Fluor Corporation FLR
Fluor's Q2 2026 results — revenue of $4.33B (+8.8% YoY), gross profit of $179M, and operating income of $135M — confirm a sequential recovery from the FY2025 trough when the company posted negative gross profit of -$120M and FCF of -$437M. However, the stock has already rallied to $56.25, above both the 50-day ($51.71) and 200-day ($47.66) moving averages with a bullish MACD histogram of +0.246, pricing in much of the turnaround before it is fully proven across multiple quarters.
With a negative trailing P/E, mixed insider signals (net share accumulation of +531K but net dollar selling of -$26.3M over 24 months), and only one clean quarter of operating profitability after a deeply negative FY2025, the risk/reward is balanced at current levels.
What could go wrong
- Unproven turnaround consistency. Q1 2026 still showed operating income of -$48M and gross profit of just $13M; one strong quarter (Q2 2026) does not yet establish a reliable earnings trajectory after FY2025's negative gross profit of -$120M.
- Legacy contract exposure. FY2025's negative gross margin of -0.77% and Q3 2025 gross profit of -$449M indicate potential for further write-downs on fixed-price projects despite the reported shift to 85% reimbursable contracts.
- Valuation already reflects recovery. Stock at $56.25 trades well above the 200-day MA of $47.66, up roughly 43% from the 52-week low of $39.33, leaving limited margin of safety if execution stumbles.
- Mixed insider and smart-money signals. A Group President sold 5,000 shares at $55.24 on 2026-08-07; 24-month insider net dollar value is -$26.3M despite positive net share count, and smart-money score is only marginally positive at 0.0105.
What would change my mind
Where this comes from: quarterly_results Q2 2026 · fundamentals FY2025 / derived_metrics FY2025 · quarterly_results Q1 2026 · technicals as of 2026-09-01. Orin's read on FLR; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All FLR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $352.2M | 0.0% of fund |
| Vanguard Capital Management | $330.1M | 0.0% of fund |
| State Street | $294.2M | 0.0% of fund |
| Geode Capital Management | $271.7M | 0.0% of fund |
| DME Capital Management | $244.1M | 6.2% of fund |
| Hotchkis & Wiley Capital Management | $242.9M | 0.7% of fund |
83 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 144 Form 4 filings, net −$24.6M. Of the 50 on hand, 0 were open-market purchases and 8 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about FLR
Orin answers questions about FLR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/S | 0.46× | — | — |
| P/B | 2.6× | — | — |
What Wall Street published
$62
$50 – $71 · +23% against today's price
- 15 buy or overweight
- 13 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| FLRFluor Corporation | $7B | — | — | -0.8% | -12.8% | -57% |
| ACMAecom | $8B | 26.5× | — | 5.7% | 1.9% | 13% |
| EMEEMCOR Group, Inc. | $33B | 23.5× | 14.7× | 19.7% | 7.7% | 38% |
| GVAGranite Construction Incorporated | $5B | — | 30.0× | 15.6% | -3.3% | -16% |
| JJacobs Solutions Inc. | $16B | 47.2× | 20.9× | 22.1% | 2.4% | 10% |
| KBRKBR, Inc. | $4B | 10.5× | 8.2× | 14.5% | 5.5% | 27% |
| MTRXMatrix Service Company | $276M | — | 10.5× | 7.3% | -0.3% | -2% |
| MYRGMYR Group Inc. | $5B | 27.8× | 15.3× | 12.4% | 4.1% | 24% |
| PRIMPrimoris Services Corporation | $4B | 28.0× | 15.7× | 8.6% | 1.9% | 8% |
| PWRQuanta Services, Inc. | $97B | 72.8× | 33.9× | 14.4% | 4.1% | 15% |
| ROADConstruction Partners, Inc. | $5B | 35.1× | 16.3× | 15.8% | 4.1% | 15% |
| TTEKTetra Tech, Inc. | $9B | 20.1× | 14.3× | 18.8% | 8.6% | 24% |
The median is of the 9 peers listed above and nothing else — check it against the column. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.