Financials Fluor Corporation

Equities

FLR

US3434121022

Construction & Engineering

Market Closed - Nyse Other stock markets 21:00:02 15/01/2026 GMT			5-day change	1st Jan Change
43.44 ^USD	-1.94%		0.00%	+9.61%

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01-14	BofA Securities Adjusts Price Target on Fluor to $47.50 From $43, Maintains Neutral Rating	MT

Projected Income Statement: Fluor Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	15,668	12,435	13,744	15,474	16,315	15,724	16,687	17,843
Change	-	-20.64%	10.53%	12.59%	5.43%	-3.62%	6.13%	6.93%
EBITDA ¹	250.1	14.63	354	281	597	478.5	525	600.4
Change	-	-94.15%	2,320.35%	-20.62%	112.46%	-19.84%	9.71%	14.35%
EBIT ¹	144.6	195.1	143	147	463	166.8	471.3	555.2
Change	-	34.99%	-26.72%	2.8%	214.97%	-63.97%	182.49%	17.82%
Interest Paid ¹	-46.43	-67.98	-59	168	150	-48.5	-47	-47
Earnings before Tax (EBT) ¹	-207.1	-128	244	315	613	-270.5	514.5	586.8
Change	-	38.18%	290.62%	29.1%	94.6%	-144.13%	290.22%	14.04%
Net income ¹	-435	-206.1	106	83	2,145	1,588	360	415.2
Change	-	52.62%	151.43%	-21.7%	2,484.34%	-25.98%	-77.33%	15.32%
Announcement Date	26/02/21	22/02/22	21/02/23	20/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	3,656	2,938	3,236	3,103	3,157	3,122	3,299	3,612	3,709	3,752	3,939	3,963	3,820	3,734	4,227	4,094	4,260	3,982	3,978	3,368	4,269	4,054	4,126	4,520	4,088	4,156	4,303	4,450
Change	-	-19.62%	10.14%	-4.12%	1.74%	-1.11%	5.67%	9.49%	2.69%	1.16%	4.98%	0.61%	-3.61%	-2.25%	13.2%	-3.15%	4.05%	-6.53%	-0.1%	-15.33%	26.76%	-5.03%	1.76%	9.55%	-9.55%	1.66%	3.53%	3.41%
EBITDA ¹	2.076	13.52	16.4	119.3	-134.6	103	119	54	78	-100	106	262	12	89	208	97	205	100	13	161	106.7	119.6	121	143.4	143.6	142.4	149.7	156.3
Change	-	551.25%	21.3%	627.21%	-212.83%	176.55%	15.53%	-54.62%	44.44%	-228.21%	206%	147.17%	-95.42%	641.67%	133.71%	-53.37%	111.34%	-51.22%	-87%	1,138.46%	-33.74%	12.08%	1.17%	18.58%	0.13%	-0.85%	5.14%	4.39%
EBIT ¹	-24.21	15.91	-2.395	101.6	75.86	33	117	-11	17	-141	94	218	-25	52	176	49	188	73	-26	-496	107.9	102.5	102.1	130	131	-	-	-
Change	-	165.74%	-115.05%	4,340.71%	-25.31%	-56.5%	254.55%	-109.4%	254.55%	-929.41%	166.67%	131.91%	-111.47%	308%	238.46%	-72.16%	283.67%	-61.17%	-135.62%	-1,807.69%	121.76%	-4.99%	-0.45%	27.31%	0.8%	-	-	-
Charge d'intérêts ¹	-15.01	-17.08	-10.8	-31.37	-8.72	-16	-13	-14	-16	41	37	42	49	39	38	37	35	17	17	13	-9	-11	-11	-11	-11	-	-	-
Earnings before Tax (EBT) ¹	-41.73	-27.6	-13.2	70.2	-157	87	105	3	50	-100	131	260	24	91	214	86	223	108	-9	-483	97.52	120.5	122.7	138.4	142.2	141.1	147.8	154
Change	-	33.87%	52.16%	631.7%	-323.65%	155.41%	20.69%	-97.14%	1,566.67%	-300%	231%	98.47%	-90.77%	279.17%	135.16%	-59.81%	159.3%	-51.57%	-108.33%	-5,266.67%	120.19%	23.53%	1.88%	12.73%	2.77%	-0.74%	4.74%	4.16%
