Fluor CorporationFLR
NYSE•Industrials•Engineering & Construction
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.
Fluor Corporation (FLR) reported trailing twelve months revenue of $15.18B as of March 2026, a 8.3% decline year-over-year. Quarterly revenue reached $3.66B, reflecting a contraction in sales.
Fluor Corporation generated $350.00M in TTM net income, with quarterly EBITDA of $108.00M. The operating margin expanded from 2.3% to 2.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (2.5%) and net margin (4.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -6.1% a year ago, signaling stronger bottom-line efficiency.
FLR trades at a P/E of 21.7x (in line with broad market averages) and a P/S of 0.5x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company generated $99.00M in free cash flow over the trailing twelve months, a 133.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $7.92B in total assets with $1.07B in long-term debt against $2.87B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 0.1%. The business may lack pricing power or face rising costs.'
ROE averages 35.2% but has fluctuated — the competitive advantage may be cyclical or emerging.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 196.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg 1.0x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 23.2% recently — increasing financial risk even if the current ratio is manageable.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 14.6% — net buybacks are reducing shares outstanding and boosting per-share value.