- Ames Construction - AZ
- 2026
- 13
- 3
- 23.08%
- $140,323,711
- 2.40%
- 36.21%
- 15.03%
- $230,926,953
- Ames Construction - CA
- 2026
- 4
- 0
- 0.00%
- $0
- 0.00%
- 25.44%
- 13.63%
- $408,105,823
- Ames Construction - UT
- 2026
- 3
- 2
- 66.67%
- $25,118,103
- 23.70%
- 8.01%
- 8.07%
- $32,809,733
- Ames Construction - NV
- 2026
- 1
- 1
- 100.00%
- $126,792,681
- 18.72%
- 0.00%
- 18.72%
- $126,792,681
- Ames Construction - CO
- 2026
- 7
- 2
- 28.57%
- $81,534,800
- 5.65%
- 9.77%
- 6.18%
- $274,848,135
- Ames Construction - NM
- 2026
- 1
- 0
- 0.00%
- $0
- 0.00%
- 0.00%
- 0.00%
- $40,351,020
- Ames Construction - NC
- 2026
- 1
- 0
- 0.00%
- $0
- 0.00%
- 10.14%
- 2.12%
- $85,930,041

Ames Construction enters the period with **$53.6M** in total remaining backlog, including **$11.9M** from the Salt Lake City Airport project bid in April 2026. Recent 2026 bidding yielded two wins totaling **$25.1M** at a 66.7% success rate, supporting steady near-term cash inflows from active work. Long contract durations will moderate burn rates across the portfolio.
Medium-term Outlook (6-12 months)
The **$41.2M** remaining on the US 189 project and **$0.4M** on Parowan Bridge will drive the majority of recognized revenue through 2026-2027. Bidding volume dropped sharply from **$568M** in 2025 to **$32.8M** in 2026, signaling potential slowdown in new awards. Overall backlog conversion remains constrained by multi-year durations averaging well beyond 10 years.
Key Risk Period
Extended contract lengths up to 830 months create prolonged exposure to cost escalation, resource allocation, and delayed collections beyond 12 months. The 22.2% success rate in 2025 despite high bid volume highlights inconsistent pipeline replenishment that could pressure liquidity if current backlog depletes without new wins.
Recommendations
Prioritize shorter-duration bids to improve cash conversion velocity and reduce backlog concentration risk. Monitor monthly burn rates on the three active projects to maintain positive cash flow while targeting at least two additional wins in the next quarter.
- Parowan Bridge Replacement F-1786(1)7
- Salt Lake
- $22,730,181
- 06/15/26
- 120
- 56.7%
- $5,682,545
- $9,849,745
- Parowan Bridge Replacement F-1786(1)7
- UDOT
- $2,387,922
- 03/07/26
- 190
- 88.4%
- $377,040
- $276,496
- Parowan Bridge Replacement F-1786(1)7
- UDOT
- $70,682,899
- 08/30/25
- 830
- 43.0%
- $2,554,804
- $40,280,736
- $8,614,389
- $50,406,977


