Significant Contract Modifications ($10M+) — June 04, 2026

FISHER SAND & GRAVEL CO secured a $2.59 billion contract from the Department of Homeland Security, the largest single award by value (84% of total). The bullish signal (7/10) suggests strong demand for construction or logistics services, but the lack of pricing, competition, or revenue data limits conviction.

Leidos' $234.9M firm-fixed-price IT support contract with CMS (2018-2023) is nearing completion with $112M outlayed. The full-and-open competition win reinforces Leidos' competitive position in healthcare IT, but the contract's end creates a re-compete catalyst that could drive upside or downside depending on renewal.

SURATECH LLC, a private nonprofit, won a $113.3M cost-plus-award-fee contract to manage the Thomas Jefferson National Accelerator Facility. While the contract is stable and mission-critical, the entity is not publicly traded, limiting direct investment implications. Subcontracting opportunities may exist for publicly traded firms.

FISHER SAND & GRAVEL CO's $2.59B award represents 84% of total obligation value, creating extreme single-contract concentration. The lack of pricing, competition, or revenue data for this award introduces execution and budget risk, especially given it is a civilian (DHS) contract subject to CR uncertainty.

NW CONSTRUCTION, INC's $139.3M DOI contract modification has no pricing, competition, or revenue data, raising execution risk. The neutral signal (5/10) and lack of transparency suggest potential cost overruns or scope changes.

All four contracts are civilian, making them more vulnerable to budget sequestration or CR impacts than defense contracts. The $2.59B DHS award is particularly exposed if DHS faces budget cuts or delays.

Leidos' $234.9M CMS IT contract win in full-and-open competition signals strong positioning for healthcare IT services. The contract's near-completion creates a re-compete opportunity that could expand Leidos' CMS footprint if renewed.

SURATECH LLC's $113.3M DOE contract for TJNAF management may create subcontracting opportunities for publicly traded firms in R&D, engineering, or facilities management. DOE's stable funding for nuclear physics facilities supports long-term demand.

FISHER SAND & GRAVEL CO's $2.59B DHS contract, if executed successfully, could signal a new revenue stream for the construction/infrastructure sector. However, the lack of data limits conviction; investors should monitor outlays for confirmation.

Leidos' $234.9M CMS IT support contract (full-and-open competition) reinforces the theme of civilian agency IT modernization, particularly in healthcare. The firm-fixed-price structure suggests manageable margins and stable demand for IT services at HHS/CMS.

SURATECH LLC's $113.3M DOE contract for TJNAF management highlights the stable, mission-critical nature of government-owned, contractor-operated (GOCO) R&D facilities. However, the private entity structure limits direct public equity exposure.

The $2.59B DHS award to FISHER SAND & GRAVEL CO, with no pricing, competition, or revenue data, underscores the opacity of large civilian infrastructure contracts. This contrasts with defense contracts, which typically have more detailed disclosures.

{"entity"=>"Leidos, Inc.", "reason"=>"Leidos' $234.9M CMS IT contract is near completion; re-compete or renewal will be a key catalyst for healthcare IT services revenue.", "trigger"=>"CMS IT services re-compete announcement (expected 2024-2025)"}

{"entity"=>"FISHER SAND & GRAVEL CO", "reason"=>"The $2.59B DHS contract is the largest award but lacks transparency; outlay data and DHS budget updates will confirm execution.", "trigger"=>"DHS budget allocation for FY2027; first outlay report on FISHER contract"}

{"entity"=>"Department of Homeland Security", "reason"=>"DHS is the dominant agency in this period (84% of total value); any budget cuts or CR impacts will directly affect the FISHER contract.", "trigger"=>"FY2027 budget resolution; CR passage by October 1, 2026"}