- Drake Companies Brad
- 2026
- 15
- 3
- 20.00%
- $99,536,773
- 2.38%
- 16.74%
- 7.54%
- $648,920,878

The **$99.5M** in 2026 low bids, including Bexar at **$89M** and Rusk at **$8.7M**, will initiate cash inflows as mobilization begins on these recently awarded projects. Combined with **$746K** remaining on Smith, the **$146M** total backlog supports positive near-term liquidity assuming standard progress billing cycles.
Medium-term Outlook (6-12 months)
Execution of the Atlanta project’s **$49M** remaining balance will sustain revenue through the period alongside partial drawdown of the 2026 awards. Overall backlog provides coverage for operations, though conversion of the 20% success rate into additional wins will be needed to prevent gaps.
Key Risk Period
Extended durations exceeding 100 months on multiple projects create exposure to payment delays and cost escalation beyond 12 months. The 0% success rate in 2025 underscores vulnerability if 2026 bidding momentum does not continue.
Recommendations
Accelerate billing and collections on active projects to optimize cash conversion from the **$146M** backlog. Increase bid volume while targeting sub-2% margins on low bids to rebuild pipeline. Monitor duration-related risks and secure retainage releases promptly.
- Gregg FM 2275 2158-01-020
- TXDOT
- $20,084,031
- 8/6/26
- Bowie IH 30 0610-05-060
- TXDOT
- $11,520,690
- 8/6/26
- Morris SH 11 0222-03-065
- TXDOT
- $13,998,023
- 8/5/26
- Smith FM 756 0492-04-034
- TXDOT
- $65,286,576
- 7/2/26
- Nacogdoches US 259 0138-06-047
- TXDOT
- $65,789,279
- 7/2/26
- Bexar US 271 0165-02-061
- TXDOT
- $89,285,640
- 7/1/26
- Lamar FM 2820 2993-01-011
- TXDOT
- $4,883,905
- 6/3/26
- Titus IH 30 0610-03-095
- TXDOT
- $12,337,808
- 5/7/26
- Nacogdoches FM 2259 2116-01-024
- TXDOT
- $6,820,661
- 5/6/26
- Smith SL 323 1790-02-048
- TXDOT
- $1,516,226
- 4/8/26
- Rusk FM 1251 1388-01-010
- TXDOT
- $8,734,907
- 4/7/26
- Comal SH 11 0218-05-037
- TXDOT
- $2,577,843
- 4/7/26
- Bowie US 82 0046-03-040
- TXDOT
- $62,162,573
- 3/4/26
- Gregg IH 20 0495-07-074
- TXDOT
- $279,323,710
- 1/7/26
- Wood SH 37 0190-03-089
- TXDOT
- $4,599,006
- 1/6/26
- Bexar US 271 0165-02-061
- TXDOT
- $89,285,640
- 08/30/26
- 719
- 0%
- -
- $89,285,640
- Wood SH 37 0190-03-089
- TXDOT
- $1,516,226
- 06/07/26
- 130
- 60.8%
- $349,898
- $594,827
- Wood SH 37 0190-03-089
- TXDOT
- $8,734,907
- 06/06/26
- 285
- 28.1%
- $919,464
- $6,283,003
- Wood SH 37 0190-03-089
- TXDOT
- $114,513,431
- 09/30/24
- 1200
- 57.9%
- $2,862,836
- $48,191,069
- $4,132,198
- $144,354,539



