advisory Role
Positive
Apr 30, 2026
On April 26, 2026, Fluor subsidiary FDEE Consulting, Inc. entered into a consulting agreement with former Group President for Strategic Projects, Mark E. Fields, reflecting the company’s continued reliance on experienced internal leadership ...
Business Operations and StrategyM&A Transactions
Fluor Completes Monetization of NuScale Investment Stake
Positive
Apr 23, 2026
On April 23, 2026, Fluor Corporation announced it had completed the sale of its remaining 40 million shares of NuScale Power Corporation, generating gross proceeds of $473 million. The transaction caps a total investment of $570 million in NuScale...
Executive/Board ChangesShareholder Meetings
Fluor Announces Board Leadership Changes and New Director
Neutral
Mar 9, 2026
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 o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.