Analysis of Fluor Corporation's $25.5 Billion Backlog
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: NASDAQ.COM
- Backlog Overview: Fluor Corporation currently has a backlog of $25.5 billion, with 81% being reimbursable contracts, which shifts risk back to clients, thereby enhancing the quality and visibility of the company's revenue.
- Financial Performance Insight: Despite facing a $450 million loss from the Santos project ruling in 2025, Fluor has maintained solid financial discipline, with a projected EBITDA of $525 million to $585 million for 2026, indicating steady growth potential.
- Share Repurchase Strategy: Fluor repurchased $754 million worth of shares in 2025 and plans an additional $1.4 billion in 2026, signaling strong confidence in future growth and enhancing shareholder value.
- Market Outlook Assessment: With a forward P/E ratio of approximately 18, below the industry average of 26, and a stock price nearly 23% lower than its 52-week high, analysts generally view this as a good time to buy or hold Fluor shares.
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Analyst Views on FLR
Wall Street analysts forecast FLR stock price to rise
6 Analyst Rating
3 Buy
3 Hold
0 Sell
Moderate Buy
Current: 45.080
Low
40.00
Averages
49.25
High
57.00
Current: 45.080
Low
40.00
Averages
49.25
High
57.00
About FLR
Fluor Corporation is a holding company that provides engineering, procurement, construction (EPC), fabrication and modularization, and project management services. The Company's segments include Energy Solutions, Urban Solutions and Mission Solutions. The Energy Solutions segment provides EPC services for traditional oil and gas markets, including the production and fuels, chemicals, LNG and power markets. The segment serves these industries with comprehensive project life-cycle services. The Urban Solutions segment provides EPC and project management services to the advanced technologies and manufacturing, life sciences, mining and metals, infrastructure industries and professional staffing services. The Mission Solutions segment provides high-end technical solutions to the United States and other governments. These include, among others, the DOE, the Department of Defense, FEMA and intelligence agencies. The segment also provides services to commercial nuclear clients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Fluor Board Changes with New Chairman Appointment
- Board Changes: Fluor announced that Lead Independent Director Jim Hackett will become chairman on May 5, 2026, while Executive Chairman David E. Constable will step down after the May 6 annual shareholders meeting, a shift that may impact the company's governance structure and future strategic direction.
- Leadership Experience: Hackett brings extensive governance and global market experience, having previously served as chairman of the Federal Reserve Bank of Dallas and currently serving on the boards of Enterprise Products Holdings and SLB, which could enhance Fluor's market insights and governance capabilities.
- Stock Price Reaction: Following the announcement, Fluor's shares fell by 2.38%, indicating a cautious market response to the board changes, which may affect investor confidence in the company's future performance.
- Future Outlook: With Hackett's appointment, Fluor may adjust its governance and strategic decision-making to respond to market changes and enhance its competitive position, prompting investors to monitor subsequent developments closely.
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- Significant Stock Decline: NuScale Power's stock plummeted 26.5% in February, erasing all prior gains and trading nearly 18% lower in 2026, indicating extreme market pessimism regarding its future prospects.
- Project Delay Risks: TD Cowen analyst Marc Bianchi downgraded NuScale's rating from buy to hold, warning that its flagship project in Romania could be delayed until 2034, which undermined investor confidence and exacerbated the stock's decline.
- Increased Financial Pressure: NuScale reported an operating loss of nearly $690 million in its Q4 2025 results, a significant increase from a $139 million loss in 2024, while also incurring a $507.4 million milestone payment, further straining its finances.
- Shareholder Sell-off Impact: NuScale's largest shareholder, Fluor, has been consistently selling shares with plans to exit entirely by the end of Q2 this year, having sold 71 million shares at around $19.05 each on February 13, reflecting market concerns about the company's outlook.
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NuScale Power Stock Plummets Amid Project Delays and Earnings Shock
- Stock Plunge: NuScale Power's stock plummeted 26.5% in February, erasing all gains from January and trading nearly 18% lower in 2026, reflecting extreme market pessimism regarding its future prospects.
- Project Delay Risks: TD Cowen analyst Marc Bianchi downgraded NuScale's rating from buy to hold, warning that its flagship project in Romania could be delayed until 2034, significantly undermining investor confidence in the company's future.
- Massive Expenditure Impact: NuScale disclosed a $507.4 million milestone payment to ENTRA1 Energy in its fourth-quarter report, despite not having built any plants yet, raising concerns about its financial health and operational viability.
