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Friday 6 November 2026
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Dycom Industries, Inc.
DY Industrials Engineering & Construction
Dycom Industries, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $5.5 billion, up 17.9% from fiscal 2025.
- Revenue
- +45.6%
- EPS
- +14.0%
- Free cash flow
- +106.5%
- Total debt
- +174.0%
Quarter to July 2026, against a year earlier
193.76
18.57
−8.75%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,067 | 2,823 | 3,128 | 3,340 | 3,199 | 3,131 | 3,808 | 4,176 | 4,702 | 5,546 | 6,880 | +6.8% | 7,587 | 8,570 | 9,565 | +19.9% | |
| Gross margin, % | 21.59 | 13.11 | 18.07 | 16.77 | 17.42 | 15.86 | 17.02 | 19.49 | 19.82 | 20.56 | 20.53 | (1.0) pt | ||||||
| EBT | 250 | 93 | 88 | 79 | 59 | 53 | 180 | 292 | 308 | 368 | 419 | +4.4% | ||||||
| EBT margin, % | 8.17 | 3.29 | 2.81 | 2.35 | 1.85 | 1.69 | 4.73 | 6.99 | 6.55 | 6.63 | 6.09 | (1.5) pt | ||||||
| Net income | 157 | 0 | 63 | 57 | 34 | 49 | 142 | 219 | 233 | 281 | 330 | +6.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 97.82 | 91.06 | 100.09 | 106.03 | 101.03 | 103.19 | 128.88 | 142.35 | 161.51 | 190.88 | 228.70 | +7.7% | |||||
| Earnings | 5.01 | 4.29 | 2.01 | 1.82 | 1.08 | 1.60 | 4.81 | 7.46 | 8.02 | 9.68 | 11.11 | +7.6% | ||||||
| Cash flow | 8.18 | 5.18 | 3.98 | 1.84 | 12.06 | 10.17 | 5.58 | 8.83 | 11.99 | 22.11 | 23.87 | +11.7% | ||||||
| Capex | (5.91) | 0.00 | (4.54) | (3.22) | (1.41) | (5.00) | (6.21) | (6.25) | (7.26) | (7.13) | (7.74) | +2.1% | ||||||
| Free cash flow | 2.27 | 5.18 | (0.56) | (1.38) | 10.65 | 5.17 | (0.64) | 2.58 | 4.73 | 14.98 | 16.13 | +23.3% | ||||||
| Book value | 21.42 | 23.39 | 25.73 | 27.58 | 25.62 | 25.00 | 29.40 | 35.95 | 42.56 | 63.99 | 68.61 | +12.9% | ||||||
| Shares, m | 31 | 31 | 31 | 31 | 32 | 30 | 30 | 29 | 29 | 29 | 30 | (0.8%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 19.57 | 25.71 | 28.74 | 22.21 | 81.43 | 52.35 | 19.83 | 14.99 | 23.62 | 39.54 | 17.44 | 32.8 | |||||
| P/S | 0.96 | 1.19 | 0.58 | 0.38 | 0.86 | 0.82 | 0.74 | 0.78 | 1.17 | 2.01 | 0.85 | 0.9 | ||||||
| P/B | 4.56 | 5.00 | 2.26 | 1.47 | 3.40 | 3.37 | 3.24 | 3.11 | 4.44 | 5.99 | 2.82 | 3.7 | ||||||
| EV/Sales | 1.24 | 1.41 | 0.82 | 0.62 | 1.04 | 0.99 | 0.90 | 0.95 | 1.35 | 2.39 | 1.21 | 1.2 | ||||||
| EV/FCF | (50.73) | 60.86 | (145.67) | (47.91) | 9.88 | 19.67 | (181.91) | 52.62 | 46.14 | 30.44 | 17.12 | (20.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 256 | 161 | 124 | 58 | 382 | 309 | 165 | 259 | 349 | 643 | 718 | +10.7% | |||||
| Capex | (185) | (88) | (142) | (102) | (45) | (152) | (184) | (183) | (211) | (207) | (233) | +1.3% | ||||||
| Free cash flow | 71 | 161 | (18) | (44) | 337 | 157 | (19) | 76 | 138 | 435 | 485 | +22.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 620 | 645 | 811 | 935 | 720 | 974 | 1,023 | 1,044 | 1,107 | 1,750 | 1,752 | +12.2% | |||||
| Net debt | 721 | 676 | 745 | 812 | 572 | 530 | 601 | 708 | 851 | 2,105 | 2,480 | +12.6% | ||||||
| Shareholders’ equity | 672 | 725 | 804 | 869 | 811 | 759 | 869 | 1,055 | 1,239 | 1,859 | 2,064 | +12.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 8.69 | 7.38 | 3.19 | 2.65 | 1.65 | 2.39 | 6.42 | 9.06 | 8.55 | 6.30 | 6.75 | (2.4) pt | |||||
| ROIC | 12.34 | 0.00 | 4.70 | 4.38 | 3.08 | 3.96 | 8.95 | 11.45 | 10.19 | 6.70 | 7.37 | (5.6) pt | ||||||
| ROE | 25.59 | 19.76 | 8.23 | 6.84 | 4.09 | 6.19 | 17.48 | 22.76 | 20.35 | 18.15 | 19.20 | (7.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 14,225 | — | 14,920 | 15,230 | 14,276 | 15,024 | 15,410 | 15,611 | 15,623 | 19,556 | — | +3.6% | |||||
| Revenue/emp, $m | 0.22 | 0.00 | 0.21 | 0.22 | 0.22 | 0.21 | 0.25 | 0.27 | 0.30 | 0.28 | — | +3.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Communications | 5,450 | 98.27% |
|---|---|---|
| Building Systems | 96 | 1.73% |
| Gross margin | 20.56% | |
| Operating margin | 7.66% | |
| Pre-tax margin | 6.63% |
