- Rafael Construction - NV
- 2026
- 6
- 2
- 33.33%
- $3,551,461
- 4.58%
- 14.43%
- 7.04%
- $22,798,160

With only **$1.36M** in remaining backlog from the Pumpkin Park project, cash flow will rely heavily on collections and any new awards secured at the improved **40%** success rate in 2026. Limited active volume creates pressure to convert recent bids totaling **$18.4M** into executed contracts quickly.
Medium-term Outlook (6-12 months)
Bidding momentum from 2026 positions the firm for potential backlog growth if the **40%** win rate holds, though 2025's low **14.3%** success and minimal prior wins signal inconsistent pipeline conversion. Sustained awards above **$3.5M** annually will be required to stabilize operations beyond the current single project.
Key Risk Period
The period following completion of the Pumpkin Park Phase 2 work represents the highest exposure, as the firm enters 2027 with no other reported backlog and a history of zero wins in 2024. Failure to replenish the **$1.36M** pipeline could trigger cash flow shortfalls within 9-12 months.
Recommendations
Prioritize aggressive bidding on larger-volume opportunities while tightening markup discipline to protect the **4.58%** average left on low. Implement monthly backlog tracking and prequalification reviews to accelerate win rates and diversify beyond the current single-project dependency.
- Kiel Ranch Phase VI Family Mesa
- North Las Vegas
- $4,381,000
- 9/1/26
- 215 Northern Beltway Trail Segment 1 N Decatur Boulevard Clayton Street
- North Las Vegas
- $10,904,000
- 6/10/26
- Pioneer Detention Basin Repairs
- Henderson
- $916,169
- 5/27/26
- Blue Diamond Wash Trail Durango Dr Hualapai
- Clark County
- $3,045,530
- 4/22/26
- Existing Stephanie Lift Station Improvements
- Henderson
- $462,731
- 3/9/26
- Pumpkin Park Phase 2 Site Improvements
- Henderson
- $3,088,730
- 3/3/26



