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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The slide uses a visual contrast between the greyed-out 'Prior EPCM Players' and the highlighted green 'Current EPCM Players' to emphasize market consolidation.",
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      "text": "We believe Fluor is well-positioned, with far fewer competitors for full-service, integrated EPCM contracts",
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      "text": "Logos of various EPCM companies categorized by their market status.",
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      "text": "Source: Public company filings, company websites. Starboard has identified the “Prior EPCM Players” listed above as the relevant peer group...",
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      "text": "As competitors have left the construction market, Fluor remains one of the few capable of delivering full end-to-end EPC.",
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