Fluor Corporation
- Open
- 52.45
- Day high
- 52.96
- Day low
- 50.52
- Prev close
- 52.19
- Volume
- 1.1M
- Mkt cap
- $7.1B
- P/E (TTM)
- 24.7
- EPS (TTM)
- $2.06
- P/B
- 2.5
- P/S
- 0.5
- Yield
- —
- Per share
- —
Fluor Corporation (FLR) is a Industrials company listed on NYSE. The stock is down 7% over the past year. Drillr has 1 published research article covering FLR.
Fluor Corporation (FLR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.66 | $0.14 | -78.8% | $3.7B | -5.9% |
| Feb 17, 2026 | $0.34 | $0.33 | -2.9% | $4.2B | +5.7% |
| Nov 7, 2025 | $0.45 | $0.68 | +51.1% | $3.4B | -19.8% |
| Aug 1, 2025 | $0.59 | $0.43 | -27.1% | $4.0B | -5.2% |
| May 2, 2025 | $0.50 | $0.73 | +46.0% | $4.0B | -12.8% |
| Feb 18, 2025 | $0.78 | $0.48 | -38.5% | $4.3B | +2.7% |
| Nov 8, 2024 | $0.76 | $0.51 | -32.9% | $4.1B | -13.6% |
| Aug 2, 2024 | $0.68 | $0.85 | +25.0% | $4.2B | -3.1% |
| May 3, 2024 | $0.54 | $0.47 | -13.0% | $3.7B | -0.7% |
| Feb 20, 2024 | $0.56 | $0.68 | +21.4% | $3.8B | -7.1% |
| Nov 3, 2023 | $0.56 | $1.02 | +82.1% | $4.0B | +1.9% |
| Aug 4, 2023 | $0.36 | $0.76 | +111.1% | $3.9B | +7.1% |
FLR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 8, 2026 | Bechelany Pierre Edwardofficer: Group President | Tax | 1,929 | $45.08 |
| May 8, 2026 | Glatch Lisadirector | Grant | 3,506 | — |
| May 8, 2026 | BENNETT ALAN Mdirector | Grant | 3,506 | — |
| May 8, 2026 | ROSE MATTHEW Kdirector | Grant | 3,506 | — |
| May 8, 2026 | McClure Teri Pdirector | Grant | 3,506 | — |
| May 8, 2026 | CARD ROBERT Gdirector | Grant | 3,506 | — |
| May 8, 2026 | Alexander Michael E.officer: GROUP PRESIDENT | Tax | 1,463 | $45.08 |
| May 8, 2026 | EBERHART PAULETTdirector | Grant | 3,506 | — |
| May 8, 2026 | Davies Nicoleofficer: EVP, Corporate Development | Tax | 1,014 | $45.08 |
| May 8, 2026 | Cook Tracey Hofficer: Chief HR Officer | Tax | 295 | $45.08 |
| May 8, 2026 | Hammonds Kevin Bofficer: CHIEF LEGAL OFFICER | Tax | 1,294 | $45.08 |
| May 8, 2026 | HACKETT JAMES Tdirector | Grant | 3,506 | — |
| May 8, 2026 | Morgan Anthonyofficer: GROUP PRESIDENT | Tax | 680 | $45.08 |
| May 8, 2026 | Blankenship Charles Pdirector | Grant | 3,506 | — |
| May 8, 2026 | BERKERY ROSEMARY Tdirector | Grant | 3,506 | — |
Source: FLR SEC Form 4 filings, latest May 8, 2026. For informational purposes only — not investment advice.
See the full FLR insider & 13F page →Fluor Corporation company profile
Overview
Fluor Corporation (NYSE:FLR) is a multinational engineering and construction company founded in 1912 and headquartered in Irving, Texas. The company provides comprehensive engineering, procurement, and construction (EPC) services across diverse industries including energy, infrastructure, government, and advanced technologies. After undergoing a significant strategic transformation over the past several years to address legacy project challenges and improve financial performance, Fluor has repositioned itself as a more selective, risk-conscious contractor focused on reimbursable contracts and higher-margin opportunities. The company operates through four main business segments and maintains a global workforce that executes complex projects worldwide.
Business
Fluor operates as a comprehensive engineering and construction services provider in the global infrastructure development industry. The company's core business involves managing large-scale, complex construction projects from initial design through completion and ongoing maintenance. Engineering, Procurement, and Construction (EPC) services form the backbone of Fluor's offerings, where the company takes responsibility for designing facilities, purchasing all necessary materials and equipment, and constructing the complete project under a single contract. The company operates through four distinct business segments: 1. Energy Solutions (approximately 47% of backlog) focuses on energy transition markets including carbon capture, renewable fuels, hydrogen production, nuclear power, and traditional oil and gas facilities. This segment provides both traditional energy infrastructure and emerging low-carbon energy solutions, serving petroleum refining, petrochemical, and power generation industries. 2. Urban Solutions (approximately 62% of backlog) delivers infrastructure projects including transportation systems, water treatment facilities, and advanced technology manufacturing. This segment encompasses mining and metals projects, life sciences facilities, semiconductor manufacturing plants, and data centers. Notable projects include airport infrastructure like the LAX Automated People Mover and the Gordie Howe International Bridge. 3. Mission Solutions (approximately 8% of backlog) provides specialized services to government clients, particularly the U.S. Department of Defense and Department of Energy. Services include nuclear security operations, environmental remediation, laboratory management, and logistics support for military facilities. 4. Other segment focuses on small modular reactor (SMR) technology development through Fluor's investment in NuScale Power, representing the company's entry into next-generation nuclear technology. The company also provides fabrication and modularization services, where components are pre-built in controlled environments before final assembly, and ongoing operation and maintenance services for completed facilities.
