FLR // Fluor Corporation

DES <GO> NYSE CIK 0001124198 ↗

Industrials • Military/Government/Technical

$47.56 ▲ +0.59 (+1.26%)

MKT CAP: $6.36B • VOL: 1.53M

52W L $39 52W H $58

ALTMAN Z

3.66 SAFE

PIOTROSKI

2 / 9

FLR // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 58/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

58 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.80

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON FLR)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 88/100 Z-SCORE: +2.89σ

FLR Accounting Gap: Net Income (-102.4%) Outpaced OCF (-120%) With +88.6% Working-Capital Build

CASH CONVERSION GAP

+17.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+88.6% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Fluor Corporation (FLR) exposes a +17.6% Cash Conversion Gap as YoY Net Income growth (-102.4%) diverged from Operating Cash Flow growth (-120.0%). Non-cash current assets and receivables expanded +88.6% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

FLR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -12.16%📐 HORIZONTAL RANGE

2026-10-30O $46.09H $47.07L $45.69C $46.86VOL 1.87M

RES: $60.86SUP: $42.34SMA50: $50.98SMA200: $49.35

FLR // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Fluor Corporation (FLR) exhibits -0.8% gross margins and -13.7% return on invested capital within Industrials (Military/Government/Technical), balanced against a 24.0x enterprise multiple and 6.6% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained -0.8% gross profitability converts into -2.4% operating margin and -13.7% ROIC, outpacing sector cost of capital.

ROIC: -13.7% // GM: -0.8%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -5.0% paired with -6.87% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -5.0% // FCF YLD: -6.87%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.66 and Piotroski F-Score of 2/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.66 // F-SCORE: 2/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (21.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±6.6% implied move with a 0.80 put/call ratio around $47.00 max pain.

IMPL MOVE: ±6.6% // P/C: 0.80

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Military/Government/Technical require continuous execution to defend -0.3% net margins.

NET MARGIN: -0.3% // D/E: 0.33x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 21.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.90).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 21.0x

EV / EBITDA —

FCF YIELD -6.87%

GROSS MARGIN -0.8%

OPERATING MARGIN -2.4%

NET MARGIN -0.3%

ROIC % -13.7%

REV GROWTH YOY -5.0%

DILUTED EPS TTM $-0.38

DEBT / EQUITY 0.33x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 44.7

5Y EQUITY BETA 0.90

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // FLRPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $43.52

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for FLR & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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