- McCarthy Building Co - AZ
- 2026
- 2
- 2
- 100.00%
- $52,000,000
- 0.00%
- 0.00%
- 0.00%
- $52,000,000
- McCarthy Building Co - TX
- 2026
- 3
- 1
- 33.33%
- $22,288,804
- 12.73%
- 11.30%
- 2.02%
- $73,683,942
- McCarthy Building Co - CA
- 2026
- 1
- 1
- 100.00%
- $7,826,083
- 7.01%
- 0.00%
- 20.88%
- $7,826,083

The **$216M** remaining backlog includes immediate revenue from the 2026 JOC project (**$3.4M** est. remaining) and the 2025 West MEC CMAR (**$41M** est. remaining), supporting positive cash flow through steady progress billings. Long contract durations will moderate burn rates but ensure consistent inflows absent payment delays.
Medium-term Outlook (6-12 months)
Execution on 2024-2025 CMAR projects, including the SROG Wastewater Rehab (**$22.6M** est. remaining) and Water Reclamation Phase 3 (**$11.4M** est. remaining), will sustain backlog utilization and cash generation. The large PSHIA airport concourse (**$119M** est. remaining) provides additional medium-term stability.
Key Risk Period
Extended durations across multiple projects (up to 1825 months) create exposure to payment timing risks, with potential cash flow pressure emerging as 2023-era projects like Cholla WTP (**$6.8M** est. remaining) wind down without accelerated new awards.
Recommendations
Focus on expediting change orders and billings on long-duration contracts while maintaining the 100% bid success rate to replenish backlog ahead of completion milestones.
- (DB) Roosevelt Campus Parking Garage 1
- Valleywise Health
- $48,000,000
- 11/27/26
- 365
- 0%
- -
- $48,000,000
- (JOC) Water Wastewater Treatment Facilities
- Glendale - AZ
- $4,000,000
- 06/21/26
- 365
- 36.4%
- $328,767
- $2,542,466
- (JOC) Water Wastewater Treatment Facilities
- West MEC
- $55,000,000
- 02/08/26
- 730
- 36.4%
- $2,260,274
- $34,958,904
- (JOC) Water Wastewater Treatment Facilities
- Scottsdale
- $15,000,000
- 06/22/25
- 1800
- 27.6%
- $250,000
- $10,858,333
- (JOC) Water Wastewater Treatment Facilities
- Phoenix
- $50,000,000
- 12/17/24
- 1100
- 62.2%
- $1,363,636
- $18,909,091
- (JOC) Water Wastewater Treatment Facilities
- Chandler
- $30,000,000
- 09/29/24
- 1100
- 69.5%
- $818,182
- $9,163,636
- (JOC) Water Wastewater Treatment Facilities
- Glendale - AZ
- $19,000,000
- 06/12/23
- 1800
- 68.8%
- $316,667
- $5,932,222
- (JOC) Water Wastewater Treatment Facilities
- Phoenix
- $326,000,000
- 06/11/23
- 1825
- 67.9%
- $5,358,904
- $104,498,630
- $10,696,430
- $234,863,282





