olivLaw · US equity research
Fluor Corporation FLR
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Fluor is one of the largest global professional services firms, providing design, procurement and EPC construction to clients in energy, infrastructure, life sciences and the U.S. federal sector. Its current relevance rests on a backlog above 26 billion USD, mostly reimbursable, and on a recent past marked by losses and asset divestitures, which makes margin trends worth close watching.
At the close of 04 Nov 2026, Fluor Corporation (FLR) stock was 47.61 USD (−0.79% on the day), with market capitalisation 6.4 bn USD, dividend yield 34.13%, beta 1.65, 52-week range 39.63–57.50 USD. Latest reported quarter (Q2 2026): revenue of 4.3 bn USD (+8.8% YoY), net income of 114.0 m USD (−95.4% YoY), diluted EPS 0.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.3
- neutral
- Bollinger (20, 2)
- 43.24 – 51.11
- in the upper half of the band · %B 0.56 · band width 16.7%
- SMA 50 / 200
- 50.72 / 49.41
- mixed trend
- MACD (12, 26, 9)
- -0.97 / -1.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.9% | −1.1% | −4.8 pp | — |
| 3 months | −5.6% | −0.5% | −5.1 pp | — |
| 6 months | −12.2% | +4.4% | −16.6 pp | — |
| Year to date | +20.1% | +12.3% | +7.8 pp | — |
| 1 year | +3.0% | +13.5% | −10.5 pp | −9.5% |
| 3 years | +29.9% | +76.4% | −46.5 pp | +63.3% |
| 5 years | +106.2% | +63.7% | +42.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.1 bn | 4.3 bn | 4.0 bn | 4.0 bn | 3.4 bn | 4.2 bn | 3.7 bn | 4.3 bn |
| Cost of revenue | 4.0 bn | 4.1 bn | 3.8 bn | 3.9 bn | 3.8 bn | 4.0 bn | 3.7 bn | 4.2 bn |
| Gross profit | 88.0 m | 208.0 m | 140.0 m | 56.0 m | -449.0 m | 133.0 m | 13.0 m | 179.0 m |
| Operating income | 49.0 m | 186.0 m | 91.0 m | -26.0 m | -496.0 m | 53.0 m | 92.0 m | 135.0 m |
| Depreciation & amortisation | 19.0 m ≈ | 20.0 m | 18.0 m | 17.0 m ≈ | 17.0 m ≈ | 16.0 m | 16.0 m | 16.0 m ≈ |
| Interest expense | 11.0 m | 11.0 m | 12.0 m | 9.0 m | 11.0 m | 11.0 m | 10.0 m | 11.0 m |
| Pre-tax income | 86.0 m | 2.3 bn | 108.0 m | -9.0 m | -483.0 m | 282.0 m | 107.0 m | 156.0 m |
| Income tax | 61.0 m | 462.0 m | -53.0 m | 765.0 m | -177.0 m | -575.0 m | -7.0 m | 25.0 m |
| Net income | 54.0 m | 1.9 bn | -241.0 m | 2.5 bn | -697.0 m | -1.6 bn | 160.0 m | 114.0 m |
| Diluted EPS | 0.31 | 10.71 ≈ | -1.42 | 14.81 | -4.30 | -10.14 ≈ | 1.08 | 0.81 |
| Operating cash flow | 330.0 m ≈ | 327.0 m | -286.0 m | -21.0 m ≈ | 286.0 m ≈ | -366.0 m | 110.0 m | -317.0 m ≈ |
| Capex | 51.0 m ≈ | 31.0 m | 11.0 m | 14.0 m ≈ | 13.0 m ≈ | 12.0 m | 11.0 m | 7.0 m ≈ |
| Share repurchases | 0 ≈ | 125.0 m | 142.0 m | 153.0 m ≈ | 70.0 m ≈ | 389.0 m | 516.0 m | 300.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.9 bn | 15.5 bn | 15.8 bn | 14.2 bn | 13.7 bn | 15.5 bn | 16.3 bn | 15.5 bn |
| Revenue YoY | +27.3% | −18.0% | +2.2% | −10.3% | −2.9% | +12.6% | +5.4% | −5.0% |
| Net income | 173.5 m | -1.5 bn | -435.0 m | -440.0 m | 145.0 m | 139.0 m | 2.1 bn | -51.0 m |
| Net income YoY | +12.9% | −977.5% | unavailable | unavailable | unavailable | −4.1% | +1,443.2% | −102.4% |
| Diluted EPS | 1.23 | -10.87 | -3.10 | unavailable | 0.73 | 0.54 | 12.30 | -0.31 |
| Diluted EPS YoY | +12.8% | −983.7% | unavailable | unavailable | unavailable | −26.0% | +2,177.8% | −102.5% |
| net % | 0.9% | -9.8% | -2.8% | -3.1% | 1.1% | 0.9% | 13.1% | -0.3% |
| Free cash flow | -48.8 m | 38.2 m | 73.0 m | -50.0 m | -44.0 m | 106.0 m | 664.0 m | -437.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 bn USD
- Financial debt
- 1.1 bn USD
- Net debt
- -1.1 bn USD
- Equity
- 3.3 bn USD
- Total assets
- 8.2 bn USD
- Debt / equity
- 0.33x
- Current ratio
- 1.91x
- ROE
- -1.4%
- ROA
- -0.6%
- FCF margin
