Business Description
Dycom Industries, Inc. is a specialty contracting company based in the United States that provides engineering, construction, and maintenance services to the telecommunications and utility industries. The company focuses on the deployment of fiber optic, copper, and coaxial cable networks, as well as wireless infrastructure. Recently, Dycom expanded into the data center infrastructure market through its acquisition of Power Solutions, adding a Building Systems segment to its core operations.
Financial Statements
In thousands, USD
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Total Revenues | 5,545,912 | 4,702,014 | 4,175,574 | 3,808,462 |
| Cost of Sales | 4,405,795 | 3,769,877 | 3,361,815 | 3,160,264 |
| Gross Profit | 1,140,117 | 932,137 | 813,759 | 648,198 |
| Selling, General & Administrative Expenses | 445,484 | 393,030 | 327,674 | 293,478 |
| Depreciation & Amortization Expenses | 269,566 | 198,571 | 163,092 | 144,181 |
| Operating Profit | 425,067 | 340,536 | 322,993 | 210,539 |
| Non-Operating Income | (57,192) | (32,746) | (30,994) | (30,417) |
| Total Non-Operating Income | (57,192) | (32,746) | (30,994) | (30,417) |
| Income Before Provision for Income Taxes | 367,875 | 307,790 | 291,999 | 180,122 |
| Provision for Income Taxes | 86,686 | 74,377 | 73,076 | 37,909 |
| Consolidated Net Income | 281,189 | 233,413 | 218,923 | 142,213 |
| Net Income Attributable to Common Shareholders | 281,189 | 233,413 | 218,923 | 142,213 |
| Basic EPS | 9.68 | 8.02 | 7.46 | 4.81 |
| Diluted EPS | 9.56 | 7.92 | 7.37 | 4.74 |
| Basic Weighted Average Shares Outstanding | 29,055 | 29,113 | 29,333 | 29,550 |
| Diluted Weighted Average Shares Outstanding | 29,423 | 29,482 | 29,699 | 29,997 |
| Shares Outstanding | 29,970 | 28,979 | 29,091 | 29,350 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 709,165 | 92,670 | 101,086 | 224,186 |
| Total Cash and Cash Equivalents | 709,165 | 92,670 | 101,086 | 224,186 |
| Accounts Receivable | 1,859,300 | 1,437,113 | 1,295,467 | 1,110,945 |
| Other Receivables | 19,869 | 2,963 | 2,665 | 3,929 |
| Total Trade Receivables | 1,879,169 | 1,440,076 | 1,298,132 | 1,114,874 |
| Inventories | 128,349 | 127,255 | 108,565 | 114,972 |
| Other Current Assets | 40,212 | 34,629 | 42,253 | 38,648 |
| Total Current Assets | 2,756,895 | 1,694,630 | 1,550,036 | 1,492,680 |
| Net Property, Plant & Equipment | 745,024 | 654,072 | 521,257 | 435,092 |
| Net Intangible Assets | 925,948 | 219,746 | 108,954 | 86,566 |
| Goodwill | 1,443,435 | 330,330 | 311,991 | 272,545 |
| Other Long-Term Assets | 107,880 | 46,589 | 24,647 | 26,371 |
| Total Assets | 5,979,182 | 2,945,367 | 2,516,885 | 2,313,254 |
| Accounts Payable | 497,263 | 223,490 | 222,121 | 207,739 |
| Accrued Expenses | 304,075 | 213,656 | 191,685 | 182,377 |
| Current Portion of Long-Term Debt | 4,000 | 10,000 | 17,500 | 17,500 |
| Current Portion of Leases | 42,288 | 35,823 | 32,015 | 27,527 |
| Unearned Revenue | 158,503 | 73,548 | 39,122 | 19,512 |
| Other Current Liabilities | 771 | 30,636 | 3,861 | 14,896 |
| Total Current Liabilities | 1,006,900 | 587,153 | 506,304 | 469,551 |
| Long-Term Debt | 2,810,497 | 933,212 | 791,415 | 807,367 |
| Leases | 135,221 | 76,928 | 44,110 | 39,628 |
| Other Long-Term Liabilities | 167,428 | 108,977 | 120,400 | 127,953 |
