Dycom Industries Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The core business is healthy and growing organically at a strong clip — that speaks to substance. What remains open is whether the roughly $2 billion, debt-funded Power Solutions acquisition delivers the promised synergies, whether the tripled debt load gets paid down on schedule, and how much the growing dependence on AT&T, Verizon and Lumen weighs in the next downturn. None of these is a substance risk in the sense of insolvency — interest expense ($35.5 million in the latest quarter) stayed well below pre-tax income ($106.7 million), and cash of $538.8 million is solid — but each of them decides whether this scanner find becomes more than a one-time snapshot. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Dycom delivers a genuine organic acceleration signal in its core business — up 24.7 percent in the most recent quarter, carried by fiber and data-center build-out — but dilutes that picture itself: one-fifth of reported growth came via checkbook, not from the trench, funded with nearly tripled debt and fresh shares. A record backlog and strong margins sit alongside rising customer concentration and an ambitious valuation. Not investment advice.
Organic core business
The legacy Communications segment grew 24.7 percent on its own in the first quarter of fiscal 2027 (May 2, 2026), driven by the fiber-to-the-home build-out. That is not an acquisition effect — it is genuine new business.
Growth quality
Roughly one-fifth of the latest revenue jump ($395.4 of $1,964.8 million in Q1 fiscal 2027) came from the December 2025 Power Solutions acquisition, not the existing business. The scanner does not distinguish between built and bought growth.
Customer concentration
AT&T Inc. alone accounted for 25.4 percent of revenue in fiscal 2026, up from 16.9 percent two years earlier. Combined with Verizon (14.0%) and Lumen (10.8%), more than half of revenue came from three telecom carriers.
Balance sheet & leverage
To pay for Power Solutions, total debt (including lease liabilities) rose from about $1.06 billion to about $3.0 billion (late January 2025 through May 2, 2026); debt-to-equity sits around 1.6 — far more solid than the scanner's implausible 6.84, but a real jump with less covenant cushion than before.
Order book
Total backlog climbed to a record $11.9 billion as of May 2, 2026 per the earnings press release — up roughly a quarter (+24.8 percent) from the end of January 2026.
Valuation
At a price-to-earnings ratio of about 37.6 (as of August 21, 2026), the stock is anything but cheap — even after giving back about 31 percent from its 52-week high ($566.47, May 27, 2026).
Worth Noting
Dycom landed on our research list through our in-house "revenue inflection" scanner (rank 3 of 28 hits, as of August 24, 2026).
The scanner's Piotroski score of 1 of 9 looks too low against the SEC figures — at least four of the nine sub-criteria (positive net income, positive operating cash flow, operating cash flow exceeding net income, improved gross margin) should count as passing on our own recalculation. The balance sheet's acquisition-driven jump in size does genuinely push several balance-sheet-based sub-criteria negative — a one-off effect of the deal, not a sign of deteriorating operating quality.
The scanner's debt-to-equity figure of 6.84 also doesn't reconcile with our own calculation from the SEC balance-sheet data: total debt (including lease liabilities) to equity stood at roughly 1.6 as of May 2, 2026.
The "report 8/19" date the scanner cites could not be confirmed in the SEC filing list (as of August 24, 2026); the actual most recent available filing is the quarterly report dated May 28, 2026, which this analysis is built on.
