A Business at a Glance
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DYCOM INDUSTRIES INC
DY
$12.6B
Mkt Cap
$429.81
-2.40%
DYCOM INDUSTRIES INC (DY) has a current P/E ratio of 42.3, compared to its historical median P/E of 22.7. The stock is currently considered Fair based on its historical valuation range.
DYCOM INDUSTRIES INC (DY) has a 5-year average return on invested capital (ROIC) of 12.1%. This indicates solid capital allocation.
DYCOM INDUSTRIES INC (DY) has a market capitalization of $12.9B. It is classified as a large-cap stock.
DYCOM INDUSTRIES INC (DY) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.28%.
Based on historical P/E analysis, DYCOM INDUSTRIES INC (DY) appears fair. The current P/E of 42.3 is 86% above its historical median of 22.7. The estimated fair value CAGR (P/E method) is 36.8%.
DYCOM INDUSTRIES INC (DY) operates in the Water, Sewer, Pipeline, Comm & Power Line Construction industry, within the Industrials sector.
DYCOM INDUSTRIES INC (DY) reported annual revenue of $5.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dycom Industries is a leading specialty contracting services provider serving the digital infrastructure, telecommunications, and utilities industries across all 50 states through 38 operating companies and hundreds of field offices. The company operates through two reportable segments: Communications, which provides construction, maintenance, and installation services including fiber, copper, and coaxial cable placement, tower construction, wireless site deployment, underground facility locating, and engineering and design services for telecommunications and utility customers; and Building Systems, which specializes in comprehensive building infrastructure solutions including electrical, energy management, security, and fire safety systems for data centers and critical facilities, added through the Power Solutions acquisition in fiscal 2026. Dycom's business model is project-based and labor-intensive, with revenue generated through fixed-price and time-and-materials contracts for services delivered by its skilled workforce. The company earns revenue by supplying expertise, labor, equipment, and tools necessary to execute complex infrastructure projects, with unit economics characterized by high labor content and capital requirements for fleet and equipment. Distribution is direct to major telecommunications carriers, cable operators, electric and gas utilities, and hyperscale data center operators, with geographic presence spanning urban and rural markets nationwide. Dycom's competitive moat derives from its scale, specialized workforce, geographic breadth, deep customer relationships, and proven execution capability on large, complex programs that require national coordination and technical sophistication.
【Strong demand momentum continuing】 Management expects robust demand across fiber-to-the-home builds, long-haul and middle-mile fiber infrastructure, data center electrical services, and inside-the-fence opportunities to drive continued revenue growth in fiscal 2027 and beyond. The company anticipates margin expansion in the Communications segment through operating leverage while maintaining mid-to-high-teens margins in Building Systems as it scales operations. Dycom is pursuing additional strategic acquisitions while maintaining long-term net leverage discipline, with management noting that skilled labor availability will be a key competitive advantage as industry-wide workforce shortages emerge. The company expects to benefit from BEAD program funding flowing through state and subgrantee pipelines, with over $500 million in verbal awards already secured but not yet reflected in backlog.
