# Fluor (FLR.US)

Canonical: https://gigainvestors.com/s/FLR

Analysis as of: 2026-10-16T07:28:33.991Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $47.67 per share; close as of 2026-10-15.

Estimated value: low $31.84 per share, central $33.41 per share, high $35.50 per share. Buy at or below the central value $33.41 per share. Valuation as of 2026-10-16T07:28:33.991Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 4.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.02×

- FY2019: -0.04×

- FY2020: 0.00×

- FY2021: -0.02×

- FY2022: 0.02×

- FY2023: 0.01×

- FY2024: 0.03×

- FY2025: -0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: -43.6%

- Typical minus recent gross margin: 3.7 pp

- Typical gross margin (annual median): 2.9%

- Recent gross margin (lower of latest and 3-year median): -0.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.5%

- FY2017: 12.2%

- FY2018: 13.3%

- FY2019: -69.6%

- FY2020: 6.3%

- FY2021: -8.3%

- FY2022: >100%

- FY2023: 31.4%

- FY2024: 18.7%

- FY2025: -43.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.9B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 5.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 1.00×

- FY2024: 0.97×

- FY2025: 0.65×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.3% vs 18.7%

- Per-share earnings: 2.00 to 0.91 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: 3.1%

- Market cap gain: -$1.3B

- Cumulative retained earnings: -$518M

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.4%

- Per-share value change: -$1.09

- Per-share value, starting three-year median: $2.00

- Per-share value, ending three-year median: $0.91

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 3.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $617M

- Cumulative net income, 10 years: $627M

- ROIC, first three-year median: 13.3%

- ROIC, last three-year median: 18.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.00

- FY2017: $1.36

- FY2018: $1.23

- FY2019: -$10.87

- FY2020: -$3.09

- FY2021: -$3.12

- FY2022: $1.00

- FY2023: $0.91

- FY2024: $12.33

- FY2025: -$0.31

### accounting: pass

- Sloan accruals: 4.1%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -4.4%

- FY2018: 0.1%

- FY2019: -21.9%

- FY2020: -8.9%

- FY2021: -6.6%

- FY2022: 1.7%

- FY2023: -1.0%

- FY2024: 14.4%

- FY2025: 4.1%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 10.2% a year for ten years · "Fluor Marine Propulsion secures $2.05B modification contract for Naval nuclear propulsion" (seekingalpha.com, Sep 2025) · sales -5%

Story as of 2026-10-16T09:58:46.081Z; price observation 2026-10-15.

Price needs cash profits to grow 10.2% a year for ten years

- 2025-05-02: Fluor's Q1 Earnings Surpass Estimates, Revenues Miss, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/fluors-q1-earnings-surpass-estimates-152700777.html))

- 2025-06-17: Fluor Marine Propulsion wins $560.5M modification contract for Navy nuclear propulsion work ([seekingalpha.com](https://seekingalpha.com/news/4459194-fluor-marine-propulsion-wins-560_5m-modification-contract-for-navy-nuclear-propulsion-work?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-01: Fluor revises 2025 adjusted EPS guidance to $1.95-$2.15 as project hesitancy affects outlook ([seekingalpha.com](https://seekingalpha.com/news/4476657-fluor-revises-2025-adjusted-eps-guidance-to-1_95-2_15-as-project-hesitancy-affects-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-19: Fluor Wins Refinery And SMR Roles That Could Reshape Its Backlog ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/fluor-wins-refinery-smr-roles-020654280.html))

- 2026-05-08: Fluor First-Quarter Results Miss Street Views; Lowers Top End of Full-Year Earnings Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fluor-first-quarter-results-miss-142514770.html))

- 2026-06-07: Fluor’s Nuclear And LNG Wins Deepen Backlog And Cash Flow Questions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fluor-nuclear-lng-wins-deepen-050948201.html))

### Sales · FY2024–2025

sales -5%; source https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm; observed 2026-02-17.

