Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution across its diverse project portfolio.</li><li>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $149 million, up from $96 million the previous year, while adjusted earnings per share (EPS) improved to $0.91 from $0.43.</li><li>The company’s backlog expanded to nearly $27 billion, reflecting $6.1 billion in new awards during the quarter and a book-to-bill ratio anticipated well above one for the full year.</li></ul>

Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution across its diverse project portfolio.Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $149 million, up from $96 million the previous year, while adjusted earnings per share (EPS) improved to $0.91 from $0.43.The company’s backlog expanded to nearly $27 billion, reflecting $6.1 billion in new awards during the quarter and a book-to-bill ratio anticipated well above one for the full year.

Fluor’s $6.1 Billion Award Surge Could Unlock A Bigger Growth Engine!

<ul><li>Fluor Corporation’s first quarter 2026 results reflect a mix of developments across its business segments, marked by progress in backlog quality and pipeline growth tempered by discrete charges and ongoing geopolitical uncertainties.</li><li>The company continues to target large, complex engineering, procurement, and construction (EPC) projects, emphasizing early-stage engagement to shape project scopes, costs, and schedules—an approach aimed at enhancing execution outcomes.</li><li>New awards for the quarter totaled $2.7 billion, with 98% reimbursable work, though the company noted that larger bookings are expected in the second half of 2026.</li></ul>

Fluor Corporation’s first quarter 2026 results reflect a mix of developments across its business segments, marked by progress in backlog quality and pipeline growth tempered by discrete charges and ongoing geopolitical uncertainties.The company continues to target large, complex engineering, procurement, and construction (EPC) projects, emphasizing early-stage engagement to shape project scopes, costs, and schedules—an approach aimed at enhancing execution outcomes.New awards for the quarter totaled $2.7 billion, with 98% reimbursable work, though the company noted that larger bookings are expected in the second half of 2026.

Fluor’s Big Break: Nuclear, LNG And Data Centers Are Expanding The Pipeline!

<ul><li>Santos litigation, appeal process and related cash outflows The Santos legal ruling remains a material challenge for Fluor Corporation, with a $653 million charge recorded as a reduction to revenue and an expected payment of roughly $600 million to enable the appeal process in Australia.</li><li>Management is working with insurers on contributions toward the appeal payment and legal costs, but final amounts and timing are not yet confirmed, and the initial charge received no tax benefit.</li><li>The combination of appeal uncertainty, funding needs, insurance negotiations and potential future tax treatment introduces ongoing volatility for reported earnings, operating cash flow optics and the pace at which excess capital can be returned to shareholders or deployed for growth.</li></ul>

Santos litigation, appeal process and related cash outflows The Santos legal ruling remains a material challenge for Fluor Corporation, with a $653 million charge recorded as a reduction to revenue and an expected payment of roughly $600 million to enable the appeal process in Australia.Management is working with insurers on contributions toward the appeal payment and legal costs, but final amounts and timing are not yet confirmed, and the initial charge received no tax benefit.The combination of appeal uncertainty, funding needs, insurance negotiations and potential future tax treatment introduces ongoing volatility for reported earnings, operating cash flow optics and the pace at which excess capital can be returned to shareholders or deployed for growth.

Fluor Corporation: Is Its Explosive $1.3 Billion Buyback Plan a Game-Changer for the Stock?

<ul><li>Fluor Corporation has recently recorded a mixed performance for the full year 2025, with both highlights and challenges evident in its operational results and strategic maneuvers.</li><li>The company made strides in executing its strategic plans but faced certain project-specific setbacks that reduced overall profitability.</li><li>Positive aspects of the year included significant progress in Fluor’s strategic objectives, such as the deployment of $754 million in share repurchases during 2025 and a substantial additional allocation early into 2026.</li></ul>

Fluor Corporation has recently recorded a mixed performance for the full year 2025, with both highlights and challenges evident in its operational results and strategic maneuvers.The company made strides in executing its strategic plans but faced certain project-specific setbacks that reduced overall profitability.Positive aspects of the year included significant progress in Fluor’s strategic objectives, such as the deployment of $754 million in share repurchases during 2025 and a substantial additional allocation early into 2026.

Fluor Corporation: Power, LNG, Data Centers—A New Growth Engine Is Taking Shape!

<ul><li>Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.</li><li>The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.</li><li>With Fluor’s core business lagging and NuScale's valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.</li></ul>

Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.With Fluor’s core business lagging and NuScale's valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

Fluor Gets A Jolt As Activist Starboard Pushes For NuScale Breakup!

United States

Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

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Fluor Corp (FLR US)

Fluor’s $6.1 Billion Award Surge Could Unlock A Bigger Growth Engine!

Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution...

Baptista Research

Fluor’s Big Break: Nuclear, LNG And Data Centers Are Expanding The Pipeline!

Fluor Corporation’s first quarter 2026 results reflect a mix of developments across its business segments, marked by progress in backlog quality...

Baptista Research

Fluor Corporation: Is Its Explosive $1.3 Billion Buyback Plan a Game-Changer for the Stock?

Santos litigation, appeal process and related cash outflows The Santos legal ruling remains a material challenge for Fluor Corporation, with a...

Baptista Research

Fluor Corporation: Power, LNG, Data Centers—A New Growth Engine Is Taking Shape!

Fluor Corporation has recently recorded a mixed performance for the full year 2025, with both highlights and challenges evident in its operational...

Baptista Research

Fluor Gets A Jolt As Activist Starboard Pushes For NuScale Breakup!

Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and...

Baptista Research

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