GLDD · CIK 1372020
What Great Lakes Dredge & Dock Corporation told the SEC could break it.
Great Lakes Dredge & Dock's disclosures center on customer concentration. The U.S. federal government — chiefly the Army Corps of Engineers — supplied 48% of dredging revenue in 2025 ($422.5 million), down from 74% two years earlier but still tying results to federal budget and appropriations cycles, while about 41% of its total backlog came from just five private customers, so the loss of a single large contract could meaningfully cut revenue. The rest of the register reflects its capital- and fuel-intensive operations: diesel is roughly 10% of cost of contract revenues (about 90% hedged through May 2027), and Section 232 tariffs on imported steel and aluminum, raised to 50% in 2025, could lift its vessel-construction costs, though it reports no material impact yet.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. federal government (Army Corps of Engineers) dredging revenuehigh
The U.S. federal government provided 48% of dredging revenue in 2025 ($422.5M), down from 57% and 74% in prior years, tying revenue to federal budgetary and appropriations processes.
“Federal government revenue (in US $1,000) $ 422,541 $ 430,980 $ 438,790 Percent of revenue from federal government 48 % 57 % 74 %”
SEC filing →As of 2026 - Backlog concentration in five private customersmedium
As of December 31, 2025, approximately 41% of total backlog came from five private customers, so loss of any single large contract could materially reduce revenue.
“As of December 31, 2025, approximately 41% of the Company's total backlog is from five private customers.”
SEC filing →As of 2026
Commodity & input dependence
- Diesel fuel cost exposuremedium
Diesel fuel is roughly 10% of cost of contract revenues; GLDD hedges ~90% of anticipated domestic fuel requirements through May 2027 to dampen price volatility.
“A significant operating cost for the Company is diesel fuel, which represents approximately 10% of our costs of contract revenues.”
Regulatory & policy
- Section 232 steel & aluminum tariffs (vessel inputs)low
U.S. tariffs on imported steel and aluminum (raised from 25% to 50% in 2025) could raise GLDD's vessel-construction input costs; the Company reports no material impact to date but flags future tariffs as a potential material risk.
“in February 2025, President Trump imposed a 25% tariff on imported steel and aluminum and in June 2025 he raised this tariff to 50%.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Philly Shipyard
“In November 2021, the Company entered into a $197 million contract with Philly Shipyard to build the Acadia, the first 45 U.S. flagged Jones Act compliant, inclined fall-pipe subsea rock installation vessel to support the offshore energy industry”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch