Fluor Corp (FLR)
NYSE:FLR
Top Page
Fluor
(NYSE:FLR)
Select Model
Select Model
Rating:55Neutral
Price Target:
$45.00
▼(-9.20% Downside)
Action:ReiteratedDate: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 and Award Mix
A >$25B backlog with high reimbursable content provides multi‑period revenue visibility and lowers execution downside from fixed‑price exposure. Durable backlog converts into EBITDA and supports 2026 guidance, easing near‑term revenue cyclicality and underwriting future awards.
Negative Factors
Profitability Volatility
Sharp swings from profit to loss expose structural sensitivity to project execution and contract mix. Persistent margin volatility undermines forecasting, increases required equity or reserves, and raises the cost of allocating capital into new fixed‑price work, constraining sustainable return on invested capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Award Mix
A >$25B backlog with high reimbursable content provides multi‑period revenue visibility and lowers execution downside from fixed‑price exposure. Durable backlog converts into EBITDA and supports 2026 guidance, easing near‑term revenue cyclicality and underwriting future awards.
Read all positive factors
Fluor (FLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.07B
Dividend YieldN/A
Average Volume (3M)2.42M
Price to Earnings (P/E)―
Beta (1Y)1.40
Revenue Growth-1.81%
EPS Growth1228.51%
CountryUS
Employees26,866
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.33
Shares Outstanding143,627,490
10 Day Avg. Volume1,957,940
30 Day Avg. Volume2,422,952
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 Cap0.87
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit-51.30
Enterprise Value/Ebitda-26.77
Forecast
1Y Price Target
$53.00Price Target Upside6.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.73
Revenue Forecast (FY)$16.26B
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...
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 Key Performance Indicators (KPIs)
Fluor Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Neutral
The call presented a balance of strong strategic and capital actions (NuScale monetization, significant share repurchases, robust new awards and backlog, improved backlog margin, and forward guidance) alongside material near-term challenges (a large Santos-related charge and cash outflow, a sizable loss in Energy Solutions, project cost growth on several infrastructure contracts, and lower reported cash/OCF in 2025). Management emphasized confidence in backlog conversion, active monetization, and continued capital returns while acknowledging legacy project headwinds and near-term tax/cash timing issues.Positive Updates
NuScale Monetization
Received roughly $2.0 billion since September 2025 from NuScale monetization with more proceeds expected in Q2 2026; achieved a realized MOIC of over 3.5x and IRR >13% (excluding 40 million shares still held); CFO expects completion of monetization in Q2 2026.
Negative Updates
Large Santos Charge and Cash Impact
Recognized a ~$643 million charge related to the Santos ruling (booked as a reduction to revenue) and paid roughly $642 million to Santos, which drove operating cash flow negative $387 million in 2025; appeal expected mid-2026 with potential insurance recoveries not expected until H2 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
NuScale Monetization
Received roughly $2.0 billion since September 2025 from NuScale monetization with more proceeds expected in Q2 2026; achieved a realized MOIC of over 3.5x and IRR >13% (excluding 40 million shares still held); CFO expects completion of monetization in Q2 2026.
Read all positive updates
Company Guidance
Fluor’s 2026 guidance targets adjusted EBITDA of $525–$585 million and assumes operating cash flow of about $300 million (excluding an expected >$400 million NuScale-related tax payment due in Q2); the company plans ~$1.4 billion of share repurchases in 2026 (including ~$400 million in the first two months) and expects to conclude NuScale monetization by Q2, with operating results weighted to the second half of the year. Key planning assumptions include corporate G&A of roughly $175–$185 million (excluding up to $10 million of early ERP work), an income tax rate of ~26–28%, a revenue mix of ~20% Energy/65% Urban/15% Mission, reported segment margins of ~3–4% Urban, ~4–5% Energy, and ~6% Mission, a book-to-burn >1 for new awards, and that roughly two‑thirds to three‑quarters of the EBITDA guidance will come from backlog; expected 2026 lost‑project funding is ~ $220 million (≈$90 million in OCF).Fluor Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| 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
Positive
49.56
Price Trends
47.59
Positive
45.31
Positive
45.79
Positive
Market Momentum
0.57
Negative
58.75
Neutral
77.93
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 49.56 is above the 20-day moving average (MA) of 46.91, above the 50-day MA of 47.59, and above the 200-day MA of 45.79, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 77.93 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $10.62B | 21.15 | 40.95% | ― | 16.89% | 54.13% | |
74 Outperform | $8.74B | 24.39 | 17.49% | 0.25% | 21.45% | 67.31% | |
72 Outperform | $13.69B | 32.23 | 30.17% | ― | 6.20% | 72.81% | |
69 Neutral | $4.64B | 12.59 | 28.27% | 1.65% | 9.66% | 29.01% | |
66 Neutral | $11.78B | 37.65 | 18.81% | ― | 13.19% | 33.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $7.07B | -131.50 | -1.14% | ― | -1.81% | 1228.51% |
* Industrials Sector Average
FLR
Fluor
49.27
15.28
44.95%
DY
Dycom
392.25
240.17
157.92%
IESC
IES Holdings
544.14
356.05
189.30%
KBR
KBR
36.36
-13.16
-26.57%
PRIM
Primoris Services
166.23
108.60
188.46%
STRL
Sterling Infrastructure
464.54
323.54
229.46%
Fluor Corporate Events
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...
Executive/Board Changes
Fluor Appoints James P. Elliott as Chief Accounting Officer
Neutral
Feb 5, 2026
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 aft...
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.