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Fluor Corporation

FLR Industrials Engineering & Construction

Fluor Corporation’s revenue for fiscal 2025 (year ended December 2025) was $15.5 billion, down 4.98% from fiscal 2024.

Revenue
+8.82%
EPS
−94.5%
Free cash flow
−825.7%
Total debt
+0.19%

Quarter to June 2026, against a year earlier

45.41 2.20 −4.62%
Market cap
$6.0B
P/E
0.0×
Fwd P/E
13.2×
Dividend yield
—
F-score
3/9
Altman Z
3.48
Beneish M
n/a
Dividend safety
20/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2022

  • Energy Solutions
  • Urban Solutions
  • Mission Solutions
  • Other

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 4.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 7 2 — — — — 1 — — —
Insider Ownership 6.06%

Capital & Financial Ratios $m

Size
Market Cap 6,020.00
Revenue ttm 15,535.00
Net income ttm (1,979.00)
Free cash flow ttm (205.00)
Net debt Q (1,971.00)
Valuation
P/E 0.00
Forward P/E 13.20
Price / sales 0.41
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.27
Financial health
Current ratio Q 1.80 (at or above 1.5: strong)
Debt / equity Q 0.38 (at or below 0.5: strong)
Interest coverage Q 12.27
Growth
Revenue growth Q +8.82% (above 0%: growing)
Operating income growth Q +619.23% (above 0%: growing)
EPS, this year +23.20% (at or above 15%: strong)
EPS, next year A +24.85% (at or above 15%: strong)
Revenue, next year A +7.68%
EPS, past 5 yrs —
EPS, next 5 yrs A +21.41% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.3×; over the ten years it ranged from 0.0× in 2020 to 0.5× in 2018.
P/S against its own 10 years 66.26%
10-year low 10-year high
P/B against its own 10 years 63.51%
10-year low 10-year high
EV/Sales against its own 10 years 49.61%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.84 ’17
  2. 0.84 ’18 +0
  3. 0.73 ’19 −13
  4. 0.10 ’20 −86
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,588 2,959 3,773 3,043
Receivables 1,137 921 1,073 1,027
Inventory — — — —
Other 1,338 1,295 1,596 1,624
5,063 5,175 6,442 5,694
2023 2024 2025 Q'26
Payables 1,214 1,220 1,482 1,762
ST’ Debt — — — —
Other 639 684 633 541
3,163 3,071 3,378 3,170

Compound Annual Growth %

10y 5y 3y
Sales (1.54%) (0.36%) 4.10%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.51% 21.00% 17.97%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.73 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.44 0.68 Beat by 0.24
Q4 FY25 0.34 0.33 Miss by 0.01
Q1 FY26 0.66 0.14 Miss by 0.52
Q2 FY26 0.73 0.91 Beat by 0.18
Q3 FY26 0.85 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.08 0.81 — — —
’25 (1.42) 14.81 (4.30) (9.87) (0.31)
’24 0.34 0.97 0.31 10.57 12.30
’23 (0.82) 0.35 1.15 (0.12) 0.54
’22 0.28 0.38 0.08 (0.01) 0.50
’21 (0.43) (0.08) 0.22 (1.21) (3.29)
’20 (1.90) (0.18) 0.14 (1.16) (3.10)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,663 4,329 — — —
’25 3,982 3,978 3,368 4,175 15,503
’24 3,734 4,227 4,094 4,260 16,315
’23 3,752 3,939 3,963 3,820 15,474
’22 3,122 3,299 3,612 3,711 13,744
’21 3,347 3,684 3,503 3,622 14,156
’20 3,698 3,735 3,457 4,898 15,788
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 110 (317) — — —
’25 (286) (21) 286 (366) (387)
’24 (111) 282 330 327 828
’23 (161) 62 3 308 212
’22 (188) 55 118 46 31
’21 (230) 76 (66) 245 25
’20 (64) 128 80 42 186
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 223 (324) — — —
’25 (235) (35) 274 (378) (374)
’24 (115) 278 274 309 746
’23 (159) 18 (26) 268 101
’22 (195) 39 132 (20) (44)
’21 (252) 95 7 100 (50)
’20 (80) 110 34 10 73
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −11.0% a year for ten years. It grew −15.0% a year over the last ten.

