COMP <GO>

FLR vs BRK-A // EV/EBITDA & P/E VALUATION

Fluor Corporation (NYSE) VS. Berkshire Hathaway Inc. (NYSE) • 15-METRIC TALLY: FLR 2 — BRK-A 11

■ METRIC PARITY

LAST: $46.86 (-1.47%) • MKT CAP: $6.36B

valuation

—

LAST: $815,600.00 (-0.23%) • MKT CAP: $1.20T

valuation

12.7x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FLR VS. BRK-A) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FLR	BRK-A	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	-0.80%	41.00%	-41.80	BRK-A	/gross-margins <GO>
Return on Invested Capital (ROIC)	-13.70%	8.30%	-22.00	BRK-A	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	12.7x	—	TIE	/valuation <GO>
Free Cash Flow Yield	-6.87%	2.08%	-8.95	BRK-A	/fcf-yield <GO>
Operating Margin	-2.40%	33.00%	-35.40	BRK-A	/operating-margins <GO>
Net Profit Margin	-0.30%	27.10%	-27.40	BRK-A	/net-margins <GO>
Revenue Growth (YoY)	-5.00%	-1.00%	-4.00	BRK-A	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.66	3.02	+0.64	FLR	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	6/9	-4.00	BRK-A	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.60%	7.30%	-0.70	FLR	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	44.7	67.2	-22.49	BRK-A	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.90	1.13	-0.23	BRK-A	/macro-sensitivity <GO>
Forward P/E Multiple	21.0x	16.7x	+4.30	BRK-A	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.36B	$1.20T	-$1.20T	BRK-A	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FLR REV	BRK-A REV	FLR GROSS %	BRK-A GROSS %	FLR FCF	BRK-A FCF
FY 2025	$15.50B	$247.24B	-0.8%	44.0%	-$437.0M	$25.04B
FY 2024	$16.32B	$249.71B	3.5%	44.0%	$664.0M	$11.62B
FY 2023	$15.47B	$254.91B	44.0%	44.0%	-$484.3M	$37.73B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FLR // BETA 0.90

BRK-A // BETA 1.13