- Flatiron Dragados West Constructors - CA
- 2026
- 8
- 2
- 25.00%
- $513,866,662
- 9.39%
- 28.82%
- 16.34%
- $945,272,230
- 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
- 1
- 0
- 0.00%
- $0
- 0.00%
- 19.20%
- 12.72%
- $58,415,775
- Flatiron Dragados West Constructors - CO
- 2026
- 5
- 2
- 40.00%
- $15,264,226
- 2.64%
- 9.43%
- 3.07%
- $200,654,401

Cash flow will likely begin to drop in the second half of 2026 once the two large 2026 low-bid projects reach substantial completion without sufficient replacement work, given the contractor's recent 12.5 percent success rate and limited new awards.
Short-term (next 3-6 months) cash flow outlook
Cash flow remains stable through mid-2026 supported by active execution on the $398 million I Street Bridge and $115 million Placer County projects plus the remaining $1.47 billion backlog.
Medium-term (6-12 months) outlook
Medium-term cash flow faces pressure starting late 2026 as the 2025 and 2026 low-bid projects wind down and the low 7-12 percent historical win rate fails to replenish volume at prior levels.
Potential major risk period
The major risk period emerges in 2027 when cumulative project completions outpace new backlog additions, exposing the contractor to revenue gaps from only one low-bid win in 2024 and two in 2025.
Recommended actions for securing new work
Increase bid volume beyond the current 8-16 jobs per year and target higher success rates by sharpening cost estimates and pursuing more selective pursuits in core California markets.
How much new backlog is needed to maintain monthly cash flow
Roughly $150-200 million in new backlog per quarter is required to sustain current monthly cash flow levels based on the $1.47 billion total backlog supporting ongoing operations.
Specific recommendations for backlog targets and timelines
Target $600 million in new awards by the end of 2026 and an additional $800 million by mid-2027 to maintain steady backlog and avoid cash flow disruption.
- 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
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Sacramento
- $398,514,792
- 06/07/26
- 1100
- 1.4%
- $10,868,585
- $393,080,499
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Caltrans
- $115,351,870
- 04/04/26
- 790
- 10.0%
- $4,380,451
- $103,816,683
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Caltrans
- $111,110,574
- 02/16/26
- 800
- 15.8%
- $4,166,647
- $93,610,659
- Irvine Great Park Bosque Pedestrian Bridge CIP 322601
- Chula Vista
- $48,853,898
- 11/03/24
- 600
- 99.3%
- $2,442,695
- $325,693
- $21,858,378
- $590,833,534




