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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11To analyze a construction company, look past its headline backlog: check what work is firmly awarded, when it may turn into revenue, whether bids reflect realistic costs and capacity, and who bears the risk of overruns or delays. Backlog can help indicate future activity, but it is not a promise of revenue or profit—and companies define it differently.
What does a construction company mean by “backlog”?
Start with the company’s definition in its latest annual or quarterly filing. Backlog is not a standardized measure. One contractor may count only awarded work after major uncertainties such as funding have been resolved; another may also include letters of intent, issued contracts awaiting signature, or other less-final awards. Read the inclusion criteria, cancellation terms, and any qualifications about funding or notice to proceed before treating a balance as committed work. See, for example, the definitions in Tutor Perini’s 2025 Form 10-K, Construction Partners’ 2026 second-quarter Form 10-Q, and Primoris’ 2025 Form 10-K.
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Also keep backlog separate from remaining performance obligations (RPO). Primoris explains in its 2025 filing that companies calculate backlog differently and distinguishes its backlog categories from RPO. If a company reports both, use its stated definitions rather than substituting one measure for the other.
Separate firm awards from preliminary work
Construction Partners’ June 30, 2026 filing illustrates why the categories matter: it reported $701 million in signed contracts and $165 million in letters of intent or issued contracts, for total backlog of $866 million. Those are Construction Partners figures for that reporting date, not an industry benchmark; the company says backlog does not guarantee future revenue or profitability.
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When reading another issuer’s backlog, identify whether the balance includes executed contracts, funded awards, definitive written notices, letters of intent, low bids, work orders, change orders, or claims. Then check whether customers can cancel, defer, or change scope, and what payment or reimbursement rights apply if they do.
How much backlog is likely to convert—and when?
Read the roll-forward as well as the ending balance: opening backlog, new awards and adjustments, revenue recognized, and closing backlog. A rising total can mean new awards are outpacing work completed; by itself, it does not show that the new work is profitable, certain, or ready to start.
Tutor Perini’s 2025 Form 10-K provides a company-specific example: backlog moved from $18.67 billion at December 31, 2024, to $20.56 billion at December 31, 2025, with $7.43 billion in new awards and $5.54 billion in revenue recognized during 2025. The company estimated that about $6 billion, or 29%, of its year-end 2025 backlog would be recognized as 2026 revenue. It also reported the year-end balance as 49% Civil, 36% Building, and 15% Specialty Contractors. These figures describe Tutor Perini’s portfolio and estimates, not typical construction-industry conversion rates. Tutor Perini 2025 Form 10-K.
Compare the expected conversion schedule with revenue, margins, and operating cash flow. A long-dated award may support future activity but contribute little near-term revenue; a delayed start can push conversion out further. Tutor Perini says most of its Civil backlog typically converts over three to five years, compared with one to three years for Building and Specialty Contractors, while some large projects take longer. Those timelines apply to its segments, not every contractor. Construction Partners likewise warns that actual revenue timing and amount may differ from backlog estimates, citing cancellation, scope changes, permitting delays, and deferred start dates. Construction Partners 2026 second-quarter Form 10-Q.
Are bids selective and based on executable assumptions?
Bid volume or win rate alone cannot establish bid quality. The key question is whether management pursues work it can staff, schedule, and complete at an acceptable margin. MasTec’s 2025 annual report lists factors in bid pricing that include project complexity, experience with similar work, weather, competition, site conditions, safety, owner reputation, availability of labor, materials and fuel, location, and completion dates. Granite’s 2025 annual report describes bid/no-bid considerations such as personnel, procurement method, competition, prior experience with the work and owner, local resources, equipment, project size and duration, complexity, and expected profitability. MasTec 2025 Annual Report; Granite 2025 Annual Report.
Use those disclosures to test the assumptions behind awarded work and new bids:
- Scope and site: Is the scope sufficiently defined, and have site conditions or design complexity been assessed?
