Fluor Corporation
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+ FollowMarket Cap$6.51B
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Earnings Call Q3 2026
November 6, 2026 - AI Summary
Q3 performance + record growth (good/surprising):
- Revenue: $3.7B (vs $3.4B prior year).
- Adjusted EBITDA: $142M (vs $161M prior year).
- Adjusted EPS: $0.77 (vs $0.68 prior year), helped by 32M shares repurchased in prior 12 months.
- New awards: $10.9B = record for Fluor.
- Backlog: $34.3B, the highest in a decade.
- Important “apples-to-apples” notes: prior year GAAP Q3 included a $653M Santos court-related revenue reversal; 2026 GAAP includes $73M gain from sale of ECA Fluor.
Capital returns: strong buyback cadence (good):
- Spent >$2B repurchasing shares since Q4’24; $300M in Q3 alone.
- Still on pace for ~$1.4B repurchases in full-year 2026.
- Management frames repurchases as a core element of capital allocation alongside continued internal investment.
2026 guidance maintained + cash flow outlook (good but watch-outs):
- FY 2026 adjusted EBITDA guidance maintained: $500M–$525M.
- FY 2026 adjusted EPS range: $2.70–$2.80 (reflecting expected repurchase tempo).
- Implied Q4 adjusted EBITDA: roughly $150M–$175M; adjusted EPS: ~$0.85–$0.95.
- Operating cash flow: guidance implies $430M–$460M for 2026.
- Why cash flow outlook improved: better working capital in Urban Solutions, lower-than-expected warranty liability cash timing at LNG, and improved DOE award fee / collections timing in Mission.
- Negative/transition risk mentioned: late October, one reimbursable client scope change could reduce backlog by ~$2B as early as Q4 (still being evaluated).
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$9.11
81.4% downside
Current Fair Value
81.4% downsideOvervalued by 81.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $6.51 Billion |
|---|---|
| Enterprise Value | $5.30 Billion |
| Earnings per Share | $-0.31 |
| Beta | 1.24 |
| Outstanding Shares | 133,000,000 |
Return
| Return on Equity | -55.77% |
|---|---|
| Return on Assets | -19.85% |
| Return on Invested Capital | 12.84% |
Valuation & Multiples
| P/E Ratio | -7.47 |
|---|---|
| PEG | 6.09 |
| Price to Sales | 0.41 |
| Price to Book Ratio | 2.45 |
| Enterprise Value to Revenue | 0.33 |
| Enterprise Value to EBIT | 9.68 |
| Enterprise Value to Net Income | -4 |
| Total Debt to Enterprise | 0.28 |
| Debt to Equity | 0.57 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 6, 2026
EPS
$0.77
Est. $0.80Revenue
$3.72 B
Est. $4.16 BNext Earnings Call
Expected Date
February 16, 2027
EPS Estimate
$0.89
Consensus analyst estimateRevenue Estimate
$4.10 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 35.36% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 499,400▼ 84.69% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 13.45%▼ 64.40% |
|---|---|
| Total Invested | $895.20M▼ 87.06% |
| Investors Holding | 237▼ 364.00% |
About Fluor Corporation
22,995 employees
CEO: Carlos Hernandez
Fluor Corporation, established in 1912 and headquartered in Irving, Texas, operates as a global provider of diverse project solutions. The company delivers comprehensive engineering, procurement, and construction (EPC) services, along wi...