Dycom Industries Inc DY

IndustrialsConstruction & EngineeringUnited States of America

Last close 227.70 USD on Nov 1, 2026, −32.6% year to date

Quant rating

Quant rating B Rank 138 of 486 in Industrials

Growth A 62 of 486
Valuation A 11 of 486
Quality B 152 of 486
Revisions B 171 of 486
Momentum D 402 of 486

Wall Street consensus Buy (1.77)Average target 513.32 USD +125.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.9B
Enterprise value: 9.3B
52-week range: 216.48 – 560.46
3-year range: 81.74 – 560.46
Dividend yield: –
Beta (5 years): 1.50
Shares outstanding: 30.2M
Next earnings: Nov 17, 2026

About the company

Dycom Industries, Inc. is a provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities industries throughout the United States. These services include program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications and digital infrastructure providers. The Company also provides electrical contracting services for data centers and other vital industries, underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. It provides engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems that extend from the telephone company hub location, or cable operator headend, to a consumer’s home or business.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	5,546	4,702	4,176	3,808	3,131	–
Revenue growth	17.9%	12.6%	9.6%	21.7%	−2.1%	11.6%
EPS (basic, normalized)	11.97	8.44	7.37	4.74	1.52	–
EPS growth	41.8%	14.5%	55.5%	211.8%	–	–
Gross margin	20.6%	19.8%	19.5%	17.0%	15.9%	18.6%
Net margin	5.1%	5.0%	5.2%	3.7%	1.6%	4.1%
ROE	18.2%	20.4%	22.8%	17.5%	6.2%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	340
Current ratio	2.35x
Long-term debt (mil)	2,791
Net debt (mil)	2,480
Total equity (mil)	2,064
Net debt / equity	1.20x
Net debt / EBITDA	3.41x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	5,546	+17.9%	1.7x	727	+28.7%	12.9x	11.97	+41.8%	19.0x
2027	7,599	+37.0%	1.2x	1,084	+49.1%	8.6x	17.03	+42.2%	13.4x
2028	8,549	+12.5%	1.1x	1,253	+15.6%	7.5x	20.42	+19.9%	11.1x
2029	9,694	+13.4%	1.0x	1,489	+18.8%	6.3x	25.03	+22.6%	9.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	7,599	0.0%	−0.2%	+7.8%	17.03	−0.2%	+2.6%	+19.6%
2028	8,549	−0.1%	+0.8%	+10.7%	20.42	+0.1%	+2.3%	+18.5%
2029	9,694	−0.2%	+1.1%	+14.5%	25.03	0.0%	+4.1%	+17.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	1,142	1,203	1,272	1,085	1,259	1,378	1,452	1,458	1,965	2,006
Sales mean (mil)	1,093	1,197	1,231	1,027	1,194	1,408	1,413	1,354	1,670	1,981
Surprise	+4.6%	+0.5%	+3.3%	+5.7%	+5.4%	−2.1%	+2.8%	+7.7%	+17.6%	+1.3%
EPS reported	2.12	2.46	2.68	1.17	2.09	3.33	3.63	2.03	4.42	5.29
EPS mean	1.51	2.26	2.35	0.90	1.66	2.91	3.21	1.73	2.73	4.72
Surprise	+40.7%	+9.0%	+14.1%	+30.1%	+26.2%	+14.2%	+13.0%	+17.2%	+62.1%	+12.2%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DY Dycom Industries Inc	6.9B	3.41x	5.1%	3.33x	13.4x	11.1x	8.6x	7.5x
PWR Quanta Services Inc	93.5B	1.66x	3.6%	8.87x	35.3x	29.7x	23.0x	19.6x
FIX Comfort Systems USA, Inc.	43.1B	−1.45x	11.2%	12.93x	24.2x	18.5x	16.7x	12.9x
EME EMCOR Group, Inc.	29.8B	−0.40x	7.5%	6.99x	20.2x	17.3x	13.1x	11.4x
MTZ MasTec Inc	14.9B	3.33x	2.8%	3.69x	20.2x	15.1x	11.8x	9.5x
STRL Sterling Infrastructure, Inc.	10.6B	−0.15x	11.7%	7.02x	18.9x	14.2x	11.2x	8.8x
Mean		1.07x	7.0%	7.14x	22.0x	17.6x	14.1x	11.6x
Median		0.75x	6.3%	7.01x	20.2x	16.2x	12.5x	10.4x

