FLR · Industrials(heavy construction other than bldg const - contractors) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Fluor Corp reported revenue of $15.5 billion in fiscal 2025. Of the $1.1 billion its operations generated over 10 years, 78.9% went to buybacks and 68.6% back into the business. On the accounting screens, it passes 3 of 9 Piotroski tests, its Altman Z'' of 4.03 is in the safe zone and its Beneish M-score is below the -1.78 line; 3 of the six cross-checks between its statements fire.
Revenue, fiscal 202515.5B
Operating margin-2.4%gross margin -0.8%
Return on invested capital-12.1%-2.6% on average over 5 years
Free cash flow after stock pay-467.0M-3.0% of revenue
Net debt ÷ EBITDANet cash1.1B more cash than debt
Piotroski F-score3/9tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-5.0B05.0B10.0B15.0B20.0B
2019
2019
2019
2019Revenue 15.5BOperating income -828.3M
2020Revenue 15.8BOperating income -232.0M
2021Revenue 14.2BOperating income -273.0M
2022Revenue 13.7BOperating income 209.0M
2023Revenue 15.5BOperating income 147.0M
2024Revenue 16.3BOperating income 463.0M
2025Revenue 15.5BOperating income -378.0M
2019201920192019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+4.1%
-0.4%
—
Shares
+4.2%
+3.1%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-1.6%
Return on assets
-0.6%
Asset turnover
1.88×
Overheads (SG&A)
1.3% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-2.0B-1.0B01.0B2.0B3.0B
2019
2019
2019
2019Net income -1.5BFree cash flow 38.2MAfter stock-based pay 2.1M
2020Net income -435.0MFree cash flow 73.0MAfter stock-based pay 51.0M
2021Net income -440.0MFree cash flow -50.0MAfter stock-based pay -82.0M
2022Net income 145.0MFree cash flow -44.0MAfter stock-based pay -63.0M
2023Net income 139.0MFree cash flow 106.0MAfter stock-based pay 58.0M
2024Net income 2.1BFree cash flow 664.0MAfter stock-based pay 633.0M
2025Net income -51.0MFree cash flow -437.0MAfter stock-based pay -467.0M
2019201920192019202020212022202320242025
Where 10 years of operating cash went, 2019–2025
1.1B generated by the business. Each band is its share of that total.
Reinvested in the business 69%763.8M
Acquisitions 0%0
Dividends 13%146.8M
Share buybacks 79%879.0M
More than it generated: funded with cash or new debt -61%-675.6M
Over the same years it paid 218.1M in stock. 660.9M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-20.00$-10.00$0.00$10.00$20.00
2019
2019
2019
2019Earnings per share $-10.87Free cash flow per share $0.27Dividend per share $0.84
2020Earnings per share $-3.09Free cash flow per share $0.52Dividend per share $0.20
2021Earnings per share $-3.12Free cash flow per share $-0.35
2022Earnings per share $1.00Free cash flow per share $-0.30
2023Earnings per share $0.91Free cash flow per share $0.69
2024Earnings per share $12.33Free cash flow per share $3.82
2025Earnings per share $-0.31Free cash flow per share $-2.66
2019201920192019202020212022202320242025
Shares outstanding
Diluted shares
140.0M150.0M160.0M170.0M180.0M
2019
2019
2019
2019Diluted shares 140.1M
2020Diluted shares 141.0M
2021Diluted shares 141.0M
2022Diluted shares 145.0M
2023Diluted shares 153.0M
2024Diluted shares 174.0M
2025Diluted shares 164.0M
2019201920192019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-2.0B-1.5B-1.0B-500.0M0
2019Net debt -119.7M
2019Net debt -159.2M
2019Net debt -123.0M
2019Net debt -306.7M
2020Net debt -492.8M
2021Net debt -1.0B
2022Net debt -1.3B
2023Net debt -1.4B
2024Net debt -1.7B
2025Net debt -1.1B
2019201920192019202020212022202320242025
Net debt ÷ EBITDA
3.4×
Interest coverage
-9× operating income ÷ interest
Current ratio
1.91 current assets ÷ current liabilities
Cash conversion cycle
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Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 9 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✕Profitability improvedReturn on assets higher than a year beforefailed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✓More liquidCurrent ratio higher than a year beforepassed
✓No new sharesShare count did not growpassed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
4.03safe zone
1.12.6
Working capital ÷ assets 0.37 × 6.56+2.44
Retained earnings ÷ assets 0.37 × 3.26+1.21
Operating income ÷ assets -0.05 × 6.72-0.31
Equity ÷ liabilities 0.65 × 1.05+0.68
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-5.56below the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping -4.55-2.40
Soft assets 0.43+0.17
Sales growth 0.95+0.85
Slower depreciation 1.01+0.12
Overheads vs sales 1.02-0.17
Profit not in cash 0.04+0.19
Leverage rising 1.18-0.39
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (-51M against -387M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
The effective tax rate is -38.6%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 3.4 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$276,2001 sale(s) by 1 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
