Latest Ratios: P/E Ratio -149.9x · EV/EBITDA 13.1x · ROE -1.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $7.0B | $8.6B | $6.0B | $5.0B | $3.5B | $2.2B | $2.6B | $4.5B | $7.3B | $7.4B |
| Enterprise Value | $5.4B | $5.9B | $6.9B | $4.6B | $3.7B | $2.5B | $1.9B | $2.3B | $4.5B | $7.1B | $7.1B |
| P/E Ratio → | -149.94 | — | 4.01 | 72.54 | 47.48 | — | — | — | 20.25 | 37.98 | 26.26 |
| P/S Ratio | 0.41 | 0.45 | 0.53 | 0.39 | 0.37 | 0.25 | 0.16 | 0.17 | 0.24 | 0.49 | 0.39 |
| P/B Ratio | 2.50 | 2.13 | 2.15 | 2.92 | 2.52 | 2.23 | 1.78 | 1.67 | 1.53 | 2.08 | 2.28 |
| P/FCF | — | — | 12.92 | 56.54 | — | — | 30.98 | 69.27 | — | 22.82 | 15.74 |
| P/OCF | — | — | 10.36 | 28.27 | 162.12 | 139.70 | 12.07 | 12.07 | 28.05 | 12.09 | 10.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.38 | 0.42 | 0.30 | 0.27 | 0.17 | 0.14 | 0.15 | 0.24 | 0.48 | 0.38 |
| EV / EBITDA | 13.14 | — | 12.79 | 20.96 | 13.18 | — | 12.68 | — | 6.96 | 10.88 | 8.66 |
| EV / EBIT | — | — | 10.40 | 12.35 | 12.27 | — | 27.77 | — | 9.66 | 58.48 | 11.60 |
| EV / FCF | — | — | 10.33 | 43.70 | — | — | 26.40 | 61.23 | — | 22.24 | 15.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -0.8% | -0.8% | 3.5% | 3.1% | 2.6% | 3.2% | 2.8% | -1.3% | 3.0% | 1.9% | 4.2% |
| Operating Margin | -2.3% | -2.3% | 2.8% | 0.9% | 1.5% | -1.9% | 0.3% | -5.4% | 2.3% | 2.9% | 3.1% |
| Net Profit Margin | -0.3% | -0.3% | 13.1% | 0.9% | 1.1% | -3.1% | -3.1% | -9.8% | 0.9% | 1.3% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.4% | -1.4% | 71.0% | 6.9% | 8.1% | -31.1% | -30.6% | -66.7% | 5.4% | 5.7% | 8.9% |
| ROA | -0.6% | -0.6% | 26.6% | 2.0% | 2.1% | -6.1% | -5.7% | -18.0% | 1.9% | 2.1% | 3.3% |
| ROIC | -12.2% | -12.2% | 23.5% | 16.0% | 25.3% | -27.6% | 3.1% | -29.7% | 10.3% | 10.2% | 17.5% |
| ROCE | -6.6% | -6.6% | 9.4% | 4.0% | 5.9% | -7.6% | 1.2% | -17.8% | 7.7% | 7.6% | 11.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.33 | 0.33 | 0.28 | 0.56 | 0.57 | 0.76 | 1.48 | 1.07 | 0.57 | 0.46 | 0.49 |
| Debt / EBITDA | — | — | 2.06 | 5.24 | 4.01 | — | 12.38 | — | 2.63 | 2.48 | 1.94 |
| Net Debt / Equity | — | -0.32 | -0.43 | -0.66 | -0.66 | -0.65 | -0.26 | -0.19 | -0.03 | -0.05 | -0.08 |
| Net Debt / EBITDA | — | — | -3.22 | -6.16 | -4.64 | — | -2.20 | — | -0.12 | -0.28 | -0.30 |
| Debt / FCF | — | — | -2.60 | -12.84 | — | — | -4.58 | -8.03 | — | -0.58 | -0.53 |
| Interest Coverage | -7.45 | -7.45 | 14.33 | 6.25 | 5.14 | -2.84 | 1.05 | -11.94 | 6.00 | 1.79 | 8.84 |
Net cash position: cash ($2.1B) exceeds total debt ($1.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.91 | 1.91 | 1.69 | 1.60 | 1.57 | 1.43 | 1.41 | 1.37 | 1.47 | 1.57 | 1.47 |
| Quick Ratio | 1.91 | 1.91 | 1.69 | 1.60 | 1.57 | 1.43 | 1.41 | 1.37 | 1.47 | 1.57 | 1.47 |
| Cash Ratio | 1.12 | 1.12 | 0.96 | 0.82 | 0.82 | 0.65 | 0.62 | 0.51 | 0.54 | 0.55 | 0.51 |
| Asset Turnover | — | 1.88 | 1.78 | 2.22 | 2.01 | 2.00 | 1.94 | 1.94 | 2.11 | 1.59 | 2.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 52.24 | 46.06 | 50.20 | 53.75 | 57.68 | 46.29 | 58.00 | 43.46 | 75.46 | 32.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.5% | 0.8% | 0.5% | 1.3% | 4.5% | 2.6% | 1.6% | 1.6% |
| Payout Ratio | — | — | — | 20.9% | 26.9% | — | — | — | 68.4% | 61.7% | 41.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 24.9% | 1.4% | 2.1% | — | — | — | 4.9% | 2.6% | 3.8% |
| FCF Yield | — | — | 7.7% | 1.8% | — | — | 3.2% | 1.4% | — | 4.4% | 6.4% |
| Buyback Yield | 11.6% | 10.8% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 11.6% | 10.8% | 1.5% | 0.5% | 0.8% | 0.5% | 1.3% | 4.5% | 3.7% | 1.6% | 1.7% |
| Shares Outstanding | — | $176M | $174M | $153M | $145M | $141M | $141M | $140M | $141M | $141M | $141M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FLR stock.
