Why Fluor Should Be on Your Nuclear Power Companies Stocks Watchlist in 2026

When evaluating nuclear power companies stocks, most investors immediately think of uranium miners or small modular reactor designers. But there’s a compelling alternative worth considering: companies that build the infrastructure behind the nuclear energy renaissance. Fluor (NYSE: FLR) is precisely this type of play—a mature engineering and construction firm positioned to capitalize on the growing nuclear buildout without direct exposure to uranium price volatility or unproven reactor technology.

As nuclear energy gains momentum as a clean power solution, Fluor represents a unique opportunity for investors seeking exposure to this trend through an established, diversified company rather than speculative plays. The company’s involvement spans both cutting-edge SMR projects and billion-dollar government contracts, creating multiple growth pathways.

Building the Future: Fluor’s Role in Nuclear Infrastructure

Fluor designs, constructs, and manages large-scale projects globally, providing specialized engineering and construction services across energy, mining, industrial, and infrastructure sectors. What distinguishes Fluor in today’s nuclear power companies stocks landscape is its embedded position in the accelerating nuclear expansion.

The company doesn’t just bid on nuclear contracts—it was a strategic early-stage investor in NuScale Power, the only U.S. firm with Nuclear Regulatory Commission certification for a small modular reactor design. This early backing positioned Fluor as a preferred contractor for NuScale’s commercial buildout, most notably the RoPower nuclear facility in Romania.

While Fluor is exiting its NuScale shareholding position by mid-2026 to fund $1.3 billion in stock buybacks, its contractual role as a builder and operator of NuScale-powered plants remains intact. This transition illustrates Fluor’s confidence in its operational upside versus its equity investment potential—a telling distinction for investors analyzing nuclear power companies stocks.

Two Major Revenue Streams Powering Long-Term Growth

What makes Fluor particularly interesting among nuclear power companies stocks is its diversified nuclear exposure through two substantial revenue sources.

The NuScale Partnership and Project Execution

Fluor’s primary nuclear revenue driver comes from engineering and construction contracts for NuScale projects. The RoPower Romania initiative represents the first commercial deployment of NuScale’s technology at scale, offering Fluor recurring, high-visibility project revenue over the next several years. As NuScale progresses from design certification to commercial deployment across multiple sites, Fluor’s execution capabilities position it as an indispensable partner.

The Pantex Government Contract

Beyond NuScale, Fluor’s most significant near-term revenue opportunity is arguably its stake in the Pantex Plant management contract. In 2024, a joint venture involving Fluor secured the 20-year operations and management contract for the Pantex facility in Texas, which handles nuclear weapons assembly and disassembly. This contract carries an estimated $30 billion total value if all renewal options are exercised—representing substantial, recurring government revenue with high margins.

Because Fluor holds a non-controlling interest in this joint venture, it appears as an equity-method investment rather than consolidated backlog, potentially making it overlooked by analysts reviewing reported contract totals. Yet management has flagged this as a potentially massive, recurring profit contributor that could materially enhance shareholder returns.

De-Risking Operations: A Strategic Shift Toward Stability

One factor that strengthens Fluor’s appeal within nuclear power companies stocks is its deliberate shift in contract structure. Historically, fixed-price contracts exposed Fluor to cost overruns, inflation spikes, and material price volatility—risks that squeezed profitability when projects faced delays or supply chain pressures.

Recognizing this vulnerability, Fluor has progressively pivoted toward reimbursable contracts where clients pay actual incurred costs plus a management fee. This model transfers inflation and price risk to the client while ensuring predictable margins for Fluor. As of September 2025, reimbursable contracts comprised 82% of the company’s backlog—a substantial increase reflecting this strategic realignment.

For investors evaluating nuclear power companies stocks, this shift is material. It means Fluor’s earnings visibility improves as its profit margins become less dependent on cost control and more anchored to contract execution and project management quality.

Weighing the Risks and Opportunities

Like any industrial company, Fluor faces legitimate headwinds. Its exposure to cyclical sectors—particularly energy and mining—means economic downturns can delay major projects and compress near-term earnings. Additionally, legacy fixed-price contracts still exist in the backlog, retaining some cost-overrun risk until they’re completed or restructured.

Cyclical pressures represent the primary wildcard for nuclear power companies stocks generally, and Fluor is no exception. However, the company’s strategic shift toward reimbursable contracts and its positioning as an essential partner in government-backed nuclear initiatives provides relative insulation compared to more cyclically sensitive peers.

The Verdict: A Differentiated Nuclear Energy Play

For investors bullish on nuclear power but cautious about the execution risks of unproven reactor companies or the commodity exposure of uranium plays, Fluor merits consideration. The company offers a balanced exposure to nuclear infrastructure buildout through established operational expertise, dual revenue pillars (commercial SMR projects and government contracts), and an improving contract structure that prioritizes margin stability.

With the nuclear energy renaissance accelerating and major projects like RoPower moving from design to deployment, nuclear power companies stocks tied to execution—rather than speculation—may deliver the most consistent long-term returns. Fluor’s profile fits this thesis, making it a worthwhile addition to your research list for 2026 and beyond.