Significant Contract Modifications ($10M+) — May 21, 2026

Leidos Holdings subsidiary won a $432.5 million cost-plus-fixed-fee delivery order to operate an NIH R&D facility through May 2026, providing a stable $64.6 million annual revenue stream with low pricing risk.

Peraton Inc., a Veritas Capital portfolio company, secured a $95.1 million delivery order (options up to $118.7M) for CMS fraud prevention IT services through June 2026, with time-and-materials pricing providing some flexibility.

General Dynamics Information Technology received a $70.6 million initial obligation on a $1.25 billion ceiling cost-plus-award-fee contract for enterprise IT management support services, with options extending to 2033, representing a long-term revenue catalyst.

Leidos' $432.5M NIH contract has only $1.15 million outlaid (0.3% of total), indicating early-stage execution risk and potential for slow ramp-up or scope changes.

SOFTRAMS LLC's $80.7M CMS IT contract expires August 2024 with no options, creating a 100% revenue cliff for this small HUBZone firm if not renewed or recompeted.

Chimerix Inc.'s $77.1M BARDA contract (2011-2021) saw only $52,775 outlaid (0.07% utilization), signaling minimal actual revenue despite large ceiling, and the contract is now expired.

General Dynamics IT's $1.25B GSA EMITS 2 contract was awarded under full-and-open competition, meaning no protected market position and potential for aggressive pricing by rivals.

CMS fraud prevention spending is politically supported and high-budget; Peraton's $95.1M FPS2 contract positions it for follow-on work as healthcare fraud detection remains a priority.

General Dynamics IT's $1.25B GSA EMITS 2 ceiling provides significant upside as incremental funding obligations are released; current $70.6M obligation represents only 5.6% of ceiling.

SOFTRAMS LLC's HUBZone set-aside contract demonstrates CMS's commitment to small business diversity; if recompeted as a set-aside, SOFTRAMS has incumbency advantage despite fixed-price risk.

Three of five contracts ($246.4M combined) involve IT services for HHS agencies, specifically CMS fraud prevention (Peraton $95.1M), CMS IT operations (SOFTRAMS $80.7M), and GSA enterprise IT (GDIT $70.6M), signaling sustained civilian investment in digital infrastructure.

Leidos' $432.5M GOCO facility contract represents the largest award in this digest, highlighting NIH's reliance on contractor-operated R&D facilities for core mission support, with cost-plus pricing reducing profit volatility.

{"entity"=>"SOFTRAMS LLC", "reason"=>"$80.7M CMS IT contract expires August 2024 with no options; represents 100% of identified contract revenue for this small business.", "trigger"=>"Re-compete solicitation announcement or contract extension before August 2024"}

{"entity"=>"Leidos Holdings, Inc.", "reason"=>"$432.5M NIH contract has minimal outlay ($1.15M); execution pace and potential scope changes are critical to revenue realization.", "trigger"=>"Quarterly outlay rate updates and contract modification announcements"}

{"entity"=>"General Dynamics Information Technology", "reason"=>"$1.25B GSA EMITS 2 ceiling provides long-term growth potential; option exercises and incremental funding will signal trajectory.", "trigger"=>"Option exercise announcements and quarterly funding obligation updates"}

{"entity"=>"Peraton Inc.", "reason"=>"$95.1M CMS fraud prevention contract has options up to $118.7M; performance and customer satisfaction will determine expansion.", "trigger"=>"Option exercise announcements and CMS budget allocations for fraud prevention"}