Dycom Industries (DY)
Market Price (3/15/2026): $346.06 | Market Cap: $10.0 BilSector: Industrials | Industry: Construction & Engineering
Dycom Industries (DY)
Market Price (3/15/2026): $346.06Market Cap: $10.0 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% | Stock price has recently run up significantly12M Rtn12 month market price return is 123% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% | |
| Low stock price volatilityVol 12M is 39% | |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Telecom Infrastructure, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Telecom Infrastructure, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 123% |
Qualitative Assessment
AI Analysis | Feedback
Dycom Industries (DY) stock has lost about 5% since 11/30/2025 because of the following key factors:
1. Strong operational performance and positive fiscal 2027 outlook were largely priced in following previous significant growth. Dycom Industries reported record fiscal 2026 fourth-quarter revenues of $1.46 billion, a 34.4% increase year-over-year, and diluted earnings per share of $2.03, both surpassing analyst estimates. Full-year revenues reached $5.55 billion, up 17.9% from fiscal 2025, with a record backlog of $9.542 billion. The company also provided an optimistic fiscal 2027 revenue guidance of $6.85 billion to $7.15 billion, implying significant growth. However, the stock had already surged over 150% in 2025, suggesting that much of this positive operational news and future growth potential may have already been anticipated and incorporated into its valuation, leading to a more moderated stock movement in the specified period.
2. Strategic acquisition of Power Solutions for data center expansion was balanced by integration considerations. On December 23, 2025, Dycom completed the acquisition of Power Solutions, a strategic move valued at an estimated $1.95 billion, aimed at accelerating its entry into the high-growth data center infrastructure market and contributing over $1 billion in backlog. While this acquisition is expected to drive long-term growth and diversify Dycom's service offerings, the initial phase of integrating the new "Building Systems" segment, along with the stock's previous valuation run-up, likely contributed to a period of consolidation rather than continued rapid appreciation immediately following the deal.
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1. Strong operational performance and positive fiscal 2027 outlook were largely priced in following previous significant growth. Dycom Industries reported record fiscal 2026 fourth-quarter revenues of $1.46 billion, a 34.4% increase year-over-year, and diluted earnings per share of $2.03, both surpassing analyst estimates. Full-year revenues reached $5.55 billion, up 17.9% from fiscal 2025, with a record backlog of $9.542 billion. The company also provided an optimistic fiscal 2027 revenue guidance of $6.85 billion to $7.15 billion, implying significant growth. However, the stock had already surged over 150% in 2025, suggesting that much of this positive operational news and future growth potential may have already been anticipated and incorporated into its valuation, leading to a more moderated stock movement in the specified period.
2. Strategic acquisition of Power Solutions for data center expansion was balanced by integration considerations. On December 23, 2025, Dycom completed the acquisition of Power Solutions, a strategic move valued at an estimated $1.95 billion, aimed at accelerating its entry into the high-growth data center infrastructure market and contributing over $1 billion in backlog. While this acquisition is expected to drive long-term growth and diversify Dycom's service offerings, the initial phase of integrating the new "Building Systems" segment, along with the stock's previous valuation run-up, likely contributed to a period of consolidation rather than continued rapid appreciation immediately following the deal.
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in DY stock from 11/30/2025 to 3/14/2026 was primarily driven by a -4.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 361.53 | 347.23 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,173 | 5,173 | 0.0% |
| Net Income Margin (%) | 5.8% | 5.8% | 0.0% |
| P/E Multiple | 35.2 | 33.8 | -4.0% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | -4.0% |
Market Drivers
11/30/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| DY | -4.0% | |
| Market (SPY) | -3.1% | 48.6% |
| Sector (XLI) | 7.1% | 57.1% |
Fundamental Drivers
The 37.5% change in DY stock from 8/31/2025 to 3/14/2026 was primarily driven by a 20.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 252.47 | 347.23 | 37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,993 | 5,173 | 3.6% |
| Net Income Margin (%) | 5.2% | 5.8% | 10.1% |
| P/E Multiple | 28.0 | 33.8 | 20.7% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | 37.5% |
Market Drivers
8/31/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| DY | 37.5% | |
| Market (SPY) | 3.0% | 49.5% |
| Sector (XLI) | 8.8% | 53.2% |
Fundamental Drivers
The 111.9% change in DY stock from 2/28/2025 to 3/14/2026 was primarily driven by a 65.5% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.86 | 347.23 | 111.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,702 | 5,173 | 10.0% |
| Net Income Margin (%) | 5.0% | 5.8% | 15.9% |
| P/E Multiple | 20.4 | 33.8 | 65.5% |
| Shares Outstanding (Mil) | 29 | 29 | 0.5% |
