- RJ Gorman Marine Contracting
- 2026
- 11
- 3
- 27.27%
- $27,961,739
- 8.33%
- 29.27%
- 12.96%
- $68,686,307

The contractor holds **$23M** in remaining backlog across three active projects, supporting steady cash flow as work advances on the largest **$11.9M** and **$10.5M** contracts. Recent 30% bid success in 2026 has replenished pipeline after a zero-win 2025, though long contract durations may slow near-term revenue recognition. Focus on timely billing and subcontractor management to maintain positive cash position.
Medium-term Outlook (6-12 months)
Bidding volume rose to **$65M** in 2026 with **$28M** secured, positioning the firm for backlog growth if success rate holds above 25%. Depletion of current **$23M** backlog will require converting additional bids to sustain operations beyond Q3 2026. Marine contracting in FL remains competitive, demanding disciplined cost control on low-margin awards.
Key Risk Period
The 12-18 month window presents elevated risk if 2025's zero-win pattern recurs, potentially creating a backlog gap after current projects wind down. Extended durations exceeding 150 months on active jobs could also strain working capital and bonding capacity during this transition.
Recommendations
Prioritize aggressive bidding on 8-10 additional marine projects quarterly while targeting at least 25% win rate to rebuild backlog above **$40M**. Implement monthly cash-flow forecasting tied to remaining estimates and pursue early completion incentives on the **$11.9M** Wakulla contract.
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