- Millstone Weber
- 2026
- 5
- 1
- 20.00%
- $84,417,819
- 0.59%
- 20.31%
- 8.57%
- $217,175,285

Existing backlog of **$138.8M** supports steady execution across active projects, though the **$84.4M** DS West Phase 2 award remains in early mobilization. Cash inflows will rely on progress billings from 2024 airfield and taxiway contracts with durations exceeding 10 years. Limited near-term bidding activity signals modest new revenue until additional wins materialize.
Medium-term Outlook (6-12 months)
The **$84.4M** project will begin contributing meaningful revenue as construction ramps, bolstering the **$138.8M** backlog. Historical success rates of 20% in 2026 and 0% in 2025 indicate continued pressure to replenish pipeline. Extended contract durations of 120–140 months will stretch cash conversion cycles.
Key Risk Period
The 6–18 month window presents elevated risk due to zero wins in 2025 and heavy reliance on a single large 2026 award. Prolonged project timelines increase exposure to cost escalation and delayed collections before new backlog is secured.
Recommendations
Prioritize aggressive bidding to restore a 30%+ win rate and diversify the **$138.8M** backlog. Implement monthly cash flow forecasting tied to the 120-month DS West schedule to mitigate liquidity gaps.
- Taxiway L Extension
- Denver
- $109,139,897
- 6/11/26
- Gardi A33 A35
- Denver International Airport
- $14,599,610
- 5/14/26
- DS West Phase 2
- Denver International Airport
- $84,417,819
- 3/10/26
- 2026 Annual Airfield Pavement Rehabilitation
- Denver City
- $4,278,363
- 2/18/26
- Water Quality Infrastructure Improvements
- Denver International Airport
- $4,739,596
- 1/13/26

