In its third-quarter SEC filing dated November 14, 2025, DME Capital Management disclosed the acquisition of 1,694,100 additional shares of Fluor Corporation, raising its total holding to 5,513,680 shares. This 44.3% increase in Fluor exposure added approximately $36.13 million to the fund’s position, making Fluor the second-largest stake in DME Capital’s portfolio. As of the filing date, the Fluor position represented 9.13% of the firm’s assets under management, trailing only its top holding at 27.51%.

Over the trailing twelve months, Fluor generated $15.59 billion in revenue and $3.38 billion in net income, supported by a diversified engineering, procurement and construction business serving energy, infrastructure, government and industrial clients across the globe. The company’s backlog stood at $28 billion, although it contracted by 13% year over year. Fluor has monetized over $605 million of its majority stake in small modular reactor developer NuScale Power and expects to divest the remaining interest by mid-2026. In the third quarter alone, Fluor secured new project awards totaling $3.3 billion, underscoring its continued win rate in mission-critical sectors.

While Fluor’s integration of reimbursable contract structures—now representing 82% of its backlog—aims to stabilize margins, the firm remains exposed to the cyclical nature of large-scale construction. Year-to-date share performance has oscillated, reflecting investor apprehension over cost overruns on fixed-price projects and fluctuations in the value of its nuclear energy stake. Prospective buyers should weigh the potential for value capture through future NuScale proceeds and project award momentum against backlog declines and sector volatility before increasing exposure.