Fluor Corporation's current P/E ratio is -149.9x. The historical average is 30.5x.
Fluor Corporation's current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Fluor Corporation's return on equity (ROE) is -1.4%. The historical average is 9.4%.
Based on historical data, Fluor Corporation is trading at a P/E of -149.9x. Compare with industry peers and growth rates for a complete picture.
Fluor Corporation has -0.8% gross margin and -2.3% operating margin.
Key Metrics
Top Statement Risk
Persistent negative margins and guidance cuts
Metrics are mathematically derived from official filings.
Margins Remain in the Penalty Box
Gross margin swung from -13.3% in 2025Q3 to 4.1% in 2026Q2, yet operating margin is only 3.1%, as reported in financial statements, indicating legacy project burn-off persists.
The sharp recovery from the 2025Q3 trough suggests the worst of the fixed-price losses may be behind, but the absolute level of margins remains far below what is needed to justify a re-rating. With COGS consistently above 95% of revenue, the cost structure is still absorbing project overruns, and the negative net margin in several quarters indicates that reported profitability is heavily influenced by non-operating items. Investors should monitor whether the recent improvement is a sustainable inflection or merely a pause in the write-down cycle.
ROIC Volatility Masks Underlying Recovery
ROIC swung from -8.9% in 2025Q3 to 11.4% in 2026Q2, according to recent financial statements, but the 10-quarter average is near zero, suggesting capital efficiency remains inconsistent.
The extreme quarterly swings in ROIC reflect the lumpy nature of project-based earnings and the impact of large one-time charges. While the 2026Q2 print of 11.4% is encouraging, it follows a period of negative returns, indicating that the company is not yet compounding capital at a consistent rate. The improvement appears driven by margin recovery rather than asset efficiency, as asset turnover has remained relatively stable around 0.5x, suggesting that the path to higher returns lies in margin expansion, not balance sheet optimization.
Working Capital Swings Dominate Cash Conversion
DSO improved to 49 days in 2026Q2 from 69 days in 2025Q3, as per reported figures, but cash conversion cycle data is incomplete, and working capital swings of over $1 billion highlight project timing volatility.
The improvement in DSO suggests better collection discipline, but the lack of DIO data and the extreme quarter-to-quarter swings in working capital indicate that cash flow timing is heavily influenced by project milestones and client payment terms. The negative FCF margin in 2026Q2 (-7.5%) despite positive net income underscores the disconnect between accrual earnings and cash generation, a common issue in percentage-of-completion accounting. Investors should focus on the trend in DSO and the ability to convert backlog into cash, rather than any single quarter's working capital position.
Low Leverage Provides a Cushion
Debt-to-equity improved to 0.38 in 2026Q2 from 0.56 in 2024Q1, and interest coverage rose to 15.2x, according to recent financial statements, indicating a comfortable debt service position.
Despite the operational losses, Fluor's balance sheet remains conservatively financed, with total debt stable at $1.1 billion and a growing cash pile of $2.9 billion. The improvement in D/E is partly due to equity erosion from losses, but the absolute level of debt is manageable, and interest coverage is robust. This suggests that refinancing risk is low, and the company has the financial flexibility to weather further project write-downs without distress.
Liquidity Buffer Masks Underlying Strain
Current ratio improved to 1.80 in 2026Q2 from 1.45 in 2025Q3, and cash rose to $2.9 billion, as reported in financial statements, providing a strong buffer against operational shocks.
The liquidity position appears solid, with a current ratio above 1.5 and a quick ratio equal to the current ratio, indicating minimal inventory dependence. However, the cumulative operating cash flow of only $334 million versus $2.4 billion in net income over ten quarters suggests that the cash balance may be supported by financing activities rather than core operations. Investors should monitor whether the cash pile is sustainable or if it will be consumed by ongoing project cash outflows.
P/E Misleads on a Recovery Basis
The negative trailing P/E of -168.9 and forward P/E of 20.3, based on reported figures, illustrate that the market is pricing a recovery, but the metric obscures the cyclicality of EPC earnings.
For a company with volatile, project-based earnings, the P/E ratio is often misapplied because it fails to capture the lumpy nature of write-downs and one-time gains. A more appropriate valuation metric would be EV/EBITDA or EV/Revenue, which smooths out the noise and better reflects the underlying cash-generating potential. The forward EV/EBITDA of 26.7x appears rich relative to peers like KBR (10.2x) and Jacobs (16.9x), suggesting the market is already pricing in a significant margin recovery that may not materialize if legacy project losses persist.