Fluor Corporation

FLR · Industrials · Engineering & Construction · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.79B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

688.58M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

2.79B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.09B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

5.89B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.35×

the ratio the screener ranks by

Margin of Safety

-182.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.79B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a NOPAT at or below zero this year), so the value is the book value today, 2.79B USD.

Market value

Market Cap5.89B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-111.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 688.58M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE153.71M USD
+②Equity at Year 15, Today534.87M USD
=Value688.58M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

153.71M USD

②Equity at Year 15, Today

534.87M USD

Market value

Market Cap5.89B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-755.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 2.79B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 2.79B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap5.89B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-111.4%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.76%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.28×Market Risk Premium 6.00%= 12.18%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -39.04M USD on a pretax income of -311.31M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -269.27M USD−Pretax Income -311.31M USD= 42.04M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 42.04M USDTotal Debt 1.07B USD×(1 − Tax Rate for WACC 25.00%)= 2.94%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.07B USDMarket Cap + Total Debt 5.89B USD + 1.07B USD= 15.40%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 84.60%×Cost of Equity 12.18%+Debt Weight 15.40%×Cost of Debt 2.94%= 10.76%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 7.54B USD − Total Liabilities 4.76B USD = Book Value Today 2.79B USD

Total Debt 1.07B USD − Cash and Short-Term Investments 3.05B USD = Net Debt Today -1.97B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-20.4%at most 5%passes135,564,463 / 170,405,512
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-4.5%at least -10.0%passes(-387.39M USD − -51.05M USD) ÷ 7.54B USD
Price to bookMarket Cap ÷ Book Value Today2.11×at most 3×passes5.89B USD ÷ 2.79B USD
Operating marginOperating Income ÷ Revenue-1.7%above 10.0%does not pass-269.27M USD ÷ 15.52B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-5.0%above 10.0%does not pass15.52B USD / 16.33B USD
Net cash(Cash − Total Debt) ÷ Market Cap31.4%above -30%passes(2.93B USD − 1.07B USD) ÷ 5.89B USD
Operating efficiencyOperating Income ÷ Gross Profit—above 25.0%not measured-269.27M USD ÷ -120.12M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

44.06 USD

Enterprise value

3.94B USD

the provider's own figure

EV / EBITDA

-16.89×

Price / book

2.22×

the provider's book

Price / earnings

—

Return on equity

-45.2%

the provider's figure, not this page's

Profit margin

-12.8%

Revenue growth

8.8%

Analyst target, mean

61.62 USD

Analysts

8

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

13.76B15.49B16.33B15.52B

Gross profit

355.35M477.48M574.57M-120.12M

Operating income

113.11M259.26M384.38M-269.27M

EBITDA

operating income before depreciation and amortisation

376.38M449.45M732.73M-201.20M

Pretax income

244.24M315.31M613.61M-311.31M

Net income

145.14M139.14M2.15B-51.05M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

73.85M222.36M2.09B15.51M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

6.83B6.98B9.15B8.24B

Total liabilities

4.84B4.93B5.16B4.96B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.79B1.94B3.95B3.25B

Total debt

1.13B1.16B1.11B1.07B

Cash and equivalents

2.44B2.52B2.83B2.14B

Net PP&E

fixed assets after depreciation

447.45M458.46M494.49M464.46M

Working capital

current assets less current liabilities

1.83B1.90B2.11B3.07B
Cash flow (USD)2022202320242025

Operating cash flow

31.03M212.21M828.83M-387.39M

Capital expenditure

paid out, so below zero

-75.07M-106.11M-164.16M-50.05M

Depreciation and amortisation

73.07M74.07M73.07M68.07M

Free cash flow

operating cash flow plus capital expenditure

-44.04M106.11M664.66M-437.44M