Fluor (FLR) AI Stock Analysis

• Market Cap: $7.67B
• Dividend Yield: N/A
• Average Volume (3M): 2.80M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• 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: 3,489,698
• 30 Day Avg. Volume: 2,802,691
• 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: 0.86
• Enterprise Value/Revenue: 0.43
• Enterprise Value/Gross Profit: -55.02
• Enterprise Value/Ebitda: -26.95
• 1Y Price Target: $53.00
• Price Target Upside: 1.32% 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: $47.00 ▼(-10.15% 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

Large, diversified backlog (mostly reimbursable)

A >$25B backlog, concentrated in Urban and largely reimbursable work, gives multi-quarter revenue visibility and dampens cyclicality. With management noting book-to-burn >1 and much of 2026 guidance coming from backlog, the pipeline supports sustained revenue conversion and steadier margins.

NuScale monetization materially improved liquidity

Realizing nearly $2B and capturing strong MOIC/IRR converts an equity stake into durable liquidity, reducing reliance on operating cash in the near term. This strategic monetization both repairs balance-sheet flexibility and funds buybacks and investment, a lasting structural boost to financial optionality.

De-risked leverage with active capital returns

Improved leverage metrics and large, disciplined buybacks signal management confidence and free-cash deployment discipline. Lowered debt-to-equity and meaningful repurchases reduce float and concentrate upside for shareholders while evidencing capacity to return capital even amid project headwinds.

Negative Factors

Inconsistent cash generation and negative FCF in 2025

Volatile operating cash conversion undermines the company's ability to self-fund projects and absorb overruns. A swing to zero/negative OCF in 2025 heightens reliance on asset monetization or external funding, raising execution and timing risk that can persist across quarters in project-centric businesses.

Large Santos charge and near-term cash hit

A ~$643M charge and nearly equal cash payment materially weakened 2025 results and liquidity. The litigation and insurance recovery timeline is uncertain, creating structural cash-timing risk and potential balance-sheet volatility until recoveries or resolution occur, affecting funding of operations.

Project cost growth and legacy loss-making projects

Ongoing cost growth and several legacy loss-making projects signal execution weakness that depresses margins and forces reserve recognition. Persisting lost-project funding needs and scheduled handovers create structural margin pressure and increase the probability of future cash strain or additional charge recognition.

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 generates revenue through various channels, primarily by providing engineering and construction services for large infrastructure and industrial projects. The company's revenue model is based on contracts that can be structured as fixed-price, cost-plus, or unit-rate arrangements, allowing it to capture revenue based on the nature of the project and client requirements. Key revenue streams include fees for engineering services, construction services, and project management. Fluor also benefits from partnerships with government entities and private sector companies, which provide a steady pipeline of projects. The company's ability to secure long-term contracts and maintain a diversified portfolio across multiple sectors contributes significantly to its earnings stability and growth potential.

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: 52.31
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 52.31 is above the 20-day moving average (MA) of 49.02, above the 50-day MA of 45.57, and above the 200-day MA of 45.39, indicating a bullish trend. The MACD of 2.10 indicates Negative momentum. The RSI at 62.59 is Neutral, neither overbought nor oversold. The STOCH value of 82.34 is Negative, 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
DY	83 Outperform	$12.16B	41.36	21.90%	―	13.19%	33.58%
IESC	81 Outperform	$9.87B	29.46	42.01%	―	16.89%	54.13%
STRL	76 Outperform	$13.12B	45.68	30.28%	―	6.20%	72.81%
PRIM	74 Outperform	$8.15B	30.05	17.79%	0.25%	21.45%	67.31%
KBR	69 Neutral	$5.34B	12.11	30.18%	1.65%	9.66%	29.01%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FLR	55 Neutral	$7.67B	-41.69	-1.42%	―	-1.81%	1228.51%

Fluor Corporate Events

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.