FLRFLUOR CORP

Heavy Construction Other Than Bldg Const - Contractors

Revenue: $15.5B; 5.0% YoY
Operating margin: -2.4%; 186% YoY
EBITDA: −$310M; 158% YoY
Market cap: $6.4B
Employees: —
Net debt / EBITDA: —; −$1.9B net debt
AI in 10-K: 4.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-202% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
4.2 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.8B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.2B	$13.7B	$15.5B	$16.3B	$15.5B	5.0%
Operating income	−$273M	$209M	$147M	$463M	−$378M	182%
Net income	−$440M	$145M	$139M	$2.1B	−$51M	102%
Operating cash flow	$25M	$31M	$212M	$828M	−$387M	147%
Capex	$75M	$75M	$106M	$164M	$50M	70%
Stock-based comp	$32M	$19M	$48M	$31M	$30M	3.2%
Buybacks	—	$0	$0	$125M	$754M	503%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 11, 2021	ISICO-A, LLC	SC 13D/A	97.4%	Passive
Mar 26, 2020	ISICO-A, LLC	SC 13D/A	2.5%	Passive
Mar 23, 2020	ISICO-A, LLC	SC 13D/A	3.4%	Passive
Mar 16, 2020	ISICO-A, LLC	SC 13D/A	2.7%	Passive
Sep 11, 2019	ISICO-A, LLC	SC 13D	10.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1.8B · 19
Net: −$1.8B

Pay vs performance

No pay-versus-performance disclosure yet.