- Fred Smith Company FSC
- 2026
- 61
- 17
- 27.87%
- $85,717,726
- 10.31%
- 13.11%
- 7.01%
- $494,705,650

Fred Smith Company maintains a **$48.8M** remaining backlog supported by recent 2026 wins totaling **$65M** at a **31%** success rate. Multiple projects bid in Q2-Q3 2026, including Bonnett St and NMAC, will drive near-term revenue recognition and positive cash flow. Execution on these shorter-duration contracts should offset any mobilization costs.
Medium-term Outlook (6-12 months)
Backlog drawdown from projects such as C205088 and Tryon Drive will sustain operations through mid-2027, though the drop in total low bids from **$147M** in 2025 signals potential volume pressure. Improved win rate offers opportunity to replenish the pipeline if bidding activity scales. Cash flow remains manageable assuming standard progress billing on active NC contracts.
Key Risk Period
The 12-18 month window presents the highest risk as several high-value projects with 365-850 day durations reach completion without clear replacement backlog. Reduced 2026 award volume (**$65M** vs **$147M** prior year) could create a revenue gap if new wins do not accelerate.
Recommendations
Prioritize aggressive bidding on mid-sized NC opportunities to rebuild backlog above **$80M**. Monitor cash reserves against long-duration projects and negotiate faster payment terms on new contracts to protect liquidity.
- Blue Ridge Road Widening North
- Raleigh
- 8/4/26
- North Recreation Complex Improvements
- Greenville
- 7/28/26
- East Main Street Sidewalk Connector
- Clayton
- 7/23/26
- Bonnett St Stormwater Pump Station
- Nags Head
- 7/23/26
- Lake Lynn West Loop Trail Improvements
- Raleigh
- 7/23/26
- NMAC Parking Lot Rehabilitation
- Holly Springs
- 7/22/26
- C205183 Nash
- NCDOT
- 7/21/26
- C205153 HERTFORD
- NCDOT
- 5/19/26
- C205088 WAKE FRANKLIN
- NCDOT
- 4/21/26
- Tryon Drive Drainage Improvement Rebid
- Fayetteville
- 4/14/26
- Neuse River RRF Driveway Replacement
- Raleigh
- 4/7/26
- C205038 Wake
- NCDOT
- 3/17/26
- Crabtree Creek Greenway Lassiter Mill
- Raleigh
- 3/10/26
- C205173 MONTGOMERY
- NCDOT
- 2/17/26
- C205166 HOKE/SCOTLAND
- NCDOT
- 2/17/26
- Ting Park Oak Hall Greenway Connector
- Holly Springs
- 2/13/26
- 2026CPT.05.06.10921.1 WAKE
- NCDOT
- 1/20/26
- C204338 WAKE
- NCDOT
- $42,481,018
- 10/20/26
- C205216 MARTIN
- NCDOT
- $8,282,828
- 10/20/26
- Jackson Heights Cdbg-Nr
- Sanford NC
- $4,527,700
- 10/8/26
- Bl-0052 Main Street Sidewalk Connector
- Holly Springs
- $1,145,411
- 10/1/26
- C204990 RANDOLPH
- NCDOT
- $9,029,900
- 9/15/26
- C204349 WAKE, DURHAM
- NCDOT
- $26,234,523
- 9/15/26
- C205203 WAYNE
- NCDOT
- $3,191,193
- 9/15/26
- C205233 WAKE
- NCDOT
- $4,560,539
- 9/15/26
- Group 9 Roadway Improvements Valley Drive Avent Ferry Cobblestone Ct
- Raleigh
- $2,135,640
- 8/13/26
- BL 0047 Downtown Safe Routes School Transit Connections
- Apex
- $2,662,169
- 8/13/26
- Blue Ridge Road Widening North
- Raleigh
- $10,737,737
- 8/4/26
- North Recreation Complex Improvements
- Greenville
- $4,032,876
- 7/28/26
- East Main Street Sidewalk Connector
- Clayton
- $1,194,900
- 7/23/26
- Bonnett St Stormwater Pump Station
- Nags Head
- $2,199,271
- 7/23/26
- Lake Lynn West Loop Trail Improvements
- Raleigh
- $4,739,901
- 7/23/26
- Jessie Drive Phase 1
- Apex
- $4,883,884
- 7/22/26
- NMAC Parking Lot Rehabilitation
- Holly Springs
- $1,078,637
- 7/22/26
- C205183 Nash
- NCDOT
- $7,456,789
- 7/21/26
- East Raleigh Park Ride
- Raleigh
- $1,985,000
- 7/21/26
- East Raleigh Park Ride
- Raleigh
- $2,952,500
- 7/21/26
- C205157 Randolph
- NCDOT
- $14,779,900
- 6/16/26
- C205186 Rockingham
- NCDOT
- $14,710,000
- 6/16/26
- Pitt CC Bruiser Boulevard Stone Parking Lot
- PITT Community College
- $196,475
- 6/3/26
- Bus Stop Improvement Falconbridge Huntingridge
- GOTriangle
- $2,192,250
- 6/3/26
- Fordham Boulevard US 15 501 Sidepath
- Chapel Hill
- $2,544,900
- 6/2/26
- Wildwood West Side Parking Pier
- Greenville
- $1,015,250
- 5/26/26
- WAKE 176 Proposed Dam Improvements
- Wake Forest
- $8,794,000
- 5/26/26
- C205187 CUMBERLAND
- NCDOT
- $15,992,000
- 5/19/26
- C205153 HERTFORD
- NCDOT
- $5,555,555
- 5/19/26
- Biltmore Hills Park Tennis Improvements
- Raleigh
- $5,557,200
- 5/5/26
- N Hughes St S Mason St Sidewalk
- Apex
- $1,186,185
- 4/29/26
- Justice Heights St Extension TID 26 03
- Apex
- $1,591,951
- 4/23/26
- C205192 SAMPSON
- NCDOT
- $6,314,516
- 4/21/26
- C205190 WAKE
- NCDOT
- $4,110,575
- 4/21/26
- C205088 WAKE FRANKLIN
- NCDOT
- $15,727,427
- 4/21/26
- C204857 JOHNSTON
- NCDOT
- $13,247,007
- 4/21/26
- C205130 WAYNE
- NCDOT
- $20,118,811
- 4/21/26
- Rockfish Elementary School Parking Improvements
- Cumberland County
- $1,640,000
- 4/16/26
- Tryon Drive Drainage Improvement Rebid
- Fayetteville
- $6,340,887
- 4/14/26
- Neuse River RRF Driveway Replacement
- Raleigh
- $336,000
- 4/7/26
- C204512 Wake
- NCDOT
- $31,690,000
- 3/17/26
- C205181 Durham/Wake
- NCDOT
- $4,715,751
- 3/17/26
- C205176 Richmond
- NCDOT
- $4,460,293
- 3/17/26
- C205038 Wake
- NCDOT
- $6,939,396
- 3/17/26
- C205156 Wilson
- NCDOT
- $7,045,745
- 3/17/26
- Sidewalk Improvement W Baymeadow Dr Windjammer Dr Admiral St Grouse Street Dow
- Nags Head
- $733,950
- 3/10/26
- Crabtree Creek Greenway Lassiter Mill
- Raleigh
- $6,634,366
- 3/10/26
- FY 2026 Street Improvements
- Cary
- $5,185,903
- 2/26/26
- 44367.3.1 ROBESON C205036
- NCDOT
- $46,934,500
- 2/17/26
- C205035 WAYNE
- NCDOT
- $32,854,321
- 2/17/26
- C204765 WAKE
- NCDOT
- $10,437,373
- 2/17/26
- C205166 HOKE/SCOTLAND
- NCDOT
- $3,796,080
- 2/17/26
- C205173 MONTGOMERY
- NCDOT
- $2,862,381
- 2/17/26
- Ting Park Oak Hall Greenway Connector
- Holly Springs
- $1,363,631
- 2/13/26
- Annual Contract Resurfacing
- Raleigh
- $7,350,687
- 2/10/26
- 2026CPT.05.06.10921.1 WAKE
- NCDOT
- $4,721,892
- 1/20/26
- 38608.3.1 WAYNE
- NCDOT
- $9,704,407
- 1/20/26
- 2026CPT.08.04.10531 LEE
- NCDOT
- $3,252,189
- 1/20/26
- 2026CPT.08.06.10191 CHATHAM
- NCDOT
- $8,119,129
- 1/20/26
- 2026 Road Rehabilitation TID 26 01
- Apex
- $5,940,944
- 1/15/26
- E Club Blvd Sidewalk Bond Improvements
- Durham
- $2,499,407
- 1/13/26
- E Club Blvd Sidewalk Bond Improvements
- Raleigh
- $10,737,737
- 10/03/26
- 120
- 20.8%
- $2,684,434
- $8,500,708
- E Club Blvd Sidewalk Bond Improvements
- Greenville
- $4,032,876
- 09/26/26
- 120
- 26.7%
- $1,008,219
- $2,957,442
- E Club Blvd Sidewalk Bond Improvements
- Clayton
- $1,194,900
- 09/21/26
- 120
- 30.8%
- $298,725
- $826,473
- E Club Blvd Sidewalk Bond Improvements
- Nags Head
- $2,199,271
- 09/21/26
- 120
- 30.8%
- $549,818
- $1,521,162
- E Club Blvd Sidewalk Bond Improvements
- Raleigh
- $4,739,901
- 09/21/26
- 120
- 30.8%
- $1,184,975
- $3,278,432
- E Club Blvd Sidewalk Bond Improvements
- Holly Springs
- $1,078,637
- 09/20/26
- 120
- 31.7%
- $269,659
- $737,069
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $7,456,789
- 09/19/26
- 730
- 5.3%
- $306,443
- $7,058,413
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $5,555,555
- 07/18/26
- 120
- 85.0%
- $1,388,889
- $833,333
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $15,727,427
- 06/20/26
- 730
- 17.8%
- $646,333
- $12,926,652
- E Club Blvd Sidewalk Bond Improvements
- Fayetteville
- $6,340,887
- 06/13/26
- 480
- 28.5%
- $396,305
- $4,531,092
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $6,939,396
- 05/16/26
- 365
- 45.2%
- $570,361
- $3,802,409
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $4,721,892
- 03/21/26
- 500
- 44.2%
- $283,314
- $2,634,816
- E Club Blvd Sidewalk Bond Improvements
- NCDOT
- $4,070,491
- 01/17/26
- 850
- 33.4%
- $143,664
- $2,710,468
- $9,731,139
- $52,318,469