Implied
−11.0%
10 years, reported
−15.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,037 14,807 18,851 15,454 15,788 14,156 13,744 15,474 16,315 15,503 15,535 (2.3%) 16,693 18,350 19,767 +8.4%
Gross margin, % 4.15 1.88 3.02 (1.33) 2.60 3.21 2.58 3.08 3.52 (0.77) (0.80) (4.9) pt
EBT 547 54 386 (839) (278) (346) 244 315 613 (311) (147) n/m
EBT margin, % 2.87 0.36 2.05 (5.43) (1.76) (2.44) 1.78 2.04 3.76 (2.01) (0.95) (4.9) pt
Net income 327 227 233 (1,553) (367) (401) 73 79 2,084 (62) (1,979) n/m
Per share, $
Per share, $ Revenue 136.79 105.94 134.25 110.34 111.97 100.40 96.79 103.16 94.85 94.53 111.76 (4.0%)
Earnings 2.02 1.10 1.24 (10.87) (3.10) (3.29) 0.51 0.54 12.30 (0.31) (12.27) n/m
Cash flow 5.07 4.31 1.15 1.56 1.32 0.18 0.22 1.41 4.81 (2.36) (2.06) n/m
Capex (1.11) (1.34) (0.93) (1.29) (0.80) (0.53) (0.53) (0.74) (0.48) 0.08 0.59 n/m
Free cash flow 3.96 2.97 0.23 0.27 0.52 (0.35) (0.31) 0.67 4.34 (2.28) (1.47) n/m
Book value 23.30 24.99 21.22 11.31 8.96 11.11 14.06 13.68 23.21 19.98 20.04 (1.7%)
Shares, m 139 140 140 140 141 141 142 150 172 164 153 +1.8%
Valuation, ×
Valuation, × P/E 26.25 38.20 20.13 0.00 0.00 0.00 45.68 67.66 4.05 0.00 0.00 20.2
P/S 0.39 0.49 0.24 0.17 0.14 0.25 0.34 0.37 0.52 0.42 0.41 0.3
P/B 2.28 2.09 1.52 1.67 1.78 2.23 2.37 2.77 2.13 1.98 2.27 2.1
EV/Sales 0.36 0.47 0.22 0.15 0.11 0.16 0.22 0.27 0.41 0.24 0.28 0.3
EV/FCF 12.59 16.72 130.52 60.03 23.71 (46.61) (70.22) 42.11 8.88 (10.15) (21.18) 16.8
Cash, $m
Cash, $m Operating cash flow 706 602 162 219 186 25 31 212 828 (387) (287) n/m
Capex (155) (187) (130) (181) (113) (75) (75) (111) (82) 13 82 n/m
Free cash flow 551 415 32 38 73 (50) (44) 101 746 (374) (205) n/m
Balance, $m
Balance, $m Working capital 1,794 2,027 1,711 1,462 1,462 1,567 1,828 1,900 2,104 3,064 2,524 +6.1%
Net debt (444) (374) (318) (353) (521) (1,162) (1,646) (1,430) (1,855) (2,703) (1,971) +22.2%
Shareholders’ equity 3,243 3,492 2,980 1,584 1,263 1,567 1,996 2,052 3,992 3,277 2,785 +0.1%
Returns, %
Returns, % ROA 3.34 1.66 1.91 (18.07) (5.70) (6.44) 1.52 1.20 26.62 (0.59) (20.66) (3.9) pt
ROIC 13.38 1.88 10.01 (42.04) (19.54) (42.13) 37.32 14.77 13.54 (41.16) (16.58) (54.5) pt
ROE 8.85 4.56 5.36 (66.70) (30.56) (32.79) 5.95 4.10 70.98 (1.40) (45.56) (10.2) pt
People
People Employees 61,551 56,706 53,349 50,182 43,717 40,582 39,576 30,187 26,866 22,995 — (10.4%)
Revenue/emp, $m 0.31 0.26 0.35 0.31 0.36 0.35 0.35 0.51 0.61 0.67 — +9.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Fluor Corporation provides engineering, procurement, construction and project management services to industrial and government clients. It helps customers plan facilities, obtain equipment and materials, build projects, and operate or maintain completed facilities. Founded in 1890, Fluor is headquartered in Irving. James R. Breuer is its chief executive officer.

