Federal Professional Services Contracts — February 05, 2026

$426M obligated to Amentum/MSA for long-term Colombian aviation and global canine services, with $77M outlayed and $136M options upside.

ARA's $115M obligation nears full outlay at $108M, with $74M options potential through 2026 amid 239 subawards.

SwRI's $164M New Horizons mission to 2029 offers nonprofit revenue but minimal equity upside despite $15M options.

Subawards exceed obligations by $228M across Amentum/ARA, risking subcontractor underperformance or audit scrutiny.

Low outlays (<20% obligated) in SwRI/MSA signal delayed cash flows amid long periods to 2029.

Pricing variances (T&M/FFP/CPFF) expose to audits, cost overruns, or rate challenges in full/open competitions.

$224M aggregate options across contracts, with $31M/$74M/$15M/$136M unexercised in Amentum/ARA/SwRI/MSA.

Extensions possible to 2028-2029 in three contracts, leveraging DoS/DHS/NASA relationships for follow-ons.

735/239 subawards totaling $589M enable partnerships or pass-through revenue in Amentum/ARA.

61% of value ($426M) to DoS for aviation/canines, with multi-year terms to 2028 underscoring sustained diplomatic protection spend.

Contracts average 5+ years remaining (to 2029 max), blending security/R&D with $208M outlayed of $706M.

{"entity"=>"Amentum Services, Inc.", "reason"=>"$321M obligation with $523M subawards signals scale but overhang risk.", "trigger"=>"Option exercise or subaward adjustments"}

{"entity"=>"Applied Research Associates, Inc.", "reason"=>"Near-full outlay ($108M/$115M) positions for DHS follow-ons.", "trigger"=>"2026 extension award"}

{"entity"=>"Department of State pipeline", "reason"=>"Two awards total $426M indicate concentration for diplomatic services.", "trigger"=>"New delivery orders >$100M"}