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what it is
Fluor designs and builds huge energy, infrastructure, and government projects that most contractors are too small to touch.
how it gets paid
Last year Fluor made $15.5B in revenue.
why growth slowed
Revenue fell 5.0% last year. Q4 2025 revenue was about $4.18B, down 2% vs. prior year.
what just happened
Fluor's latest quarter showed EPS of $0.33, below the $0.42 consensus estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
23.6x trailing p/e — priced about right
8.0% return on capital — nothing to write home about
xvary composite: 53/100 — below average
What they do
Fluor designs and builds huge energy, infrastructure, and government projects that most contractors are too small to touch.
When your refinery, data center, or federal cleanup job is too big and too messy, you hire the company with 22,995 employees and global project-management muscle. Scale matters here. Engineering, procurement, and construction (EPC) → one firm designs it, buys the parts, and builds it → so you have one throat to choke when a multibillion-dollar project goes sideways.
How they make money
$15.5B
annual revenue · revenue declined -5.0% last year
total revenue
$15.5B
5.0%
The products that matter
energy engineering and construction
Energy Solutions
$6.8B · -7% from last year
it's the largest segment shown, and management is aiming for a 4%–5% margin in 2026. when your biggest business runs that thin, every project bid matters.
largest segment
infrastructure and building work
Urban Solutions
$5.3B · -3% from last year
this segment is targeting a 3%–4% margin in 2026, the lowest of the three. that's a nice way of saying there is not much cushion if projects slip.
thinnest target margin
government and defense contracts
Mission Solutions
$3.4B · -4% from last year
mission solutions is smaller, but it targets a 4%–5% margin in 2026. if you want steadier work inside fluor, this is where you'd start looking.
government exposure
Key numbers
$71
18-month target
Analysts' 18-month target sits 38% above $51.63. That tells you the upside case depends on cleaner execution, not magic.
$754M
2025 buybacks
Fluor retired stock aggressively in 2025, which boosts per-share math even while the core business only earned a 3.0% net margin.
3.0%
net margin
Net margin → profit after all costs → so Fluor keeps just 3 cents from each $1 of sales.
12%
debt to capital
Debt to capital → how much of the company is financed with debt → so the balance sheet is not the main problem here. Execution is.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $1.1B (12% of capital)
- net profit margin 3.0% — keeps 3 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in FLR 3 years ago → it's now worth $14,130.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Fluor's latest quarter showed EPS of $0.33, below the $0.42 consensus estimate.
Q4 2025 revenue was about $4.18B, down 2% vs. prior year. Urban Solutions grew 30%, but flat operating margin and higher below-the-line costs dragged earnings.
$4.18B
revenue
$0.33
eps
2.2%
gross margin
the number that mattered
The 21.43% EPS miss mattered most because this is a business where small estimate misses can expose how thin the 3.0% net margin really is.
-
fluor reported mixed financial results to complete an uneven 2025.
-
in the december period, revenues of $4.175 billion fell 2% vs. prior year, as a 30% advance in the large urban solutions business was offset by the continued slowdown within energy solutions.
-
the operating margin was flat versus last year, at 2.2%, but higher below-the-line costs caused earnings per share of $0.33 to fall short of our estimate and the street's. Fluor's stake in nuscale is being wound down.recall that, in late 2024, fluor deconcolidated its investment in the emerging nuclear power producer. the company stepped up divestitures of nuscale's public shares beginning this past fall, using most of the $605 million in proceeds to fund the share repurchase that was also boosted at the close of 2025. then, in mid-february, it was announced that another 71 million nuscale shares had been sold for an additional $1.35 billion. the company said it now plans to dispose of its remaining 40 million in ~nuscale holdings by midyear.
-
share repurchases ought to remain robust.
-
the company began 2026 with cash exceeding debt by more than $1.0 billion, despite reducing the share count by 1.2 million (or nearly 6%) in the fourth quarter alone.fluor spends modestly for long-term capital and is unlikely to soon restart its common dividend payment. along with robust discretionary cash flows, an estimated $2.0 billion in gross proceeds from nuscale stock should be realized in the first half of 2026.
source: company earnings report, 2026
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What could go wrong
the #1 risk is project execution on low-margin megaprojects.
high
project execution on low-margin megaprojects
fluor's 2.7% net margin leaves very little room for cost overruns, delays, or bad bids. this is a business where one ugly project can do real damage.
management is targeting only 3%–5% segment margins in 2026. when the target is that thin, small misses matter a lot.
med
cyclical demand across energy and infrastructure
the three listed operating segments total $15.5B of revenue, and each one declined from last year. that tells you the revenue line is not carrying the story right now.
if customer capex weakens, the turnaround loses both volume and pricing support at the same time.
med
leadership and capital allocation uncertainty
the board chair changed on mar 9, 2026, while the company is also working toward a NuScale stake monetization by mid-2026. those are real moving pieces.
if strategy shifts or monetization slips, investors lose one of the cleaner near-term sources of confidence.
med
valuation depends on cleaner earnings
a 23.6x trailing P/E is not outrageous on its own. paired with a 10/100 earnings predictability score, it means the market is already assuming some improvement.
if profitability stays lumpy, the stock can rerate lower without any dramatic revenue collapse.
a 23.6x trailing P/E on 2.7% net margins and 10/100 earnings predictability leaves very little room for operational mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 EBITDA target
$525M–$585M is the scorecard. if quarterly results do not start pointing toward that range, the turnaround thesis weakens fast.
trend
segment revenue direction
Energy Solutions, Urban Solutions, and Mission Solutions were all down from last year. you want to see at least one of those lines stop sliding.
calendar
NuScale monetization timing
an agreement to monetize the NuScale stake is expected by mid-2026. if that slips, one source of balance-sheet flexibility moves further out.
risk
leadership execution
jim hackett took over as board chair on mar 9, 2026. new leadership is not automatically good or bad, but it matters more when margin repair is the whole story.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a clear short-term edge.
risk profile
average
stability score 3 means the stock sits near the middle of the pack on risk, even if the business itself is cyclical.
chart momentum
below average
technical score 4 says recent price action is not doing the stock any favors.
earnings predictability
10 / 100
that is the red flag. analysts have low confidence in smooth earnings delivery from here.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 180 buyers vs. 156 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$38
$104
$52
current price
$71
target midpoint · +38% from current · 3-5yr high: $85 (+65% · 13% ann'l return)
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