All valuation and price figures are evergreen and carry a data cutoff; a daily price is not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 261.60 $ to 535.20 $ · Last price: 285.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Engineering & Construction
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Dycom Industries Inc DY | 8.6 | 27.3 | 12.4 | 20.5 | 7.3 | 18.0 | 9.1 |
| Quanta Services Inc PWR | 97.5 | 80.3 | 33.7 | 15.5 | 4.2 | 19.8 | 64.1 |
| Comfort Systems USA Inc FIX | 60.0 | 41.7 | 29.0 | 25.7 | 7.9 | 29.5 | 106.7 |
| EMCOR Group Inc EME | 32.5 | 22.3 | 15.2 | 19.4 | 8.7 | 16.6 | 19.7 |
| Jacobs Solutions Inc. J | 16.7 | 43.2 | 21.8 | 22.1 | -0.9 | 4.6 | -1.1 |
| MasTec Inc MTZ | 16.7 | 42.4 | 16.9 | 12.9 | 3.7 | 16.2 | 7.5 |
| Api Group Corp APG | 16.5 | – | 20.3 | 31.4 | 7.3 | 12.7 | 6.7 |
| Sterling Construction Company Inc STRL | 16.2 | 41.9 | 20.2 | 23.8 | 17.2 | 17.7 | 51.1 |
| Topbuild Corp BLD | 12.2 | 24.0 | 12.9 | 29.0 | 12.2 | 1.5 | 2.7 |
| Median of companies shown | 16.7 | 41.8 | 20.2 | 22.1 | 7.3 | 16.6 | 9.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 2,823 | 120 | 157 | 4.75 | 256 | 557 | 1,720 |
| 2018 | 2,673 | 248 | 157 | 4.92 | 256 | 725 | 1,841 |
| 2019 | 3,128 | 117 | 63 | 1.97 | 124 | 804 | 2,098 |
| 2020 | 3,340 | 118 | 57 | 1.80 | 58 | 869 | 2,218 |
| 2021 | 3,199 | 122 | 34 | 1.09 | 382 | 811 | 1,944 |
| 2022 | 3,131 | 82 | 49 | 1.57 | 309 | 759 | 2,118 |
| 2023 | 3,808 | 211 | 142 | 4.74 | 165 | 869 | 2,313 |
| 2024 | 4,176 | 323 | 219 | 7.37 | 259 | 1,055 | 2,517 |
| 2025 | 4,702 | 341 | 233 | 7.92 | 349 | 1,239 | 2,945 |
| 2026 | 5,546 | 695 | 281 | 9.56 | 643 | 1,859 | 5,979 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 1.11 | 40.70 | 1,085 | 13.90 | 3.00 | 328 | 260 |
| 2025: Q2 | 2.09 | -1.40 | 1,259 | 10.20 | 4.90 | -54 | -134 |
| 2025: Q3 | 3.33 | 43.50 | 1,378 | 14.50 | 7.10 | 57 | 6 |
| 2025: Q4 | 3.63 | 53.20 | 1,452 | 14.10 | 7.30 | 220 | 165 |
| 2026: Q1 | 0.55 | -50.10 | 1,458 | 34.40 | 1.10 | 419 | 365 |
| 2026: Q2 | 3.00 | 44.00 | 1,965 | 56.10 | 4.60 | -25 | -95 |
| 2026: Q3 | 3.81 | 14.40 | 2,006 | 45.60 | 5.80 | 104 | 34 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Jeff Sun
- Mark Minervini: Trend Criteria — 1 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 01/31/2027 | 17.05 | 16.29 – 17.60 | 7,606 | 42.4% | 5 |
| 01/31/2028 | 20.67 | 19.61 – 22.45 | 8,547 | 21.3% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 6.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $468.7M |
|---|---|
| Market cap | $8.64B |
| Free cash flow in year ten | $888.4M |
| Terminal value as a share of market value | 54.2% |
For comparison: over the past five years free cash flow grew by 4.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Dycom verkauft keine KI-Produkte und setzt in den Berichten keine KI operativ ein, aber der Geschäftsbericht nennt die unsichere künftige KI-Rechenzentrums-Nachfrage der eigenen Kunden ausdrücklich als konkretes Risiko für Umsatz, Ergebnis und Auftragsbestand.
View the full file — quotes, sources, reviewed filings
„We generate a significant majority of our revenues from our Communications segment customers, many of whom provide certain fiber-related services for hyperscaler and data center projects, and from our new Building Systems segment customers who focus on data center infrastructure to support AI needs. […] We cannot be certain that global demand for data center capacity, additional digital infrastructure or AI-related projects will remain steady or increase, which could negatively impact our revenues, results of operations and backlog."
Wir erzielen den weit überwiegenden Teil unserer Umsätze mit Kunden unseres Communications-Segments, von denen viele Glasfaser-bezogene Dienstleistungen für Hyperscaler- und Rechenzentrumsprojekte erbringen, sowie mit Kunden unseres neuen Building-Systems-Segments, die sich auf Rechenzentrums-Infrastruktur zur Unterstützung von KI-Bedarfen konzentrieren. […] Wir können nicht sicher sein, dass die weltweite Nachfrage nach Rechenzentrumskapazität, zusätzlicher digitaler Infrastruktur oder KI-bezogenen Projekten stabil bleibt oder zunimmt, was unsere Umsätze, Betriebsergebnisse und unseren Auftragsbestand negativ beeinflussen könnte.
