General Federal Contracts — May 21, 2026

Leidos Holdings subsidiary wins a cost-plus-fixed-fee delivery order to operate an NIH R&D facility through May 2026, providing a stable ~$64.6M annual revenue stream with low pricing risk.

Peraton Inc. secures a time-and-materials delivery order for custom software development, with options up to $118.7M, signaling stable recurring revenue (~$23.8M/year) in a politically supported healthcare fraud prevention area.

General Dynamics Information Technology wins a $1.25B ceiling delivery order from GSA, with $70.6M initially obligated; option exercises through 2033 could generate $168-209M annually in enterprise IT management support.

SOFTRAMS LLC's $80.7M CMS IT contract expires August 2024, with $52.5M already outlaid (65% executed); failure to win recompete creates a ~$16.1M annual revenue cliff for this small HUBZone firm.

Chimerix, Inc.'s $77.1M BARDA contract (2011-2021) shows only $52,775 outlaid (0.07% utilization), indicating minimal actual revenue despite large ceiling; no current government revenue stream from this award.

HHS accounts for 90.6% of total obligations ($684.6M of $755.9M), creating sector concentration risk for investors exposed to government services firms reliant on civilian health agency budgets.

Peraton's CMS Fraud Prevention System 2 contract has options up to $118.7M (25% above base), offering expansion potential in a high-priority healthcare IT area with strong political support.

GDIT's EMITS 2 contract has a $1.25B ceiling with options through 2033; current obligation of $70.6M represents only 5.6% of ceiling, suggesting significant future funding opportunities as options are exercised.

SOFTRAMS LLC's HUBZone set-aside contract demonstrates policy-driven opportunities for small businesses in CMS IT; recompete could attract similar set-aside awards for qualified firms.

HHS contracts dominate this digest (90.6% of total), with Leidos ($432.5M), Peraton ($95.1M), and SOFTRAMS ($80.7M) all focused on life sciences R&D or healthcare IT operations, reflecting sustained federal investment in health technology infrastructure.

Three of five contracts (Leidos $432.5M, Chimerix $77.1M, GDIT $70.6M) use cost-plus pricing, reducing profit volatility but capping margin expansion for contractors in civilian agency work.

{"entity"=>"SOFTRAMS LLC", "reason"=>"CMS IT contract expires August 2024; recompete outcome critical for ~$16.1M annual revenue stream", "trigger"=>"CMS re-compete announcement or award for IT O&M support"}

{"entity"=>"Peraton Inc.", "reason"=>"CMS FPS2 contract options up to $118.7M; option exercise signals program expansion", "trigger"=>"Option exercise announcements through June 2027"}

{"entity"=>"General Dynamics Information Technology", "reason"=>"EMITS 2 contract has $1.25B ceiling with only $70.6M obligated; option exercises key for long-term revenue", "trigger"=>"Incremental funding obligations and option exercise announcements"}

{"entity"=>"Leidos Holdings, Inc.", "reason"=>"NIH GOCO contract runs through May 2026; outlay rate and potential extension critical for $64.6M annual revenue", "trigger"=>"Contract modification or extension announcements; outlay rate acceleration"}