| Metric | Target | Period |
|---|---|---|
| Total contract revenues | $7.38 billion–$7.65 billion | FY2027 |
| Communications segment contract revenues | $6.03 billion–$6.2 billion | FY2027 |
| Building Systems segment contract revenues | $1.35 billion–$1.45 billion | FY2027 |
| Q2 FY2027 total contract revenues | $1.94 billion–$2.01 billion | Q2 FY2027 |
| Q2 FY2027 adjusted EBITDA | $284 million–$303 million | Q2 FY2027 |
| Q2 FY2027 adjusted diluted EPS | $4.40–$4.82 per share | Q2 FY2027 |
| Building Systems adjusted EBITDA margin | high teens | FY2027 |
| National Technology Integrators annual revenue run rate | approximately $175 million | Annual |
Total contract revenues (FY2027): “we are increasing our full-year fiscal 2027 outlook to a range of $7.38 billion-$7.65 billion”
Communications segment contract revenues (FY2027): “For the Communications segment, we expect contract revenues ranging from $6.03 billion-$6.2 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 6.3B | 5.5B | 4.7B | 4.2B | 3.8B | 3.1B |
| Net Income | 311M | 281M | 233M | 219M | 142M | 49M |
| EPS | $10.62 | $9.56 | $7.92 | $7.37 | $4.74 | $1.57 |
| Free Cash Flow | 440M | 402M | 99M | 40M | -36M | 152M |
| ROIC | 0.0% | 11.0% | 14.6% | 16.1% | 12.7% | 6.1% |
| Gross Margin | - | 20.6% | 19.8% | 19.5% | 17.0% | 15.9% |
| Debt/Equity | 1.88 | 1.51 | 0.76 | 0.77 | 0.95 | 1.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 434M | 369M | 345M | 221M | 86M |
| Operating Margin | 0.0% | 7.8% | 7.8% | 8.3% | 5.8% | 2.7% |
| ROE | 16.4% | 18.2% | 20.4% | 22.8% | 17.5% | 6.2% |
| Shares Outstanding | 30M | 29M | 29M | 30M | 30M | 31M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 2.0B | 2.7B | 3.1B | 3.1B | 3.3B | 3.2B | 3.1B | 3.8B | 4.2B | 4.7B | 5.5B | 6.3B |
| Gross Margin | 18.6% | 21.2% | 22.0% | 21.6% | 18.1% | 16.8% | 17.4% | 15.9% | 17.0% | 19.5% | 19.8% | 20.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 162M | 179M | 217M | 239M | 269M | 255M | 260M | 262M | 293M | 328M | 393M | 445M | 473M |
| EBIT | 93M | 163M | 241M | 288M | 132M | 129M | 89M | 86M | 221M | 345M | 369M | 434M | 0 |
| Op. Margin | 5.1% | 8.0% | 9.0% | 9.4% | 4.2% | 3.9% | 2.8% | 2.7% | 5.8% | 8.3% | 7.8% | 7.8% | 0.0% |
| Net Income | 40M | 84M | 129M | 157M | 63M | 57M | 34M | 49M | 142M | 219M | 233M | 281M | 311M |
| Net Margin | 2.2% | 4.2% | 4.8% | 5.1% | 2.0% | 1.7% | 1.1% | 1.6% | 3.7% | 5.2% | 5.0% | 5.1% | 5.0% |
| Non-Recurring | 11M | 7.1M | 9.8M | 15M | 19M | 15M | 63M | 4.2M | 17M | 28M | 36M | 27M | 27M |
| Returns on Capital | |||||||||||||
| ROIC | 6.3% | 10.5% | 13.4% | 13.8% | 6.5% | 5.8% | 3.5% | 6.1% | 12.7% | 16.1% | 14.6% | 11.0% | 0.0% |
| ROE | 8.8% | 17.0% | 24.2% | 25.6% | 8.2% | 6.8% | 4.1% | 6.2% | 17.5% | 22.8% | 20.4% | 18.2% | 16.4% |
| ROA | 3.4% | 6.6% | 8.4% | 8.7% | 3.2% | 2.7% | 1.7% | 2.4% | 6.4% | 9.1% | 8.5% | 6.3% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 84M | 142M | 276M | 256M | 124M | 58M | 382M | 309M | 165M | 259M | 349M | 643M | 672M |
| Free Cash Flow | -5.0M | 39M | 90M | 55M | -41M | -63M | 324M | 152M | -36M | 40M | 99M | 402M | 440M |
| Owner Earnings | -21M | 32M | 134M | 88M | -75M | -140M | 193M | 146M | 2.7M | 70M | 110M | 338M | 313M |
| CapEx | 89M | 103M | 186M | 201M | 165M | 121M | 58M | 157M | 201M | 218M | 250M | 241M | 232M |
| Maint. CapEx | 93M | 96M | 125M | 148M | 180M | 188M | 176M | 153M | 144M | 163M | 199M | 270M | 323M |
| Growth CapEx | 0 | 7.0M | 61M | 53M | 0 | 0 | 0 | 4.4M | 57M | 55M | 52M | 0 | 0 |
| D&A | 93M | 96M | 125M | 148M | 180M | 188M | 176M | 153M | 144M | 163M | 199M | 270M | 323M |
| CapEx/OCF | 105.9% | 72.6% | 71.1% | 78.5% | 132.6% | 207.9% | 15.2% | 50.9% | 121.9% | 84.4% | 71.7% | N/A | 34.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 10.0M | 87M | 170M | 63M | 0 | 0 | 100M | 106M | 49M | 50M | 66M | 30M | 36M |
| Buyback Yield | 1.0% | 7.6% | 8.3% | 2.4% | N/A | N/A | 3.7% | 4.1% | 1.8% | 1.5% | 1.2% | 0.0% | 0.3% |
| Stock-Based Comp | 13M | 14M | 17M | 21M | 20M | 10M | 13M | 9.9M | 18M | 25M | 40M | 34M | 36M |
| Debt Repayment | 0 | 0 | 278M | 0 | 0 | 25M | 402M | 58M | 0 | 0 | 852M | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 437M | 499M | 686M | 721M | 745M | 812M | 572M | 530M | 601M | 708M | 851M | 2.1B | 3.0B |
| Cash & Equiv. | 21M | 21M | 34M | 39M | 128M | 55M | 12M | 311M | 224M | 101M | 93M | 709M | 539M |
| Long-Term Debt | 447M | 517M | 706M | 738M | 868M | 844M | 502M | 823M | 807M | 791M | 933M | 2.8B | 2.8B |
| Debt/Equity | 0.94 | 1.03 | 1.29 | 1.13 | 1.09 | 1.00 | 0.72 | 1.11 | 0.95 | 0.77 | 0.76 | 1.51 | 1.88 |
| Interest Coverage | 3.5 | 6.0 | 6.9 | 7.7 | 3.0 | 2.5 | 3.0 | 2.6 | 5.4 | 6.6 | 6.0 | 6.5 | 6.5 |
| Equity | 485M | 507M | 557M | 672M | 804M | 869M | 811M | 759M | 869M | 1.1B | 1.2B | 1.9B | 1.9B |
| Total Assets | 1.2B | 1.4B | 1.7B | 1.9B | 2.1B | 2.2B | 1.9B | 2.1B | 2.3B | 2.5B | 2.9B | 6.0B | 6.2B |
| Total Liabilities | 727M | 847M | 1.2B | 1.2B | 1.3B | 1.3B | 1.1B | 1.4B | 1.4B | 1.5B | 1.7B | 4.1B | 4.3B |
| Intangibles | 116M | 121M | 198M | 184M | 161M | 140M | 119M | 102M | 87M | 109M | 220M | 926M | 868M |
| Retained Earnings | 342M | 426M | 538M | 652M | 772M | 830M | 801M | 748M | 855M | 1.0B | 1.2B | 1.5B | 1.6B |
| Working Capital | 409M | 470M | 529M | 620M | 811M | 935M | 720M | 974M | 1.0B | 1.0B | 1.1B | 1.7B | 1.8B |
| Current Assets | 606M | 697M | 851M | 939M | 1.1B | 1.3B | 1.2B | 1.4B | 1.5B | 1.6B | 1.7B | 2.8B | 3.0B |
| Current Liabilities | 197M | 227M | 323M | 319M | 285M | 323M | 448M | 382M | 470M | 506M | 587M | 1.0B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | 1.15 | 2.41 | 3.89 | 4.92 | 1.97 | 1.80 | 1.07 | 1.57 | 4.74 | 7.37 | 7.92 | 9.56 | 10.62 |
| Owner EPS | -0.61 | 0.91 | 4.05 | 2.75 | -2.36 | -4.39 | 6.02 | 4.72 | 0.09 | 2.37 | 3.74 | 11.51 | 10.43 |
| Book Value | 13.95 | 14.50 | 16.84 | 21.02 | 25.18 | 27.33 | 25.28 | 24.52 | 28.96 | 35.50 | 42.04 | 63.21 | 63.14 |
| Cash Flow/Share | 2.42 | 4.06 | 8.33 | 8.03 | 3.90 | 1.82 | 11.90 | 9.98 | 5.49 | 8.72 | 11.85 | 21.84 | 21.12 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 34.8M | 35.0M | 33.1M | 32.0M | 31.9M | 31.8M | 32.1M | 30.9M | 30.0M | 29.7M | 29.5M | 29.4M | 30.0M |
| Valuation | |||||||||||||
| P/E Ratio | 24.1 | 13.6 | 16.0 | 16.4 | 30.5 | 24.0 | 79.4 | 53.8 | 19.6 | 15.6 | 22.7 | N/A | 40.5 |
| P/FCF | N/A | 29.4 | 22.9 | 46.6 | N/A | N/A | 8.4 | 17.2 | N/A | 84.5 | 53.7 | N/A | 29.3 |
| EV/EBIT | 123.9 | 196.2 | 261.0 | 256.6 | 160.3 | 184.5 | 391.9 | 641.5 | 311.4 | 187.2 | 207.7 | N/A | N/A |
| Price/Book | 2.0 | 2.3 | 3.7 | 3.8 | 2.4 | 1.6 | 3.4 | 3.4 | 3.2 | 3.2 | 4.3 | N/A | 6.8 |
| Price/Sales | 0.5 | 0.5 | 0.8 | 0.8 | 0.9 | 0.5 | 0.5 | 0.8 | 0.8 | 0.7 | 1.0 | N/A | 2.1 |
| FCF Yield | -0.5% | 3.4% | 4.4% | 2.1% | -2.1% | -4.6% | 11.9% | 5.8% | -1.3% | 1.2% | 1.9% | N/A | 3.4% |
| Market Cap | 963M | 1.1B | 2.1B | 2.6B | 1.9B | 1.4B | 2.7B | 2.6B | 2.8B | 3.4B | 5.3B | 0 | 12.9B |
| Avg. Price | 24.62 | 30.43 | 62.76 | 77.53 | 88.06 | 50.41 | 49.79 | 82.29 | 96.99 | 97.88 | 166.64 | 0.00 | 429.81 |
