Fluor is picking up steam and making good use of its investments. Yet, it seems like the stock price might already reflect these advancements.
Fluor’s shares (FLR) have had quite a ride in 2025. At one point, they dropped by 37%. This came after a decent jump earlier, where the stock gained 15% since the year’s start, even reaching a 52-week peak. But recently, it’s taken another hit, with a decline of about 17% since January.
So, the question is: could this stock make you rich? Here’s the lowdown:
Exciting updates on Fluor
Wall Street loves a good narrative, and Fluor has an intriguing one. The company invested early in NuScale Power (SMR), which is focused on small modular reactors (SMRs). This innovative tech in the nuclear sector is drawing interest from various investors. Fluor’s plan to sell its stake in NuScale Power aims to free up cash for other uses.
Back in 2025, NuScale Power’s stock surged nearly 200%. However, it carries a lot of unique risk since the company hasn’t actually manufactured or sold any SMRs yet. Recently, the stock dipped about 10% from the year’s beginning, showcasing waning excitement.
In October 2025, Fluor managed to raise around $600 million by selling part of its stake when NuScale’s stock was at a high. The company intends to cash out on the rest of its investment by mid-2026. Still, given the stock’s turbulence, it’s hard to pinpoint the value of those shares now. It’s likely they’re worth quite a bit less than during that initial sale.
If you’re looking at Fluor because you think NuScale will skyrocket, you might be in for a letdown. The cash raised won’t be handed out to shareholders directly—it might go back into the company or bolster its balance sheet instead.
Fluor’s transformation is underway
The divestment from NuScale Power fits into a broader corporate revamp. Fluor faced serious challenges in its engineering and construction division due to cost overruns on fixed-price projects. Now, they’re shifting focus to projects that provide reimbursements, potentially leading to steadier profits ahead. By the end of Q3 2025, Fluor had an outstanding balance of $28.2 billion, with 82% relying on reimbursable contracts.
From a long-term view, things look somewhat promising. However, there are caveats. For instance, the backlog has decreased by 10% year-over-year, and fluctuations in NuScale’s stock along with other one-time events have resulted in highly inconsistent GAAP earnings.
Moreover, significant construction projects tend to have cyclical patterns, making it trickier to confidently evaluate Fluor right now, despite the management changes taking place.
To provide some context: recent losses have rendered current and historical P/E ratios less applicable as valuation metrics. With sales generally being more predictable, the price-to-sales (P/S) ratio has risen above its average over the last five years, hinting at overvaluation.
Not likely a path to billions
At this stage, only bolder investors might want to consider Fluor. While the company is transforming, and there are some positives, uncertainty still looms large, particularly regarding its relationship with NuScale Power.
Sure, Fluor seems better situated than it was previously, but that might not justify an investment—especially if you’re aiming for significant financial gains. In fact, the prevailing assumption here is that this stock could cause some sleepless nights for more conservative investors.
