Fluor's Second Act: The Turnaround Is Going Well

  • Fluor has executed a successful turnaround, shifting to reimbursable contracts and de-risking its project portfolio, restoring cash flow and balance sheet strength. The company is well-positioned to benefit from AI/data center growth, domestic energy investments, and U.S. infrastructure renewal, driving its backlog and future prospects. Valuation is fair, with the stock trading in line with sector peers—future returns likely to match earnings growth rather than deliver outsized gains.