FLR (Fluor Corporation): Themes, ETFs, and Basket Ideas
FLR is the ticker for Fluor Corporation. This page covers what the company does, where it's heading, its approximate earnings and valuation, key competitors, the themes it belongs to, the ETFs that hold it, and similar stocks worth looking at.
What does Fluor Corporation do?
Fluor Corporation is one of the largest engineering, procurement, and construction (EPC) firms in the world. The company provides design and construction services for large industrial projects across energy, chemicals, mining, infrastructure, government, and increasingly clean energy and advanced manufacturing. Fluor typically operates as the lead EPC contractor on multi-billion-dollar projects, coordinating engineering, equipment procurement, and construction execution.
Key end markets include LNG export terminals, petrochemical complexes, mining facilities, government installations (Hanford nuclear cleanup, DoE work), advanced reactor projects (Fluor owns a majority stake in NuScale Power, the small modular reactor developer), and infrastructure. The company has been working through a multi-year strategic refocus on more predictable, lower-risk reimbursable contracts after several lump-sum project losses in earlier years. Founded in 1912, headquartered in Irving, Texas. David Constable has been CEO since 2021.
Where is Fluor Corporation heading?
1. Strategic refocus and risk discipline.
Management has prioritized reimbursable and cost-plus contracts (lower risk) over fixed-price work where execution risk lies with the contractor. The pivot has reduced earnings volatility but also growth. Disciplined bidding has been the focus.
2. NuScale Power and small modular reactors.
Fluor's majority ownership of NuScale Power (NYSE: SMR) provides exposure to small modular nuclear reactor technology. NuScale has had progress and setbacks; successful deployment of SMRs would be a major upside catalyst, but commercial deployment timing remains uncertain.
3. LNG and energy transition projects.
Fluor has historically been a major EPC contractor for LNG export terminals. The current LNG investment cycle (Cheniere, Venture Global, NextDecade, and others) provides multi-year demand. Energy transition projects (CCUS, hydrogen, ammonia, biofuels) provide additional growth.
4. Government and infrastructure.
Fluor's government services business (nuclear cleanup, DoE work, military construction) provides stable revenue. Infrastructure work, including for the federal infrastructure law, provides additional visibility.
Risks worth tracking: Large EPC projects carry execution risk that has historically been disruptive to earnings. NuScale's commercial path is uncertain. Energy transition policy reversals or delays can affect project pipelines.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Fluor Corporation's investor relations page or your broker.
- Revenue (TTM): ~$17 billion
- Operating margin: ~4% (thin, typical EPC)
- Net income (TTM): ~$200 million (volatile)
- EPS (TTM): ~$1.30
- P/E (TTM): ~30x (sensitive to EPC project outcomes)
- Price to sales: ~0.5x
- Dividend yield: None (suspended in 2020, not restored)
- Free cash flow: Volatile
- Backlog: Mix shifting toward reimbursable
Fluor's valuation reflects the EPC project execution risk that has historically driven earnings volatility, the NuScale Power optionality, and the LNG and energy transition project pipeline. The thin EPC margins make profit margins very sensitive to project outcomes.
Themes FLR belongs to
These are the investment theses FLR naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
FLR's competitors
Large EPC contractors
Bechtel (private) is the closest direct competitor and is comparable or larger in scale. Jacobs Engineering, KBR, AECOM, and McDermott International compete in EPC across various end markets. The large EPC market is concentrated among ~5-7 global firms.
Engineering services
Worley Limited (Australian), TechnipFMC, Saipem, and various engineering and project management firms compete in specific end markets. The engineering services business is more fragmented than EPC.
Small modular nuclear
NuScale (Fluor majority-owned) competes against various SMR developers including TerraPower, X-energy, GE-Hitachi BWRX-300, and Holtec SMR-300. Few SMR designs have advanced as far as NuScale toward commercial deployment, but commercial path is uncertain across the industry.
Similar stocks
Other names that show up alongside FLR in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
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Using FLR in a Walnut basket
The most useful question to ask about a single stock is rarely “will it go up?”. It's “does this fit a thesis I actually believe in, and how do I size it alongside other stocks that fit the same thesis?” That's what Walnut is built for.
Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where FLR would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around FLR with Walnut
Use Fluor Corporation as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is Fluor's ticker symbol?