| Cumulative Contribution | 111.9% |
Market Drivers
2/28/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| DY | 111.9% | |
| Market (SPY) | 12.4% | 50.4% |
| Sector (XLI) | 22.0% | 52.8% |
Fundamental Drivers
The 312.3% change in DY stock from 2/28/2023 to 3/14/2026 was primarily driven by a 77.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.21 | 347.23 | 312.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,652 | 5,173 | 41.6% |
| Net Income Margin (%) | 3.2% | 5.8% | 77.8% |
| P/E Multiple | 21.0 | 33.8 | 60.6% |
| Shares Outstanding (Mil) | 30 | 29 | 2.0% |
| Cumulative Contribution | 312.3% |
Market Drivers
2/28/2023 to 3/14/2026| Return | Correlation | |
|---|---|---|
| DY | 312.3% | |
| Market (SPY) | 73.4% | 42.9% |
| Sector (XLI) | 70.2% | 47.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DY Return | 24% | -0% | 23% | 51% | 94% | 9% | 386% |
| Peers Return | 41% | 2% | 39% | 74% | 48% | 25% | 543% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| DY Win Rate | 58% | 58% | 58% | 50% | 58% | 67% | |
| Peers Win Rate | 60% | 50% | 67% | 65% | 60% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| DY Max Drawdown | -15% | -18% | -14% | -5% | -21% | 0% | |
| Peers Max Drawdown | -8% | -27% | -11% | -15% | -27% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PWR, MTZ, MYRG, PRIM, EME. See DY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | DY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -36.5% | -25.4% |
| % Gain to Breakeven | 57.5% | 34.1% |
| Time to Breakeven | 241 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -71.4% | -33.9% |
| % Gain to Breakeven | 249.5% | 51.3% |
| Time to Breakeven | 147 days | 148 days |
| 2018 Correction | ||
| % Loss | -67.0% | -19.8% |
| % Gain to Breakeven | 203.4% | 24.7% |
| Time to Breakeven | 1,650 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.7% | -56.8% |
| % Gain to Breakeven | 781.7% | 131.3% |
| Time to Breakeven | 1,827 days | 1,480 days |
Compare to PWR, MTZ, MYRG, PRIM, EME
In The Past
Dycom Industries's stock fell -36.5% during the 2022 Inflation Shock from a high on 3/12/2021. A -36.5% loss requires a 57.5% gain to breakeven.
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About Dycom Industries (DY)
Dycom Industries, Inc. provides specialty contracting services in the United States. The company offers program management and engineering services; plans and designs aerial, underground, and buried fiber optic, copper, and coaxial cable systems; and construction, maintenance, and installation services, such as placement and splicing of fiber, copper, and coaxial cables to telecommunications providers. It also provides 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; and installs and maintains customer premise equipment, such as digital video recorders, set top boxes, and modems for cable system operators. In addition, the company offers construction and maintenance services for electric and gas utilities, and other customers; and underground facility locating services, such as locating telephone, cable television, power, water, sewer, and gas lines for various utility companies, including telecommunication providers. Dycom Industries, Inc. was incorporated in 1969 and is headquartered in Palm Beach Gardens, Florida.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Dycom Industries (DY):
- Dycom is like the Fluor for building and maintaining the physical infrastructure of the internet and wireless networks.
- Dycom is a specialized Quanta Services focused on constructing and maintaining critical fiber optic and wireless communication systems.
AI Analysis | Feedback
- Telecommunications Infrastructure Services: Provides program management, engineering, planning, design, construction, maintenance, and installation of fiber optic, copper, and coaxial cable systems for telecommunication providers.
- Wireless Infrastructure Services: Offers tower construction, antenna installation, foundation work, small cell placement, and related equipment services for wireless carriers.
- Customer Premise Equipment Services: Installs and maintains various customer equipment like digital video recorders, set-top boxes, and modems for cable system operators.
- Utility Infrastructure Services: Delivers construction and maintenance for electric and gas utilities and other customers.
- Underground Facility Locating: Identifies and locates existing underground utility lines for various utility companies.
AI Analysis | Feedback
Dycom Industries (DY) primarily provides services to other companies. Its major customers are large telecommunications providers, wireless carriers, cable system operators, and utilities in the United States. Based on its service descriptions and industry context, key major customers include:
AT&T Inc. (Symbol: T)
Verizon Communications Inc. (Symbol: VZ)
Comcast Corporation (Symbol: CMCSA)
Charter Communications, Inc. (Symbol: CHTR)
T-Mobile US, Inc. (Symbol: TMUS)
Lumen Technologies, Inc. (Symbol: LUMN)
Various other national and regional telecommunications, cable, wireless, electric, and gas utility companies.
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The decline in traditional cable television subscriptions due to the rise of streaming services poses a clear emerging threat to Dycom Industries' business segment that installs and maintains customer premise equipment, such as digital video recorders and set-top boxes, for cable system operators.
