Fluor Refocuses Nuclear Role With Centrus Contract And NuScale Exit

Simply Wall St

Tue, February 24, 2026 at 10:11 AM GMT+9 4 min read

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FLR

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LEU

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Fluor (NYSE:FLR) agreed a new multi year engineering, procurement and construction contract with Centrus Energy for a major uranium enrichment expansion in Ohio.

The deal places Fluor in a key role supporting U.S. uranium enrichment capacity, an area tied to both energy supply and national security.

Fluor continues to move away from fixed price contracts as part of its risk management approach.

The company also sold its majority stake in NuScale Power, reshaping its exposure to nuclear related projects.

Fluor, a large EPC contractor, now has fresh exposure to U.S. uranium enrichment through its new Centrus Energy agreement, while keeping to its preference for lower fixed price risk. For investors watching NYSE:FLR, this development sits at the intersection of nuclear fuel infrastructure, federal energy policy and ongoing efforts to secure domestic supply chains.

At the same time, the NuScale Power stake sale adjusts how Fluor participates in nuclear related opportunities, shifting its role more toward services and project delivery rather than majority equity ownership. Taken together, these moves provide a clearer picture of how the company is positioning itself within nuclear and energy markets while avoiding the contract structures that previously created more risk.

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NYSE:FLR Earnings & Revenue Growth as at Feb 2026

📰 Beyond the headline: 0 risks and 2 things going right for Fluor that every investor should see.

The Centrus EPC contract puts Fluor in the middle of a long-cycle piece of nuclear fuel infrastructure that is closely tied to U.S. energy policy and national security. For a contractor that has reported a full year 2025 net loss of US$51 million and a much larger loss in the fourth quarter, contract structure matters a lot. Management has been moving away from fixed-price deals, which have historically exposed EPC firms to cost overruns. A multi year uranium-enrichment build that is structured with tighter risk sharing can complement that shift while still tapping a multi billion dollar project scope.

How This Fits Into The Fluor Narrative

The Centrus agreement lines up with the focus on cash generation and project execution that underpins the existing Fluor narrative, and it sits alongside a US$25.5b backlog and share repurchases as levers to support earnings over time.

The sale of the majority NuScale stake could cap upside from next generation nuclear projects raised in the narrative, especially when compared with peers like Bechtel or Jacobs that often lean on long term energy relationships.

The specific exposure to uranium enrichment and HALEU-related work, and how that might differ from prior LNG and urban solutions projects, is not fully reflected in the earlier discussion of catalysts.

 






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The Risks and Rewards Investors Should Consider

⚠️ Fluor has recently swung from a full year net income of US$2,145 million to a net loss of US$51 million, and a fourth quarter loss of US$1,574 million, which highlights earnings volatility around large projects.

⚠️ The exit from a majority position in NuScale reduces direct nuclear-equity exposure, which could limit participation in any value created if small modular reactors scale faster than expected.

🎁 The Centrus contract extends Fluor's role in nuclear fuel and national security projects, a niche where strong qualifications can help it compete against peers like KBR and Jacobs for future work.

🎁 The move away from fixed-price contracts, together with sizeable buybacks that have reduced the share count over time, gives management more levers to manage risk and per share metrics.

What To Watch Going Forward

From here, it is worth watching how Fluor structures the economics of the Centrus EPC work, including any disclosure on margins or risk sharing, and how quickly that work converts from backlog into revenue. The quality of new awards, not just their size, will matter given the recent net losses. Investors can also track how Fluor replaces the economic contribution that NuScale might have provided, and whether the balance sheet benefits from the stake sale show up in future cash flow and capital return decisions. Share repurchases, upcoming conference commentary, and any new U.S. federal or utility awards in nuclear or critical infrastructure will help show whether this contract is part of a broader, durable positioning in higher value government and energy work.

To ensure you are always in the loop on how the latest news impacts the investment narrative for Fluor, head to the community page for Fluor to never miss an update on the top community narratives.

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include FLR.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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