Recent News
Aug. 8–11, 2025: Queensland’s Supreme Court issued a decision favoring Santos in a Gladstone LNG dispute originating from a 2011–2014 project; Fluor acknowledged the decision and said a final judgment and possible appeal remain pending. Sept. 19–24, 2025: multiple law firms announced class-action filings or investor alerts alleging that Fluor and certain officers made materially misleading statements about project costs and guidance during Feb. 18–July 31, 2025; lead-plaintiff deadlines set for Nov. 14, 2025.
Technical Analysis
ADX at 24.91 signals an emerging trend strength; this level supports the view that price action contains a directional bias but lacks strong momentum, linking to a cautious near-term outlook given operational headlines.
Directional indicators show DI+ at 22.59 with a dip & reversal, which signals renewed buying pressure, while DI- at 26.0 with a decreasing trend reduces downside directional pressure; together these directional moves raise the probability of short-term stabilization against headline risk.
MACD sits negative at -0.34 and shows an increasing trend; the MACD has crossed above its signal line at -0.94, which represents a bullish momentum shift that can support a rebound from recent weakness if execution headlines cease.
MRO reads -23.42 and shows an increasing trend; the negative level indicates the price sits below the WMDST target and therefore carries upward potential into a mean-reversion move, which aligns with the MACD cross as a technical source of relief.
RSI at 48.22 with a dip & reversal places momentum near neutral but tilted toward recovery; this level suggests limited immediate overbought pressure and room for upward follow-through if buyers confirm strength above short-term moving averages.
Price relations: last close $44.03 sits marginally above the 200-day average at $43.99 and above the 20-day average at $41.90, while trading below the 50-day average at $45.29. The 12-day EMA shows a dip & reversal at $42.57 and the 26-day EMA at $42.72, which together imply short-term support near the low $40s and resistance near $45.29; volatility and a 42-day beta of 3.5 argue for larger intraday moves versus the 52-week beta of 1.57.
Fundamental Analysis
Revenue totaled $3,978,000,000 with gross profit $56,000,000, producing a gross margin of 1.41% and an operating margin of 0.20%; quarterly operating cash flow showed an outflow of $21,000,000 and free cash flow of -$35,000,000, indicating short-term cash conversion weakness against a large cash balance of $2,172,000,000.
Earnings per share came in at $0.43 versus an estimate of $0.56, a shortfall of $0.13 or a -23.21% EPS surprise; forward EPS stands at $0.77, producing a forward P/E of 55.60 while reported trailing P/E equals 113.16, reflecting depressed near-term earnings and elevated multiples relative to expected profits.
Balance-sheet metrics show total debt $1,070,000,000, debt-to-assets 9.08%, and debt-to-equity 17.99%, consistent with modest leverage. Cash plus short-term investments reached $2,271,000,000 and retained earnings $5,339,000,000, which cushion legal and execution risks while management resolves project issues.
Profitability displays strength on a capital basis: return on assets at 24.34% and return on equity at 41.35% during the period, metrics that highlight historically efficient capital use even as QoQ and YoY growth metrics collapsed. Revenue growth registered -0.10% YoY and -98.47% QoQ, and earnings growth declined -41.10% YoY with severe QoQ deterioration, reflecting project-specific headwinds.
Valuation and peer context: P/B stands at 1.32 versus an industry peer mean of 5.89062 and industry peer median of 4.99639, placing Fluor below the industry peer mean and median on price-to-book. Asset turnover at 0.39365 sits slightly above the industry peer mean of 0.35751. Current ratio at 1.62 aligns with the industry peer mean of 1.62291. WMDST values the stock as over-valued given current multiples, earnings weakness, and the legal exposure outlined above.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-01 |
| NEXT REPORT DATE: | 2025-10-30 |
| CASH FLOW | Begin Period Cash Flow | $ 2.4 B |
| Operating Cash Flow | $ -21.00 M | |
| Capital Expenditures | $ -14.00 M | |
| Change In Working Capital | $ -21.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -261.00 M | |
| End Period Cash Flow | $ 2.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.0 B | |
| Forward Revenue | $ 50.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.9 B | |
| Depreciation | $ 17.0 M | |
| Depreciation and Amortization | $ 17.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.0 B | |
| PROFITABILITY | ||
| Gross Profit | $ 56.0 M | |
| EBITDA | $ 17.0 M | |
| EBIT | — | |
| Operating Income | $ 8.0 M | |
| Interest Income | $ 26.0 M | |
| Interest Expense | $ 9.0 M | |
| Net Interest Income | $ 17.0 M | |
| Income Before Tax | $ -9.00 M | |
| Tax Provision | $ 765.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 2.5 B | |
| Net Income From Continuing Operations | $ 2.4 B | |
| EARNINGS | ||
| EPS Estimate | $ 0.56 | |
| EPS Actual | $ 0.43 | |
| EPS Difference | $ -0.13 | |
| EPS Surprise | -23.214 % | |
| Forward EPS | $ 0.77 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 11.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 5.9 B | |
| Total Current Assets | $ 5.0 B | |
| Cash and Short-Term Investments | $ 2.3 B | |