A customer can hire Fluor for an early feasibility study, a design assignment or management of an entire project. On larger assignments, Fluor may coordinate multiple contractors, develop schedules and cost forecasts, buy materials, and manage construction through startup. It can perform construction itself or use subcontractors. The company also provides maintenance and staffing services.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Energy Solutions 5,872 42.72%
Urban Solutions 4,373 31.82%
Mission Solutions 2,289 16.65%
Other 1,210 8.80%
Gross margin 2.58%
Operating margin 1.52%
Pre-tax margin 1.78%

Revenue by segment since 2008

Fluor Corporation vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACM AECOM $8.6B 30.2× 24.2× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
STRL Sterling Infrastructure, Inc. $7.5B 13.2× 19.7× +126.98% (above 0%: growing) +148.46% (above 0%: growing) −16.84% (below 0%: shrinking) 24.12% 19.62% Compare
FLR Fluor Corporation $6.0B — (loss-making) 13.2× +8.82% (above 0%: growing) −94.46% (below 0%: shrinking) −825.71% (below 0%: shrinking) 4.13% 3.12%
IESC IES Holdings, Inc. $5.9B 12.8× 17.8× +39.60% (above 0%: growing) +98.70% (above 0%: growing) −14.63% (below 0%: shrinking) 27.41% 14.37% Compare
DY Dycom Industries, Inc. $5.8B 17.4× 20.0× +45.57% (above 0%: growing) +13.95% (above 0%: growing) +106.51% (above 0%: growing) 21.96% 9.57% Compare
GVA Granite Construction Incorporated $5.3B — (loss-making) — (loss-making) +23.22% (above 0%: growing) −97.02% (below 0%: shrinking) −9.92% (below 0%: shrinking) 19.01% 12.70% Compare
KBR KBR, Inc. $4.8B 10.8× 11.0× +5.02% (above 0%: growing) +19.93% (above 0%: growing) −14.21% (below 0%: shrinking) 14.84% 9.17% Compare
ROAD Construction Partners, Inc. $4.4B 30.2× 31.2× +28.25% (above 0%: growing) +33.75% (above 0%: growing) −19.66% (below 0%: shrinking) 16.85% 10.94% Compare
TPC Tutor Perini Corporation $4.3B 30.5× 20.2× +21.54% (above 0%: growing) +457.14% (above 0%: growing) +21.22% (above 0%: growing) 12.87% 7.29% Compare
Median of peers $5.6B 17.4× 20.0× +25.73% +33.75% −14.42% 17.93% 10.26%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • CEO Jim Breuer said clients accelerated award decisions in Q2 and that margins on new awards were higher than those in existing backlog.
  • CFO John Regan said Fluor’s revised outlook accounts for profit forgone after the sale of its Mexican joint venture and remaining legacy-project effects.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.57%
Held by the ten largest 49.31%
Holder Shares Stake Change
BlackRock 19.21m 14.17% −1.85m
Vanguard 14.21m 10.48% −855.43k
State Street 5.62m 4.14% −563.57k
Rubric Capital Management LP 5.02m 3.70% +5.02m
Geode Capital Management 4.84m 3.57% −155.12k
DME Capital Management, LP 4.66m 3.44% −88.60k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 4.64m 3.42% +614.07k
D. E. Shaw 2.95m 2.18% +79.02k
Dimensional Fund Advisors 2.94m 2.17% −815.50k
Morgan Stanley 2.76m 2.04% −21.75k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 March 2026

Ownership

Directors and executive officers, together 1.70%
BlackRock, Inc. 14.50%
The Vanguard Group 11.90%
FMR LLC 5.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Fluor Corporation (FLR) Latest News

2 Nov

Impact 3 · · constructiondive.com

27 Oct

Impact 4 · · Investing.com

23 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Zacks

7 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 3 · · TMX Newsfile

30 Sep

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · constructiondive.com
Impact 4 · · offshore-technology.com

29 Sep

Impact 4 · · Business Wire

28 Sep

Impact 3 · · constructiondive.com

26 Sep

Impact 4 · · Simply Wall St.

25 Sep

Impact 3 ·
Impact 3 · · Business Wire

22 Sep

Impact 3 · · Zacks

14 Sep

Impact 3 · · InvestorsHub

28 Aug

Impact 4 · · constructiondive.com

18 Aug

Impact 3 · · 24/7 Wall St.

14 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis

10 Aug

Impact 3 · · constructiondive.com
Impact 3 ·

8 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool
Impact 4 ·

FLR metrics, ten years each

stockrow.com/FLR · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com