Contract Deobligations Alert — December 30, 2025

Leidos (QTC) and VES secure 8 awards totaling $3.29B for 1-year medical disability exams in San Antonio, TX, fully obligated with FY26 funding via full/open competition.

AECOM's UCOR awarded $3.9B (potential $4.17B) for Oak Ridge decontamination through 2022, with $839M outlayed despite passed end date signaling likely extensions.

RAUMA MARINE awarded $520M (potential $1.12B) firm fixed price for 2 Arctic Security Cutters through 2028, not competed.

Education & Training Resources and Career Systems secure $183M+ across 3 contracts for vocational centers through 2026-2027, with 80%+ outlayed.

FERMI nonprofit awarded $1.96B for FNAL ops through 2029, cost-plus with $595M outlayed.

Firm fixed price on 85% of contracts risks margin erosion from cost overruns, especially in VA exams ($3.29B), construction ($1.1B+), and shipbuilding.

Zero outlay on 50%+ of awards (e.g., all 8 VA exams, RAUMA $520M) signals funding/execution delays.

Long performance periods (3+ years on 40% of value) expose to budget cuts/inflation, e.g., DOE to 2029 ($5.86B), construction to 2029.

$1.2B+ in unexercised options across top awards (UCOR $281M, RAUMA $602M, CACI $93M) for immediate upside if exercised.

FY26 VA exam awards position for annual renewals in $3B+ veterans healthcare services market.

DOL Job Corps ($183M) and DOE lab/remediation wins signal multi-year stability in training/R&D sectors.

28% of total value ($3.29B) in 8 FY26 VA medical exam awards to Leidos/VES via full competition.

50%+ of value ($5.86B) in long-term remediation (AECOM) and lab ops (FERMI) despite age.

$894M in Coast Guard cutters, border infra via RAUMA, Barnard, others through 2028.

{"entity"=>"Leidos Holdings (QTC)", "reason"=>"$2.12B VA awards (5 contracts) fully obligated but $0 outlayed; 40% of non-DOE value.", "trigger"=>"FY26 outlays or FY27 wins >$2B"}

{"entity"=>"AECOM (UCOR)", "reason"=>"$3.9B DOE deal past end date but $839M outlayed; $281M options.", "trigger"=>"extension to 2022 or new cleanup awards"}

{"entity"=>"Veterans Evaluation Services", "reason"=>"$1.17B VA awards (5 contracts); private firm with full competition wins.", "trigger"=>"M&A interest or FY27 expansion"}

{"entity"=>"RAUMA MARINE CONSTRUCTIONS", "reason"=>"$520M Coast Guard (potential $1.12B); foreign firm, $0 outlay.", "trigger"=>"options exercise or US partner announcements"}