Fluor vs Quanta Services
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The short version
- Quanta Services is the larger business, with $28.5B of revenue in fiscal 2025 against $15.5B for Fluor, about 1.8 times as much.
- Quanta Services grew revenue faster (20.3%, against −5.0%).
- Quanta Services kept more of each dollar of sales as operating profit (5.7% operating margin, against −2.4%).
- Quanta Services turned more of its sales into free cash flow (5.7% FCF margin, against −2.8%).
- Quanta Services earned a higher return on the capital invested in it (9.5%, against −13.9%).
| Latest fiscal year | FLR · FY25 | PWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $83.3B |
| Revenue | $15.5B | $28.5B |
| Free cash flow | −$437M | $1.6B |
| Net income | −$51.0M | $1.0B |
| Growth | ||
| Revenue growth | −5.0% | 20.3% |
| 5-year growth | −0.4% | 20.5% |
| Share count change | −5.8% | 0.8% |
| Profitability | ||
| Gross margin | −0.8% | 15.0% |
| Operating margin | −2.4% | 5.7% |
| Net margin | −0.3% | 3.6% |
| FCF margin | −2.8% | 5.7% |
| Return on capital | −13.9% | 9.5% |
| Return on equity | −1.4% | 12.7% |
| Balance sheet | ||
| Net debt | −$1.1B | $5.6B |
| Net debt / EBITDA | — | 2.2x |
| Dividends and buybacks | $754M | $195M |
| Valuation & quality | ||
| P/E | — | 62.6x |
| Piotroski F-score | 3 | 5 |
Revenue
FY16
FLR $19.0B
PWR $7.7B
FY17
FLR $14.8B
PWR $9.5B
FY18
FLR $18.9B
PWR $11.2B
FY19
FLR $15.5B
PWR $12.1B
FY20
FLR $15.8B
PWR $11.2B
FY21
FLR $14.2B
PWR $13.0B
FY22
FLR $13.7B
PWR $17.1B
FY23
FLR $15.5B
PWR $20.9B
FY24
FLR $16.3B
PWR $23.7B
FY25
FLR $15.5B
PWR $28.5B
FLR
PWR
Operating margin
FY16
FLR —
PWR 4.2%
FY17
FLR 1.4%
PWR 4.0%
FY18
FLR 2.7%
PWR 4.8%
FY19
FLR −5.4%
PWR 4.6%
FY20
FLR −1.5%
PWR 5.5%
FY21
FLR −1.9%
PWR 5.1%
FY22
FLR 1.5%
PWR 5.1%
FY23
FLR 1.0%
PWR 5.4%
FY24
FLR 2.8%
PWR 5.7%
FY25
FLR −2.4%
PWR 5.7%
FLR
PWR
Free cash flow
FY16
FLR $470M
PWR $178M
FY17
FLR $319M
PWR $127M
FY18
FLR −$48.8M
PWR $65.2M
FY19
FLR $38.2M
PWR $265M
FY20
FLR $73.0M
PWR $856M
FY21
FLR −$50.0M
PWR $197M
FY22
FLR −$44.0M
PWR $703M
FY23
FLR $106M
PWR $1.1B
FY24
FLR $664M
PWR $1.5B
FY25
FLR −$437M
PWR $1.6B
FLR
PWR
Return on capital
FY16
FLR 15.7%
PWR 5.9%
FY17
FLR 5.1%
PWR 8.6%
FY18
FLR 9.8%
PWR 7.8%
FY19
FLR −33.1%
PWR 8.0%
FY20
FLR −18.2%
PWR 9.1%
FY21
FLR —
PWR 7.5%
FY22
FLR —
PWR 7.3%
FY23
FLR —
PWR 9.8%
FY24
FLR 25.7%
PWR 10.3%
FY25
FLR −13.9%
PWR 9.5%
FLR
PWR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.