Fluor completed the sale of its final NuScale Power position in April 2026, closing out a divestiture that has converted a small modular reactor bet into a multi-billion dollar cash pool since September 2025. The event reshapes the investment math. The comparable 2025 quarter carried $2.46 billion of equity method earnings, an amount that flowed entirely through mark-to-market swings on NuScale shares and their hedged forwards. Those swings are gone from the income statement, and the base of recurring earnings is now visible without distortion. The stock trades at $53.27, near the top of its fifty-two week range that runs from just under $40 to a high in the upper fifties. That price embeds a market cap near $7.1 billion and an expectation the recurring business keeps improving even as the one-time tailwind disappears. That price embeds a market cap near $7.1 billion and an expectation the recurring business keeps improving even as the one-time tailwind disappears. That price embeds an expectation the recurring business keeps improving even as the one-time tailwind disappears. The clean print is a genuine improvement, and it is the first quarter where the recurring base can be read without a distortion of that size.
The quarter itself showed the recurring engine accelerating underneath. Revenue rose nearly 9 percent to $4.33 billion. Total segment profit, the fee-based measure management uses to run the business, reached $170 million, a margin that is the first clean signal of how the recurring engine is actually accelerating underneath the divestiture noise. New awards of $6.10 billion ran more than triple the prior-year quarter, anchored by a limited notice to proceed on the LNG Canada Phase 2 expansion and a multi-year EPC contract for a uranium enrichment facility in the U.S. Backlog grew to $26.89 billion. The company spent over $800 million on repurchases in the first half against a full-year target of roughly $1.4 billion, a level of buyback execution that is doing real work on the denominator while the order book is rebuilding at the same time. The combination of a bigger order book and a shrinking share count is the core of the forward case.
The counterargument is that the fee business earns thin margins, total segment margin was 3.9 percent in the quarter, and the earnings base after stripping out the NuScale effect is far smaller than the headline suggests. The forward question is whether award momentum and the buyback can carry the stock once the divestiture engine cools, and whether legacy infrastructure losses keep bleeding cash. The answer to that question decides whether the current multiple is a discount or a premium.