Dycom Industries
DYNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $218.80 Prior regular-session close from the quote source.
- $220.88–$229.87 Regular-session low and high so far today.
- 513.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $186.25–$566.47 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own DY if Dycom grows by executing large fiber-to-the-home and commercial communications buildouts at scale, converting that top-line into expanding operating margins and strong cash flow while using acquisitions to expand addressable work — but that growth.
DY price history
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Investment thesis
What must happen next
Sustained FTTH and communications buildout demand will continue to convert into operating leverage, keeping adjusted EBITDA margins and operating cash flow rising as revenue grows.StrengtheningMateriality: High
Consolidated contract revenues increased from $4,702.0M (FY2025) to $5,545.9M (FY2026) (Business Item 1 and fundamentals 'revenue'). If true, Dycom can compound free cash flow and fund M&A or repurchases without jeopardizing liquidity; if false, top-line growth won’t translate to durable profitability and cash conversion.
Watch: A material, sustained pullback in broadband capital programs by major ISPs or a national funding rollback that reduces FTTH project awards.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Consolidated contract revenues increased from $4,702.0M (FY2025) to $5,545.9M (FY2026) (Business Item 1 and fundamentals 'revenue').
Open source ↗Acquisitions increase revenue and addressable work but create non-cash amortization and integration costs that can depress Building Systems profitability until intangible assets are realized.StrengtheningMateriality: High
Assets rose materially year-over-year (fundamentals 'assets' from $2,945,367,000 FY2025 to $5,979,182,000 FY2026), consistent with acquisitions and purchase accounting. If acquisition economics are accretive after amortization, they sustainably boost earnings and scale; if amortization and integration costs persist or prove larger than expected, acquired revenue won’t improve net profitability.
Watch: Failure to integrate acquired businesses leading to revenue attrition, contract losses, or higher-than-expected SG&A.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Assets rose materially year-over-year (fundamentals 'assets' from $2,945,367,000 FY2025 to $5,979,182,000 FY2026), consistent with acquisitions and purchase accounting.
Open source ↗Dycom’s scale and improved execution will continue to lift operating cash flow and cash balances, reducing reliance on external financing to fund growth and acquisitions.StrengtheningMateriality: Medium
Operating cash flow increased from $349,096,000 (FY2025) to $642,503,000 (FY2026) (fundamentals 'operating_cash_flow'). Sustained strong operating cash flow reduces liquidity risk, lowers interest expense pressure, and funds capital needs or shareholder returns; failure here forces more borrowing or equity raises.
Watch: Working capital strain if project costs must be paid well before customer billing/collection (e.g., large upfront subcontractor or material outlays).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow increased from $349,096,000 (FY2025) to $642,503,000 (FY2026) (fundamentals 'operating_cash_flow').
Open source ↗Rapid balance-sheet growth from acquisitions and working-capital needs raises leverage and interest costs, which can offset EBITDA gains if financing costs or covenant pressure increase.HoldingMateriality: Medium
Total liabilities increased substantially year-over-year (fundamentals 'liabilities' from $1,706,270,000 FY2025 to $4,120,046,000 FY2026), and management cites increased interest expense and loss on debt extinguishment as drivers of higher corporate costs (Item 1 Business). If financing costs remain manageable and cash flow covers obligations, acquisitions are accretive; if not, higher interest and debt servicing will compress net income and free cash flow available to shareholders.
Watch: A sudden rise in interest rates or tightening credit markets that increases borrowing costs or triggers covenant breaches.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities increased substantially year-over-year (fundamentals 'liabilities' from $1,706,270,000 FY2025 to $4,120,046,000 FY2026), and management cites increased interest expense and.
Open source ↗
Full investment case & evidence
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Original research
Sustained FTTH and communications buildout demand will continue to convert into operating leverage, keeping adjusted EBITDA margins and operating cash flow rising as revenue grows. If true, Dycom can compound free cash flow and fund M&A or repurchases without jeopardizing liquidity; if false, top-line growth won’t translate to durable profitability and cash conversion.
Acquisitions increase revenue and addressable work but create non-cash amortization and integration costs that can depress Building Systems profitability until intangible assets are realized. If acquisition economics are accretive after amortization, they sustainably boost earnings and scale; if amortization and integration costs persist or prove larger than expected, acquired revenue won’t improve net profitability.
Dycom’s scale and improved execution will continue to lift operating cash flow and cash balances, reducing reliance on external financing to fund growth and acquisitions. Sustained strong operating cash flow reduces liquidity risk, lowers interest expense pressure, and funds capital needs or shareholder returns; failure here forces more borrowing or equity raises.
Rapid balance-sheet growth from acquisitions and working-capital needs raises leverage and interest costs, which can offset EBITDA gains if financing costs or covenant pressure increase. If financing costs remain manageable and cash flow covers obligations, acquisitions are accretive; if not, higher interest and debt servicing will compress net income and free cash flow available to shareholders.
All standing thesis claims
Original report summary
Dycom grows by executing large fiber-to-the-home and commercial communications buildouts at scale, converting that top-line into expanding operating margins and strong cash flow while using acquisitions to expand addressable work — but that growth.
Bull case and bear case
Bull case and bear case for Dycom Industries
Where the evidence on Dycom Industries stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Sustained FTTH and communications buildout demand will continue to convert into operating leverage, keeping adjusted EBITDA margins and operating cash flow rising as revenue grows.
Acquisitions increase revenue and addressable work but create non-cash amortization and integration costs that can depress Building Systems profitability until intangible assets are realized.
Dycom’s scale and improved execution will continue to lift operating cash flow and cash balances, reducing reliance on external financing to fund growth and acquisitions.
Rapid balance-sheet growth from acquisitions and working-capital needs raises leverage and interest costs, which can offset EBITDA gains if financing costs or covenant pressure increase.
Bear case: what would count against it
A material, sustained pullback in broadband capital programs by major ISPs or a national funding rollback that reduces FTTH project awards.
Failure to integrate acquired businesses leading to revenue attrition, contract losses, or higher-than-expected SG&A.
Working capital strain if project costs must be paid well before customer billing/collection (e.g., large upfront subcontractor or material outlays).
Thesis-Break Engine
Thesis-break watch · Dycom Industries
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Dycom Industries filed an SEC 8-K on 2026-08-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Dycom Industries filed an SEC 8-K on 2026-08-25: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Dycom Industries filed an SEC 8-K on 2026-08-04: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A material, sustained pullback in broadband capital programs by major ISPs or a national funding rollback that reduces FTTH project awards.
- Failure to integrate acquired businesses leading to revenue attrition, contract losses, or higher-than-expected SG&A.
- Working capital strain if project costs must be paid well before customer billing/collection (e.g., large upfront subcontractor or material outlays).
- A sudden rise in interest rates or tightening credit markets that increases borrowing costs or triggers covenant breaches.
DY news
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Financial statements
DY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
DY: quick answers
- Which well-known investors own DY?
- 1 of the 37 well-known funds tracked here reported DY shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
DY in well-known investors’ portfolios
1 of 37 funds reported DY shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.04% | $10.6M | −22.4% | Q2 2026 |