Executive Summary
These 11 civilian contracts total $1,643,975,470 in obligations with 0/11 defense-related, dominated by construction awards from Department of State ($698M to Caddell), DoD ($177M to S.J. Amoroso), DHS ($132M to Whiting-Turner), and Interior ($88M to TEPA EC). Highest-conviction bullish signal is Caddell Construction's $698M firm fixed price office building contract through 2027, signaling major State commitment despite $0 outlayed. Other bullish wins for S.J. Amoroso ($177M DoD), Whiting-Turner ($132M DHS pier recapitalization), and Booz Allen Hamilton ($79M GSA engineering, potential $340M). Key risk is high firm fixed price execution exposure on top construction awards with $0 outlays on Caddell, Whiting-Turner, and others. Watch outlay progress and option exercises amid average signal strength of 4.9/10.
Tracking the trend? Catch up on the prior General Federal Contracts digest from May 07, 2026.
Investment Signals (5)
- Caddell Construction Secures $698M State Office Building Contract (HIGH)▲
Caddell Construction Co. (DE), LLC won a $698,061,227 firm fixed price contract from Department of State for office building construction, performance through 2027-10-24 under full and open competition, though $0 outlayed to date signals early-stage funding.
- S.J. Amoroso Wins $177M DoD Construction Award (HIGH)▲
S.J. Amoroso Construction Co., LLC received a $176,962,279 contract from Department of Defense, highlighting competitive strength in defense-related construction despite limited details.
- Whiting-Turner Awarded $132M DHS Coast Guard Pier Recapitalization (MEDIUM)▲
Whiting-Turner Contracting Company secured a $131,865,944 firm fixed price delivery order from DHS Coast Guard for Pier Papa recapitalization at USCG Base Charleston, performance through 2026-11-21 with full obligation but $0 outlayed.
- Booz Allen Hamilton Lands $79M GSA Engineering Order with $340M Potential (HIGH)▲
Booz Allen Hamilton Inc. won a $79,261,970 cost-plus award fee delivery order from GSA for NEBULA engineering services (NAICS 541330), base + options up to $340M through potential 2029, with $71.5M subawards.
- Pfizer HHS BARDA R&D Contract Nears 2025 End with $68M Obligated (MEDIUM)▲
Pfizer Inc.'s $68,359,692 cost-no-fee contract from HHS BARDA for biotechnology R&D (performance to 2025-09-30) has only $18.7M outlayed over 10 years, potential catalyst if $25M options exercised.
Risk Flags (3)
- Execution [HIGH RISK]▼
High firm fixed price risk on Caddell ($698M State), Whiting-Turner ($132M DHS), V3Gate ($134M VA), and TEPA EC ($88M Interior) contracts, all with substantial obligations but limited or $0 outlays indicating potential delays.
- Budget [HIGH RISK]▼
$0 outlayed on large awards to Caddell ($698M), Whiting-Turner ($132M), and Acuity-CHS ($81M State) despite years since award, signaling funding uncertainty.
- Concentration [MEDIUM RISK]▼
DHS multiple awards totaling ~$256M (Whiting-Turner $132M, ITC Federal $62M, Noblis $62M) expose sector to agency budget shifts.
Opportunities (3)
- ◆
Booz Allen Hamilton GSA delivery order with $340M base + options ceiling for engineering services through potential 2029.
- ◆
McCallie Associates NASA contract $63M obligated with $298M ceiling for GN&C systems engineering through 2028.
- ◆
ITC Federal DHS ICE IT support with $62M obligated and $80M ceiling through May 2027.
Sector Themes (2)
- ◆
Top awards total ~$1.1B for construction including Caddell $698M State office buildings, S.J. Amoroso $177M DoD, Whiting-Turner $132M DHS pier, TEPA EC $88M Interior school, signaling steady non-defense infrastructure spend.
- ◆
Awards like V3Gate $134M VA VMware IT, Booz Allen $79M GSA engineering, ITC Federal $62M DHS IT, Noblis $62M DHS management support highlight ongoing civilian agency tech needs.
Watch List (5)
- 👁
{"entity"=>"Caddell Construction", "reason"=>"$698M State contract with $0 outlayed since 2022 award", "trigger"=>"outlay progress; performance through 2027-10-24"}
- 👁
{"entity"=>"Booz Allen Hamilton (BAH)", "reason"=>"$79M GSA obligation with $340M potential and $71.5M subawards, $0 outlayed", "trigger"=>"option exercises toward $340M; end April 2027/2029"}
- 👁
{"entity"=>"Whiting-Turner Contracting", "reason"=>"$132M DHS pier recapitalization with $0 outlayed since 2022", "trigger"=>"outlay from $0; end 2026-11-21"}
- 👁
{"entity"=>"V3Gate", "reason"=>"$134M VA IT with $82M outlayed toward $137M options", "trigger"=>"option exercises; end 2026-09-30"}
- 👁
{"entity"=>"Pfizer (PFE)", "reason"=>"$68M HHS BARDA R&D with only $19M outlayed over 10 years", "trigger"=>"$25M options exercise; end 2025-09-30"}
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