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Specialty contractor building and maintaining telecom fiber and wireless infrastructure for major carriers.
Specialty contractor building and maintaining telecom fiber and wireless infrastructure for major carriers.
Paid mainly under multi-year master service agreements with carriers, with work billed on unit prices per foot or per site installed or on time and materials, so revenue follows the carriers' capital budgets. A few customers account for most work, so one carrier's spending decisions matter. Crews are the main asset and labour availability the constraint.
Moat: narrow (scale, installed base, process know-how). Large skilled telecom-construction crews and long-standing carrier master service agreements.
Headquarters: Palm Beach Gardens, Florida, US · Founded: 1969 · Employees: 19,556
Size Dycom Industries (DY) is a United States Industrials company (Engineering & Construction) with a market value of $6.26B, the 1034th largest of 3,117 United States companies the cockpit tracks. Shares closed at $207.52 on 6 Nov 2026.
Performance Over six months the shares fell 51.5%, against -9.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 37.8% over the last twelve months (peer median +8.1%); the operating margin is 8.1% (peer median 8.2%).
Valuation It trades at 12.1× forward earnings against a peer median of 14.0× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (10.2% WACC).
Credit Dycom Industries has 1 bond outstanding ($500M), rated BB- by the agencies and trading like BB- at a weighted spread of 192 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.88B | $5.55B | $4.70B | $4.18B | $3.81B |
| Revenue growth | — | +18% | +13% | +10% | — |
| Gross profit | $1.03B | $871M | $734M | $651M | $504M |
| EBITDA | $932M | $713M | $539M | $486M | $387M |
| Net income | $330M | $281M | $233M | $219M | $142M |
| Free cash flow | $469M | $402M | $98.6M | $40.5M | -$36.2M |
| Capital expenditure | $249M | $241M | $250M | $218M | $201M |
| Total debt | $3.05B | $2.99B | $1.06B | $885M | $892M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dycom Industries DY | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% |
| MasTec MTZ | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% |
| Quanta Services PWR | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.1% | +1.9% | 4th lowest of 21 |
| 6-month return | -51.5% | -9.8% | 2nd lowest of 21 |
| Distance from 52-week high | -63.4% | -23.9% | 2nd lowest of 21 |
| Revenue growth (TTM) | +37.8% | +8.1% | 3rd highest of 20 |
| Operating margin | 8.1% | 8.2% | 11th highest of 21 |
| Forward P/E | 12.1× | 14.0× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 1.7% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +11.6% | +6.7% | 6th highest of 17 |
| Hurdle (Req g minus delivered) | -0.0 pp | -5.6 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -1.0 pp | +4.2 pp | 4th lowest of 17 |
| EV / EBITDA | 9.6× | 9.0× | 8th most expensive of 17 |
| Net debt / EBITDA | 2.9× | -0.3× | 3rd most indebted of 18 |
| Bond spread | 192 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| Metallurgical Corporation of China 601618.SS | China | $7.54B | -10% | -21% | -4% | 11.4× | -0.5% | +2.6% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
Dycom Industries has 1 bond outstanding with $500M face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 6.42%, a spread of 192 bp over government bonds.