- Highland Paving Co
- 2026
- 9
- 5
- 55.56%
- $27,401,243
- 3.51%
- 8.33%
- 5.03%
- $85,644,682

Highland Paving maintains stable cash flow from **$20.97M** remaining backlog across four active projects, with three bid in May-July 2026 and long 120-month durations supporting gradual revenue recognition. The 50% success rate on **$84.4M** total bids in 2026 provides a solid near-term pipeline to sustain operations.
Medium-term Outlook (6-12 months)
Backlog burn will accelerate as shorter-duration elements complete, requiring replacement volume to offset the drop from 2025's **$55.1M** in low bids. Continued 46-50% win rates position the firm to replenish work if bidding activity scales to prior-year levels of **$134.4M**.
Key Risk Period
The primary risk emerges in 9-15 months once the current **$21M** backlog is substantially depleted, particularly given 500-month contract durations that slow cash conversion and the 2.31% average left on low bids limiting margin buffers.
Recommendations
Prioritize aggressive bidding on 8-12 additional projects in the next quarter to build **$40M+** in new backlog. Monitor contract durations closely and negotiate faster progress payments to improve liquidity ahead of the depletion window.
- NMAC Parking Lot Rehabilitation
- Holly Springs
- $1,644,245
- 7/22/26
- Eastwood Road Median Improvements
- Wilmington
- $2,430,216
- 7/7/26
- C204970 Brunswick
- NCDOT
- $8,411,806
- 6/16/26
- C205212 Pender
- NCDOT
- $4,718,475
- 6/16/26
- C205187 CUMBERLAND
- NCDOT
- $15,507,761
- 5/19/26
- C205199 BRUNSWICK
- NCDOT
- $5,140,451
- 5/19/26
- Rockfish Elementary School Parking Improvements
- Cumberland County
- $1,248,889
- 4/16/26
- 44367.3.1 ROBESON C205036
- NCDOT
- $43,468,913
- 2/17/26
- 2026CPT.08.04.10531 LEE
- NCDOT
- $3,073,926
- 1/20/26
- 2026CPT.08.04.10531 LEE
- Wilmington
- $2,430,216
- 09/05/26
- 120
- 55.8%
- $607,554
- $1,073,345
- 2026CPT.08.04.10531 LEE
- NCDOT
- $15,507,761
- 07/18/26
- 120
- 96.7%
- $3,876,940
- $516,925
- 2026CPT.08.04.10531 LEE
- NCDOT
- $5,140,451
- 07/18/26
- 120
- 96.7%
- $1,285,113
- $171,348
- 2026CPT.08.04.10531 LEE
- NCDOT
- $3,073,926
- 03/21/26
- 500
- 47.0%
- $184,436
- $1,629,181
- $5,954,043
- $3,390,799

