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Fluor
(NYSE:FLR)
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Rating:52Neutral
Price Target:
$49.00
▼(-6.11% Downside)
Action:Reiterated
Date:08/07/26
FLR scores in the low-50s primarily due to weak recent operating profitability and deteriorated cash flow (negative OCF/FCF and negative operating margins), partially offset by a healthier balance-sheet profile and a notably positive earnings-call setup (strong awards/backlog, improved Q2 profitability, and supportive full-year guidance). Technicals are mildly bearish/neutral (below 20D/50D with negative MACD), and valuation at ~24x earnings looks fair but not clearly cheap given execution and cash-conversion risk.
Positive Factors
Large backlog and recent awards
A $26.9B backlog and $6.1B of recent awards provide multi-year revenue visibility and a steady project pipeline. For an EPC business, a deep, diversified backlog reduces near-term revenue volatility and supports medium-term capacity planning, revenue recognition and resource allocation.
Negative Factors
Negative operating and free cash flow
Persistent negative OCF and FCF indicate working-capital outflows and project cash strain. For an EPC company, weak cash conversion raises financing and liquidity risk, constrains reinvestment or bid capacity, and makes returns dependent on execution improvement rather than backlog size.
Read all positive and negative factors
Positive Factors
Negative Factors
Large backlog and recent awards
A $26.9B backlog and $6.1B of recent awards provide multi-year revenue visibility and a steady project pipeline. For an EPC business, a deep, diversified backlog reduces near-term revenue volatility and supports medium-term capacity planning, revenue recognition and resource allocation.
Read all positive factors
Fluor Key Performance Indicators (KPIs)
Fluor (FLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.01B
Dividend YieldN/A
Average Volume (3M)2.29M
Price to Earnings (P/E)24.4
Beta (1Y)1.20
Revenue Growth-8.32%
EPS Growth-87.53%
CountryUS
Employees22,995
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.06
Shares Outstanding139,669,890
10 Day Avg. Volume1,997,922
30 Day Avg. Volume2,289,914
Financial Highlights & Ratios
PEG Ratio1.25
Price to Book (P/B)2.07
Price to Sales (P/S)0.43
P/FCF Ratio-15.35
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$52.25Price Target Upside0.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.59
Revenue Forecast (FY)$16.11B
Fluor Business Overview & Revenue Model
Company Description
Fluor Corporation (FLR) is a global engineering, procurement, and construction (EPC) and project management company that provides professional and technical services to clients in markets such as energy, chemicals, mining and metals, infrastructur...
How the Company Makes Money
Fluor primarily makes money by delivering project-based services under contracts that pay fees for engineering and design work, procurement management, construction execution, and overall project/program management. Revenue is recognized as work i...
Fluor Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call conveyed material positive momentum: strong Q2 new awards (~$6.1B), backlog expansion (~$26.9B), revenue up 9%, notable EBITDA and EPS improvement, improved segment profitability (especially Energy), strengthened liquidity, continued aggressive share repurchases and an upgraded full-year guidance range. Offsetting items include a negative operating cash flow headline driven by known tax payments, remaining legacy project closeout losses (notably $44M Gordie Howe impact), a ~ $650M backlog removal tied to the JV sale and some near-term funding/closeout risks. Management emphasized a diversified and growing pipeline with most incremental earnings uplift expected to materialize over 2027–2028 rather than immediately.Positive Updates
Strong New Awards and Backlog Growth
New awards of ~$6.1 billion in Q2 drove ending backlog to $26.9 billion (after a preemptive removal of ~ $650 million related to the Mexican JV). Management expects a book-to-bill above 1 for the full year and described the pipeline as diversified across nuclear, fertilizers, copper, LNG, data centers and infrastructure.
Negative Updates
Operating Cash Flow Impacted by Large Tax Payments
Reported operating cash flow of negative $317 million in Q2, driven primarily by a $357 million tax payment associated with the conversion of NuScale shares; management noted normalized OCF excluding that tax would have been approximately +$40 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong New Awards and Backlog Growth
New awards of ~$6.1 billion in Q2 drove ending backlog to $26.9 billion (after a preemptive removal of ~ $650 million related to the Mexican JV). Management expects a book-to-bill above 1 for the full year and described the pipeline as diversified across nuclear, fertilizers, copper, LNG, data centers and infrastructure.
Read all positive updates
Company Guidance
In the call management reiterated strong Q2 operating results (Q2 revenue $4.3B, adjusted EBITDA $149M, adjusted EPS $0.91) and set full‑year targets of adjusted EBITDA $500–$525M (from a comparable $519M starting point after excluding ~ $23M of foregone JV profit), implying adjusted EPS of $2.70–$2.80 at the current repurchase tempo; adjusted operating cash flow of $300–$320M (ex the Q2 NuScale tax and the Q3 JV‑sale tax); G&A of $170–$180M (excluding up to $15M for ERP/tech); an assumed tax rate of 28–30%; a revenue mix of ~65% Urban / 20% Energy / 15% Mission with as‑reported segment margin expectations of 2.5–3% Urban, 6–7% Energy and ~6% Mission; and continued capital return plans (modeled $1.4B repurchases for 2026, $300M/6M shares repurchased in Q2), a Q2 cash balance of $3.0B (up to $3.2B on July 31), while noting the $90M pretax gain on the Mexican JV sale is outside guidance — management also expects a book‑to‑bill well above 1 supported by $6.1B of Q2 awards and $26.9B of backlog.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
52.19
Price Trends
50.58
Positive
49.08
Positive
47.18
Positive
Market Momentum
0.40
Negative
63.80
Neutral
60.41
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 52.19 is above the 20-day moving average (MA) of 50.70, above the 50-day MA of 50.58, and above the 200-day MA of 47.18, indicating a bullish trend. The MACD of 0.40 indicates Negative momentum. The RSI at 63.80 is Neutral, neither overbought nor oversold. The STOCH value of 60.41 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $18.31B | 52.67 | 32.77% | ― | 36.96% | 31.00% | |
72 Outperform | $14.83B | 32.63 | 44.00% | ― | 22.66% | 83.08% | |
70 Outperform | $4.62B | 11.03 | 26.57% | 1.79% | -4.37% | 13.37% | |
67 Neutral | $12.04B | 37.77 | 18.85% | ― | 29.76% | 33.40% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $4.58B | 18.39 | 8.87% | 0.37% | 13.40% | 19.67% | |
52 Neutral | $7.01B | 24.35 | 8.12% | ― | -8.32% | -87.53% |
* Industrials Sector Average
FLR
Fluor
57.00
15.11
36.07%
DY
Dycom
407.99
128.86
46.16%
IESC
IES Holdings
762.71
416.81
120.50%
KBR
KBR
38.04
-11.04
-22.49%
PRIM
Primoris Services
82.63
-28.26
-25.48%
STRL
Sterling Infrastructure
547.06
244.37
80.73%
Fluor Corporate Events
Business Operations and StrategyExecutive/Board Changes
Fluor Adds Independent Director to Expand Board Oversight
Positive
Aug 4, 2026
On July 30, 2026, Fluor Corporation’s Board of Directors voted to expand the board from ten to eleven members, with the change becoming effective on August 4, 2026. The move reflects an effort to strengthen oversight and governance as the co...
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...
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.