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Fluor

FLR NYSE Construction & Engineering Financials FY2016–FY2025

Fluor's revenue fell 5.0% to $15.5 billion in fiscal 2025. Its operating margin was −2.4%, down from 2.8% a year earlier. Free cash flow was −$437 million, against $664 million a year earlier. It paid out $754 million in dividends and buybacks. The diluted share count fell 5.8%.

Last close · Oct 23, 2026

$44.05

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$15.5B
5.0% vs prior year
Operating margin Operating income as a share of revenue.
−2.4%
5.3 pts
Net income Profit after all expenses, interest and tax.
−$51.0M
102.4%
Free cash flow Cash from operations minus capital spending.
−$437M
165.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−13.9%
39.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Fluor's 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank that year.

What Fluor does

No business description yet.

Legal name
FLUOR CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001124198-26-000007
0001124198

Revenue and margins

Fluor had $15.5B of revenue in fiscal 2025, down 5.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$437M in fiscal 2025, −2.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Fluor returned $754M to shareholders in fiscal 2025. The diluted share count fell 5.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Fluor yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 164.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Fluor can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.3B$2.6B$2.6B$3.0B$2.2B
Debt incl. finance leases $1.2B$1.1B$1.2B$1.1B$1.1B
Net debt / EBITDA —−5.3x−6.5x−3.5x—
Debt / equity 0.9x0.6x0.6x0.3x0.3x
Interest coverage −3.0x3.5x2.5x10.1x−9.0x
Current ratio 1.4x1.6x1.6x1.7x1.9x
Quick ratio 1.4x1.6x1.6x1.7x1.9x
Total assets $7.1B$6.8B$7.0B$9.1B$8.2B
Total liabilities $5.5B$4.8B$4.9B$5.2B$5.0B
Shareholders' equity $1.4B$1.8B$1.9B$3.9B$3.2B
Net debt (− = net cash) −$1.1B−$1.5B−$1.4B−$1.9B−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.0M