| Total Long-Term Liabilities | 3,113,146 | 1,119,117 | 955,925 | 974,948 |
| Total Liabilities | 4,120,046 | 1,706,270 | 1,462,229 | 1,444,499 |
| Common Stock | 9,990 | 9,659 | 9,697 | 9,783 |
| Additional Paid-in Capital | 381,659 | 8,991 | 6,217 | 5,654 |
| Accumulated Other Comprehensive Income | — | — | (1,547) | (1,771) |
| Retained Earnings | 1,467,487 | 1,220,447 | 1,040,289 | 855,089 |
| Total Common Shareholders' Equity | 1,859,136 | 1,239,097 | 1,054,656 | 868,755 |
| Total Shareholders' Equity | 1,859,136 | 1,239,097 | 1,054,656 | 868,755 |
| Total Liabilities and Shareholders' Equity | 5,979,182 | 2,945,367 | 2,516,885 | 2,313,254 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Net Income | 281,189 | 233,413 | 218,923 | 142,213 |
| Depreciation & Amortization | 269,566 | 198,571 | 163,092 | 144,181 |
| Share-Based Compensation Expense | 34,468 | 40,320 | 25,457 | 17,927 |
| Other Adjustments | 93,079 | (8,609) | (552) | 25,277 |
| Changes in Trade Receivables | (842) | (117,766) | (142,383) | (173,714) |
| Changes in Accounts Payable | 223,234 | (16,810) | 6,989 | 49,396 |
| Changes in Accrued Expenses | (41,720) | (21,018) | (24,872) | (9,956) |
| Changes in Income Taxes Payable | (46,770) | 26,476 | (14,205) | 23,463 |
| Changes in Other Operating Activities | (169,701) | 14,519 | 26,527 | (53,998) |
| Cash from Operating Activities | 642,503 | 349,096 | 258,976 | 164,789 |
| Capital Expenditure | (240,791) | (250,457) | (218,492) | (200,955) |
| Proceeds from Sale of Property, Plant & Equipment | 33,633 | 39,135 | 35,231 | 17,372 |
| Payments for Business Acquisitions | (1,628,581) | (183,876) | (122,902) | (350) |
| Cash from Investing Activities | (1,835,739) | (395,198) | (306,163) | (183,933) |
| Issuance of Long-Term Debt | 3,569,000 | 987,375 | 763,000 | — |
| Repayments of Long-Term Debt | (1,679,000) | (852,375) | (780,500) | (17,500) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,890,000 | 135,000 | (17,500) | (17,500) |
| Issuance of Common Shares | (1,912) | (7,959) | 1,149 | 4,557 |
| Repurchases of Common Shares | (44,587) | (82,684) | (59,562) | (54,484) |
| Net Issuance / (Repurchases) of Common Shares | (46,499) | (90,643) | (58,413) | (49,927) |
| Other Financing Activities | (33,870) | (6,671) | — | — |
| Cash from Financing Activities | 1,809,631 | 37,686 | (75,913) | (67,427) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 616,395 | (8,416) | (123,100) | (86,571) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $10.92B |
| P/E | 38.12x |
| P/S | 1.97x |
| EV/EBITDA | 19.01x |
| Return on Equity | 18.2% |
| Return on Invested Capital | 9.8% |
| Current Ratio | 2.74x |
| Free Cash Flow Margin | 7.2% |
Margins
Gross margin
20.6%
Operating margin
7.7%
Net margin
5.1%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2027 | $1.96B | +56.1% | 7.3% | $144M |
| Q4 2026 | $1.46B | +34.4% | 3.4% | $49M |
| Q3 2026 | $1.45B | +14.1% | 10.4% | $151M |
| Q2 2026 | $1.38B | +14.5% | 10.1% | $140M |
| Q1 2026 | $1.26B | — | 6.8% | $85M |
| Q4 2025 | $1.08B | — | 4.9% | $53M |
| Q3 2025 | $1.27B | — | 8.0% | $102M |
| Q2 2025 | $1.20B | — | 8.6% | $104M |
More on Dycom Industries, Inc.
Figures compiled from public company filings.
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