- Shareholder Sell-off Pressure: NuScale's largest shareholder, Fluor, is consistently selling its shares with plans to exit entirely by the end of Q2 this year, having sold 71 million shares at around $19.05 each on February 13, further exacerbating negative market sentiment.
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Fluor Corporation's Strong Outlook Amid Stock Decline Raises Investor Questions
- Strong Contract Backlog: Fluor Corporation currently boasts a contract backlog of $25.5 billion, with 81% being reimbursable contracts, which shifts risk back to clients, enhancing revenue quality and visibility, and is expected to positively impact future performance.
- Robust Financial Discipline: Despite facing a $450 million liability due to the Santos project ruling, Fluor's 2026 EBITDA outlook ranges from $525 million to $585 million, demonstrating the company's financial resilience amid short-term challenges.
- Share Repurchase Program: Fluor repurchased $754 million worth of shares in 2025 and plans to buy back another $1.4 billion in 2026, indicating strong confidence in its value, funded by $2 billion from a successful NuScale investment exit.
- Attractive Valuation Metrics: With a forward P/E ratio of around 18, below the industrial sector average of 26, and a stock price nearly 23% lower than its 52-week high, analysts generally view this as a good time to buy or hold Fluor, appealing to long-term investors seeking infrastructure exposure.
See More
Analysis of Fluor Corporation's $25.5 Billion Backlog
- Backlog Overview: Fluor Corporation currently has a backlog of $25.5 billion, with 81% being reimbursable contracts, which shifts risk back to clients, thereby enhancing the quality and visibility of the company's revenue.
- Financial Performance Insight: Despite facing a $450 million loss from the Santos project ruling in 2025, Fluor has maintained solid financial discipline, with a projected EBITDA of $525 million to $585 million for 2026, indicating steady growth potential.
- Share Repurchase Strategy: Fluor repurchased $754 million worth of shares in 2025 and plans an additional $1.4 billion in 2026, signaling strong confidence in future growth and enhancing shareholder value.
- Market Outlook Assessment: With a forward P/E ratio of approximately 18, below the industry average of 26, and a stock price nearly 23% lower than its 52-week high, analysts generally view this as a good time to buy or hold Fluor shares.
See More
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- Market Competition: Both NuScale and Oklo aim to disrupt the nuclear energy market with small modular reactors (SMRs) and microreactors, with NuScale's stock plummeting nearly 80% since last year while Oklo's has only declined 20%, indicating differing market expectations for the two companies.
- Technological Advantages: NuScale's SMR design has received Standard Design Approval from the U.S. Nuclear Regulatory Commission and is set to be used in a 462 MWe plant in Romania, while Oklo's microreactors start at 1.5 MWe, offering greater flexibility for deployment in remote areas.
- Revenue Outlook: Analysts expect NuScale's revenue to rise from $31 million to $287 million between 2025 and 2028, despite its first reactors not coming online until the early 2030s, while Oklo anticipates generating $16 million in revenue in 2027, highlighting the differences in their growth trajectories.
- Valuation Analysis: Oklo's market cap stands at $9.7 billion, trading at over 600 times its projected 2027 sales, while NuScale's market cap is $3.9 billion, with a more reasonable valuation at 19 times its 2027 sales, reflecting the market's differing valuation strategies for the two firms.
See More
Fluor Board Changes with New Chairman Appointment
- Board Changes: Fluor announced that Lead Independent Director Jim Hackett will become chairman on May 5, 2026, while Executive Chairman David E. Constable will step down after the May 6 annual shareholders meeting, a shift that may impact the company's governance structure and future strategic direction.
- Leadership Experience: Hackett brings extensive governance and global market experience, having previously served as chairman of the Federal Reserve Bank of Dallas and currently serving on the boards of Enterprise Products Holdings and SLB, which could enhance Fluor's market insights and governance capabilities.
- Stock Price Reaction: Following the announcement, Fluor's shares fell by 2.38%, indicating a cautious market response to the board changes, which may affect investor confidence in the company's future performance.
- Future Outlook: With Hackett's appointment, Fluor may adjust its governance and strategic decision-making to respond to market changes and enhance its competitive position, prompting investors to monitor subsequent developments closely.
See More
NuScale Power Stock Plummets 26.5% Amid Project Delays
- Significant Stock Decline: NuScale Power's stock plummeted 26.5% in February, erasing all prior gains and trading nearly 18% lower in 2026, indicating extreme market pessimism regarding its future prospects.
- Project Delay Risks: TD Cowen analyst Marc Bianchi downgraded NuScale's rating from buy to hold, warning that its flagship project in Romania could be delayed until 2034, which undermined investor confidence and exacerbated the stock's decline.