- FY2016: $19B 

- FY2017: $15B 

- FY2018: $19B 

- FY2019: $14B 

- FY2020: $14B 

- FY2021: $14B 

- FY2022: $14B 

- FY2023: $15B 

- FY2024: $16B 

- FY2025: $16B 

### Gross margin · FY2024

gross margin 3.5%; source https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm; observed 2026-02-17.

- FY2016: 4.2% 

- FY2017: 1.9% 

- FY2018: 3.0% 

- FY2020: 2.8% 

- FY2021: 3.2% 

- FY2022: 2.6% 

- FY2023: 3.1% 

- FY2024: 3.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are USD 15.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm (filed 2026-02-17); FY2025: revenue 15504000000; grossProfit -120000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLR.US: Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; and project management services worldwide. The company operates through three segments: Urban Solutions, Energy Solutions, and Mission Solutions. The Urban Solutions segment offers EPC and project management services to the advanced technologies and manufacturing, life sciences, mining and metals, and infrastructure industries. This segment also provides professional staffing services to the company and third-party clients with technical, professional, and craft resources on a contract or permanent placement basis, as well as maintenance services. The Energy Solutions segment offers EPC services for traditional oil and gas markets, including the production and fuels, chemicals, LNG, and power markets. This segment also provides solutions to the energy transition markets, including nuclear power and other low-carbon energy sources, asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, and hydrogen; and consulting services, such as feasibility studies, process assessments, and project finance structuring. The Mission Solutions segment offers technical solutions to the U.S. and other governments, as well as it provides site management, environmental remediation, and decommissioning for nuclear remediation at governmental facilities, as well as services to commercial nuclear clients. 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. The company was founded in 1912 and is headquartered in Irving, Texas.

### Why customers stay

It earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 3.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 3.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = -0.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.1745364572107627],[2017,0.12203789782298166],[2018,0.13344669580188054],[2019,-0.6963505986394967],[2020,0.06289529629194397],[2021,-0.08343133462282398],[2022,1.5796511627906977],[2023,0.3143092105263158],[2024,0.1873354806518063],[2025,-0.43613678373382625]]; median 0.1277422968124311. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 3% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm (filed 2026-02-17); Gross margin observations: [[2021,0.03207120655552416],[2022,0.025829452852153666],[2023,0.030825901512214038]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 754 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 9987000; upkeep 225913000; owner earnings 281400000. Growth capex / owner earnings = 0.035490405117270786.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 283107000; owner earnings 133539000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 211000000; owner earnings 179124000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 75000000; owner earnings 143000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 32000000; upkeep 74000000; owner earnings 139000000. Growth capex / owner earnings = 0.2302158273381295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 27625683.475862145; upkeep 136374316.52413785; owner earnings 2081625683.475862. Growth capex / owner earnings = 0.01327120610355521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,118000000],[2017,117995000],[2018,118734000],[2019,118073000],[2020,118073000],[2021,19175000],[2022,39000000],[2023,29000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 754000000 USD.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLR.US SharesStats.PercentInsiders = 2.387 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.13414208042699383. Price 47.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.467509984869345 → FY2025 -0.20121951219512196. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $51.99 per share

