- Pulice Construction - AZ
- 2026
- 10
- 2
- 20.00%
- $332,698,361
- 12.31%
- 13.22%
- 6.21%
- $989,070,093
- Pulice Construction - TX
- 2026
- 12
- 2
- 16.67%
- $373,555,101
- 3.92%
- 18.44%
- 8.88%
- $1,606,448,417

Execution of the **$597M** remaining backlog will generate steady cash inflows, led by the Yoakum project (**$157M** est. remaining) and smaller active contracts. The two 2026 awards totaling **$373M** (bid July–August) are expected to mobilize, creating near-term working capital demands for startup costs. The 16.7% success rate provides limited new starts to offset burn.
Medium-term Outlook (6-12 months)
Ramp-up of the **$205M** Webb and **$167M** Bexar projects will sustain revenue through late 2026 while older backlog continues to draw down. Additional bidding volume from the 12 jobs tracked in 2026 supports pipeline replenishment if conversion improves. Cash flow remains dependent on consistent owner payments across long-duration contracts.
Key Risk Period
The window after current backlog depletion, particularly if 2025’s 0% win rate persists, creates exposure to revenue gaps and mobilization outflows. Extended contract durations heighten working-capital strain from delayed progress payments.
Recommendations
Target improved bid conversion above 15% to sustain **$350M+** annual awards and secure adequate bonding. Implement monthly cash-flow forecasting focused on the two large 2026 starts and pursue early change-order recovery on active projects.
- Fort Bend SH 99 3510-04-069
- TXDOT
- $38,957,868
- 8/6/26
- Webb IH 35 0018-05-089
- TXDOT
- $205,813,980
- 8/6/26
- Tarrant US 81 0014-15-034
- TXDOT
- $72,923,640
- 8/5/26
- Fort Bend UA 90 0027-08-147
- TXDOT
- $62,267,803
- 8/5/26
- Fort Bend SH 99 3510-04-070
- TXDOT
- $30,924,993
- 8/5/26
- Lubbock FM 1585 1502-01-031
- TXDOT
- $307,007,227
- 7/2/26
- Bexar SL 1604 2452-03-128
- TXDOT
- $167,741,121
- 7/1/26
- Denton US 377 0081-03-047
- TXDOT
- $125,812,988
- 5/6/26
- Harris SH 99 3510-05-047
- TXDOT
- $132,992,475
- 4/8/26
- Maverick SL 480 0299-14-010
- TXDOT
- $129,770,434
- 4/7/26
- Harris US 290 0050-06-092
- TXDOT
- $90,359,703
- 2/4/26
- Gregg IH 20 0495-07-074
- TXDOT
- $241,876,185
- 1/7/26
- Webb IH 35 0018-05-089
- TXDOT
- $205,813,980
- 10/05/26
- 894
- 0%
- -
- $205,813,980
- Gregg IH 20 0495-07-074
- TXDOT
- $167,741,121
- 08/30/26
- 828
- 4.0%
- $6,077,577
- $161,055,786
- Gregg IH 20 0495-07-074
- TXDOT
- $439,895,580
- 07/02/24
- 1200
- 68.6%
- $10,997,390
- $138,200,528
- Gregg IH 20 0495-07-074
- TXDOT
- $192,940,022
- 12/05/23
- 1200
- 86.1%
- $4,823,501
- $26,850,820
- Gregg IH 20 0495-07-074
- TXDOT
- $205,416,129
- 11/05/23
- 1200
- 88.6%
- $5,135,403
- $23,451,675
- $27,033,871
- $555,372,789

