Latest Ratios: P/E Ratio -156.8x · EV/EBITDA N/A · 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 | $6.8B | $7.0B | $8.6B | $6.0B | $5.0B | $3.5B | $2.2B | $2.6B | $4.5B | $7.3B | $7.4B |
| Enterprise Value | $5.7B | $5.9B | $6.9B | $4.6B | $3.7B | $2.5B | $1.9B | $2.3B | $4.5B | $7.1B | $7.1B |
| P/E Ratio → | -156.81 | — | 4.01 | 72.54 | 47.48 | — | — | — | 20.25 | 37.98 | 26.26 |
| P/S Ratio | 0.44 | 0.45 | 0.53 | 0.39 | 0.37 | 0.25 | 0.16 | 0.17 | 0.24 | 0.49 | 0.39 |
| P/B Ratio | 2.61 | 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 | — | — | 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 | 11.1% | 10.8% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 11.1% | 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 |
Legacy project margin erosion
According to recent market data, Fluor's forward P/E of 20.67 suggests investors are pricing in a recovery, yet the absence of a meaningful TTM P/E ratio highlights the difficulty in valuing the firm based on current earnings given the persistent impact of legacy project losses.
The valuation appears to be heavily reliant on the successful transition to a professional services model rather than current profitability. Compared to peers like KBR, which trade on more stable earnings multiples, Fluor's P/S ratio of 0.48 indicates that the market remains skeptical of the company's ability to convert its massive revenue base into sustainable bottom-line growth.
Based on reported financial statements, Fluor's ROIC has fluctuated significantly, dropping to -2.4% in 2026Q1, which suggests that the company is currently failing to generate returns above its cost of capital due to the ongoing drag of legacy fixed-price project execution.
The erratic nature of ROIC, which peaked at 16.4% in 2024Q2 before turning negative, reflects the structural instability of the current project portfolio. Investors should monitor whether the shift toward cost-reimbursable contracts can eventually stabilize these returns, as the current volatility makes it difficult to assess the firm's long-term compounding potential.
As reported in recent filings, Fluor's asset turnover has trended downward to 0.45 in 2026Q1, indicating that the company is struggling to generate sufficient revenue from its asset base as it pivots away from capital-intensive, low-margin construction projects toward a more service-oriented business model.
The DSO of 54 days suggests that while the company is managing its receivables, the overall cash conversion cycle remains sensitive to project-specific billing milestones. This inefficiency is likely exacerbated by the mix of legacy projects that continue to consume management attention and working capital without providing commensurate returns.
According to the latest balance sheet data, Fluor maintains a current ratio of 1.78, which provides a substantial liquidity cushion that appears sufficient to absorb potential short-term shocks from project disputes or further inflationary pressures on the remaining fixed-price backlog.
The company's liquidity position is a clear outlier in the sector, offering a degree of safety that many peers lack. This cash-heavy stance appears to be a deliberate strategy to mitigate the risks inherent in the EPC business model, though it also raises questions about whether this capital could be deployed more effectively once the legacy project burn-off is complete.
Based on an analysis of industry metrics, the P/E ratio is frequently misapplied to Fluor, as it obscures the reality that reported earnings are often distorted by non-cash charges and project-specific accounting adjustments that do not reflect the underlying cash-generating capacity of the business.
Analysts should prioritize EV/Revenue or EV/EBITDA over P/E to better capture the value of the firm's backlog and service-oriented segments. Relying on P/E in a period of negative net margins leads to misleading conclusions about the company's valuation, as it fails to account for the significant cash reserves that provide a floor for the stock price.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLR stock.
Fluor Corporation's current P/E ratio is -156.8x. The historical average is 30.5x.
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 -156.8x. Compare with industry peers and growth rates for a complete picture.
Fluor Corporation has -0.8% gross margin and -2.3% operating margin.