- 2016-11: $53.51 per share

- 2016-12: $52.52 per share

- 2017-01: $55.50 per share

- 2017-02: $55.39 per share

- 2017-03: $52.62 per share

- 2017-04: $51.32 per share

- 2017-05: $44.86 per share

- 2017-06: $45.78 per share

- 2017-07: $43.43 per share

- 2017-08: $38.57 per share

- 2017-09: $42.10 per share

- 2017-10: $43.09 per share

- 2017-11: $48.41 per share

- 2017-12: $51.65 per share

- 2018-01: $60.70 per share

- 2018-02: $56.90 per share

- 2018-03: $57.22 per share

- 2018-04: $58.95 per share

- 2018-05: $48.74 per share

- 2018-06: $48.78 per share

- 2018-07: $51.25 per share

- 2018-08: $57.41 per share

- 2018-09: $58.10 per share

- 2018-10: $43.86 per share

- 2018-11: $40.93 per share

- 2018-12: $32.20 per share

- 2019-01: $36.57 per share

- 2019-02: $37.60 per share

- 2019-03: $36.80 per share

- 2019-04: $39.73 per share

- 2019-05: $27.72 per share

- 2019-06: $33.69 per share

- 2019-07: $32.51 per share

- 2019-08: $17.67 per share

- 2019-09: $19.13 per share

- 2019-10: $16.11 per share

- 2019-11: $17.44 per share

- 2019-12: $18.88 per share

- 2020-01: $17.89 per share

- 2020-02: $9.32 per share

- 2020-03: $6.91 per share

- 2020-04: $11.70 per share

- 2020-05: $11.61 per share

- 2020-06: $12.08 per share

- 2020-07: $10.19 per share

- 2020-08: $9.52 per share

- 2020-09: $8.81 per share

- 2020-10: $11.35 per share

- 2020-11: $17.27 per share

- 2020-12: $15.97 per share

- 2021-01: $17.29 per share

- 2021-02: $17.16 per share

- 2021-03: $23.09 per share

- 2021-04: $22.98 per share

- 2021-05: $18.50 per share

- 2021-06: $17.70 per share

- 2021-07: $16.66 per share

- 2021-08: $16.66 per share

- 2021-09: $15.97 per share

- 2021-10: $19.44 per share

- 2021-11: $22.11 per share

- 2021-12: $24.77 per share

- 2022-01: $21.04 per share

- 2022-02: $21.66 per share

- 2022-03: $28.69 per share

- 2022-04: $24.75 per share

- 2022-05: $28.23 per share

- 2022-06: $24.34 per share

- 2022-07: $25.41 per share

- 2022-08: $26.44 per share

- 2022-09: $24.89 per share

- 2022-10: $30.26 per share

- 2022-11: $33.61 per share

- 2022-12: $34.66 per share

- 2023-01: $36.75 per share

- 2023-02: $36.67 per share

- 2023-03: $30.91 per share

- 2023-04: $29.06 per share

- 2023-05: $26.56 per share

- 2023-06: $29.60 per share

- 2023-07: $30.98 per share

- 2023-08: $34.99 per share

- 2023-09: $36.70 per share

- 2023-10: $33.29 per share

- 2023-11: $38.03 per share

- 2023-12: $39.17 per share

- 2024-01: $37.71 per share

- 2024-02: $36.80 per share

- 2024-03: $42.28 per share

- 2024-04: $40.33 per share

- 2024-05: $43.40 per share

- 2024-06: $43.55 per share

- 2024-07: $48.10 per share

- 2024-08: $50.07 per share

- 2024-09: $47.71 per share

- 2024-10: $52.28 per share

- 2024-11: $56.13 per share

- 2024-12: $49.32 per share

- 2025-01: $48.21 per share

- 2025-02: $38.03 per share

- 2025-03: $35.82 per share

- 2025-04: $34.89 per share

- 2025-05: $41.58 per share

- 2025-06: $51.27 per share

- 2025-07: $56.77 per share

- 2025-08: $41.02 per share

- 2025-09: $42.07 per share

- 2025-10: $48.77 per share

- 2025-11: $42.93 per share

- 2025-12: $39.63 per share

- 2026-01: $46.19 per share

- 2026-02: $52.31 per share

- 2026-03: $46.65 per share

- 2026-04: $53.35 per share

- 2026-05: $45.76 per share

- 2026-06: $52.39 per share

- 2026-07: $50.17 per share

- 2026-08: $54.51 per share

- 2026-09: $47.88 per share

- 2026-10: $47.67 per share

## Annual estimated value (USD per share)

- FY2016: low $37.20 per share, central $40.78 per share, high $45.55 per share

- FY2017: low $32.05 per share, central $34.84 per share, high $38.55 per share

- FY2018: low $32.90 per share, central $35.88 per share, high $39.83 per share

- FY2019: low $22.90 per share, central $24.37 per share, high $26.32 per share

- FY2020: low $21.11 per share, central $22.48 per share, high $24.30 per share

- FY2024: low $24.34 per share, central $25.61 per share, high $27.30 per share

- FY2025: low $30.40 per share, central $31.68 per share, high $33.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1124198/000112419826000007/flr-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.