Executive Summary
These five high-value civilian federal contracts total $940,833,149 in obligations with 0/5 defense-related, highlighting sustained non-DOD spending led by DHS (Coast Guard/FEMA) and HHS agencies in construction, IT services, and disaster recovery. Dominant themes include DHS infrastructure builds and emergency response alongside HHS/CMS IT support, with the highest-conviction bullish signal being Whiting-Turner Contracting Company's $400M Coast Guard barracks construction award under full competition. Frequentis USA's $110M FAA VCS modernization and Jacobs Engineering's (via CH2M HILL) $94M FEMA fire claims support add revenue visibility through 2027. Key risk is zero outlays on the two largest contracts (Whiting-Turner $400M and Lockheed Martin $225M), signaling execution uncertainty despite firm fixed-price structures.
Tracking the trend? Catch up on the prior High-Value Federal Grants ($5M+) digest from April 30, 2026.
Investment Signals(5)
- Whiting-Turner Secures $400M Coast Guard Construction Order(HIGH)▲
Whiting-Turner Contracting Company awarded $400M firm fixed-price delivery order by DHS Coast Guard for Cape May, NJ barracks and training facilities, spanning 2026-2030 with full and open competition and no set-aside.
- Frequentis USA Wins $110M FAA NAS Modernization Contract(HIGH)▲
Frequentis USA, Inc. received $110M time and materials contract from DOT FAA for IP-capable VCS replacement, with $25M already outlayed since March 2025 and performance through potential 2027 end.
- Jacobs Engineering (CH2M HILL) Locks in $94M FEMA Disaster Recovery(MEDIUM)▲
Jacobs Engineering Group Inc. via CH2M HILL - CDM PA-TAC RECOVERY SERVICES awarded $94M DHS FEMA order for Hermit Peak fire claims support, with 93% ($88M) outlayed including $65M subawards through 2025.
- Lockheed Martin $225M HHS IT Contract Stagnant at $0 Outlay(LOW)▲
Lockheed Martin Services, LLC holds $225M firm fixed-price HHS delivery order for ADP facility management since 2009, but $0 outlayed despite potential extension to 2026.
- Companion Data Services $110M CMS IT with Partial $28M Outlay(MEDIUM)▲
Companion Data Services LLC awarded $110M firm fixed-price HHS CMS order for data processing since 2013, with 26% ($28M) outlayed and potential $132M ceiling through April 2025.
Risk Flags(3)
- Execution[HIGH RISK]▼
Whiting-Turner $400M and Lockheed Martin $225M contracts show $0 outlays despite recent/ongoing periods, flagging potential delays in revenue recognition under high pricing risk firm fixed-price terms.
- Budget[MEDIUM RISK]▼
Lockheed Martin HHS contract passed current end date (2017-09-30) with $0 outlayed, relying on unconfirmed extensions to 2026-05-29.
- Execution[MEDIUM RISK]▼
Companion Data Services $110M only 26% outlayed over 11.5 years, with $25M subawards indicating potential margin pressure through 2025 end.
Opportunities(3)
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Whiting-Turner $400M DHS Coast Guard construction signals multi-year revenue in institutional building, with ~$100M annual potential post-outlay start.
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Frequentis USA $110M FAA contract offers telecom hardware upside with $25M already outlayed and IP modernization focus.
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Jacobs Engineering net ~$30M retention from $94M FEMA award after high subawards, confirming disaster recovery spend.
Sector Themes(3)
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DHS awards to Whiting-Turner ($400M Coast Guard construction) and Jacobs Engineering/CH2M HILL ($94M FEMA fire claims) total ~$495M, emphasizing firm fixed-price and time/materials execution in emergency and facility sectors.
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HHS contracts to Lockheed Martin ($225M ADP management) and Companion Data Services ($110M data processing) show long-term civilian IT commitments, though low outlays flag steady rather than growth trajectories.
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DOT FAA's $110M non-competed award to Frequentis USA for VCS IP upgrade with $25M outlayed underscores telecom hardware investment.
Watch List(4)
- 👁
{"entity"=>"Whiting-Turner Contracting Company", "reason"=>"$400M DHS Coast Guard contract at $0 outlayed with high materiality", "trigger"=>"outlay progress from $0, milestones to 2030-05-06"}
- 👁
{"entity"=>"Lockheed Martin Services, LLC", "reason"=>"$225M HHS contract $0 outlayed past current 2017 end date", "trigger"=>"outlayed amounts, extensions to 2026-05-29"}
- 👁
{"entity"=>"Frequentis USA, Inc.", "reason"=>"$110M FAA contract with $25M outlayed toward 2027 potential", "trigger"=>"outlay beyond $25M, current end 2026-06-30"}
- 👁
{"entity"=>"Jacobs Engineering Group Inc.", "reason"=>"$94M FEMA high outlay ($88M) with $65M subawards nearing 2025 end", "trigger"=>"remaining $6.6M outlays, 2025-08-15 end date"}
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