# Fluor Corporation (FLR)

> Source: Nexqual · https://nexqual.com/FLR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fluor Corporation (FLR), nexqual.com/FLR" · informational, not investment advice.

**Price:** USD 43.42 (-6.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.41 · day 43.17–45.8 · 52w 39.33–58.35 · market cap $5.81B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.5B, net income -$2.00B (-12.8% margin), free cash flow -$330M (SEC filings).
- 2 of 80 tracked superinvestors hold FLR (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $276K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.56 on a 1–5 scale) (9 analysts), mean target USD 61.56 (range 50–71).
- Total return with dividends: 1Y -8.9% vs S&P 500 +14.9%; 5Y +134.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.79, revenue estimate $4.28B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.2B | $13.7B | $15.5B | $16.3B | $15.5B | $15.5B |
| Gross profit | $454M | $355M | $477M | $574M | -$120M | — |
| Operating income | -$273M | $209M | $147M | $463M | -$378M | -$216M |
| Net income | -$440M | $145M | $139M | $2.15B | -$51.0M | -$2.00B |
| EPS (diluted) | — | $0.73 | $0.54 | $12.30 | -$0.31 | — |
| Free cash flow | -$50.0M | -$44.0M | $106M | $664M | -$437M | -$330M |
| Gross margin | 3.2% | 2.6% | 3.1% | 3.5% | -0.8% | — |
| Operating margin | -1.9% | 1.5% | 0.9% | 2.8% | -2.4% | -1.4% |
| Net margin | -3.1% | 1.1% | 0.9% | 13.1% | -0.3% | -12.8% |
| Revenue growth | -10.3% | -2.9% | +12.6% | +5.4% | -5.0% | — |
| Cash + short-term investments | $2.34B | $2.62B | $2.59B | $2.96B | $2.19B | — |
| Total debt | $1.19B | $1.13B | $1.16B | $1.10B | $1.07B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/Sales 0.3x · P/B 2.2x · FCF yield -5.68% · Earnings yield -34.37% · Buyback yield (TTM) 21.96% · Net cash $1.97B · EV $3.84B
P/E at fiscal year-ends: Dec 2024 4.0x, Dec 2023 43.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FLR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 6.24% | $244M | Reduced -1.9% |
| Lee Ainslie | Maverick Capital | 0.88% | $97.3M | Added +31.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Bechelany Pierre Edward | Group President | 5,000 | $276K | 12.2% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.56 on a 1–5 scale), 9 analysts; mean target USD 61.56 (low 50, high 71).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | UBS | Target raised | Buy | $59 → $66 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $64 → $71 |
| 2026-08-10 | Citigroup | Target raised | Buy | $56 → $68 |
| 2026-08-10 | Baird | Target raised | Neutral | $49 → $65 |
| 2026-08-10 | Barclays | Target raised | Equal-Weight | $40 → $50 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $57 → $64 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.9% | +134.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.9% | +18.5% |
| Volatility (annualized) | 48.2% | 43.6% |
| Max drawdown | -24.5% (Sep 2026→Oct 2026) | -44.7% (Nov 2024→Mar 2025) |

## Peers (Engineering & Construction)
KBR (KBR, Inc.) USD 39.53 +5.95% · DY (Dycom Industries, Inc.) USD 225.16 -5.18% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · AGX (Argan, Inc.) USD 330.3 -4.50%

## More
Full page: https://nexqual.com/FLR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name FLR in their own reports (relationship from FLR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| partner | NUSCALE POWER Corp (SMR) | 10-K 2026-02-26 | "•Our commercialization strategy relies on our relationships with Fluor and other strategic investors and partners, such as ENTRA1, who may have interests that diverge from ours and who may not be easi…" |
| partner | ABB LTD (ABBNY) | 20-F 2024-02-23 | "Contribution to the delivery of our commitments under the Deferred Prosecution Agreement with the US Department" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Urban Solutions | $2.90B | 67.1% | +40.3% | $38.0M | 1.3% |
| Mission Solutions | $716.0M | 16.5% | -6.0% | $44.0M | 6.1% |
| Energy Solutions | $709.0M | 16.4% | -38.0% | $88.0M | 12.4% |
| Total revenue | $4.33B | 100% | — | $170.0M | 3.9% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $3.43B | 79.2% | +24.3% |
| Europe | $546.0M | 12.6% | -24.5% |
| Asia Pacific (includes Australia) | $172.0M | 4.0% | -43.8% |
| Central and South America | $157.0M | 3.6% | +7.5% |
| Middle East and Africa | $26.0M | 0.6% | -43.5% |
| Total revenue | $4.33B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-08-07)

- "The company is narrowing its 2026 adjusted EBITDA guidance from $525 – $560 million to $500 – $525 million."
- "Adjusted EBITDA guidance excludes items similar to those outlined in the reconciliation table at the end of this release."
- "New awards for the quarter included a gas compression project on the west coast and the limited notice to proceed on the phase 2 expansion"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.79 | $0.85 | -6.3% | $4.28B | 6 |
| Next quarter (ends 2026-12-31) | $0.86 | $0.90 | -4.4% | $4.42B | 6 |
| Current fiscal year (ends 2026-12-31) | $2.71 | $2.57 | +5.4% | $16.69B | 8 |
| Next fiscal year (ends 2027-12-31) | $3.38 | $3.27 | +3.4% | $18.35B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±14.9%; last 8 reports averaged ±11.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 66.3% | ±14.9% |
| 2026-12-18 | 56 | 55.6% | ±17.5% |
| 2027-01-15 | 84 | 53.1% | ±20.4% |
| 2027-04-16 | 175 | 51.8% | ±28.5% |