Dycom Industries, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ACM AECOM | $8.6B | 30.2× | 24.2× | −14.18% (below 0%: shrinking) | n/m | −78.95% (below 0%: shrinking) | (0.95%) | (2.12%) | Compare |
| STRL Sterling Infrastructure, Inc. | $7.5B | 13.2× | 19.7× | +126.98% (above 0%: growing) | +148.46% (above 0%: growing) | −16.84% (below 0%: shrinking) | 24.12% | 19.62% | Compare |
| FLR Fluor Corporation | $6.0B | — (loss-making) | 13.2× | +8.82% (above 0%: growing) | −94.46% (below 0%: shrinking) | −825.71% (below 0%: shrinking) | 4.13% | 3.12% | Compare |
| IESC IES Holdings, Inc. | $5.9B | 12.8× | 17.8× | +39.60% (above 0%: growing) | +98.70% (above 0%: growing) | −14.63% (below 0%: shrinking) | 27.41% | 14.37% | Compare |
| DY Dycom Industries, Inc. | $5.8B | 17.4× | 20.0× | +45.57% (above 0%: growing) | +13.95% (above 0%: growing) | +106.51% (above 0%: growing) | 21.96% | 9.57% | |
| GVA Granite Construction Incorporated | $5.3B | — (loss-making) | — (loss-making) | +23.22% (above 0%: growing) | −97.02% (below 0%: shrinking) | −9.92% (below 0%: shrinking) | 19.01% | 12.70% | Compare |
| KBR KBR, Inc. | $4.8B | 10.8× | 11.0× | +5.02% (above 0%: growing) | +19.93% (above 0%: growing) | −14.21% (below 0%: shrinking) | 14.84% | 9.17% | Compare |
| ROAD Construction Partners, Inc. | $4.4B | 30.2× | 31.2× | +28.25% (above 0%: growing) | +33.75% (above 0%: growing) | −19.66% (below 0%: shrinking) | 16.85% | 10.94% | Compare |
| TPC Tutor Perini Corporation | $4.3B | 30.5× | 20.2× | +21.54% (above 0%: growing) | +457.14% (above 0%: growing) | +21.22% (above 0%: growing) | 12.87% | 7.29% | Compare |
| Median of peers | $5.6B | 21.7× | 19.7× | +22.38% | +33.75% | −15.73% | 15.85% | 10.06% |
From the latest earnings call
- CEO Dan Peyovich said fiber-to-the-home revenue grew nearly 60% in the first half, while the company is investing in staff to support expanding fiber programs.
- Peyovich said approximately $150 million of wireless revenue would shift into FY2028, but the equipment replacement program’s overall scope and backlog were unchanged.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
92.52%
Held by the ten largest
52.91%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| PECONIC PARTNERS LLC | 4.44m | 14.80% | +330.00k |
| BlackRock | 2.99m | 9.97% | −870.22k |
| Vanguard | 2.87m | 9.57% | −8.86k |
| Hill City Capital, LP | 1.01m | 3.36% | 0.00 |
| Fidelity (FMR) | 936.41k | 3.12% | −23.37k |
| State Street | 935.70k | 3.12% | −140.70k |
| First Trust | 908.59k | 3.03% | +109.89k |
| Geode Capital Management | 660.73k | 2.20% | −169.75k |
| Millennium Management | 593.72k | 1.98% | −212.05k |
| Bank of America | 534.37k | 1.78% | +88.54k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 16 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 8.01m | 20.47m | 819.00 |
| 2024 | 7.21m | 9.48m | 258.00 |
| 2023 | 7.13m | 8.61m | 208.00 |
| 2022 | 4.80m | 3.63m | 190.00 |
Ownership
Directors and executive officers, together
1.22%
BlackRock, Inc.
11.06%
Peconic Partners, LLC PO Box
10.91%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Dycom Industries, Inc. (DY) Latest News
5 Nov
25 Sep
28 Aug
27 Aug
26 Aug
DY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Dycom Industries is a specialty contractor that builds and maintains communications and utility infrastructure across the United States. Its customers include telephone and cable companies, wireless carriers, utilities and contractors building data centers. Daniel S. Peyovich is its president and chief executive officer. Dycom was incorporated in Florida in 1969.
The company helps customers plan and build networks that carry voice, video and data. Its work includes designing routes, obtaining permits, placing cables underground or overhead, splicing fiber and connecting homes and businesses to networks. It also builds wireless sites, installs equipment and maintains existing facilities. For utilities, Dycom locates underground lines before construction and performs electric and gas construction and maintenance work.