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      "text": "Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA",
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      "text": "Source: Public company filings, Wall Street consensus estimates, Bloomberg, Capital IQ. Market data as of October 17, 2025. (1) Calculated as NuScale's closing share price of $44.25 multiplied by Fluor's ownership of 111.4mm shares minus $1,035mm in taxes (assuming a 21% tax rate) offset by approximately $75mm of deferred tax attributes.",
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