Net income ¹	-163.4	-87.02	-119.3	36.98	-170.6	38	56	12	-1	-117	51	169	-21	59	169	54	1,862	-241	2,460	-697	56.35	82.21	83.72	94.46	97.09	93.86	98.31	102.4
Change	-	46.75%	-37.11%	130.99%	-561.27%	122.28%	47.37%	-78.57%	-108.33%	-11,600%	143.59%	231.37%	-112.43%	380.95%	186.44%	-68.05%	3,348.15%	-112.94%	1,120.75%	-128.33%	108.09%	45.88%	1.83%	12.83%	2.79%	-3.33%	4.74%	4.16%
Announcement Date	26/02/21	07/05/21	06/08/21	05/11/21	22/02/22	06/05/22	05/08/22	04/11/22	21/02/23	05/05/23	04/08/23	03/11/23	20/02/24	03/05/24	02/08/24	08/11/24	18/02/25	02/05/25	01/08/25	07/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Fluor Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-487	-1,168	-1,309	-1,361	-1,725	-2,011	-1,682	-1,894
Change	-	-139.84%	-12.07%	-3.97%	-26.75%	-16.58%	16.36%	-12.6%
Announcement Date	26/02/21	22/02/22	21/02/23	20/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Fluor Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	113.4	75.07	75	106	164	79.67	110	125.9
Change	-	-33.82%	-0.1%	41.33%	54.72%	-51.42%	38.12%	14.45%
Free Cash Flow (FCF) ¹	72.44	-49.74	-44	106	664	230.5	371.2	371.4
Change	-	-168.66%	11.54%	340.91%	526.42%	-65.29%	61.06%	0.04%
Announcement Date	26/02/21	22/02/22	21/02/23	20/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Fluor Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	1.6%	0.12%	2.58%	1.82%	3.66%	3.04%	3.15%	3.36%
EBIT Margin (%)	0.92%	1.57%	1.04%	0.95%	2.84%	1.06%	2.82%	3.11%
EBT Margin (%)	-1.32%	-1.03%	1.78%	2.04%	3.76%	-1.72%	3.08%	3.29%
Net margin (%)	-2.78%	-1.66%	0.77%	0.54%	13.15%	10.1%	2.16%	2.33%
FCF margin (%)	0.46%	-0.4%	-0.32%	0.69%	4.07%	1.47%	2.22%	2.08%
FCF / Net Income (%)	-16.65%	24.13%	-41.51%	127.71%	30.96%	14.52%	103.12%	89.46%
Profitability
ROA	-5.7%	2.05%	2.08%	1.2%	5.03%	15.6%	3.7%	4.3%
ROE	-34.55%	12.37%	9.12%	25.34%	13.75%	15.13%	6.72%	7.51%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.72%	0.6%	0.55%	0.69%	1.01%	0.51%	0.66%	0.71%
CAPEX / EBITDA (%)	45.35%	513.28%	21.19%	37.72%	27.47%	16.65%	20.96%	20.98%
CAPEX / FCF (%)	156.6%	-150.93%	-170.45%	100%	24.7%	34.56%	29.64%	33.91%
Items per share
Cash flow per share ¹	1.323	0.1793	0.2138	1.225	4.759	1.499	1.969	-
Change	-	-86.45%	19.23%	473.15%	288.33%	-68.51%	31.37%	-
Dividend per Share ¹	0.1	-	-	-	-	0.0261	0.2038	0.267
Change	-	-	-	-	-	-	681.89%	31.05%
Book Value Per Share ¹	7.322	9.845	12.32	11.38	23.34	31.02	33.26	35.36
Change	-	34.47%	25.11%	-7.57%	104.97%	32.92%	7.22%	6.32%
EPS ¹	-3.1	-1.46	0.73	0.54	12.3	9.852	2.266	2.731
Change	-	52.9%	150%	-26.03%	2,177.78%	-19.9%	-77%	20.53%
Nbr of stocks (in thousands)	140,715	141,412	142,088	170,375	171,516	161,183	161,183	161,183
Announcement Date	26/02/21	22/02/22	21/02/23	20/02/24	18/02/25	-	-	-