Fluor
FLR on NYSE. Fluor sells engineering, procurement, construction, and project management services to companies and governments. Market value $6.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.75 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 16 cents a year. Above 10 is good.
Quality score: 49 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$52.00 a share, 32% above its 1-year low
Over the past year the price has ranged from $39.33 to $58.35.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14.2bn | $13.7bn | $15.5bn | $16.3bn | $15.5bn |
| Operating margin | |||||
| Operating margin | -1.9% | 1.5% | 0.9% | 2.8% | -2.4% |
| Debt to equity | |||||
| Debt to equity | 0.86 | 0.63 | 0.60 | 0.28 | 0.33 |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.17bn | 0.17bn | 0.16bn | 0.13bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.33× equity
- Revenue growth, five yearsShrinking, 0.4% a year
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.3 billion last quarter, up 9% on a year ago.
- Profit: $114 million, down 95% on a year ago.
- It loses 1 cents on each $1 of sales, after keeping 2 cents a year earlier.
- Over the past 12 months it spent $330 million more cash than it brought in. A year earlier it had $243 million spare.
- 15% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $1.9 billion more cash than debt, up from $1.1 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.1bn |
| December 2024 | $4.3bn |
| March 2025 | $4.0bn |
| June 2025 | $4.0bn |
| September 2025 | $3.4bn |
| December 2025 | $4.2bn |
| March 2026 | $3.7bn |
| June 2026 | $4.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $54m |
| December 2024 | $1.9bn |
| March 2025 | -$241m |
| June 2025 | $2.5bn |
| September 2025 | -$697m |
| December 2025 | -$1.6bn |
| March 2026 | $160m |
| June 2026 | $114m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
7 long-term investors we follow own it, down from 8 last quarter. 553 funds in all.
- Greenlight CapitalDavid Einhorn
- Value
- $244m
- Share of fund
- 6.2%
- GMOJeremy Grantham
- Value
- $8m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $3m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Greenlight CapitalDavid Einhorn | $244m | 6.2% | |
| Hotchkis & WileyHotchkis & Wiley team | $243m | 0.7% | Added |
| Starboard ValueJeff Smith | $83m | 1.8% | Cut |
| GMOJeremy Grantham | $8m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $3m | <0.1% | |
| Boston PartnersBoston Partners team | $2m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $466,952 | <0.1% | Cut |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
- Polen CapitalDan DavidowitzSold out
Largest holders overall
- BlackRock$1.0bnCut
- Vanguard Portfolio Management$352mCut
- Vanguard Capital Management$330mCut
- State Street$294mCut
- Geode Capital Management$272mCut
- Rubric Capital Management LP$263mNew
- Greenlight Capital$244m
- Hotchkis & Wiley$243mAdded
- D. E. Shaw$155mAdded
- Dimensional Fund Advisors LP$154mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Wellington Management Company LLPPassive investor7.5%+1.6 ptsSince 31 March 2025
- Vanguard Capital ManagementPassive investor5.5%Since 31 March 2026
- FMR LLCPassive investorat least 4.5%(filed with 1 related holder)Since 31 March 2025
- Wellington Management Group LLPPassive investorat least 3.8%−4.4 pts(filed with 2 related holders)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Company LLP Passive investor | 7.5%+1.6 pts | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.5% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.5% (filed with 1 related holder) | 31 March 2025 | |
Wellington Management Group LLP Passive investor | at least 3.8%−4.4 pts (filed with 2 related holders) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $4m, $988,328 of it under preset trading plans.
- Bechelany Pierre EdwardGroup PresidentSoldunder a preset trading plan
- Date
- 7 August 2026
- Shares
- 5,000
- Price
- $55.24
- Value
- $276,200
- Collins Alvin C IIIGROUP PRESIDENTSoldunder a preset trading plan
- Date
- 10 March 2026
- Shares
- 15,610
- Price
- $45.62
- Value
- $712,128
- Regan John CCHIEF FINANCIAL OFFICERSold
- Date
- 27 February 2026
- Shares
- 11,989
- Price
- $51.67
- Value
- $619,470
- Regan John CCHIEF FINANCIAL OFFICERSold
- Date
- 26 February 2026
- Shares
- 16,773
- Price
- $52.74
- Value
- $884,608
- Alexander Michael E.GROUP PRESIDENTSold
- Date
- 23 February 2026
- Shares
- 3,387
- Price
- $53.07
- Value
- $179,748
- Morgan AnthonyGROUP PRESIDENTSold
- Date
- 23 February 2026
- Shares
- 3,387
- Price
- $53.09
- Value
- $179,816
- Hammonds Kevin BCHIEF LEGAL OFFICERSold
- Date
- 20 February 2026
- Shares
- 2,988
- Price
- $52.61
- Value
- $157,199
- Bechelany Pierre EdwardGroup PresidentSold
- Date
- 19 February 2026
- Shares
- 4,581
- Price
- $53.10
- Value
- $243,251
- Fields Mark EGROUP PRESIDENTSold
- Date
- 19 February 2026
- Shares
- 5,178
- Price
- $52.36
- Value
- $271,113
- Cook Tracey HChief HR OfficerSold
- Date
- 19 February 2026
- Shares
- 2,589
- Price
- $53.22
- Value
- $137,787
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | Bechelany Pierre Edward Group President | Sold under a preset trading plan | 5,000 | $55.24 | $276,200 |
| 10 March 2026 | Collins Alvin C III GROUP PRESIDENT | Sold under a preset trading plan | 15,610 | $45.62 | $712,128 |
| 27 February 2026 | Regan John C CHIEF FINANCIAL OFFICER | Sold | 11,989 | $51.67 | $619,470 |
| 26 February 2026 | Regan John C CHIEF FINANCIAL OFFICER | Sold | 16,773 | $52.74 | $884,608 |
| 23 February 2026 | Alexander Michael E. GROUP PRESIDENT | Sold | 3,387 | $53.07 | $179,748 |
| 23 February 2026 | Morgan Anthony GROUP PRESIDENT | Sold | 3,387 | $53.09 | $179,816 |
| 20 February 2026 | Hammonds Kevin B CHIEF LEGAL OFFICER | Sold | 2,988 | $52.61 | $157,199 |
| 19 February 2026 | Bechelany Pierre Edward Group President | Sold | 4,581 | $53.10 | $243,251 |
| 19 February 2026 | Fields Mark E GROUP PRESIDENT | Sold | 5,178 | $52.36 | $271,113 |
| 19 February 2026 | Cook Tracey H Chief HR Officer | Sold | 2,589 | $53.22 | $137,787 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 0.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.