Contract Option Exercises — May 06, 2026

Hensel Phelps has $143,019,223 outlayed to date on its $188,297,215 cost-plus incentive fee contract for Calexico West Land Port of Entry Phase 2A, with ~$27M annual revenue through June 2026 end date.

Peraton Inc. has $89.9M outlayed (41%) on its $220M cost-plus-fixed-fee NASA Goddard contract for balloon facility operations, with $21.5M annual revenue potential through April 2025 end and follow-on watch.

Only $38.4M outlayed on $200.6M fixed-price incentive contract for VA property management, with $20M annual est. but medium pricing risk and options unexercised toward $374M ceiling through 2025-2027.

Favor TechConsulting LLC VA IT delivery order at only $16.5M outlay (13%) of $128M obligation, with high firm-fixed-price risk and $32M subawards exceeding outlays, under NAICS 541512 through 2026.

Vendor Resource Management Inc. VA contract with $38M outlay vs. $200M obligation and potential $374M ceiling, fixed-price incentive structure exposes to non-exercise amid civilian budget pressures.

Peraton Inc. NASA contract 41% outlayed ($90M) with $72M subawards, cost-plus-fixed-fee mitigates pricing but subcontractor reliance could pressure margins on remaining $130M.

Hensel Phelps Construction Co. $188M GSA project with $45M remaining post-$143M outlay offers near-term revenue as construction advances to 2026 completion.

Peraton Inc. NASA balloon facility contract ending April 2025 positions for follow-on awards in GOCO R&D operations.

Favor TechConsulting and Vendor Resource Management VA contracts with unexercised options ($186M and $374M ceilings) enable expansion in IT and real estate if outlays accelerate.

Hensel Phelps $188M cost-plus incentive fee award for Calexico Land Port expansion shows 76% outlay execution since 2019, underscoring GSA's commitment to public buildings under NAICS 236220.

VA awards $328M split to Vendor Resource Management ($200M real estate, PSC R402) and Favor TechConsulting ($128M IT, PSC DA01), both full/open competition with low early outlays signaling option-dependent growth.

Peraton's decade-long $220M cost-plus-fixed-fee contract at 41% outlay for balloon facility (PSC M1HA) provides predictable ~$21.5M annual revenue through 2025.

{"entity"=>"Hensel Phelps Construction Co.", "reason"=>"$143M outlayed on $188M GSA contract with $45M remaining and June 2026 end.", "trigger"=>"outlay progress, June 30, 2026 end date or July 31, 2026 extension"}

{"entity"=>"Peraton Inc.", "reason"=>"41% outlay ($90M) on $220M NASA contract with $130M remaining and subaward reliance.", "trigger"=>"2025-04-30 end date and follow-on awards"}

{"entity"=>"Vendor Resource Management, Inc.", "reason"=>"19% outlay ($38M) on $200M VA contract toward $374M ceiling.", "trigger"=>"option exercises, 2025-09-30 end date"}

{"entity"=>"Favor TechConsulting, LLC", "reason"=>"13% outlay ($16M) on $128M VA IT order with $32M subawards already.", "trigger"=>"outlay acceleration, option exercises to $186M, 2026-09-29 end"}