Filing Flows › Fluor (FLR) › Takeover & LBO
Is Fluor (FLR) a takeover target?
A leveraged buyout at today's price plus 30% ($58.47 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.8% of companies with its figures were bought within a year (0.95× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $58.47 | today's $44.98 plus 30% |
| × shares | 136.0 million | |
| = Equity value | $8.0B | |
| + Debt refinanced | $1.1B | |
| − Cash | $3.1B | |
| + Other claims | $117M | preferred stock, minority interests |
| = Enterprise value | $6.0B | 10.6× EBITDA of $569M |
| Fees | $121M | 2% of the price |
| New debt | $3.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.0B | 49% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $16.2B | $580M | $239M | $238M | $2.9B |
| Year 2 | $16.5B | $593M | $221M | $260M | $2.6B |
| Year 3 | $17.0B | $607M | $201M | $284M | $2.3B |
| Year 4 | $17.4B | $624M | $180M | $311M | $2.0B |
| Year 5 | $17.9B | $643M | $156M | $342M | $1.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 7.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $4.8B | |
| − Debt left | $1.7B | |
| = Buyer's equity | $3.1B | |
| Money multiple | 1.01× | on $3.0B put in |
| Buyer's yearly return (IRR) | 0.2% |
Price against return
What the buyer makes at other premiums over today's $44.98.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $49.48 | 11.3% |
| 20% | $53.98 | 4.9% |
| 30% | $58.47 | 0.2% |
| 40% | $62.97 | −3.5% |
| 50% | $67.47 | −6.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $15.9B | |
| EBITDA, last 12 months | $569M | 3.6% of revenue |
| Depreciation and amortization | $64.0M | |
| Capital spending | $38.0M | |
| Debt | $1.1B | |
| Cash | $3.1B | |
| Share price | $44.98 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.9% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Fluor would cost about $62.97 a share, $8.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $51.59 | $7.0B |
| Median | 40% | $62.97 | $8.6B |
| High end (a quarter paid more) | 60.2% | $72.06 | $9.8B |
The odds, from history
Historically 4.8% of companies with its figures were bought within a year (0.95× the average). Its figures put it in decile 5 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Fluor's latest quarter
Fluor, Q3 2026: revenue $3.7B (+10% year over year), operating margin 6.0%, net earnings $158M, operating cash flow $186M. The chart follows the revenue to costs, profit and cash.
Questions
Is Fluor being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Fluor?
A leveraged buyout at today's price plus 30% ($58.47 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Fluor cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Fluor would cost about $62.97 a share, $8.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.