- Increased Financial Pressure: NuScale reported an operating loss of nearly $690 million in its Q4 2025 results, a significant increase from a $139 million loss in 2024, while also incurring a $507.4 million milestone payment, further straining its finances.
- Shareholder Sell-off Impact: NuScale's largest shareholder, Fluor, has been consistently selling shares with plans to exit entirely by the end of Q2 this year, having sold 71 million shares at around $19.05 each on February 13, reflecting market concerns about the company's outlook.
See More
NuScale Power Stock Plummets Amid Project Delays and Earnings Shock
- Stock Plunge: NuScale Power's stock plummeted 26.5% in February, erasing all gains from January and trading nearly 18% lower in 2026, reflecting extreme market pessimism regarding its future prospects.
- Project Delay Risks: TD Cowen analyst Marc Bianchi downgraded NuScale's rating from buy to hold, warning that its flagship project in Romania could be delayed until 2034, significantly undermining investor confidence in the company's future.
- Massive Expenditure Impact: NuScale disclosed a $507.4 million milestone payment to ENTRA1 Energy in its fourth-quarter report, despite not having built any plants yet, raising concerns about its financial health and operational viability.
- Shareholder Sell-off Pressure: NuScale's largest shareholder, Fluor, is consistently selling its shares with plans to exit entirely by the end of Q2 this year, having sold 71 million shares at around $19.05 each on February 13, further exacerbating negative market sentiment.
See More
Fluor Corporation's Strong Outlook Amid Stock Decline Raises Investor Questions
- Strong Contract Backlog: Fluor Corporation currently boasts a contract backlog of $25.5 billion, with 81% being reimbursable contracts, which shifts risk back to clients, enhancing revenue quality and visibility, and is expected to positively impact future performance.
- Robust Financial Discipline: Despite facing a $450 million liability due to the Santos project ruling, Fluor's 2026 EBITDA outlook ranges from $525 million to $585 million, demonstrating the company's financial resilience amid short-term challenges.
- Share Repurchase Program: Fluor repurchased $754 million worth of shares in 2025 and plans to buy back another $1.4 billion in 2026, indicating strong confidence in its value, funded by $2 billion from a successful NuScale investment exit.
- Attractive Valuation Metrics: With a forward P/E ratio of around 18, below the industrial sector average of 26, and a stock price nearly 23% lower than its 52-week high, analysts generally view this as a good time to buy or hold Fluor, appealing to long-term investors seeking infrastructure exposure.
See More
Analysis of Fluor Corporation's $25.5 Billion Backlog
- Backlog Overview: Fluor Corporation currently has a backlog of $25.5 billion, with 81% being reimbursable contracts, which shifts risk back to clients, thereby enhancing the quality and visibility of the company's revenue.
- Financial Performance Insight: Despite facing a $450 million loss from the Santos project ruling in 2025, Fluor has maintained solid financial discipline, with a projected EBITDA of $525 million to $585 million for 2026, indicating steady growth potential.
- Share Repurchase Strategy: Fluor repurchased $754 million worth of shares in 2025 and plans an additional $1.4 billion in 2026, signaling strong confidence in future growth and enhancing shareholder value.
- Market Outlook Assessment: With a forward P/E ratio of approximately 18, below the industry average of 26, and a stock price nearly 23% lower than its 52-week high, analysts generally view this as a good time to buy or hold Fluor shares.
See More
NuScale and Oklo Compete to Disrupt Nuclear Energy Market
- Market Competition: Both NuScale and Oklo aim to disrupt the nuclear energy market with small modular reactors (SMRs) and microreactors, with NuScale's stock plummeting nearly 80% since last year while Oklo's has only declined 20%, indicating differing market expectations for the two companies.
- Technological Advantages: NuScale's SMR design has received Standard Design Approval from the U.S. Nuclear Regulatory Commission and is set to be used in a 462 MWe plant in Romania, while Oklo's microreactors start at 1.5 MWe, offering greater flexibility for deployment in remote areas.
- Revenue Outlook: Analysts expect NuScale's revenue to rise from $31 million to $287 million between 2025 and 2028, despite its first reactors not coming online until the early 2030s, while Oklo anticipates generating $16 million in revenue in 2027, highlighting the differences in their growth trajectories.
- Valuation Analysis: Oklo's market cap stands at $9.7 billion, trading at over 600 times its projected 2027 sales, while NuScale's market cap is $3.9 billion, with a more reasonable valuation at 19 times its 2027 sales, reflecting the market's differing valuation strategies for the two firms.
See More