10-K · 2026-03-09 · View SEC filing
„Our success is dependent on our and our customers' ability to acquire, develop, adopt and leverage new and existing technologies, including AI. New technologies can materially impact our business in a number of ways, including affecting the costs, speed and efficiency with which we can provide our services to our customers and our ability to differentiate ourselves from our competitor's offerings."
Unser Erfolg hängt von unserer und der Fähigkeit unserer Kunden ab, neue und bestehende Technologien, einschließlich KI, zu beschaffen, zu entwickeln, einzuführen und zu nutzen. Neue Technologien können unser Geschäft auf vielfältige Weise wesentlich beeinflussen, unter anderem indem sie die Kosten, die Geschwindigkeit und die Effizienz beeinflussen, mit der wir unsere Dienstleistungen für unsere Kunden erbringen können, sowie unsere Fähigkeit, uns von den Angeboten unserer Wettbewerber abzuheben.
10-K · 2026-03-09 · View SEC filing
Filings Reviewed: 10-K 2026-03-09 · 10-Q 2026-05-28
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.3%
- More than 10% revenue growth is expected for the coming year 11.3%
- Share count grows by less than 3% a year -0.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.2%
- Gross margin at 40% or higher and without meaningful erosion 20.6%
- Goodwill from acquisitions does not grow faster than revenue 24.1%
- Net debt below twice EBITDA 3.2 x EBITDA
- Operating cash flow covers the profits of the last three years 517 m
- Return on capital at 15% or higher, or up versus two years ago 14.0%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 7.8%
- Exp. sales growth 3Y > 5% 24.1%
- EBIT growth 10Y > 5% 21.6%
- Exp. EBIT growth 3Y > 5% 47.1%
- Net debt < 4x EBIT 3.3x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 67.1%
- Return on equity > 15% –
- ROCE > 15% 14.0%
- Expected return > 10% 53.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Peyovich Daniel S | President & CEO | Buy | 850 | 296.76 | 252,246 |
| Sep 1, 2026 | Fallon David Joseph | Director | Buy | 700 | 286.92 | 200,844 |
| Aug 4, 2026 | Lenz Michael C. | Director | Other | 343 | 0.00 | – |
| Aug 4, 2026 | Fallon David Joseph | Director | Other | 343 | 0.00 | – |
| Aug 3, 2026 | Skillern Raejeanne | Director | Other | 29 | 414.98 | 12,034 |
| Aug 3, 2026 | Fritzsche Jennifer M | Director | Other | 32 | 414.98 | 13,279 |
| Aug 3, 2026 | Sykes Richard K | Director | Other | 114 | 414.98 | 47,308 |
| Aug 3, 2026 | LeClair Stephen O | Director | Other | 42 | 414.98 | 17,429 |
| Aug 3, 2026 | Gallagher Philip R | Director | Other | 48 | 414.98 | 19,919 |
The company
About the Company
Dycom Industries, Inc. bietet spezielle Bauleistungen für die Branchen digitale Infrastruktur, Telekommunikationsinfrastruktur und Versorger in den USA an.
- Employees
- 19,556
- Headquarters
- West Palm Beach, FL
- Address
- 300 Banyan Boulevard, 33401 West Palm Beach, United States
- Phone
- 561 627 7171
- Website
- dycomind.com
- IPO Date
- 09/24/1990
- ISIN
- US2674751019
- Stock Split
- 3:2 on 02/17/2000
- Stock Split
- 3:2 on 01/05/1999
- Stock Split
- 3:2 on 08/23/1990
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel S. Peyovich | CEO, President & Director | 1976 |
| H. Andrew DeFerrari | Senior VP & CFO | 1969 |
| Kevin M. Wetherington | Executive VP & COO | 1969 |
| Ryan F. Urness | Senior VP, General Counsel & Secretary | 1972 |
| Jill L. Ramshaw | Senior VP & Chief Human Resources Officer | 1978 |
| Heather M. Floyd | VP & Chief Accounting Officer | 1980 |
| Regina Salazar | SVP and Chief Information & Digital Officer | – |
| Callie A. Tomasso | Vice President Investor Relations & Corporate Communications | – |
| James Gresham | Chief Revenue Officer | – |
| Rebecca Brightly Roach | Vice President of Business Process | 1975 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/26/2026 DYCOM INDUSTRIES INC (DY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/25/2026 DYCOM INDUSTRIES INC (DY): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/04/2026 DYCOM INDUSTRIES INC (DY): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.