DYCOM INDUSTRIES INC

Materials • CIK: 0000067215

Market Cap

$10.62B

P/E (TTM)

37.8x

Rev Growth (TTM)

+17.9%

Net Margin (TTM)

5.1%

FCF Yield (TTM)

3.8%

FCF Margin (TTM)

7.2%

Filing Intelligence

6.0/10

10-K filed Mar 9, 2026 • FY 2026

Executive Summary

Performance and surety bonds total $917.9 million, potentially exposing the company if contractual obligations are not met.. Addition of the Building Systems segment due to acquisition of Power...

Key Concerns

●While overall management tone is confident, concerns exist regarding customer concentration and potential impacts from a prolonged economic...
●Reclassification of prior year amounts in Note 13, Other Accrued Liabilities, for consistency. No effect on reported results, but impacts...
●Significant increase in goodwill ($330.3M to $1,443.4M) driven by acquisitions, with $249.0M of accumulated impairment charges related to...

Key Strengths

●The company experienced revenue growth driven by increased fiber deployments and acquisitions, with improved operating leverage...
●Acquisitions, particularly Power Solutions, significantly impacted growth and segment reporting, though also increased acquisition and...
●Cash flow from operations showed a strong increase, supported by improved working capital management, especially in accounts payable, and a...

View Full Quarterly Insights →

LATEST EARNINGS

•

Q3 FY2026

•

4 months ago

•View source

Revenue

$1.45B

+14.1%

Net Income

$106.36M

+52.4%

EPS

$3.63

+53.2%

Net

7.3%↑ +1.8%

•Record contract revenues of $1.452 billion, up 14.1% year-over-year.
•Record GAAP diluted EPS of $3.63, up 35.4% compared to Q3 2025 Non-GAAP Diluted EPS.
•Record net income of $106.4 million, up 34.4% compared to Q3 2025 Non-GAAP Net Income.
•Record Adjusted EBITDA of $219.4 million, up 28.5% and representing 15.1% of contract revenues.

View Full Earnings →

Cash Flow Health

Free Cash Flow4/8 positive

TTM$402M

Q4 '26

$365M+121%

Q3 '26

$165M+2764%

FCF Margin

TTM7.2%

Q4 '2625.0%+120%

Sector: 0.5%Above Avg

OCF Margin11.6%

OCF/NI2.28x

CapEx Coverage2.7x

FCF Yield3.8%

FCF Growth (2Y)–

Cash Conversion Cycle

89 days

DSO: 103+DIO: 10−DPO: 24

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Accumulating Cash

Total Shareholder YieldTTM

TTM0.3%

Div Yield0.0%

Buyback (TTM)0.3%

Limited capital returns

Dividend & Payout Metrics

Dividend Yield (TTM)0.0%

Free Cash Flow (TTM)$401.7M

Stock Repurchases (TTM)$30.2M

Capital Return / FCF7.5%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

11.7%

Stable

+0.0% YoY-1.8%

P25MedianP75

75th pctl (med: 0.1%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

5.9%

8Q: 5.9%

Asset Turnover

1.57x

8Q: 1.73x

Leverage (1+D/E)

2.51x

D/E: 1.51x

DuPont: 23.2% ≈ 11.7% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

9.82x

8Q:10.16x

Flat

Invested Cap Turn

2.00x

8Q:2.19x

-33.4%

CapEx Intensity

8.7%

8Q:10.1%

CapEx/Depreciation

0.89x

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Revenue	$5.5B	$1.5B↑0.4%	$1.5B↑5.4%	$1.4B↑9.5%	$1.3B↑16.1%	$1.1B↓14.7%	$1.3B↑5.7%	$1.2B↑5.3%	$1.1B
Operating Income	$425.1M	$49.1M↓67.4%	$150.7M↑7.8%	$139.8M↑63.8%	$85.4M↑59.1%	$53.7M↓47.3%	$101.8M↓2.1%	$104.0M↑28.4%	$81.0M
Net Income	$281.2M	$16.3M↓84.7%	$106.4M↑9.1%	$97.5M↑59.7%	$61.0M↑86.9%	$32.7M↓53.2%	$69.8M↑2.0%	$68.4M↑9.3%	$62.6M
Operating Cash Flow	$642.5M	$419.0M↑90.4%	$220.0M↑283.0%	$57.4M↑206.4%	$-54.0M↓116.4%	$328.2M↑398.9%	$65.8M↑975.6%	$-7.5M↑79.9%	$-37.4M
Free Cash Flow	$401.7M	$364.6M↑121.2%	$164.8M↑2763.8%	$5.8M↑104.3%	$-133.5M↓151.4%	$259.7M↑3055.8%	$-8.8M↑88.0%	$-72.9M↑8.1%	$-79.4M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

37.8x

Volatile

8Q: 79.0x+35697%

Multiple expansion without fundamental improvement

Valuation Lenses

Earnings

37.8x

vs – sector

Cash Flow

29.1x

EV/FCF vs –

Growth-Adj

1.8xPEG

Fair for growth

Quality-Adj

3.2P/E per %ROIC

ROIC: 11.7%

Shareholder Returns

Dividend

–

Buyback

0.3%

Total Yield

0.3%

Market Cap$10.62B

EV$11.70B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

85/100

Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg

19.8%

8Q:–

Return on Invested Capital (ROIC)Top 25%

11.7%

8Q:–

Flat

vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 5.9%

Asset Turnover: 1.57x

Earnings Quality

Cash Conversion

2.28x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin20.6%

Capital Efficiency

Invested Capital Turnover2.00x

Working Capital

Cash Conversion Cycle89 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

68/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

17.9%

OpInc Growth YoY

-8.5%

EPS Growth YoY

20.7%

FCF 3Y CAGR

N/A

Margin Quality & Sustainability

Low Quality

Profitability Cascade

Gross

20.6%

Operating

7.7%

Above Avg in sector

Net

5.1%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

+2.2 pts

FCF: 7.2% | Net: 5.1%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged

Net Debt / EBITDA

–Net Debt: $2.10B

Interest Coverage

–

Balance sheet risk & solvency analysis

Research

All research

AnalysisMEP Contractor ROIC: Why Margin × Turnover Explains the 4x Spread