David Einhorn Stock Portfolio: Top 5 Stock Picks

2. Fluor Corporation (NYSE:FLR)

Greenlight Capital’s Stake: $220 Million 

Fluor Corporation (NYSE:FLR) first appeared in the 13F portfolio of Greenlight Capital in the second quarter of 2025. This position comprised 3.8 million shares. The fund added to this holding by more than 55% in the third quarter of 2025, growing it to 5.5 million shares. Filings for the fourth quarter of 2025 show that the fund owned 5.56 million shares in the firm, up a little under 1% compared to filings for the previous quarter. The firm provides engineering, procurement, construction, fabrication and modularization, and project management services.

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The single most important factor for institutional investor interest in Fluor Corporation (NYSE:FLR) is the shift away from high-risk, fixed-price contracts. As of early 2026, 82% of Fluor’s $25.5 billion backlog is now under reimbursable terms. This protects the company from the cost overruns and inflation that historically crushed its margins. By passing cost increases directly to clients, Fluor’s earnings have become significantly more predictable, moving the stock from a speculative play to a core industrial holding. Hedge funds are bullish on Fluor’s shareholder-first capital allocation strategy in 2026. After repurchasing $754 million in shares during 2025, Fluor has announced plans to repurchase an additional $1.4 billion in 2026. A primary source of this cash is the monetization of its stake in NuScale Power. Fluor received $1.35 billion in Q1 2026 from NuScale share sales and expects to fully exit the investment by the end of Q2 2026.