- Flatiron Dragados West Constructors - CA
- 2026
- 10
- 3
- 30.00%
- $596,200,697
- 8.86%
- 25.28%
- 15.24%
- $1,356,260,781
- Flatiron Dragados West Constructors - TX
- 2026
- 1
- 0
- 0.00%
- $0
- 0.00%
- 15.93%
- 2.93%
- $111,133,856
- Flatiron Dragados West Constructors - WA
- 2026
- 2
- 0
- 0.00%
- $0
- 0.00%
- 16.77%
- 11.38%
- $80,501,775
- Flatiron Dragados West Constructors - CO
- 2026
- 5
- 2
- 40.00%
- $15,264,226
- 2.64%
- 9.43%
- 3.07%
- $200,654,401

The **$640M** remaining backlog, anchored by the **$375M** I Street Bridge and **$87M** Riverside projects, supports steady cash inflows as these active contracts advance. Recent bid success rising to 30% in 2026 with **$596M** in low bids provides additional near-term revenue visibility. Execution of the **$82M** Shasta County project further bolsters liquidity.
Medium-term Outlook (6-12 months)
Continued ramp-up on the **$97M** Placer County and **$375M** bridge projects will sustain backlog burn rates through mid-2027. Improved win rates and **$1.4B** in 2025 bids position the firm for expanded volume, though long contract durations of 600-1100 months may delay full recognition. Overall backlog conversion should maintain positive cash flow.
Key Risk Period
Extended durations across all four active projects create peak risk in 12-24 months if change orders or payment delays materialize, potentially straining working capital despite the **$640M** total. Lower 2024-2025 success rates highlight vulnerability to bid volatility.
Recommendations
Prioritize aggressive pursuit of high-probability bids to replenish backlog above **$800M**. Implement monthly cash flow forecasting tied to the **$375M** and **$111M** projects to mitigate duration-related risks.
- 02-2K0004 Shasta County Near Shasta From 0.4 Mile West Whiskey Creek Road 0.1 Mile East Lake Vista
- Caltrans
- $82,334,035
- 7/30/26
- 12-0K9704 Orange Riverside Counties Route 241 From 0.1 Mile South Santiago Creek Bridge Route 91 R
- Caltrans
- $328,654,516
- 7/16/26
- 04-2Y2204 Contra Costa Marin Counties Richmond San Rafael From 1.1 Miles East Main Street 1.1 Miles
- Caltrans
- $283,598,019
- 6/3/26
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Irvine
- $7,557,110
- 5/28/26
- 11-2N2084 San Diego County Near National City San Diego From South Chollas Creek Bridge Broadway Ov
- Caltrans
- $5,195,000
- 4/14/26
- I Street Bridge Replacement
- Sacramento
- $398,514,792
- 4/8/26
- 06-0S37U4 Kings Fresno Counties Near Lemoore From 0.3 Mile South Excelsior Avenue 1.0 Mile South Co
- Caltrans
- $62,434,852
- 2/12/26
- Placer Parkway Phase 1 Construction
- Placer County
- $65,832,387
- 2/10/26
- 03-3H5904 Placer County At Various Locations
- Caltrans
- $115,351,870
- 2/3/26
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Irvine
- $6,788,200
- 1/29/26
- 02-2K0004 Shasta County Near Shasta From 0.4 Mile West Whiskey Creek Road 0.1 Mile East Lake Vista
- Caltrans
- $82,334,035
- 09/28/26
- 600
- 0%
- -
- $82,334,035
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Sacramento
- $398,514,792
- 06/07/26
- 1100
- 6.7%
- $10,868,585
- $371,705,615
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Caltrans
- $115,351,870
- 04/04/26
- 790
- 17.5%
- $4,380,451
- $95,201,797
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Caltrans
- $111,110,574
- 02/16/26
- 800
- 23.1%
- $4,166,647
- $85,416,254
- $19,415,683
- $634,657,701




