- Zack Burkett
- 2026
- 11
- 7
- 63.64%
- $101,179,772
- 5.66%
- 1.56%
- 7.91%
- $128,129,937

The **$64.7M** remaining backlog, led by **$30.1M** on Tarrant US 83 and **$28.8M** on King US 82, supports steady cash flow through progress billings on active projects bid in early 2026. High recent win rates of 63.6% in 2026 provide additional near-term revenue visibility. Execution on these long-duration contracts will drive collections over the next six months.
Medium-term Outlook (6-12 months)
Continued bidding momentum, with **$101.2M** in 2026 low bids versus **$34.6M** in 2025, positions the firm for backlog growth and sustained operations into 2027. The **$64.7M** current backlog offers a solid foundation for medium-term revenue if win rates hold above 50%. New awards from the 11 bids in 2026 should begin converting to cash flow within this window.
Key Risk Period
Extended contract durations exceeding 300 months on the two largest projects create potential timing mismatches between expenditures and collections. Declining average left on low from 11.16% in 2024 to 5.66% in 2026 signals tighter margins that could pressure liquidity if delays occur. The 12-month period following completion of current high-value work represents the primary exposure.
Recommendations
Prioritize cash flow forecasting on the **$58.9M** concentrated in the two largest backlog projects to maintain working capital. Accelerate pursuit of shorter-duration bids to diversify the portfolio and reduce duration risk. Implement monthly backlog reviews tied to actual progress to protect margins at the improved 5.66% average left on low.
- Archer SH 79 0283-02-040
- TXDOT
- $13,191,270
- 8/6/26
- King US 82 0132-03-036
- TXDOT
- $28,760,605
- 8/5/26
- Dickens SH 70 0105-06-023
- TXDOT
- $4,187,183
- 6/3/26
- Young SH 114 0133-08-038
- TXDOT
- $3,044,168
- 6/2/26
- Wichita US 287 0043-08-090
- TXDOT
- $2,767,363
- 2/5/26
- Throckmorton US 380 0361-01-038
- TXDOT
- $4,679,212
- 2/5/26
- Reagan SH 6 0098-03-037
- TXDOT
- $6,793,698
- 2/5/26
- Cottle FM 104 0711-02-045
- TXDOT
- $6,279,570
- 1/7/26
- Parker FM 3325 3516-01-020
- TXDOT
- $6,804,349
- 1/6/26
- Tarrant US 83 0032-04-034
- TXDOT
- $46,493,743
- 1/6/26
- Haskell FM 600 0985-02-011
- TXDOT
- $5,128,776
- 1/6/26
- King US 82 0132-03-036
- TXDOT
- $28,760,605
- 10/04/26
- 374
- 0%
- -
- $28,760,605
- Haskell FM 600 0985-02-011
- TXDOT
- $3,044,168
- 08/01/26
- 99
- 47.5%
- $922,475
- $1,598,957
- Haskell FM 600 0985-02-011
- TXDOT
- $5,128,776
- 03/07/26
- 234
- 82.9%
- $657,535
- $876,714
- Haskell FM 600 0985-02-011
- TXDOT
- $46,493,743
- 03/07/26
- 449
- 43.2%
- $3,106,486
- $26,405,132
- $4,686,496
- $57,641,408