| Cash | $ 2.2 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 661.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.4 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 3.1 B | |
| Net Debt | — | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 5.8 B | |
| EQUITY | ||
| Total Equity | $ 5.9 B | |
| Retained Earnings | $ 5.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.63 | |
| Shares Outstanding | 162.424 M | |
| Revenue Per-Share | $ 24.49 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 6.7 B | |
| Enterprise Multiple | 391.743 | |
| Enterprise Multiple QoQ | 974.808 % | |
| Enterprise Multiple YoY | 1457.236 % | |
| Enterprise Multiple IPRWA | FLR: 391.743 high: 95.131 median: 53.696 mean: 51.095 low: -67.628 |
|
| EV/R | 1.674 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.982 | |
| Asset To Liability | 2.029 | |
| Debt To Capital | 0.152 | |
| Debt To Assets | 0.091 | |
| Debt To Assets QoQ | -29.663 % | |
| Debt To Assets YoY | -45.578 % | |
| Debt To Assets IPRWA | high: 0.774 median: 0.257 mean: 0.233 FLR: 0.091 low: 0.002 |
|
| Debt To Equity | 0.18 | |
| Debt To Equity QoQ | -40.581 % | |
| Debt To Equity YoY | -66.087 % | |
| Debt To Equity IPRWA | high: 2.025 median: 0.704 mean: 0.683 FLR: 0.18 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.321 | |
| Price To Book QoQ | -26.478 % | |
| Price To Book YoY | -62.928 % | |
| Price To Book IPRWA | high: 10.918 mean: 5.891 median: 4.996 FLR: 1.321 low: -0.322 |
|
| Price To Earnings (P/E) | 113.157 | |
| Price To Earnings QoQ | 116.602 % | |
| Price To Earnings YoY | 115.783 % | |
| Price To Earnings IPRWA | high: 293.534 FLR: 113.157 mean: 82.07 median: 76.689 low: -53.717 |
|
| PE/G Ratio | -2.753 | |
| Price To Sales (P/S) | 1.976 | |
| Price To Sales QoQ | 21.921 % | |
| Price To Sales YoY | 9.404 % | |
| Price To Sales IPRWA | high: 23.152 mean: 6.416 median: 5.911 FLR: 1.976 low: 0.284 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 55.603 | |
| Forward PE/G | -1.353 | |
| Forward P/S | 155.47 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.394 | |
| Asset Turnover Ratio QoQ | -13.174 % | |
| Asset Turnover Ratio YoY | -37.087 % | |
| Asset Turnover Ratio IPRWA | high: 0.628 FLR: 0.394 mean: 0.358 median: 0.329 low: 0.014 |
|
| Receivables Turnover | 3.98 | |
| Receivables Turnover Ratio QoQ | -8.096 % | |
| Receivables Turnover Ratio YoY | -0.194 % | |
| Receivables Turnover Ratio IPRWA | FLR: 3.98 high: 3.022 mean: 1.698 median: 1.668 low: 0.173 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 22.927 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.066 | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -0.824 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.0 B | |
| Net Invested Capital | $ 7.0 B | |
| Invested Capital | $ 7.0 B | |
| Net Tangible Assets | $ 5.9 B | |
| Net Working Capital | $ 1.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.732 | |
| Current Ratio | 1.621 | |
| Current Ratio QoQ | -6.977 % | |
| Current Ratio YoY | -8.361 % | |
| Current Ratio IPRWA | high: 3.952 mean: 1.623 FLR: 1.621 median: 1.395 low: 0.093 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 62.941 | |
| Cost Of Debt | 0.659 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.783 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 32.8 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 39.95 % | |
| Revenue Growth | -0.1 % | |
| Revenue Growth QoQ | -98.468 % | |
| Revenue Growth YoY | -100.757 % | |
| Revenue Growth IPRWA | high: 83.442 % mean: 14.389 % median: 11.3 % FLR: -0.1 % low: -29.363 % |
|
| Earnings Growth | -41.096 % | |
| Earnings Growth QoQ | -178.905 % | |
| Earnings Growth YoY | -150.829 % | |
| Earnings Growth IPRWA | high: 192.157 % mean: 38.821 % median: 27.757 % FLR: -41.096 % low: -129.268 % |
|
| MARGINS | ||
| Gross Margin | 1.408 % | |
| Gross Margin QoQ | -59.954 % | |
| Gross Margin YoY | -66.564 % | |
| Gross Margin IPRWA | high: 53.284 % median: 23.295 % mean: 22.612 % low: 3.754 % FLR: 1.408 % |
|
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 0.201 % | |
| Return On Sales QoQ | -93.331 % | |
| Return On Sales YoY | -96.224 % | |
| Return On Sales IPRWA | high: 25.639 % mean: 10.697 % median: 9.646 % FLR: 0.201 % low: -4.372 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -35.00 M | |
| Free Cash Flow Yield | -0.445 % | |
| Free Cash Flow Yield QoQ | -90.33 % | |
| Free Cash Flow Yield YoY | -114.519 % | |
| Free Cash Flow Yield IPRWA | high: 10.236 % mean: 1.154 % median: 1.028 % FLR: -0.445 % low: -18.993 % |
|
| Free Cash Growth | -88.215 % | |
| Free Cash Growth QoQ | -55.967 % | |
| Free Cash Growth YoY | -66.25 % | |
| Free Cash Growth IPRWA | high: 289.595 % median: 7.663 % mean: -60.996 % FLR: -88.215 % low: -337.942 % |
|
| Free Cash To Net Income | -0.014 | |
| Cash Flow Margin | 61.086 % | |
| Cash Flow To Earnings | 0.988 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 24.343 % | |
| Return On Assets QoQ | -987.136 % | |
| Return On Assets YoY | 872.942 % | |
| Return On Assets IPRWA | FLR: 24.343 % high: 8.275 % mean: 2.421 % median: 1.947 % low: -8.889 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.414 | |
| Return On Equity QoQ | -716.167 % | |
| Return On Equity YoY | 424.094 % | |
| Return On Equity IPRWA | FLR: 0.414 high: 0.152 mean: 0.062 median: 0.053 low: -0.23 |
|
| DuPont ROE | 51.573 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |