Federal IT & Cybersecurity Contracts — February 12, 2026

ASGN (ECS) and ManTech secure $286M in FBI contracts through 2027, with $75M already outlayed in ManTech deal signaling execution momentum.

Booz Allen ($100M) and Parsons ($74M obligated, $184M ceiling) win multi-year GSA delivery orders for naval/space IT through 2026.

Harmonia ($64M) and Octo Metric ($81M) capture ICE/USCIS awards through 2027, with 75%+ outlays in Harmonia indicating funding commitment.

High subcontracting averages 50% of obligations (e.g., $71M/81M in Octo Metric, $64M/75M in General Dynamics), risking prime margins and delays.

Low/no outlays in 40% of contracts (e.g., $0 in ECS $177M, V3Gate $53M) signal revenue uncertainty over 1-12 year periods.

Firm fixed price (40% of awards) and T&M structures expose to cost overruns or rate scrutiny in long-duration deals to 2027.

Unexercised options total ~$228M (ECS), $23M (Booz), $110M (Parsons), potentially doubling obligated value.

Small business set-asides/follow-ons in DHS/State/DOT (e.g., Octo $24M options, Concept $9M) position for $200M+ ecosystem expansion.

Rapid outlays in 60% of deals (e.g., $68M/75M General Dynamics, $57M/62M Concept) support near-term cash flow.

80% of contracts extend to 2026-2027 for custom programming/systems design (NAICS 54151x), with DOJ/DHS leading at $340M.

9/10 contracts feature subawards (avg $30M/deal), blending prime wins with supply chain plays.

{"entity"=>"ASGN Inc (ECS Federal)", "reason"=>"$177M FBI obligation with $229M options and 12-year term largest in set; $0 outlay flags ramp risk.", "trigger"=>"Initial outlays >$10M or option exercises"}

{"entity"=>"Parsons Corp", "reason"=>"$74M obligated/$184M ceiling GSA award to 2026 offers 150% upside; low outlays early indicator.", "trigger"=>"Outlay >$20M or option funding"}

{"entity"=>"DHS IT Small Businesses (Octo, Harmonia)", "reason"=>"$145M combined with set-aside advantages position for follow-ons amid immigration/cyber focus.", "trigger"=>"New DHS RFPs or sub-20% remaining obligation"}