- -2.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.8 bn | 14.2 bn | 13.7 bn | 15.5 bn | 16.3 bn | 15.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 15.4 bn | 13.7 bn | 13.4 bn | 15.0 bn | 15.7 bn | 15.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 410.0 m | 454.0 m | 355.0 m | 477.0 m | 574.0 m | -120.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | -232.0 m | -273.0 m | 209.0 m | 147.0 m | 463.0 m | -378.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 105.0 m | 74.0 m | 73.0 m | 74.0 m | 73.0 m | 68.0 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | -127.0 m ≈ | -199.0 m ≈ | 282.0 m ≈ | 221.0 m ≈ | 536.0 m ≈ | -310.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 72.0 m | 90.0 m | 59.0 m | 60.0 m | 46.0 m | 42.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -278.0 m | -346.0 m | 244.0 m | 315.0 m | 2.7 bn | -101.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 23.0 m | 20.0 m | 171.0 m | 236.0 m | 634.0 m | -39.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -435.0 m | -440.0 m | 145.0 m | 139.0 m | 2.1 bn | -51.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -3.10 | — | 0.73 | 0.54 | 12.30 | -0.31 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 141.0 m | 141.0 m | 145.0 m | 153.0 m | 174.0 m | 164.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.10 | 16.25 | — | — | — | — | SEC (XBRL)· 22 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.2 bn | 2.2 bn | 2.4 bn | 2.5 bn | 2.8 bn | 2.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 5.0 bn | 5.2 bn | 5.0 bn | 5.1 bn | 5.2 bn | 6.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 463.8 m | 456.0 m | 447.0 m | 458.0 m | 494.0 m | 464.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 207.4 m | 249.0 m | 206.0 m | 206.0 m | 199.0 m | — | SEC (XBRL)· 18 Feb 2025verified |
| Intangibles (excl. goodwill) | 77.6 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Total assets | 7.3 bn | 7.1 bn | 6.8 bn | 7.0 bn | 9.1 bn | 8.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.2 bn | 1.0 bn | 1.2 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 4.9 m | 18.0 m | 152.0 m | 0 | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Long-term debt | 1.7 bn | 1.2 bn | 978.0 m | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 3.6 bn | 3.6 bn | 3.2 bn | 3.2 bn | 3.1 bn | 3.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 1.3 bn | 1.6 bn | 2.0 bn | 2.1 bn | 4.0 bn | 3.3 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 186.0 m | 25.0 m | 31.0 m | 212.0 m | 828.0 m | -387.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 113.0 m | 75.0 m | 75.0 m | 106.0 m | 164.0 m | 50.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 73.0 m ≈ | -50.0 m ≈ | -44.0 m ≈ | 106.0 m ≈ | 664.0 m ≈ | -437.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -41.0 m | -122.0 m | -78.0 m | -277.0 m | -333.0 m | 437.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 48.0 m | 122.0 m | 315.0 m | 127.0 m | -116.0 m | -797.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 28.7 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Share repurchases | 0 | — | 0 | 0 | 125.0 m | 754.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 213.54 – 287.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)213.54 – 287.18 (Mid 244.94)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.2% | 0 (vs peers) | 21% |
| Net margin · Quality | -12.8% | 10 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.0x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 20.0% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partial34/100 · 1/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLUOR CORPORATION (FLR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 15.5 bn USD in 2025; YoY growth -5.0%; net margin -12.8%; ROE -46.2%.
