- SEMA Construction - CA
- 2026
- 5
- 0
- 0.00%
- $0
- 0.00%
- 11.12%
- 7.06%
- $140,623,069
- SEMA Construction - TX
- 2026
- 5
- 0
- 0.00%
- $0
- 0.00%
- 10.56%
- 5.19%
- $696,213,784
- SEMA Construction - AZ
- 2026
- 4
- 1
- 25.00%
- $6,334,502
- 0.88%
- 3.20%
- 7.22%
- $37,202,085
- SEMA Construction - CO
- 2026
- 14
- 1
- 7.14%
- $43,967,018
- 0.68%
- 16.58%
- 6.95%
- $222,026,410
- SEMA Construction - FL
- 2026
- 6
- 1
- 16.67%
- $123,000,000
- 1.77%
- 29.93%
- 16.71%
- $334,357,000

The **$120M** remaining backlog, dominated by **$114.8M** on the Manatee project, will generate minimal cash flow given the extended 1200-month duration and 1.77% average left on low bids. Historical success rates of only 12.5-20% limit near-term revenue supplementation from new awards.
Medium-term Outlook (6-12 months)
Steady but slow recognition of the **$5.1M** Orange project remainder supports operations through year-end, though the single annual win pattern provides little buffer against depletion. Bidding volume of **$328M** in 2026 offers potential upside if margins improve.
Key Risk Period
Beyond 12 months, the combination of ultra-long durations and low win rates creates elevated exposure to revenue gaps once current backlog burns off without pipeline replenishment.
Recommendations
Increase bid submissions while tightening markup discipline to lift success rates above 20%, and accelerate progress tracking on the **$115M** active backlog to stabilize cash inflows.
- Ellenton Gillete RD Mendoza RD 37TH Street East Intersection Improvements
- Manatee County
- $6,732,000
- 9/10/26
- Emergency Wallington Drive Bridge No 754190 Egret Way Bridge No 754187 Replacements
- Orange County - FL
- $11,150,000
- 7/14/26
- T1920 MANATEE
- FDOT
- $123,000,000
- 3/25/26
- T5875 FLAGLER
- FDOT
- $14,295,000
- 1/28/26
- E8V59 LAKE
- FDOT
- $169,500,000
- 1/27/26
- E1W96 POLK
- FDOT
- $9,680,000
- 1/15/26



