- Flatiron Dragados West Constructors - CA
- 2026
- 13
- 3
- 23.08%
- $596,200,697
- 8.86%
- 22.52%
- 13.73%
- $1,623,679,453
- 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 contractor maintains a thin active backlog of **$8.5M** across two extended-duration projects, limiting near-term revenue generation and cash flow stability. Recent 2026 awards totaling **$15.3M** at a 40% success rate offer modest uplift potential, though mobilization on new work remains uncertain. Immediate focus should target efficient drawdown of the Gardi A33 A35 remaining balance.
Medium-term Outlook (6-12 months)
Sustained bidding activity at the **$200.7M** level could expand backlog if win rates persist, supporting steadier operations beyond the current low **$8.5M** remaining. The zero success in 2025 highlights execution gaps that may constrain growth. Long 120-month durations imply gradual revenue recognition rather than rapid backlog conversion.
Key Risk Period
The 9-15 month window after current project completions represents the primary risk, as minimal backlog and inconsistent prior-year results could trigger cash flow shortfalls without new awards.
Recommendations
Increase bid volume and refine proposal processes to rebuild backlog above **$15M** annually. Implement monthly cash flow forecasting tied to the **$8.5M** remaining to mitigate liquidity gaps.
- Taxiway L Extension
- Denver
- $93,050,253
- 6/11/26
- Gardi A33 A35
- Denver International Airport
- $11,091,857
- 5/14/26
- DS West Phase 2
- Denver International Airport
- $87,817,186
- 3/10/26
- 2026 Annual Airfield Pavement Rehabilitation
- Denver City
- $4,172,369
- 2/18/26
- Water Quality Infrastructure Improvements
- Denver International Airport
- $4,522,736
- 1/13/26




