What happened
According to its SEC filing dated February 17, 2026, Starboard Value LP initiated a new position in Fluor Corporation (FLR 0.69%), acquiring 5,191,327 shares during the fourth quarter. The quarter-end position value increased by $205.73 million, capturing both the trade and price changes over the reporting period.
What else to know
This was a new position for Starboard Value LP; the stake accounted for 3.9% of its 13F reportable AUM as of December 31, 2025.
Top holdings after the filing:
- NASDAQ: QRVO: $634.74 million (12.0% of AUM)
- NYSE: KVUE: $471.06 million (8.9% of AUM)
- NYSE: AQN: $390.46 million (7.4% of AUM)
- NYSE: BILL: $383.14 million (7.3% of AUM)
- NASDAQ: MTCH: $367.96 million (7.0% of AUM)
As of February 17, 2026, shares of Fluor Corporation were priced at $48.57, up 22.2% over the past year, with one-year alpha versus the S&P 500 at (0.00) percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $15.50 billion |
| Net Income (TTM) | $-350.00 million |
| Price (as of market close 2/17/26) | $48.57 |
| One-Year Price Change | 22.19% |
Company Snapshot
Fluor Corporation is a leading global provider of engineering and construction services, with a focus on delivering complex projects for energy, infrastructure, and government clients. It provides engineering, procurement, and construction (EPC) services, project management, fabrication, modularization, and asset integrity solutions across energy, infrastructure, and government sectors.
The company operates a project-based business model, generating revenue through large-scale contracts in energy transition, urban infrastructure, and mission-critical government projects.
Fluor Corporation serves a global client base including oil, gas, and petrochemical companies, infrastructure and advanced technology firms, life sciences, mining, and U.S. government agencies.
What this transaction means for investors
Engineering and construction companies typically operate within extended investment cycles influenced by energy markets and government expenditure. Fluor Corporation is a key player in these cycles, building complex sites like LNG export terminals, petrochemical plants, mines, and advanced manufacturing facilities.
Fluor’s strategy in recent years has focused on restoring discipline after a period in which several large projects led to cost growth and pressured profitability. The company has worked through older contracts and shifted toward projects with more proportional risk structures, including LNG infrastructure, advanced manufacturing facilities, and U.S. government work. Within the engineering and construction sector, revenue is closely linked to large, multi-year projects, making the quality of the backlog and the contractual terms as important as the overall size of the project pipeline.
For investors, the main question is whether higher demand for energy and industrial infrastructure will lead to steady project profits. Engineering and construction companies may win big contracts when investment is strong, but their earnings depend on finishing projects without big cost overruns or delays. If Fluor can turn its backlog into steady profits and reliable cash flow, it could become known as a disciplined infrastructure builder instead of a contractor with unpredictable results.