8 insiders

Of sales under plans

34%

$1.4M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Pierre Edward BechelanyGroup President Sold plan 5,000 $55.24 $0.3M Form 4
Mar 10, 2026 Alvin C Collins IIIGroup President Sold plan 15,610 $45.62 $0.7M Form 4
Mar 6, 2026 Anthony MorganGroup President Sold plan 8,500 $44.78 $0.4M Form 4
Feb 27, 2026 John C ReganChief Financial Officer Sold 11,989 $51.67 $0.6M Form 4
Feb 26, 2026 John C ReganChief Financial Officer Sold 16,773 $52.74 $0.9M Form 4
Feb 23, 2026 Anthony MorganGroup President Sold 3,387 $53.09 $0.2M Form 4
Feb 23, 2026 Michael E. AlexanderGroup President Sold 3,387 $53.07 $0.2M Form 4
Feb 20, 2026 Kevin B HammondsChief Legal Officer Sold 2,988 $52.61 $0.2M Form 4
Feb 19, 2026 Mark E FieldsGroup President Sold 5,178 $52.36 $0.3M Form 4
Feb 19, 2026 Pierre Edward BechelanyGroup President Sold 4,581 $53.10 $0.2M Form 4
Feb 19, 2026 Tracey H CookChief HR Officer Sold 2,589 $53.22 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✕
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 97 / 93 / 9
Accruals ratio −1.1%16.3%3.9%
Altman Z'' 2.823.784.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Fluor FLR $6.2B −5.0% −2.4% −2.8% −13.9% — 3
AECOM ACM $7.8B 0.2% 6.4% 4.2% 22.4% 27.7x 7 Compare →
MasTec MTZ $13.5B 16.2% — 2.0% 11.2% 27.3x 7 Compare →
Emcor EME $28.9B 16.6% 10.1% 7.0% 60.7% 20.2x 6 Compare →
Jacobs Solutions J $17.2B 4.6% 7.2% 5.1% 10.1% 50.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $19.0B $14.8B $18.9B $15.5B $15.8B $14.2B $13.7B $15.5B $16.3B $15.5B
Gross profit $790M $278M $569M −$206M $410M $454M $355M $477M $574M −$120M
Operating income — $213M $510M −$828M −$232M −$273M $209M $147M $463M −$378M
Interest expense $69.7M $67.5M $77.1M $64.9M $72.0M $90.0M $59.0M $60.0M $46.0M $42.0M
Pretax income $547M $53.8M $386M −$840M −$278M −$346M $244M $315M $2.7B −$101M
Income tax $219M $16.4M $173M $482M $23.0M $20.0M $171M $236M $634M −$39.0M
Net income $281M $154M $174M −$1.5B −$435M −$440M $145M $139M $2.1B −$51.0M
Diluted EPS $2.00 $1.09 $1.23 −$10.87 −$3.10 −$3.04 $0.73 $0.54 $12.30 −$0.31
Diluted shares 0.14B 0.14B 0.14B 0.14B 0.14B 0.14B 0.15B 0.15B 0.17B 0.16B
Cash flow
Cash from operations $706M $602M $162M $219M $186M $25.0M $31.0M $212M $828M −$387M
Capital expenditure $236M $283M $211M $181M $113M $75.0M $75.0M $106M $164M $50.0M
Free cash flow $470M $319M −$48.8M $38.2M $73.0M −$50.0M −$44.0M $106M $664M −$437M
Depreciation and amortization $226M $225M $217M $171M $105M $74.0M $73.0M $74.0M $73.0M $68.0M
Stock-based compensation $40.1M $40.7M $43.0M $36.1M $22.0M $32.0M $19.0M $48.0M $31.0M $30.0M
Acquisitions $241M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $9.7M $0.0M $50.0M $0.0M $0.0M $0.0M $0.0M $0.0M $125M $754M
Dividends paid $118M $118M $119M $118M $28.7M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $128M $118M $169M $118M $28.7M $0.0M $0.0M $0.0M $125M $754M
Balance sheet
Cash and short-term investments $2.0B $2.0B $2.0B $2.0B $2.2B $2.3B $2.6B $2.6B $3.0B $2.2B
Total debt $1.5B $1.6B $1.7B $1.7B $1.7B $1.2B $1.1B $1.2B $1.1B $1.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $5.6B $5.6B $5.4B $5.4B $5.0B $5.2B $5.0B $5.1B $5.2B $6.4B
Current liabilities $3.8B $3.6B $3.7B $3.9B $3.6B $3.6B $3.2B $3.2B $3.1B $3.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.0B $1.1B $746M $595M $464M $456M $447M $458M $494M $464M
Total assets $9.2B $9.3B $8.9B $8.0B $7.3B $7.1B $6.8B $7.0B $9.1B $8.2B
Total liabilities $6.0B $5.9B $5.9B $6.4B $6.0B $5.5B $4.8B $4.9B $5.2B $5.0B
Shareholders' equity $3.1B $3.3B $2.8B $1.5B $1.0B $1.4B $1.8B $1.9B $3.9B $3.2B
Margins
Gross margin 4.2% 1.9% 3.0% −1.3% 2.6% 3.2% 2.6% 3.1% 3.5% −0.8%
Operating margin — 1.4% 2.7% −5.4% −1.5% −1.9% 1.5% 1.0% 2.8% −2.4%
EBITDA margin 4.4% 3.0% 3.9% −4.3% −0.8% −1.4% 2.1% 1.4% 3.3% −2.0%
Net margin 1.5% 1.0% 0.9% −9.9% −2.8% −3.1% 1.1% 0.9% 13.2% −0.3%
FCF margin 2.5% 2.2% −0.3% 0.3% 0.5% −0.4% −0.3% 0.7% 4.1% −2.8%
Returns
Return on capital 15.7% 5.1% 9.8% −33.1% −18.2% — — — 25.7% −13.9%
Return on capital employed 12.2% 3.8% 9.3% −17.8% −6.0% −7.6% 5.9% 4.0% 9.4% −6.9%
Return on equity 9.2% 4.8% 5.6% −70.4% −34.6% −36.3% 9.1% 7.5% 72.9% −1.4%
Return on assets 3.3% 1.7% 1.9% −18.1% −5.7% −6.1% 2.1% 2.0% 26.6% −0.6%
Growth
Revenue growth 5.1% −22.2% 27.3% −18.0% 2.2% −10.3% −2.9% 12.6% 5.4% −5.0%
Net income growth −40.8% −45.4% 12.9% −977.5% — — — −4.1% 1,443.2% −102.4%
EPS growth −28.8% −45.5% 12.8% −983.7% — — — −26.0% 2,177.8% −102.5%
FCF growth −22.8% −32.2% −115.3% — 91.2% −168.5% — — 526.4% −165.8%
Share count change −4.0% −0.0% 0.3% −0.9% 0.7% 0.0% 2.8% 5.5% 13.7% −5.8%
Financial health
Net debt / EBITDA −0.5x −0.9x −0.4x — — — −5.3x −6.5x −3.5x —
Debt / equity 0.5x 0.5x 0.6x 1.1x 1.7x 0.9x 0.6x 0.6x 0.3x 0.3x
Interest coverage 8.8x 3.2x 6.6x −12.8x −3.2x −3.0x 3.5x 2.5x 10.1x −9.0x
Current ratio 1.5x 1.6x 1.5x 1.4x 1.4x 1.4x 1.6x 1.6x 1.7x 1.9x
Quick ratio 1.5x 1.6x 1.5x 1.4x 1.4x 1.4x 1.6x 1.6x 1.7x 1.9x
Capital allocation
Capex / revenue 1.2% 1.9% 1.1% 1.2% 0.7% 0.5% 0.6% 0.7% 1.0% 0.3%
Stock comp / revenue 0.2% 0.3% 0.2% 0.2% 0.1% 0.2% 0.1% 0.3% 0.2% 0.2%
Payouts / FCF 27.2% 37.0% — 309.3% 39.3% — — 0.0% 18.8% —
Quality scores
Piotroski F-score 5.0 6.0 5.0 3.0 6.0 6.0 6.0 6.0 7.0 3.0
Altman Z'' 3.6 3.5 3.4 1.5 1.9 1.9 2.8 2.8 3.8 4.0
Accruals ratio −5.0% −4.8% 0.1% −20.7% −8.1% −6.5% 1.6% −1.1% 16.3% 3.9%

Source: SEC EDGAR XBRL filings (CIK 0001124198). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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