C

Fluor Corporation — Earnings Quality Grade C

FLR · Industrials

Some red flags

Revenue
$15.5B
2025
Net Income
-$51M
2025
Gross Margin
-0.8%
Free Cash Flow
-$437M
01

Screening Summary

13
Passed
4
Watch
0
Failed
-5.31
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 25 days, change +5 days YoY

!
A2AR vs Revenue Growth

AR growth 16.5% exceeds revenue growth -5.0%

A3Revenue vs CFFO

Revenue -5.0%, CFFO -146.7%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -69.5% vs revenue -5.0%. Normal

B3SG&A Ratio

SG&A/Gross Profit = -124.2%, excellent (<30%)

B4Gross Margin

Gross margin -0.8%, change -4.3pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 7.59. Profits backed by cash

!
C2Free Cash Flow

FCF is negative ($-0.4B)

C3Accruals Ratio

Accruals ratio = 4.1%. Low accruals

C4Cash vs Debt

Cash $3.8B covers debt $1.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

!
D2Leverage

Interest coverage = -6.4x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 21.8% vs revenue -5.0%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -100% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -5.31 (< -2.22). Unlikely manipulator

Portfolio monitoring

Monitor FLR continuously

The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.

04

Beneish M-Score

Manipulation Probability-5.31
-4.0 Clean-2.22 Grey-1.78 Danger0
1.226
DSRI
AR growing faster than revenue?
-4.545
GMI
Gross margin declining?
0.425
AQI
Asset quality deteriorating?
0.95
SGI
Revenue growth rate
1.007
DEPI
Depreciation slowing?
0.825
SGAI
SG&A ratio changing?
0.0408
TATA
Accruals level
1.183
LVGI
Leverage increasing?
05

Altman Z-Score

4.12
Safe Zone
0 Distress1.102.605.0+ Safe
0.372
Liquidity
0.372
Cumulative profit
-0.0327
Operating efficiency
0.6542
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25