- Cost inputs: Are labor productivity, materials, fuel, equipment, and subcontractor prices realistic for the project’s location and duration?
- Schedule: Do seasonality, permits, owner readiness, and completion deadlines leave a feasible schedule? Are there penalties or incentives?
- Delivery capacity: Does the company have enough skilled labor, project managers, equipment, and subcontractor capacity for this award alongside its existing workload?
- Customer and collection: Is the owner able to administer the contract, approve changes, and pay on time?
Granite describes a review process that can lead to negotiation, a bid/no-bid decision, insurance, or pricing mitigation, and notes that bidding activity and awards may vary materially from period to period. A burst of awards is more informative when filings also describe the company’s selection discipline and ability to deliver them.
How do contract type and delivery method change the risk?
Contract terms determine how cost, quantity, and scope uncertainty is shared. Under a fixed-price contract, cost increases above budget can reduce the contractor’s profit. Under a fixed-unit-price contract, the customer generally bears quantity risk, but the contractor may still bear increases in unit costs unless the contract provides otherwise. Check the actual terms, including escalation clauses and change-order rights, rather than inferring risk from the label alone.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsGranite reported that its unearned revenue at December 31, 2025, was 34.6% fixed-price, 56.9% fixed-unit-price, and 8.5% other contract types. This is Granite’s reported mix on that date, not a sector-wide distribution. Granite 2025 Annual Report.
Delivery methods also affect when design, price, and scope uncertainties are resolved. Granite describes bid-build, design-build, construction management/general contractor, construction management at-risk, and progressive design-build. Design-build work may be bid before design is complete; in CM/GC or CMAR, the contractor may participate during design and negotiate construction work as design advances. These methods shift the timing of decisions, but none guarantees lower risk on its own.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which execution risks can erode margins or delay revenue?
Project risk is not limited to whether an award is signed. Granite’s 2025 annual report identifies risks including labor and material cost changes; subcontractor price, availability, or performance; owner or weather delays that extend overhead; productivity assumptions; design changes; claims and back charges; equipment and material availability; worker skill and availability; unexpected site conditions; scope-change costs; and customer contract administration. Use these as prompts when reviewing the company’s risk factors, project commentary, change-order disclosures, claims, and margin trends. Granite 2025 Annual Report.
Inflation protection is contract-specific. Construction Partners’ 2025 annual report says it seeks supplier “not to exceed” quotations and, on longer projects, provisions that can adjust prices to mitigate material-price changes. That is one company’s disclosed practice, not a universal safeguard. Check whether the contractor can pass cost increases through to the owner, whether escalation provisions cover relevant inputs, and whether supplier quotes remain valid for the project’s duration. Construction Partners 2025 annual report.
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How to compare two construction companies fairly
Use the same reporting date where possible, and record each company’s own definitions and reporting period. If dates differ or categories are defined differently, disclose that rather than treating the totals as directly comparable.
| Comparison area | What to record |
|---|---|
| Commitment | Executed or funded work versus preliminary awards, letters of intent, low bids, or unsigned contracts. |
| Conversion | Expected near-term revenue, start dates, project duration, and cancellation or deferral terms. |
| Movement | Opening backlog, awards and adjustments, recognized revenue, and closing backlog. |
| Concentration | Exposure to large projects, customers, geographies, end markets, segments, or joint ventures. |
| Bid discipline | Selection process, assumed margins, experience, owner quality, and delivery capacity. |
| Risk allocation | Contract forms, escalation clauses, change-order rights, claims, and cancellation remedies. |
| Execution outcomes | Project margin trends, cash collection, schedule performance, claims, and loss provisions where disclosed. |
Backlog figures are company-reported and date-specific. Do not rank contractors on total backlog alone or mix total backlog, near-term backlog, preliminary awards, and RPO as if they were the same measure. For an issuer-specific assessment, reconcile every figure to its latest filing, stated definition, and conversion assumptions.
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