FLR
FLUOR CORP
Materials • CIK: 0001124198
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Market Cap
$6.51B
P/E (TTM)
-127.8x
Rev Growth (TTM)
-5.0%
Net Margin (TTM)
-0.3%
FCF Yield (TTM)
-6.7%
FCF Margin (TTM)
-2.8%
Cash Flow Health
Free Cash Flow4/8 positive
TTM$-437M
Q4 '25
$-378M-238%
Q3 '25
$273M+880%
FCF Margin
TTM-2.8%
Q4 '25-9.1%-212%
Sector: 0.8%Below Avg
OCF Margin-2.5%
OCF/NI7.59x
CapEx Coverage-7.7x
FCF Yield-6.7%
FCF Growth (2Y)–
Cash Conversion Cycle
-33 days
DSO: 0+DIO: 0−DPO: 33
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM11.6%
Div Yield0.0%
+Buyback (TTM)11.6%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-437.0M
Stock Repurchases (TTM)$754.0M
Capital Return / FCF-172.5%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-4.1%
Volatile
-0.1% YoY-48.0%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-1.5%
8Q: 1.8%
Asset Turnover
1.54x
8Q: 1.96x
Leverage (1+D/E)
1.33x
D/E: 0.33x
DuPont: -3.0% ≈ -4.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
32.27x
8Q:33.53x
-299.3%
Invested Cap Turn
5.96x
8Q:5.89x
+9.1%
CapEx Intensity
1.9%
8Q:3.3%
CapEx/Depreciation
0.74x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $15.5B | $4.2B↑24.0% | $3.4B↓15.3% | $4.0B↓0.1% | $4.0B↓6.5% | $4.3B↑4.1% | $4.1B↓3.1% | $4.2B↑13.2% | $3.7B |
Operating Income | $-378.0M | $53.0M↑110.7% | $-496.0M↓1807.7% | $-26.0M↓128.6% | $91.0M↓51.1% | $186.0M↑279.6% | $49.0M↓72.2% | $176.0M↑238.5% | $52.0M |
Net Income | $-51.0M | $-1.6B↓125.7% | $-697.0M↓128.3% | $2.5B↑1120.7% | $-241.0M↓112.9% | $1.9B↑3350.0% | $54.0M↓68.0% | $169.0M↑186.4% | $59.0M |
Operating Cash Flow | $-387.0M | $-366.0M↓228.0% | $286.0M↑1461.9% | $-21.0M↑92.7% | $-286.0M↓187.5% | $327.0M↓0.9% | $330.0M↑17.0% | $282.0M↑354.1% | $-111.0M |
Free Cash Flow | $-437.0M | $-378.0M↓238.5% | $273.0M↑880.0% | $-35.0M↑88.2% | $-297.0M↓200.3% | $296.0M↑6.1% | $279.0M↑19.2% | $234.0M↑261.4% | $-145.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-127.8x
Volatile
8Q: 4.0x-13420%
Valuation Lenses
Earnings
-127.8x
vs – sector
Cash Flow
-11.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -4.1%
Shareholder Returns
Dividend
–
Buyback
11.6%
Total Yield
11.6%
Market Cap$6.51B
EV$5.04B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
25/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
-1.1%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-4.1%
8Q:–
-48.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -1.5%
Asset Turnover: 1.54x
Earnings Quality
Cash Conversion
7.59x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin-0.8%
Capital Efficiency
Invested Capital Turnover5.96x
Working Capital
Cash Conversion Cycle-33 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
45/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-5.0%
OpInc Growth YoY
-71.5%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
-0.8%
Operating
-2.4%
Above Avg in sector
Net
-0.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-2.5 pts
FCF: -2.8% | Net: -0.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.12B
Interest Coverage
–
+Net cash position: $1.12B
Leverage Metrics
Debt-to-Equity
0.33x
Balance sheet risk & solvency analysis