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | EFX | Equifax | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | LZ | LegalZoom.com | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.2% | 7.2% | -5.0% |
| 02132026 | ADP | Automatic Data Processing | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.1% | 1.1% | -3.0% |
| 02132026 | TREX | Trex | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.2% | -3.2% | -5.9% |
| 02132026 | PCTY | Paylocity | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -0.6% | -0.6% | -4.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 318.62 |
| Mkt Cap | 16.3 |
| Rev LTM | 10,937 |
| Op Inc LTM | 541 |
| FCF LTM | 319 |
| FCF 3Y Avg | 428 |
| CFO LTM | 549 |
| CFO 3Y Avg | 589 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.4% |
| Rev Chg 3Y Avg | 14.6% |
| Rev Chg Q | 16.5% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 5.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 7.7% |
| CFO/Rev 3Y Avg | 6.9% |
| FCF/Rev LTM | 5.7% |
| FCF/Rev 3Y Avg | 4.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.3 |
| P/S | 1.7 |
| P/EBIT | 23.2 |
| P/E | 34.0 |
| P/CFO | 21.3 |
| Total Yield | 2.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.7% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.9% |
| 3M Rtn | 16.7% |
| 6M Rtn | 40.4% |
| 12M Rtn | 118.7% |
| 3Y Rtn | 262.7% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | 15.9% |
| 6M Excs Rtn | 36.0% |
| 12M Excs Rtn | 106.0% |
| 3Y Excs Rtn | 169.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $347.23 | |
| Market Cap ($ Bil) | 10.1 | |
| First Trading Date | 09/24/1990 | |
| Distance from 52W High | -19.2% | |
| 50 Days | 200 Days | |
| DMA Price | $381.86 | $305.61 |
| DMA Trend | up | up |
| Distance from DMA | -9.1% | 13.6% |
| 3M | 1YR | |
| Volatility | 40.5% | 38.8% |
| Downside Capture | 147.58 | 84.99 |
| Upside Capture | 178.57 | 154.41 |
| Correlation (SPY) | 47.3% | 49.9% |
DY Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.84 | 1.50 | 1.71 | 1.60 | 1.03 | 1.09 |
| Up Beta | 2.73 | 2.37 | 2.29 | 1.33 | 1.03 | 1.22 |
| Down Beta | 0.90 | 0.58 | 1.04 | 0.96 | 0.89 | 1.01 |
| Up Capture | 315% | 285% | 262% | 351% | 220% | 210% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 22 | 31 | 65 | 139 | 407 |
| Down Capture | 68% | 77% | 138% | 135% | 81% | 95% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 19 | 30 | 59 | 111 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DY | |
|---|---|---|---|---|
| DY | 129.5% | 39.0% | 2.22 | - |
| Sector ETF (XLI) | 28.0% | 19.2% | 1.16 | 54.3% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 50.3% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 10.0% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 12.4% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 23.6% |
| Bitcoin (BTCUSD) | -15.3% | 44.2% | -0.25 | 21.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DY | |
|---|---|---|---|---|
| DY | 31.7% | 42.5% | 0.78 | - |
| Sector ETF (XLI) | 13.4% | 17.1% | 0.62 | 48.4% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 44.0% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 7.8% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 19.0% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 33.4% |
| Bitcoin (BTCUSD) | 6.3% | 56.7% | 0.33 | 19.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DY | |
|---|---|---|---|---|
| DY | 19.0% | 52.2% | 0.55 | - |
| Sector ETF (XLI) | 13.8% | 19.8% | 0.61 | 52.6% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 49.0% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 4.2% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 23.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 38.8% |
| Bitcoin (BTCUSD) | 67.4% | 66.8% | 1.07 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/4/2026 | -4.1% | -10.0% | |
| 11/19/2025 | 9.8% | 17.6% | 16.3% |
| 8/20/2025 | -4.6% | -4.7% | 0.4% |
| 5/21/2025 | 15.8% | 17.4% | 20.9% |
| 2/26/2025 | -5.8% | -11.0% | -8.2% |
| 11/20/2024 | -12.9% | -11.1% | -16.5% |
| 8/21/2024 | -7.5% | -11.1% | 0.8% |
| 5/22/2024 | 8.3% | 16.9% | 8.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 15 |
| # Negative | 10 | 10 | 8 |
| Median Positive | 12.0% | 15.7% | 13.0% |
| Median Negative | -6.7% | -10.5% | -7.6% |
| Max Positive | 19.7% | 34.5% | 29.0% |
| Max Negative | -17.7% | -19.6% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 10/31/2025 | 11/20/2025 | 10-Q |
| 07/31/2025 | 08/21/2025 | 10-Q |
| 04/30/2025 | 05/22/2025 | 10-Q |
| 01/31/2025 | 02/28/2025 | 10-K |
| 10/31/2024 | 11/21/2024 | 10-Q |
| 07/31/2024 | 08/22/2024 | 10-Q |
| 04/30/2024 | 05/23/2024 | 10-Q |
| 01/31/2024 | 03/01/2024 | 10-K |
| 10/31/2023 | 11/22/2023 | 10-Q |
| 07/31/2023 | 08/24/2023 | 10-Q |
| 04/30/2023 | 05/25/2023 | 10-Q |
| 01/31/2023 | 03/03/2023 | 10-K |
| 10/31/2022 | 11/23/2022 | 10-Q |
| 07/31/2022 | 08/25/2022 | 10-Q |
| 04/30/2022 | 05/26/2022 | 10-Q |
| 01/31/2022 | 03/04/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gertel, Eitan | Direct | Sell | 1092026 | 345.62 | 3,645 | 1,259,785 | 5,528,883 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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