Revenue model
Fluor generates revenue primarily through project-based contracts using several different pricing models. The company earns money through reimbursable contracts (approximately 80% of current backlog), where clients pay for actual costs incurred plus a management fee, providing more predictable margins and lower risk. Lump-sum contracts involve fixed pricing where Fluor assumes more risk but can potentially earn higher returns if projects are completed efficiently. The company's paying customers include major corporations in energy, mining, technology, and life sciences sectors, as well as government agencies primarily in the United States. Energy companies commissioning refineries and petrochemical plants, mining companies developing extraction facilities, technology companies building semiconductor fabs and data centers, and pharmaceutical companies constructing manufacturing facilities represent core customer segments. Several factors influence Fluor's profitability margins. Positive margin drivers include the company's strategic shift toward reimbursable contracts which reduce execution risk, growing demand in high-margin sectors like data centers and semiconductors, and the company's improved project selectivity and risk management processes. The shortage of skilled construction labor globally also supports pricing power for experienced contractors. Margin pressures come from intense competition in the EPC industry, commodity price volatility affecting material costs, potential cost overruns on fixed-price legacy projects, and economic downturns that can delay or cancel client projects. Labor cost inflation and supply chain disruptions can also compress margins, particularly on fixed-price contracts. Additionally, the cyclical nature of capital expenditure in energy and mining sectors creates revenue volatility. The company has strategically moved away from high-risk, low-margin infrastructure projects toward more profitable sectors like advanced technologies, life sciences, and energy transition projects, which typically offer better margins and more favorable contract terms.
Competitive moat
Fluor's competitive moat is moderate but improving, built primarily on specialized expertise, established client relationships, and operational scale. The company's strongest defensive position lies in its technical capabilities for complex, large-scale projects that require deep engineering expertise and proven execution track records. Few competitors can match Fluor's experience in managing multi-billion dollar projects across diverse industries, particularly in specialized areas like nuclear facilities, advanced manufacturing, and energy transition technologies. The company benefits from high switching costs once clients engage Fluor for major projects, as changing contractors mid-project would be extremely costly and risky. Long-term client relationships in industries like energy and mining provide recurring opportunities, as companies often prefer working with proven partners for subsequent projects. Fluor's global presence and ability to mobilize resources across different geographies also creates barriers for smaller competitors. However, Fluor's moat faces several challenges. The EPC industry is highly competitive with numerous capable competitors including Bechtel, KBR, and international firms like Technip Energies and Saipem. Differentiation is limited as the core service offering is relatively commoditized, leading to intense price competition. The company has limited pricing power except in highly specialized niches. Potential disruption could come from modular construction techniques that reduce the need for traditional EPC services, increased client preference for in-house project management, or new technologies that simplify construction processes. Additionally, economic downturns can quickly eliminate the company's backlog as clients delay or cancel projects. The company's strategic focus on higher-margin, more specialized sectors and its emphasis on reimbursable contracts represents an attempt to strengthen its competitive position, but the fundamental challenges of operating in a cyclical, competitive industry remain significant constraints on building a truly durable moat.
Risks & safety
Fluor demonstrates adequate financial safety with some areas of concern, particularly around profitability consistency and cash generation. • Liquidity position: Strong with $2.4 billion in cash and short-term investments as of Q1 2025, providing substantial buffer for operations and unexpected challenges • Debt management: Moderate debt-to-equity ratio of 0.30, indicating manageable leverage levels without excessive financial risk • Solvency risk: Low near-term risk given strong cash position and current ratio of 1.74, though negative free cash flow of -$297 million in Q1 2025 raises concerns about cash burn • Valuation metrics: Mixed signals with EV/EBITDA of 13.0x appearing elevated, while negative P/E ratio due to recent losses makes traditional valuation difficult • Profitability volatility: Significant earnings swings from -$232 million net loss in Q1 2025 to $1.9 billion profit in Q4 2024, indicating substantial quarterly volatility • Operating leverage: High sensitivity to project execution and market cycles, with EBITDA margins fluctuating significantly between quarters • Backlog quality: Positive factor with $28.7 billion total backlog providing revenue visibility, though execution risk remains on individual projects
Recent development
Over the past several years, Fluor has undergone a significant strategic transformation from what management calls a "Fix and Build" phase to a "Grow and Execute" strategy. The company has fundamentally shifted its approach to project selection, moving away from high-risk, low-margin infrastructure projects toward more profitable sectors including data centers, semiconductors, life sciences, and energy transition technologies. A key strategic pivot has been the emphasis on reimbursable contracts, which now represent approximately 80% of the company's backlog compared to historically higher exposure to fixed-price contracts. This change significantly reduces execution risk and provides more predictable margins. The company has also implemented more rigorous risk assessment processes and improved contract terms to avoid the legacy project issues that previously impacted profitability. Leadership transition represents another major development, with CEO David Constable transitioning to Executive Chairman and Jim Breuer becoming the new CEO in May 2025. This change coincides with the company's shift toward the growth phase of its strategic plan. The company has made significant investments in emerging technologies, particularly through its stake in NuScale Power, a small modular reactor technology company. Management is actively exploring monetization strategies for this investment while maintaining exposure to next-generation nuclear technology opportunities. Market diversification has been a key focus, with Fluor expanding its presence in high-growth sectors like data centers (driven by AI and cloud computing demand), semiconductor manufacturing, and renewable energy projects. The company has also strengthened its government contracting capabilities, particularly in nuclear security and environmental remediation services. Operationally, Fluor has developed more flexible workforce models and modular construction capabilities to improve project efficiency and reduce costs. The company is also preparing to implement capital return programs, including potential share buybacks and dividend resumption, as cash generation improves.
FLR company profile · for informational purposes only — not investment advice.
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