Engineering, Procurement and Construction (EPC) / Energy Services
Strategic Profile
Fluor's competitive edge derives from a diversified portfolio across Urban Solutions, Mission Solutions, and Energy Solutions, and it is the only EPC contractor with real project experience on NuScale Small Modular Reactors (SMRs), which is a huge advantage as nuclear energy gains traction globally. The company is strategically transitioning toward high-growth reimbursable work in life sciences, mining, and critical infrastructure while managing legacy project risks.
Cyborg Score Rationale
Q3 2025 results showed adjusted EBITDA of $161M (+29% y/y) and adjusted EPS of $0.68 (+33% y/y), though a $653M Santos project charge and $401M NuScale mark-to-market reduction created a GAAP net loss of $697M. The firm's total backlog remains robust at around $28.2 billion, with 82% of that being reimbursable, which provides solid revenue visibility for the coming years. However, legacy project volatility and integration risks temper the upside potential.
Top Insights
Company raised 2025 adjusted EBITDA and adjusted EPS guidance and expects full monetization of remaining NuScale shares by end of Q2 2026; Fluor and NuScale agreed to convert Fluor's remaining Class B units into NuScale Class A shares with structured monetization.
Fluor was awarded a multi-year contract by Centrus Energy to serve as engineering, procurement and construction partner to expand low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) enrichment facility in Piketon, Ohio.
Urban Solutions is capitalizing on life sciences and mining, Mission Solutions benefits from stable government contracts, and Energy Solutions is shifting toward LNG and nuclear projects.
The planned monetization of their stake in NuScale Power is expected to unlock value, which the company plans to return to shareholders through an $800 million share repurchase program through February 2026.
Named Competitors
TechnipFMC — Integrated EPC and subsea services
Wood Group — Engineering, procurement and construction services
Jacobs Engineering — Engineering, construction and design services
Chiyoda — International EPC and plant engineering
Recent Developments
(February 2026) Fluor awarded multi-year contract to serve as EPC partner for uranium enrichment expansion in Ohio