Technical analysis

1M−14.7%
3M−43.3%
1Y−20.3%
3Y+168.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dycom Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	5,546	4,702	4,176	3,808	3,131	3,199
Cost of revenue	4,406	3,770	3,362	3,160	2,634	2,642
Gross profit	1,140	932	814	648	497	557
Selling, general & administrative expenses	427	397	328	293	262	260
Research & development	–	–	–	–	–	–
Depreciation/amortization	270	199	163	144	153	176
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	26.1	−3.2	0	0	0.1	41.2
Other operating expenses	0	0	0	0	0	0
Operating income	418	340	323	211	81.5	80.3
Net interest income (expense)	−66.5	−61.0	−52.6	−40.6	−33.2	−29.7
Gain (loss) on sale of assets	26.7	36.5	28.3	16.8	4.2	10.0
Other non-operating income (expense)	−10.1	−7.2	−6.7	−6.6	0.2	−1.4
Net income before taxes	368	308	292	180	52.8	59.2
Provision for taxes	86.7	74.4	73.1	37.9	4.2	27.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	281	233	219	142	48.6	31.7
Extraordinary items	–	–	–	–	–	2.6
Net income	281	233	219	142	48.6	34.3
EBIT, normalized	444	336	323	211	81.6	122
EBITDA, normalized	713	535	486	355	234	297
Basic EPS, normalized	11.97	8.44	7.37	4.74	1.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dycom Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	709	92.7	101	224	311	11.8
Receivables	1,879	1,441	1,299	1,115	933	1,057
Total inventory	128	127	109	115	81.3	70.8
Prepaid expenses	27.8	20.7	20.1	17.4	14.6	14.8
Other current assets	12.4	12.7	21.6	21.3	16.2	14.2
Total current assets	2,757	1,695	1,550	1,493	1,356	1,169
Property, plant & equipment	745	654	521	435	356	337
Goodwill	1,443	330	312	273	272	272
Intangibles	926	220	109	86.6	102	119
Long-term investments	–	–	–	–	–	–
Note receivable	–	0	2.6	8.3	14.1	17.6
Other long-term assets	108	46.6	22.0	18.0	17.9	29.0
Total assets	5,979	2,945	2,517	2,313	2,118	1,944
Liabilities
Accounts payable	497	223	222	208	156	159
Payable/accrued	–	–	–	–	–	–
Accrued expenses	346	249	224	210	190	187
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.0	10.0	17.5	17.5	17.5	81.7
Other current liabilities	159	104	43.0	34.4	18.7	20.5
Total current liabilities	1,007	587	506	470	382	448
Long-term debt	2,810	933	791	807	823	502
Minority interest	–	–	–	–	–	–
Other liabilities	303	186	165	168	155	183
Total liabilities	4,120	1,706	1,462	1,444	1,360	1,133
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	10.0	9.7	9.7	9.8	9.9	10.2
Additional paid-in capital	382	9.0	6.2	5.7	2.0	2.3
Retained earnings (accumulated deficit)	1,467	1,220	1,040	855	748	801
Treasury stock	–	–	–	–	–	–
Other equity	0	0	−1.5	−1.8	−1.8	−1.8
Total equity	1,859	1,239	1,055	869	759	811
Total liabilities & shareholders' equity	5,979	2,945	2,517	2,313	2,118	1,944

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dycom Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	281	233	219	142	48.6	34.3
Depreciation, depletion & amortization	270	199	163	144	153	176
Deferred taxes	53.0	−17.4	−10.6	4.5	8.0	−28.2
Non-cash items	74.6	49.1	35.5	38.7	45.0	86.4
Changes in working capital	−35.8	−115	−148	−165	54.4	113
Cash from operations	643	349	259	165	309	382
Investing activities
Capital expenditures	−241	−250	−218	−201	−157	−58.0
Other investing cash flows	−1,595	−145	−87.7	17.0	5.4	13.4
Cash from investing	−1,836	−395	−306	−184	−152	−44.6
Financing activities
Financing cash flow items	−48.3	−23.7	−9.9	−5.8	−18.3	−0.7
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,858	61.4	−66.0	−61.7	160	−383
Cash from financing	1,810	37.7	−75.9	−67.4	142	−383
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	616	−8.4	−123	−86.6	299	−46.3
Free cash flow	402	98.6	40.5	−36.2	152	324

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.