The estimated value range is 213.54–287.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 244.94 USD, the price of 47.61 USD leaves a potential of 414.5% (value / price − 1) and a margin of safety of 80.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- Shareholder yield (distributions): 20.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -6.2%
- Net margin: -12.8%
- Interest coverage: -5.0x
- FCF yield: -5.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Heavy Construction Other Than Bldg Const - Contractors (SIC 1600) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JJacobs Solutions Inc. | 18.7 bn | 54.3 | 9.6% | 2.4% | +4.6% | +19% / +52% |
| STRLSterling Infrastructure, Inc. | 8.7 bn | 15.9 | 43.3% | 12.9% | +17.7% | −18% / +347% |
| FLRFluor Corporation | 6.4 bn | — | -46.2% | -12.8% | −5.0% | +3% / +30% |
| GVAGranite Construction Inc | 5.8 bn | — | -25.2% | -5.0% | +10.4% | +23% / +188% |
| KBRKBR, Inc. | 5.0 bn | 11.4 | 27.4% | 5.7% | +1.0% | −4% / −23% |
| ROADConstruction Partners, Inc. | 1.9 bn | 38.9 | 15.0% | 4.1% | +54.2% | −9% / +137% |
| ORNOrion Group Holdings, Inc. | 318.8 m | 50.9 | 3.5% | 0.6% | +7.0% | −22% / +63% |
| SHIMShimmick Corporation | 98.8 m | — | — | -3.8% | +2.6% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
1- and 3-year price returns: for FLR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fluor is one of the largest global professional services firms, providing design, procurement and EPC construction to clients in energy, infrastructure, life sciences and the U.S. federal sector. Its current relevance rests on a backlog above 26 billion USD, mostly reimbursable, and on a recent past marked by losses and asset divestitures, which makes margin trends worth close watching 123.
SWOT
Strengths
- A large backlog with a high share of reimbursable contracts, which reduces cost risk for the company 12.
- Global presence and execution experience on complex projects in difficult locations, which the company cites as a distinct advantage 1.
- Ability to generate liquidity from asset sales, as with NuScale, which brought significant proceeds 2.
Weaknesses
- Volatile operating results, with losses in 2025 driven by the Santos judgment and cost adjustments on infrastructure projects 1.
- Exposure to lump-sum contracts, where cost overruns stay with the company and may be hard to recover 1.
- Dependence on new awards for revenue, with backlog declining in 2025 before recovering in 2026 12.
Opportunities
Threats
Risks
- Cost overruns on lump-sum contractshigh
Lump-sum contracts expose the company to delays and cost overruns that may not be recoverable, which could reduce profits or cause losses 1.
- Litigation and judgmentshigh
The Santos judgment led to a revenue reversal and an appeal; the final outcome and insurer obligations remain uncertain 1.
- Dependence on new awardsmedium
Revenue depends on the timing of large contract awards, which is hard to predict and can delay results 1.
- International and currency exposuremedium
A significant part of the backlog is outside the U.S., and currency swings and political risks can affect margins and projects 12.
- Cybersecurity riskslow
System breaches and outages can disrupt operations and create unplanned costs 1.
Investment thesis
What would need to be true (bull case)
- If project execution stays disciplined, margins in Energy Solutions could recover, as second quarter 2026 results suggest 3.
- A large backlog and a high share of reimbursable contracts provide a relatively predictable revenue base, relevant to long-term investors 13.
- Monetizing the NuScale stake and other divestments could strengthen the balance sheet and support share repurchase programs 23.
What would break the thesis
- Margins remain low in key segments, and the 2025 losses show vulnerability to cost overruns, especially on fixed-price contracts 1.
- The 2026 adjusted EBITDA guidance was narrowed, which may point to execution difficulties or the loss of JV contributions 3.
- The NuScale contribution and other divested assets will not repeat, so part of the recent gains is not recurring 2.
What to watch
- Energy Solutions margin trend after the second quarter resultsQ3 2026
- Delivery against the adjusted EBITDA guidance of 500 - 525 million USD2026
- Pace of share repurchases against the 1.4 billion USD target2026
- Outcome of the Santos appeal and insurer recoveriesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fluor Corporation, headquartered in Irving, Texas, operates through subsidiaries and joint ventures offering EPC and project management services across industries from life sciences and data centers to mining, LNG and nuclear power 1. Revenue was 15,503 million USD in 2025, down from 16,315 million USD in 2024, mainly due to a 643 million USD revenue reversal tied to the Santos judgment in Australia 1. The company describes six service categories, from engineering and procurement to operations and maintenance, and says risk management and safety are competitive advantages 1.
