Dycom Industries, Inc.DY
NYSE•Industrials•Engineering & Construction
Dycom Industries, Inc. provides specialty contracting services to the digital infrastructure, telecommunications infrastructure, and utility industries in the United States. It operates through Communications and Building Systems segments. The company offers engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems; placement of cables, related structures, and drop lines for telephone companies and cable multiple system operators; program and project management, and inspection personnel; and wireless networks in connection with the deployment of macro cell and new small cell sites. It also provides construction, maintenance, and installation services, such as placement and splicing of copper, fiber, and coaxial cables; tower construction, lines and antenna installation, foundation and equipment pad construction, and small cell site placement for wireless carriers, as well as equipment installation and material fabrication, and site testing services; underground facility locating services, including locating telephone, cable television, power, water, sewer, and gas lines for utility companies; installation and maintenance of customer premise equipment for electric and gas utilities, and other customers. Dycom Industries, Inc. was incorporated in 1969 and is based in West Palm Beach, Florida.
Dycom Industries, Inc. (DY) reported trailing twelve months revenue of $6.25B as of May 2026, a 29.8% increase year-over-year. Quarterly revenue reached $1.96B, reflecting continued top-line momentum.
Dycom Industries, Inc. generated $311.43M in TTM net income, with quarterly EBITDA of $255.40M. The operating margin expanded from 6.8% to 7.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.3%) and net margin (4.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.9% a year ago, reflecting increased costs or interest expense.
DY trades at a P/E of 41.7x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 6.9x indicates a significant premium over book value.
The company reported negative free cash flow of $-94.90M, indicating cash consumption over the period. The balance sheet shows $6.18B in total assets with $2.81B in long-term debt against $1.90B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.4% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 18.3% suggests a durable competitive advantage and efficient capital allocation.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~41.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~7.7% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 84.4% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding rose 3.0% — mild dilution. Compare to earnings growth to assess net per-share impact.