Executive Summary
This Contract Deobligations Alert synthesizes 11 civilian agency contracts totaling $1,160,990,335 in obligations, with 0 defense-related awards, highlighting steady execution across construction and IT services amid low average outlays signaling early-stage risks. Dominant themes include DHS Coast Guard infrastructure recapitalization (e.g., Whiting-Turner $137.8M, L3Harris $151.9M) and HHS/VA IT support (e.g., Veterans EZ Info $117.3M, Leidos $74.5M + $84.1M).
Highest-conviction bullish signals favor construction primes like J.E. Dunn ($151.5M GSA FDA lab) and Whiting-Turner for multi-year revenue visibility through 2029. Key risk is high fixed-price execution across 9/11 contracts, with minimal outlays (e.g., $0 on several large awards like Birdon America $83.9M). Watch outlay progression and option exercises for revenue recognition clarity.
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Tracking the trend? Catch up on the prior Contract Deobligations Alert digest from April 24, 2026.
Investment Signals (7)
- J.E. Dunn Secures $151.5M GSA FDA Lab Construction Through 2029 (HIGH)▲
J.E. Dunn Construction Company's $151.5M firm fixed price contract (base + options $158.6M) for FDA Building 22 at Denver Federal Center provides ~$25M annual revenue visibility, awarded via full and open competition with only $678K outlayed to date.
- Whiting-Turner Wins $137.8M DHS Coast Guard Base Seattle Recapitalization (HIGH)▲
Whiting-Turner Contracting Company's $137.8M firm fixed price delivery order for CERCLA clean-up and waterfront recapitalization at Base Seattle, supporting Polar Security Cutters, offers ~$38M annual revenue through 2029-04-09 with $0 outlayed yet.
- L3Harris Technologies Lands $151.9M DHS C-130 Minotaur Missionization (MEDIUM)▲
L3Harris Technologies Integrated Systems L.P.'s $151.9M firm fixed price contract for Coast Guard C-130 modifications through 2024-01-31 retains ~$119M net after $32.7M subawards, fully funded base + options under full competition.
- Veterans EZ Info Gains $117.3M VA DevSecOps Delivery Order to 2030 Potential (HIGH)▲
Veterans EZ Info Inc.'s $117.3M time and materials delivery order (ceiling $158.4M) for VA Community Care DevSecOps has $31.7M outlayed already, SDVOSB set-aside despite non-small status, projecting ~$23M/year.
- Leidos Captures Dual HHS IT Awards Totaling $158.7M (MEDIUM)▲
Leidos Inc. holds $84.1M NIH OCSE systems O&M (65% outlayed) through 2026 and $74.5M NHLBI ARPA-H support (77% outlayed) through 2026, both firm fixed price with ceilings to $100.6M and $100M respectively.
- Hensel Phelps Awarded $127.6M NIH Construction Delivery Order (MEDIUM)▲
Hensel Phelps Construction Co's $127.6M firm fixed price delivery order for NIH buildings in Hamilton, MT, through 2027 has $36.9M outlayed, fully obligated base + options via full competition.
- Birdon America Secures $83.9M DHS Coast Guard Inland Buoy Tender (MEDIUM)▲
Birdon America Inc.'s $83.9M firm fixed price delivery order for WLR 1801 vessel build through 2028-03-22, awarded to small disadvantaged business via full competition post-source exclusion.
Risk Flags (2)
- Execution [HIGH RISK]▼
High fixed-price contract risk on 9/11 awards (e.g., J.E. Dunn $151.5M, Whiting-Turner $137.8M, L3Harris $151.9M) with low outlays ($0 on multiple like Birdon $83.9M, Medline $77.6M) signaling potential cost overruns in construction/IT.
- Budget [MEDIUM RISK]▼
Early-stage execution with $0 outlayed on high-value contracts like Whiting-Turner $137.8M DHS and Birdon $83.9M DHS, plus post-performance award for Medline $77.6M VA (March 2026 period).
Opportunities (3)
- ◆
DHS Coast Guard infrastructure via Whiting-Turner $137.8M recapitalization and Birdon $83.9M vessel build, plus L3Harris $151.9M aircraft mod, signal multi-year construction/shipbuilding expansion through 2029.
- ◆
Veterans EZ Info Inc. $117.3M VA DevSecOps as SDVOSB set-aside (ceiling $158M to 2030 potential) despite non-small status.
- ◆
Leidos Inc. dual HHS wins ($84.1M + $74.5M) with significant outlays ($65.4M + $57M) and options to $200M+ total, plus J.E. Dunn $151.5M GSA lab to 2029.
Sector Themes (2)
- ◆
Multiple awards totaling $373.6M to L3Harris $151.9M aircraft, Whiting-Turner $137.8M base clean-up for Polar Cutters, Birdon $83.9M buoy tender through 2028-2029, all firm fixed price via full competition.
- ◆
Leidos $158.7M combined IT delivery orders (high outlays) for OCSE/ARPA-H plus Hensel Phelps $127.6M construction (29% outlayed), Skyward $80M CMS data center support through 2027-2029 potential.
Watch List (5)
- 👁
{"entity"=>"J.E. Dunn Construction Company", "reason"=>"$151.5M GSA contract with only $678K outlayed early in 6-year term to 2029-01-29", "trigger"=>"outlay progress and option exercises toward $158.6M"}
- 👁
{"entity"=>"Whiting-Turner Contracting Company", "reason"=>"$137.8M DHS delivery order at $0 outlay for 3.6-year Seattle base project", "trigger"=>"initial outlays from 2025-08-26 start"}
- 👁
{"entity"=>"Leidos Holdings, Inc.", "reason"=>"Dual $158.7M HHS obligations with $122.4M outlayed; options to $200M+ by 2026", "trigger"=>"remaining $18.8M + options exercise"}
- 👁
{"entity"=>"Veterans EZ Info Inc.", "reason"=>"$117.3M VA order (ceiling $158M) with $31.7M outlayed post-2024 award", "trigger"=>"option exercises to 2030-03-08 potential"}
- 👁
{"entity"=>"DHS Coast Guard", "reason"=>"Cluster of $373.6M awards (L3Harris, Whiting-Turner, Birdon) at low/no outlays", "trigger"=>"FY2027 budget for infrastructure recapitalization"}
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