Significant Contract Modifications ($10M+) — February 11, 2026

$594M in large construction awards to SLS Federal ($383M DHS barriers) and Caddell ($212M State consulate) lock in 2.8-4yr revenues through 2028.

$442M across Dawson's ($232M) and ISN ($209M) for nationwide property preservation/REO, with options to 2033, signals steady disadvantaged business growth.

$190M in ARINC ($101M HF comms to 2029) and Raytheon ($88M tech refresh to 2028) awards, with $177M outlayed, bolster aeronautical/IT revenues.

$180M DHS Coast Guard award to Davie Defense for 5 vessels underscores polar ops expansion.

Firm-fixed-price dominates 70% of value ($1.2B+), exposing contractors to cost overruns; low outlays (13% aggregate) signal funding/delay risks across 8/10 awards.

Long tenors (avg 4-5yrs to 2028-2033) vulnerable to FY budget shifts or policy changes in border/rural housing priorities.

$500M+ in unexercised options (e.g., ARINC $173M to $274M total, Iron Vine $70M to $160M) offer near-term upside via government calls.

Follow-on potential from infra/REO (e.g., Bureau of Reclamation dams, USDA loan portfolio, Census cyber) amid sustained agency needs.

Early-stage awards with $0 outlays (e.g., SLS $383M, Caddell $212M, Davie $180M) undervalued for revenue recognition as funding flows.

41% of value ($700M+) in construction (barriers, consulates, dams, ships) via full/open competition to non-smalls signals multi-year capex cycle.

26% ($442M) in USDA REO/property services to small/disadvantaged firms with 10yr optionality highlights rural housing portfolio scale-up.

18% ($280M) FAA/GSA awards for comms, refresh, cyber emphasize long-term tech mandates to 2029.

{"entity"=>"SLS Federal Services LLC", "reason"=>"Largest award ($383M DHS border barriers) with $0 outlay; 2.8yr execution key bellwether for infra spending.", "trigger"=>"First $50M+ outlay or Del Rio site delays"}

{"entity"=>"RTX Corp (ARINC/Raytheon)", "reason"=>"$190M FAA cluster with 85% outlay progress and $200M+ options; validates aeronautical dominance.", "trigger"=>"Option exercises pushing to $390M total"}

{"entity"=>"USDA Rural Housing Service", "reason"=>"$442M REO awards with low 2% outlays but 2033 potential; tests rural loan portfolio expansion.", "trigger"=>"Option calls or new nationwide solicitations"}

{"entity"=>"Davie Defense Inc.", "reason"=>"$180M polar cutters with sparse details; future-proof Arctic bet amid no outlays.", "trigger"=>"Performance start date or NAICS/competition disclosure"}