Contract structure is central to the model: 81% of the backlog at December 31, 2025 was reimbursable, and the strategy seeks more balanced terms and fixed-price work only where the company has a strong position 1. In the first half of 2026 the reimbursable share reached 85% of backlog, according to the quarterly filing and release 23. For shareholders, capital allocation also matters, including debt reduction and share repurchases 13.
Segments
Energy Solutions
A segment under pressure: revenue fell to 3,554 million USD in 2025 and profit turned into a loss of 414 million USD, reflecting the Santos judgment 1. In the second quarter of 2026 the segment returned to a profit of 88 million USD, with favorable close-out items including from the former Mexico JV 3.
Market context
Demand stems from client capital investment, which depends on hydrocarbon prices, financing costs and trade policy 1. The company points to energy transition, LNG, data centers, semiconductors and critical minerals as growth areas, but warns that oil and gas markets could cool if prices fall 1. If Middle East tensions escalate, they could affect opportunities and costs, as the company notes 2.
Competition is intense, with non-traditional entrants offering below-market prices and accepting greater risk, which compresses margins 1. The share of new awards outside the U.S. was 26% in 2025 and the share of backlog outside the U.S. reached 42% at June 30, 2026, highlighting exposure to political and currency risk 12.
Trends
- Demand for energy and digital infrastructuretailwind
Investment in LNG, data centers, semiconductors and critical minerals could support new awards, as the rise in second quarter 2026 awards suggests 13.
- Energy price volatilityheadwind
Lower oil and gas prices may delay client investment decisions, which already affected Energy Solutions activity in 2025 1.
- Trade policy and tariffsmixed
Tariffs and trade policy shifts increase cost uncertainty for lump-sum contracts and can delay projects, though they may also create demand for reshored production 1.
- Monetization of non-core assetsmixed
Sales of the NuScale stake and the Mexico JV brought liquidity but reduce these assets' contribution to future results, which may change the profit mix 2.
Competitive position
Fluor competes with large multinational EPC firms and newer competitors that may accept riskier terms 1. Price and margin pressure is a risk the company states openly, and differentiation rests on safety, execution in difficult locations and client relationships 1.
In government and nuclear services, competition is limited by security requirements and specialized expertise, but rivals can offer more aggressive terms in bids 1. The company argues its leading position in nuclear remediation gives it an edge, though winning contracts also depends on client perception of execution capability 1.
- Jacobs SolutionsJ
General competitor named in the professional services market context, relevant in infrastructure and government work.
- AECOMACM
Design and construction firm with a global presence competing in infrastructure and public services; the sources do not detail it specifically.
- KBRKBR
Competitor in technical and government services, relevant mainly for energy and defense segments under the general competition category.
- Bechtel
Privately held EPC company with an important role in large energy and infrastructure projects, within the global competitor category named in the company's risk disclosures.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Fluor Shares Rise 6.1% Following Earnings Beat and Analyst ActionsYahoo Finance — News · 14 Sept 2026 · EN
- Gigantul Fluor mai adaugă un proiect SMR în portofoliu, pe lângă cel de la Doicești. Americanii mizează în continuare pe România, în pofida ieșirii din acționariatul NuScaleEconomedia · 02 Jun 2026 · RO
- Bolojan acuză că s-au tocat 240 mil. dolari din banii Nuclearelectrica, bani daţi cu acordul statului. Dar cine a „tocat“ de fapt banii? Colosul american Fluor, un business de 15 mld. dolari, corporaţie implicată în realizarea a 90 de reactoareZiarul Financiar · 22 May 2026 · RO
SEC filings
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report04 Aug 2026Departure or appointment of officers
- Current report08 May 2026Results of operations · Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report30 Apr 2026Departure or appointment of officers
- Current report23 Apr 2026Regulation FD disclosure
- Proxy statement12 Mar 2026
- Current report09 Mar 2026Departure or appointment of officers
- Annual report17 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fluor Corporation · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Fluor Corporation · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Fluor Corporation · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.