Fluor Corp

FLR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Fluor: Upgrading Capital Allocation Rating to Standard on Derisked Backlog and Improving Cash Flows

Krzysztof Smalec

Mar 20, 2025

We are upgrading Fluor's Morningstar Capital Allocation Rating to Standard, from Poor, as we believe the company has meaningfully reduced the risk profile of its backlog since 2021. Our $54 fair value estimate remains unchanged. The stock is currently trading nearly 30% below our fair value estimate, which we see as an attractive entry point for investors with a long-term horizon.

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Fluor Corp

Fluor: Upgrading Capital Allocation Rating to Standard on Derisked Backlog and Improving Cash Flows

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