- Asphalt Specialties Company
- 2026
- 29
- 7
- 24.14%
- $38,208,645
- 5.08%
- 16.86%
- 9.83%
- $111,660,737

Asphalt Specialties maintains steady cash flow from **$20.6M** remaining backlog, driven by active projects such as Region 1 C470 Resurfacing (**$7.6M** est. remaining) and I76 Resurfacing (**$6.5M** est. remaining). Multiple 2026 awards with 120-month durations support consistent billings through year-end. Execution risk remains low given the **5.08%** average left on low bids.
Medium-term Outlook (6-12 months)
Backlog drawdown accelerates as smaller 2026 projects like 2026 Street Maintenance and Pavement Resurfacing near completion, leaving limited new work to replace them. The **25%** success rate in 2026, down from **40%** in 2025, signals reduced future revenue unless win rates recover. Cash flow may tighten absent additional awards from the **$109M** bid volume.
Key Risk Period
The 6-12 month window presents the highest risk as current backlog depletes without sufficient replacement volume, compounded by the sharp drop in success rate to **25%**. Prolonged contract durations on recent wins offer little near-term offset if bidding performance does not improve.
Recommendations
Prioritize margin optimization and targeted bidding to lift the success rate above **30%** while monitoring monthly backlog burn rate. Secure at least **$25M** in new low bids within the next quarter to stabilize medium-term cash flow.
- Arapahoe County No C25 25 2026 Arapahoe County Reconstruction
- Arapahoe County
- 6/10/26
- Region 1 I76 Resurfacing NHPP R100-421 (26482)
- CDOT
- 4/16/26
- 2026 City Cherry Hills Village Mill Overlay
- Cherry Hills Village
- 4/9/26
- 2026 Street Maintenance
- Erie
- 3/24/26
- 2026 Pavement Resurfacing Program 26 ST 01B
- Arvada
- 2/19/26
- Region 1 C470 Resurfacing NHPP 4701-139 (25589)
- CDOT
- 2/19/26
- WCR 8 Paving
- Dacono
- 1/21/26
- Region 1 I-225 Traffic Flow Improvements C 2254-093 (24443)
- CDOT
- $2,624,880
- 8/27/26
- Arapahoe County No C25 25 2026 Arapahoe County Reconstruction
- Arapahoe County
- $5,673,531
- 6/10/26
- 2026 Resurfacing Program PN ENM000126
- Larimer County
- $5,098,331
- 5/22/26
- 2026 Street Alley Contract Mill Overlay
- Denver
- $6,560,001
- 5/6/26
- Townwide Roadway Reconstruct Program
- Parker
- $1,018,625
- 4/28/26
- 2026 Street Maintenance Phase 2
- Erie
- $3,578,921
- 4/24/26
- 2026 Paving Federal Heights
- Federal Heights
- $577,931
- 4/17/26
- Region 1 I76 Resurfacing NHPP R100-421 (26482)
- CDOT
- $10,664,802
- 4/16/26
- 2026 City Cherry Hills Village Mill Overlay
- Cherry Hills Village
- $354,664
- 4/9/26
- Indiana Street Improvements
- Superior
- $2,028,721
- 3/31/26
- Asphalt Overlay
- Fort Collins
- $6,882,171
- 3/25/26
- 2026 Street Maintenance
- Erie
- $945,120
- 3/24/26
- 2026 Roadway Sidewalk Improvements
- Berthoud
- $952,741
- 3/19/26
- Mill Overlay
- Milliken
- $159,500
- 3/16/26
- PW2026 01 2026 Rock Creek Parkway Improvements
- Superior - CO
- $4,583,105
- 3/12/26
- Region 4 CO86 Resurfacing STM 086A-059 (25632)
- CDOT
- $1,532,635
- 3/5/26
- Roadway Improvement 2026
- Windsor
- $2,460,019
- 2/26/26
- 2026 Pavement Resurfacing Program 26 ST 01B
- Arvada
- $5,657,635
- 2/19/26
- 2026 Street Paving Program
- Adams County
- $7,741,567
- 2/19/26
- Region 1 C470 Resurfacing NHPP 4701-139 (25589)
- CDOT
- $14,495,525
- 2/19/26
- 2026 Pavement Maintenance Program
- Frederick
- $373,500
- 2/12/26
- City Hall Parking Lot Improvements
- Dacono
- $182,275
- 1/29/26
- WCR 8 Paving
- Dacono
- $417,368
- 1/21/26
- Weld County Parking Lot Removal Replacement
- Weld County
- $1,782,602
- 1/21/26
- 2026 Asphalt Mill Overlay
- Lone Tree
- $1,854,978
- 1/20/26
- 2026 Asphalt Overlay 1
- Castle Rock
- $8,439,808
- 1/16/26
- 2026 Town Facility Parking Lot Improvement
- Castle Rock
- $850,630
- 1/13/26
- 2026 Asphalt Overlay 2
- Castle Rock
- $6,890,074
- 1/13/26
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- CDOT
- $7,279,077
- 1/8/26
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- Arapahoe County
- $5,673,531
- 08/09/26
- 120
- 30.0%
- $1,418,383
- $3,971,472
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- CDOT
- $10,664,802
- 06/15/26
- 150
- 61.3%
- $2,132,960
- $4,123,723
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- Cherry Hills Village
- $354,664
- 06/08/26
- 120
- 81.7%
- $88,666
- $65,022
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- Erie
- $945,120
- 05/23/26
- 120
- 95.0%
- $236,280
- $47,256
- Region 1 SH 74 Surface Treatment NHPP 0741-026 (24423)
- CDOT
- $14,495,525
- 04/20/26
- 240
- 61.3%
- $1,811,941
- $5,617,016
- $5,688,230
- $13,824,489




