General Federal Contracts — March 29, 2026

Over $698M obligated to Carahsoft and Leidos for CMS income verification software ($465M, $337M outlayed) and NIH COVID ACTIV3 R&D ($234M, $157M outlayed), with multi-year horizons to 2029.

Four contracts fully obligate base+options through 2027-2029, with $866M total outlayed (65% of obligations), providing predictable cash flows.

Family Endeavors fully outlays $347M ORR influx care, with $3.3B options potential through 2025.

Firm fixed price prevalent (4/5 contracts) risks margin compression if costs rise; IDEMIA shows $0 outlay despite 2017 award.

Long durations (to 2029) expose to budget shifts; options unexercised in all but Leidos/NISA.

$5.8B+ untapped options across contracts (e.g., Carahsoft $2.1B, Family Endeavors $3.3B) for expansion.

HHS focus on software (NAICS 511210) and R&D (541715) amid verification/R&D needs; remaining $467M outlays.

HHS awards 52% of total value for software publishing and biomed R&D, with high outlays signaling execution reliability.

Contracts average 6+ years remaining, fully competing non-SB winners in software, facilities, security.

{"entity"=>"Carahsoft Technology Corp", "reason"=>"Largest obligation ($465M, 35% total) with $1.6B options upside to 2028.", "trigger"=>"$128M remaining outlay completion or option exercise"}

{"entity"=>"Family Endeavors Inc", "reason"=>"$3.3B options dwarf $347M obligation in facilities (NAICS 561210).", "trigger"=>"Performance extension to 2025-11-15"}

{"entity"=>"IDEMIA National Security Solutions LLC", "reason"=>"$204M obligation with $0 outlay signals potential ramp or delay.", "trigger"=>"Initial outlays or State modifications"}