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FLR, listed on NYSE. Officially Fluor Corporation. Founded 1912, headquartered in Irving, Texas. Trades during US market hours, available at every major US brokerage. One of the largest publicly traded engineering, procurement, and construction firms in the world.
Who are Fluor's competitors?
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In large EPC: Bechtel (private), Jacobs Engineering, KBR, AECOM, McDermott International. In engineering services: Worley Limited (Australian), TechnipFMC, Saipem. In small modular nuclear (through Fluor-owned NuScale): TerraPower, X-energy, GE-Hitachi BWRX-300, Holtec SMR-300.
What is the NuScale Power connection?
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Fluor owns a majority stake in NuScale Power (NYSE: SMR), the small modular nuclear reactor developer. NuScale's first US commercial project was cancelled in 2023, but the design retains NRC approval and the company continues to pursue deployment opportunities. NuScale's commercial path remains uncertain across the broader SMR industry.
What is Fluor's P/E ratio?
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Approximately 30x trailing twelve months as of early 2026. Trailing earnings are volatile due to EPC project execution variability and write-downs from earlier fixed-price project losses. Trailing P/E is therefore less informative than for stable-earnings peers; sum-of-parts and backlog analysis is often more useful.
What does Fluor do?
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Fluor is one of the largest EPC firms in the world. The company provides engineering, procurement, and construction services for large industrial projects across energy (LNG, petrochemicals), mining, infrastructure, government installations (Hanford nuclear cleanup, DoE work), advanced manufacturing, and small modular nuclear (through majority-owned NuScale Power).
Who owns the most Fluor stock?
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Major institutional holders include Vanguard (~10%), BlackRock (~7%), and various industrials-focused and value funds. Insider ownership is low. Fluor is broadly institutionally owned and has been held in EPC, energy transition, and nuclear-themed funds.
Which ETFs have the most Fluor exposure?
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XLI (Industrial Select Sector SPDR) holds FLR at small weight. PAVE (Global X US Infrastructure Development) holds FLR at meaningful weight. Energy transition and nuclear-themed ETFs hold FLR at higher concentrations through the NuScale Power exposure. VOO holds FLR at ~0.1%. Small/mid-cap industrial ETFs hold FLR as part of broader universes.
Which thematic baskets typically include Fluor?
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One theme on Walnut: Infrastructure and reshoring (large EPC contractor across LNG, infrastructure, government, and advanced manufacturing). FLR is a value-tilted infrastructure exposure with optionality on NuScale Power small modular nuclear deployment.
Is Fluor in the S&P 500?
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Yes. FLR has been an S&P 500 constituent for many years. It is among the smaller S&P 500 holdings by market cap. Recent stock price recovery has supported continued index inclusion.
What is Fluor's market cap?
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Approximately $9 billion as of early 2026. Market cap has been volatile across multiple years given EPC project execution variability and the strategic refocus under current management. The NuScale Power stake provides optionality but adds valuation complexity (FLR is partly a sum-of-parts value play).
Does Fluor pay a dividend?
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No. Fluor suspended its dividend in 2020 during the strategic refocus and has not reinstated it. Capital allocation has been prioritized for debt paydown, project execution, and NuScale Power investment. Future dividend reinstatement depends on operational stability and capital structure improvements.
Is Fluor a nuclear stock?
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Partially, through the NuScale Power majority ownership. NuScale (NYSE: SMR) is the most advanced US small modular nuclear developer with NRC approval, though commercial deployment timing remains uncertain. FLR's NuScale stake provides optionality on SMR deployment without the standalone exposure that direct NuScale stock provides. Many investors hold FLR specifically for the nuclear exposure.
What is the EPC business model?
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Engineering, Procurement, and Construction (EPC) firms manage large industrial projects from design through construction. The firms compete on three dimensions: engineering capabilities (technical design), procurement scale (buying materials at favorable prices), and construction execution (delivering on time and budget). FLR is one of the largest EPC firms globally, competing primarily with Bechtel (private), KBR, AECOM, and Jacobs Engineering.
Should I own Fluor directly or through XLI?
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Direct FLR gives concentrated EPC exposure plus the NuScale Power optionality. XLI includes FLR at small weight along with much broader industrials. Many Walnut users hold FLR directly in infrastructure or nuclear-themed baskets rather than through XLI, given the specific positioning and the sum-of-parts opportunity. Position sizing matters given the EPC earnings volatility.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Fluor Corporation's investor relations page or your broker before making investment decisions.