| Year-End Price | 27.71 | 32.71 | 62.18 | 80.58 | 60.04 | 43.15 | 85.01 | 84.53 | 92.73 | 115.18 | 179.81 | 0.00 | 429.81 |
DYCOM INDUSTRIES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
DYCOM INDUSTRIES INC trades at 42.3x trailing earnings, compared to its 15-year median P/E of 22.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 41.9x vs a median of 34.8x. The company's 5-year average ROIC is 12.1% with a gross margin of 18.6%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is -7.1%.
DYCOM INDUSTRIES INC (DY) has a net profit margin of 5.1%. This is a modest margin.
DYCOM INDUSTRIES INC (DY) generated $402 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DYCOM INDUSTRIES INC (DY) has a debt-to-equity ratio of 1.51. This indicates higher leverage, which may increase financial risk.
DYCOM INDUSTRIES INC (DY) reported earnings per share (EPS) of $9.56 in its most recent fiscal year.
DYCOM INDUSTRIES INC (DY) has a return on equity (ROE) of 18.2%. This indicates the company generates strong returns for shareholders.
DYCOM INDUSTRIES INC (DY) has a 5-year average gross margin of 18.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for DYCOM INDUSTRIES INC (DY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DYCOM INDUSTRIES INC (DY) has a book value per share of $63.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects robust demand across fiber-to-the-home builds, long-haul and middle-mile fiber infrastructure, data center electrical services, and inside-the-fence opportunities to drive continued revenue growth in fiscal 2027 and beyond. The company anticipates margin expansion in the Communications segment through operating leverage while maintaining mid-to-high-teens margins in Building Systems as it scales operations. Dycom is pursuing additional strategic acquisitions while maintaining long-term net leverage discipline, with management noting that skilled labor availability will be a key competitive advantage as industry-wide workforce shortages emerge. The company expects to benefit from BEAD program funding flowing through state and subgrantee pipelines, with over $500 million in verbal awards already secured but not yet reflected in backlog.
Based on recent SEC filings and earnings calls, DYCOM INDUSTRIES INC (DY) has provided the following forward guidance: Total contract revenues: $7.38 billion–$7.65 billion (FY2027); Communications segment contract revenues: $6.03 billion–$6.2 billion (FY2027); Building Systems segment contract revenues: $1.35 billion–$1.45 billion (FY2027); Q2 FY2027 total contract revenues: $1.94 billion–$2.01 billion (Q2 FY2027); Q2 FY2027 adjusted EBITDA: $284 million–$303 million (Q2 FY2027), plus 3 additional metrics.
Building Systems segment contract revenues (FY2027): “For the Building Systems segment, we expect contract revenues ranging from $1.35 billion-$1.45 billion”
Q2 FY2027 total contract revenues (Q2 FY2027): “On a consolidated basis for Q2, we expect total contract revenues of $1.94 billion-$2.01 billion”
Q2 FY2027 adjusted EBITDA (Q2 FY2027): “adjusted EBITDA of $284 million-$303 million”
Q2 FY2027 adjusted diluted EPS (Q2 FY2027): “adjusted diluted EPS of $4.40-$4.82 per share, excluding the impact of intangible amortization expense”
Building Systems adjusted EBITDA margin (FY2027): “we now expect our Building Systems segment to maintain adjusted EBITDA margin in the high teens”
National Technology Integrators annual revenue run rate (Annual): “we anticipate an initial annual revenue run rate of approximately $175 million”