FLR
Fluor Corporation

Fluor CorporationFLR

Industrials · Engineering & Construction
46.48USD
+3.33%
Nov 08, 2026
FLR overview ready
Global EPC and Project Management for AI Data Center Infrastructure
Fluor is a diversified global EPC and project-management contractor.
Primary theme is improving
Engineering & Infrastructure Construction is improving (+11.9pp vs SPY over 21 sessions; 7 of 9 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Fair valuation
The price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.
Mixed fundamentals
Ev / ebitda is strong, while free cash flow yield is weak.
Primary risk
Project execution risks and cost overruns.
Market Nov 6Filing Sep 30Price action Nov 7Research Jul 23

Conviction Level

PriceAction5.4BusinessPerformance9.0BusinessQuality5.4Valuation3.5ThemeMomentum7.0Accelerating — Revenue growth has accelerated across 3 consecutive quarters, rising from -8.0% to +11% year over year. Earnings turned positive: diluted EPS of $1.16 against a loss of -$4.30 a year earlier. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+11.9pp
Theme return
+6.9%
Beating SPY
7 of 9
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$6.0B
Avg Volume (60D)
2.3M
60 sessions
Revenue Growth YoY
-5.0%
FY2025 vs FY2024
Gross Margin
+3.3%
Trailing twelve months
Operating Margin
+3.2%
Trailing twelve months
Free Cash Flow Yield
-7.1%
Distance from 200DMA
-5.9%
P/E
N/M
EV / EBITDA
6.9x
EV / Sales
0.2x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 3 consecutive quarters, rising from -8.0% to +11% year over year. Earnings turned positive: diluted EPS of $1.16 against a loss of -$4.30 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+11%
$3.72B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -2.0%
  2. -8.0%
  3. +8.8%
  4. +11%
Earnings growthTurned profitable
$1.16
Diluted EPS $1.16 vs -$4.30 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
6.0%
+20.8 pp YoY · gross margin 5.5% (+18.8 pp)
The business is consuming cash

Business Quality

5.4 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Both valuation perspectives agree this company is cheap. The published stance is held at fair because no positive free cash flow behind the low multiple.
Fluor Corporation has a Fair valuation stance because the price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.

Company Research

Thesis
Fluor is a diversified global EPC and project-management contractor. Its Urban Solutions business serves advanced technology and manufacturing markets, including business-critical data centers, while Energy and Mission Solutions add power, fuels, nuclear, government, and other complex-project exposure.
Opportunity
Moderate opportunity
Construction and retrofit of high-density AI data centers with materially higher rack power requirements.
Key risk
Project execution risks and cost overruns.

Economic classification

Loading the economic classification…

Business & Markets

Industrials · Engineering & Construction
What they do

Fluor Corporation provides engineering, procurement, construction, fabrication, modularization, and project management services globally through its three segments: Urban Solutions, Energy Solutions, and Mission Solutions.

How it earns

Project-based revenue generated primarily from contracts for engineering and construction services across multiple industries.

Products & services
Engineering, procurement, and construction (EPC) services
Fabrication and modularization
Project management services
Professional staffing services
Customers & end markets
Advanced technology and manufacturing companies
Life sciences industry
Mining and metals sector
Infrastructure projects
Energy and fuels sector
Government and nuclear projects
Market position

Diversified global EPC and project management contractor with exposure to complex and critical infrastructure projects.

Demand drivers
High cyclicality

Business depends on capital-intensive project cycles and macroeconomic conditions affecting infrastructure and energy investments.