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General Federal Contracts — April 30, 2026

General Federal Contracts

6 total filings analysed

Executive Summary

These six civilian contracts total $1,188,107,721 in obligations with zero defense exposure, spanning Department of State, DHS (two awards), NSF, and HHS (two awards) from April 30, 2026 data. Dominant themes include large-scale construction (State embassy), IT services (NSF), health R&D and waste management (HHS), and DHS border security sustainment via UAS and inspection equipment maintenance. Highest-conviction bullish signals emerge from Caddell Construction's $328.5M firm-fixed-price embassy build in Cape Verde and Booz Allen Hamilton's $254.5M NSF IT delivery order with $179.6M outlays already recognized. Key risk is high execution/pricing risk on firm-fixed-price awards like Caddell's and Rapiscan's, coupled with low initial outlays on several contracts (e.g., Caddell's $0 outlay).

Tracking the trend? Catch up on the prior General Federal Contracts digest from April 29, 2026.

Investment Signals(4)

  • Caddell Construction Secures $328.5M State Department Embassy Contract(HIGH)

    Caddell Construction Co. (DE), LLC won a $328,507,039 fully obligated firm-fixed-price contract for new embassy construction in Praia, Cape Verde, spanning 2024-2028 under full and open competition, signaling strong positioning in commercial building construction (NAICS 236220). This provides ~$80M annual revenue visibility through 2028.

  • Booz Allen Hamilton Lands $254.5M NSF IT Services Delivery Order(HIGH)

    Booz Allen Hamilton Inc received a $254,534,977 obligation (base + options $256.9M) for IT services (NAICS 541511) from NSF, with $179.6M outlays to date over a 2019-2025 period under full and open competition, indicating reliable revenue through early 2025.

  • Rapiscan Systems Wins $81.4M DHS CBP Equipment Maintenance Contract(MEDIUM)

    Rapiscan Systems Inc (OSI Systems subsidiary) secured an $81,416,250 firm-fixed-price obligation (base + options $153M) from DHS CBP for non-intrusive inspection equipment maintenance, with $42.7M outlays already, providing revenue through 2027.

  • General Atomics $272.6M DHS UAS Contract Nears End with Low Outlays(MEDIUM)

    General Atomics Aeronautical Systems Inc's $272,580,354 cost-plus-fixed-fee UAS operations contract with DHS CBP (2018-2023) shows only $34.3M outlays against $275.9M base + options, signaling stable but maturing revenue with post-2023 status unclear.

Risk Flags(3)

  • Execution[HIGH RISK]

    High pricing risk on Caddell Construction's $328.5M firm-fixed-price State embassy contract with $0 outlays to date, spanning to 2028-11-08.

  • Execution[HIGH RISK]

    Rapiscan Systems' $81.4M firm-fixed-price DHS contract carries high pricing risk despite $42.7M outlays, with options to $153M unexercised.

  • Budget[MEDIUM RISK]

    Low outlays on General Atomics' $272.6M DHS UAS contract ($34.3M vs. $272.6M obligation) post-2023 end date raise uncertainty on full recognition.

Opportunities(3)

  • Booz Allen Hamilton's NSF IT contract options for additional $2.45M ceiling and Inmar RX Solutions' HHS waste contract options to $221M provide upside.

  • Boston University's HHS BARDA R&D contract has options to $285.8M total from current $150.8M obligation.

  • Rapiscan Systems' DHS contract base + options ceiling of $153M from $81.4M obligation offers near-term expansion in CBP maintenance.

Sector Themes(2)

  • DHS CBP awarded $272.6M to General Atomics for UAS services (ended 2023) and $81.4M to Rapiscan for inspection equipment maintenance through 2027, totaling $354M with partial outlays.

  • HHS allocated $150.8M to Boston University for BARDA antibacterial R&D (to 2029) and $100.3M to Inmar RX for medical waste disposal (to 2026), totaling $251.1M with significant subawards and partial outlays.

Watch List(4)

  • 👁

    {"entity"=>"Caddell Construction Co. (DE), LLC", "reason"=>"$328.5M State embassy contract with $0 outlays and high pricing risk through 2028-11-08", "trigger"=>"outlay progress initiation"}

  • 👁

    {"entity"=>"Booz Allen Hamilton Inc", "reason"=>"$254.5M NSF IT order with $179.6M outlays nearing 2025-01-15 end and $2.45M options", "trigger"=>"option exercise status"}

  • 👁

    {"entity"=>"OSI Systems Inc (Rapiscan Systems)", "reason"=>"$81.4M DHS contract with $42.7M outlays and $153M options ceiling to 2027", "trigger"=>"additional outlays and option exercises"}

  • 👁

    {"entity"=>"General Atomics Aeronautical Systems Inc", "reason"=>"$272.6M DHS UAS contract ended 2023-04-18 with only $34.3M outlays", "trigger"=>"post-end modifications or follow-on awards"}

Get daily alerts with 4 investment signals, 3 risk alerts, 3 opportunities and full AI analysis of all 6 filings

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