FLRFluor Corporation
Is the business good?
More warning than reassurance: 3 of 9 health tests passed and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FLR?
Fluor Corporation earns −24% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 33 points below what the capital costs: growth destroys value
- Operating margin
- −1.4%
Operating margin · Engineering & Construction median 7.8% · 12 months to Q2 2026
- Share count, year on year
- −15%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- −0.80%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −1.5% |
| FY2021 | −1.9% |
| FY2022 | 1.5% |
| FY2023 | 0.95% |
| FY2024 | 2.8% |
| FY2025 | −2.4% |
Details›
- Gross margin12 months to Q2 2026
- −0.80%
- Operating margin12 months to Q2 2026
- −1.4%
- Net margin12 months to Q2 2026
- −13%
- Free cash flow margin
- −2.1%
- Revenue, trailing twelve months
- $15.5B
- Free cash flow, trailing twelve months
- −$330M
- Net income, trailing twelve months
- −$2.00B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −24%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FLR and who it buys from, as the companies report it.
- U.S. government17%
Share of revenue · FY2025 10-K
- Single customer15%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FLR’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Engineering & Construction
Ranks #24 of 25 by RyuScore