- FNF Construction - AZ
- 2026
- 14
- 5
- 35.71%
- $223,615,087
- 8.87%
- 9.15%
- 4.37%
- $396,719,736
- FNF Construction - NM
- 2026
- 4
- 1
- 25.00%
- $8,029,660
- 0.74%
- 4.68%
- 0.97%
- $75,118,008
- FNF Construction - TX
- 2026
- 6
- 3
- 50.00%
- $159,129,801
- 7.74%
- 15.14%
- 8.54%
- $232,157,499
- FNF Construction - CO
- 2026
- 11
- 1
- 9.09%
- $5,731,906
- 4.17%
- 12.47%
- 5.84%
- $81,167,866

FNF holds **$34.5M** remaining backlog from five active projects, with the most recent **$5.7M** Skeel Reservoir award providing near-term revenue. However, the **9.1%** win rate and declining bid volume signal limited new cash inflows over the next two quarters.
Medium-term Outlook (6-12 months)
Backlog drawdown will accelerate as 120-month contracts progress, yet only **$11.6M** in 2025 awards and **$5.7M** in 2026 awards are available to replenish work. Sustained low success rates will likely constrain operating cash flow absent improved bidding outcomes.
Key Risk Period
The 6- to 12-month window presents the highest risk, as current backlog may be exhausted before meaningful new awards materialize given the consistent **9-10%** win rate and shrinking total bid volume.
Recommendations
Target a **20%** improvement in win rate through refined bid strategies and pursue shorter-duration projects to stabilize cash flow; closely monitor monthly backlog burn rate against the **$34.5M** total.
- Skeel Reservoir Renovation
- Denver
- $5,731,906
- 5/14/26
- Weld County Road 34 Bridge Replacement
- Mead
- $1,159,927
- 5/11/26
- Construction Hwy 7 Hwy 85 Intersection Improvements
- Brighton
- $3,064,086
- 5/7/26
- Glen Aspen Dam Access Improvements
- Woodland Park
- $1,343,622
- 4/14/26
- Cleveland Avenue Revitalization SHO M430 006 CID No 25044
- Wellington
- $6,887,318
- 3/20/26
- Orchard Avenue Safety Connectivity Project Phase 1
- Mesa County
- $4,857,701
- 3/19/26
- US 40 West Trail Connection
- Steamboat Springs
- $11,532,271
- 3/12/26
- Pace Street Rough Ready Trail Improvements
- Longmont
- $3,996,377
- 3/11/26
- Lone Tree Creek Trail Underpass Arapahoe Road MP 19 6
- Centennial
- $4,323,470
- 2/6/26
- Region 3 I70 Frisco Exit 203 Off Ramp Widening NHPP 0702-422 (24873)
- CDOT
- $28,710,439
- 2/5/26
- Gartrell Bridge Widening
- Aurora
- $9,560,749
- 1/21/26




