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  "notes": "The chart specifically excludes the NuScale stake post-tax to isolate Fluor's core valuation.",
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      "text": "We believe the market is not giving Fluor credit for its substantial transformation",
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      "text": "EV (excl. NuScale Stake Post-Tax) / NTM EBITDA Since David Constable's CEO Tenure",
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      "text": "Today, Fluor has a stronger contract mix, greater exposure to high-growth markets, and an opportunity to meaningfully improve EBITDA, yet its valuation, excluding its stake in NuScale, is lower than four years ago.",
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      "text": "Source: Public company filings, Capital IQ. Market data as of October 17, 2025. Note: our analysis assumes NuScale is deconsolidated during the period shown above. (1) Fluor's stake in NuScale is shown post-tax... (2) Data shown from January 1, 2021...",
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      "kind": "title",
      "text": "...And its Historical Trading Multiple, Despite Improved Fundamentals",
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