Does FLUOR CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores FLUOR CORPORATION (FLR) 20.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 16, balance-sheet safety 55, capital discipline 26.

Is FLR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $10.16 per share versus a recent price of $49.08 — 383% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FLR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 20.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

FLUOR CORPORATION

FLR · Industrials · $7.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 2.8% over 10y, variable.

Returns on capital16

Median ROIC 4.7%, above the 9% hurdle in 44% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline26

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

383% above value

Owner earnings (normalized): $139.0M
Est. intrinsic value / share: $10.16
Recent price: $49.08
Discount to value: 383% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

FLUOR CORPORATION booked $15.5B of revenue in FY2025 in the Industrials sector and kept −0.8% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $16.7B (FY2007) to $15.5B (FY2025) — about −0.4% a year compounded over 18 years.

It earned −13.7% on invested capital in FY2025, with a median of 16.0% across 13 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $1.1B of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

The share count fell 16.3% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 26/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Pricing Power the weakest (0/100), which is how FLR lands at 21/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$15.5B FY2025

Gross marginRevenue kept after cost of goods−0.8% FY2025

Return on invested capitalOperating profit on the capital employed−13.7% FY2025

Owner earningsCash an owner could take out−$33.0M FY2025

Gaps in a line mean that item isn’t in FLR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale20.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FLR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#257 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#255SCWO 374WATER INC.21.1 out of 100, No moatNo moat
#256FRD FRIEDMAN INDUSTRIES INC20.8 out of 100, No moatNo moat
#258CHSCP CHS Inc.20.7 out of 100, No moatNo moat
#259CVV CVD EQUIPMENT CORPORATION20.3 out of 100, No moatNo moat

Compare FLR with its nearest peers →All Industrials companies on the Index →

Common questions about FLR

Does FLUOR CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores FLUOR CORPORATION (FLR) 20.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 16, balance-sheet safety 55, capital discipline 26.
Is FLR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $10.16 per share versus a recent price of $49.08 — 383% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FLR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 20.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FLR. See the disclaimer.