Fluor Corp (NYSE: FLR)

Sector: Industrials Industry: Engineering & Construction CIK: 0001124198
Market Cap 7.99 Bn
P/B 2.46
P/E -156.68
P/S 0.52
ROIC (Qtr) -4.38
Div Yield % 0.00
Rev 1y % (Qtr) -1.97
Total Debt (Qtr) 1.07 Bn
Debt/Equity (Qtr) 0.33
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About

Investment thesis

Bull case

  • Operating cash flow of (387M) provides exceptional 35.18x coverage of minority interest expenses (11M), showing strong core operations.
  • Strong tangible asset base of 8.24B provides 7.70x coverage of total debt 1.07B, indicating robust asset backing and low credit risk.
  • Long-term investments of 543M provide solid 0.51x coverage of long-term debt 1.07B, indicating strategic financial planning.
  • Retained earnings of 3.06B provide full 2.86x coverage of long-term debt 1.07B, indicating strong internal capital position.
  • Tangible assets of 8.24B provide robust 4.34x coverage of other current liabilities 1.90B, indicating strong asset backing.

Bear case

  • Operating cash flow of (387M) barely covers its investment activities of 437M, with a coverage ratio of -0.89, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • The company's operating cash flow of (387M) shows concerning coverage of stock compensation expenses of 30M, with a -12.90 ratio indicating potential earnings quality issues.
  • Free cash flow of (437M) provides weak coverage of capital expenditures of 50M, with a -8.74 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (48M) show weak coverage of depreciation charges of 68M, with a -0.71 ratio indicating high capital intensity and potential reinvestment needs.
  • Long-term investments of 543M represent a high 1.17x of fixed assets 464M, indicating potential overexposure to financial assets versus operational capabilities.

Segments Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer comparison

Companies in the Engineering & Construction
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PWR Quanta Services, Inc. 106.68 Bn 648.31 32.06 6.02 Bn
2 FER Ferrovial SE 55.08 Bn 200.50 6.30 -
3 FIX Comfort Systems Usa Inc 49.32 Bn 2,267.37 36.14 0.39 Bn
4 EME EMCOR Group, Inc. 37.37 Bn 40.34 2.63 0.42 Bn
5 MTZ Mastec Inc 20.82 Bn 62.89 1.51 2.77 Bn
6 APG APi Group Corp 18.43 Bn 118.16 2.41 3.05 Bn
7 J Jacobs Solutions Inc. 16.19 Bn 37.39 1.31 2.96 Bn
8 BLD TopBuild Corp 15.63 Bn 27.53 2.98 3.09 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.76 1.87
EV to Cash from Ops. EV/CFO -16.24 36.37
EV to Debt EV to Debt 5.87 14.13
EV to EBIT EV/EBIT -130.93 119.20
EV to EBITDA EV/EBITDA -25.34 40.20
EV to Free Cash Flow [EV/FCF] EV/FCF -14.38 95.14
EV to Market Cap EV to Market Cap 0.79 1.18
EV to Revenue EV/Rev 0.41 3.32
Price to Book Value [P/B] P/B 2.46 10.12
Price to Earnings [P/E] P/E -156.68 87.94
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.58
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 28.61
Dividend per Basic Share Div per Share (Qtr) 0.00 0.25
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 8.70
Interest Coverage Int. cover (Qtr) -1.14 78.45
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 69.51 -168.16
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -24.53 652.12
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 8.38
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -101.25 -61.29
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -155.86 15.12
EBIT Growth (1y) % EBIT 1y % (Qtr) -101.70 60.08
EBT Growth (1y) % EBT 1y % (Qtr) -103.24 12.78
EPS Growth (1y) % EPS 1y % (Qtr) -102.48 30.76
FCF Growth (1y) % FCF 1y % (Qtr) -165.81 -16.37
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -120.91 31.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.88 1.15
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.63 0.39
Current Ratio Curr Ratio (Qtr) 1.91 1.55
Debt to Equity Ratio Debt/Equity (Qtr) 0.33 0.90
Interest Cover Ratio Int Coverage (Qtr) -1.14 78.45
Times Interest Earned Times Interest Earned (Qtr) -1.14 78.45
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.10 0.42
EBIT Margin % EBIT Margin % (Qtr) -0.31 -3.70
EBT Margin % EBT Margin % (Qtr) -0.58 -6.01
Gross Margin % Gross Margin % (Qtr) -0.80 20.28
Net Profit Margin % Net Margin % (Qtr) -0.30 -7.25