Which Public Companies Live on Government Money?
Track the federal contracts behind listed defense and tech names — total awarded, which agencies pay them, and their biggest deals. Straight from USASpending.gov, the U.S. government’s official free record.
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How a value investor reads government revenue
- Government revenue is famously sticky — long contracts, high switching costs, and a customer that rarely goes bankrupt. That can be a genuine moat, especially in defense.
- But it cuts both ways: concentration in one agency, exposure to budget cycles and political risk, and margins capped by procurement rules. A single lost program can dent years of growth.
- Rising multi-year awards hint at a growing backlog — future revenue already booked. Compare the award trend here against the backlog and revenue the company reports in its filings.
- Ask whether the moat is the technology or just the incumbency. Incumbency fades when a cheaper challenger wins the next re-compete; real technology moats survive it.