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Which companies and industries are most dependent on US federal spending? This index ranks 37,286 contractors by their Contract-to-Value (CTV) ratio — federal awards divided by market cap.
Average Contract-to-Value ratio by SIC industry code. Higher = greater government revenue dependency.
| # | Industry (SIC) | Avg CTV | P75 | P90 | Top Company | Top CTV |
|---|---|---|---|---|---|---|
| 1 | Retail-Nonstore RetailersSIC 5960 | 118.81x | 118.81x | 118.81x | Natural Resource Holdings, Inc. | 118.8x |
| 2 | Apparel & Accessory StoresSIC 5600 | 44.19x | 44.19x | 44.19x | FBC Holding, Inc. | 44.2x |
| 3 | Detective, Guard & Armored CarSIC 7381 | 31.16x | 31.16x | 31.16x | AMERIGUARD SECURITY SERVICES, INC. | 31.2x |
| 4 | Wholesale-HardwareSIC 5072 | 11.97x | 11.97x | 11.97x | RESIDEO TECHNOLOGIES, INC. | 12.0x |
| 5 | Laboratory Analytical InstrumentsSIC 3826 | 11.17x | 33.49x | 33.49x | ASTROTECH Corp | 33.5x |
| 6 | Help Supply ServicesSIC 7363 | 10.65x | 0.29x | 42.16x | DLH Holdings Corp. | 42.2x |
| 7 | Services to Buildings & Dwellings, NECSIC 7389 | 6.55x | 4.11x | 22.08x | OCULUS INC. | 22.1x |
| 8 | Computer Integrated Systems DesignSIC 7373 | 4.58x | 1.06x | 21.46x | WIDEPOINT CORP | 21.5x |
| 9 | Computer Peripheral Equipment, NECSIC 3577 | 4.41x | 8.83x | 8.83x | Xerox Holdings Corp | 8.8x |
| 10 | Heavy ConstructionSIC 1600 | 3.74x | 5.89x | 11.88x | FLUOR CORP | 11.9x |
| 11 | Ordnance & Accessories, (No Vehicles/Guided Missiles)SIC 3480 | 2.90x | 2.90x | 2.90x | NATIONAL PRESTO INDUSTRIES INC | 2.9x |
| 12 | Pharmaceutical PreparationsSIC 2834 | 1.70x | 0.03x | 13.26x | Emergent BioSolutions Inc. | 13.3x |
| 13 | Engineering ServicesSIC 8711 | 1.40x | 0.43x | 5.14x | AECOM | 5.1x |
| 14 | Management Consulting ServicesSIC 8742 | 1.34x | 0.38x | 6.31x | ICF International, Inc. | 6.3x |
| 15 | Aircraft & PartsSIC 3720 | 1.27x | 1.75x | 1.75x | TEXTRON INC | 1.7x |
| 16 | Crude Petroleum & Natural GasSIC 1311 | 1.21x | 1.21x | 1.21x | PAR PACIFIC HOLDINGS, INC. | 1.2x |
| 17 | Ship & Boat Building & RepairingSIC 3730 | 1.15x | 2.24x | 2.24x | GENERAL DYNAMICS CORP | 2.2x |
| 18 | Motor Vehicles & Passenger Car BodiesSIC 3711 | 1.14x | 2.27x | 2.27x | OSHKOSH CORP | 2.3x |
| 19 | Catalog & Mail-Order HousesSIC 5961 | 1.07x | 1.71x | 1.71x | INSIGHT ENTERPRISES INC | 1.7x |
| 20 | Water TransportationSIC 4400 | 0.97x | 1.93x | 1.93x | United Maritime Corp | 1.9x |
| 21 | Construction - Special Trade ContractorsSIC 1700 | 0.52x | 0.52x | 0.52x | Ameresco, Inc. | 0.5x |
| 22 | Wholesale-Petroleum & Petroleum Products (No Bulk Stations)SIC 5172 | 0.52x | 0.52x | 0.52x | WORLD KINECT CORP | 0.5x |
| 23 | Aircraft Parts & Auxiliary Equipment, NECSIC 3728 | 0.51x | 0.10x | 1.94x | AIR INDUSTRIES GROUP | 1.9x |
| 24 | Chemicals & Allied ProductsSIC 2800 | 0.50x | 1.00x | 1.00x | OLIN Corp | 1.0x |
| 25 | Calculating & Accounting Machines (No Electronic Computers)SIC 3578 | 0.48x | 0.96x | 0.96x | PAR TECHNOLOGY CORP | 1.0x |
| 26 | Pumps & Pumping EquipmentSIC 3561 | 0.47x | 1.40x | 1.40x | ITT INC. | 1.4x |
| 27 | Electronic Parts & EquipmentSIC 5065 | 0.42x | 0.42x | 0.42x | ARROW ELECTRONICS, INC. | 0.4x |
| 28 | Engines & TurbinesSIC 3510 | 0.36x | 0.70x | 0.70x | BWX Technologies, Inc. | 0.7x |
| 29 | General Bldg Contractors - Nonresidential BldgsSIC 1540 | 0.34x | 0.34x | 0.34x | TUTOR PERINI CORP | 0.3x |
| 30 | Office FurnitureSIC 2520 | 0.34x | 0.34x | 0.34x | MILLERKNOLL, INC. | 0.3x |
Companies ranked by total obligated amount from USAspending.gov.
CTV = Total Federal Awards ÷ Market Cap. A CTV of 5.0x means the company holds 5× its market value in government contracts.CTV ratio equals total federal contract awards divided by company market capitalization. A ratio above 1.0 means the company holds more in government contracts than its entire stock market value.
Based on our analysis, the top industries by CTV ratio are: Retail-Nonstore Retailers (118.8x), Apparel & Accessory Stores (44.2x), Detective, Guard & Armored Car (31.2x), Wholesale-Hardware (12.0x), Laboratory Analytical Instruments (11.2x).
A high CTV ratio signals revenue concentration risk — if government spending priorities shift, these companies face outsized impact. Conversely, it can signal stable, predictable revenue from long-term federal contracts.
Our database tracks 37,286 companies receiving federal contract awards, totaling $5.7T in obligations.