Executive Summary
DHS stream delivers $241M in contracts with performance into 2026-27, dominated by Coast Guard engineering/UAS awards to Boeing/Insitu ($96M) and Lockheed Martin ($65M combined), signaling sustained homeland security modernization spending. Three bullish signals highlight revenue visibility for defense primes and small IT firms amid zero outlays indicating front-loaded obligations.
Investors should prioritize Boeing and Lockheed for near-term backlog growth, monitoring execution as periods extend through mid-2026.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Tracking the trend? Catch up on the prior DHS Homeland Security Contracts digest from March 13, 2026.
Investment Signals (3)
- Boeing/Insitu secures largest DHS UAS contract (HIGH)▲
Fully obligated $96M firm-fixed price award for Coast Guard cutter UAS installs provides steady revenue through June 2026, bolstering Boeing's defense services backlog.
- Lockheed Martin doubles down on Coast Guard C4ISR/sustainment (HIGH)▲
Two non-competed T&M contracts totaling $65M ensure engineering revenue through April 2026, reinforcing Lockheed's entrenched position in DHS maritime tech.
- Small biz IT set-aside boosts CBP software revenue (MEDIUM)▲
$80M BPA call for woman-owned ITSI starts March 2026, fully obligated for one-year O&M, positioning minority contractors for DHS IT expansion.
Risk Flags (3)
- Execution [HIGH RISK]▼
Zero outlays across all $241M despite multi-year spans (e.g., 2018-2026 awards) signal potential delays or slow starts.
- Competitive [MEDIUM RISK]▼
Non-competed Lockheed awards ($65M) and small biz set-asides limit rival entry but expose to sole-source scrutiny post-2026.
- Market [MEDIUM RISK]▼
Firm-fixed ($96M Boeing) and T&M pricing expose contractors to cost overruns or rate audits amid long horizons to 2027.
Opportunities (3)
- ◆
Coast Guard-focused contracts ($161M total) enable supply chain expansion via subawards ($6M Boeing, $0.3M Lockheed).
- ◆
BPA call structure and small biz set-asides position ITSI for repeat DHS/CBP IT wins beyond $80M base.
- ◆
Fully obligated base+options ($241M) offer predictable revenue amid zero current outlays, undervaluing near-term cash flows.
Sector Themes (2)
- ◆
Three contracts ($161M, 67% of total) target C4ISR, UAS, and sustainment on National Security Cutters through mid-2026.
- ◆
$80M CBP award to woman-owned firm highlights growing minority preferences in software O&M.
Watch List (3)
- 👁
{"entity"=>"Boeing (Insitu)", "reason"=>"$96M lead award with $90M retained post-subawards offers highest materiality in UAS backlog.", "trigger"=>"Outlays >10% of obligation or cutter deployment news"}
- 👁
{"entity"=>"Lockheed Martin", "reason"=>"Combined $65M non-competed Coast Guard exposure signals follow-on potential post-April 2026.", "trigger"=>"New sole-source awards or budget hikes"}
- 👁
{"entity"=>"Information Technology Strategies, Inc.", "reason"=>"Future-dated $80M validates small biz IT momentum in CBP.", "trigger"=>"2026 start outlays or BPA expansions"}
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