olivLaw · US equity research
Dycom Industries, Inc. DY
Water, Sewer, Pipeline, Comm & Power Line Construction · SIC 1623 · Vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)
Dycom Industries is a specialty contractor building digital infrastructure, telecommunications and utility networks across the United States, and it added a data center segment this year. Demand for connectivity and digital infrastructure, including data centers and AI, is the main reason the company draws attention, as quarterly contract revenues reached 2005.9 million USD and backlog reached 12242.4 million USD.
At the close of 04 Nov 2026, Dycom Industries, Inc. (DY) stock was 212.33 USD (−6.96% on the day), with market capitalisation 6.4 bn USD, P/E 19.3 on diluted EPS of 10.99 USD over the last 12 months, beta 1.23, 52-week range 212.33–535.20 USD. Latest reported quarter (Q2 2027): revenue of 2.0 bn USD (+45.6% YoY), net income of 115.6 m USD (+18.6% YoY), diluted EPS 3.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 206.04 – 280.90
- in the lower half of the band · %B 0.08 · band width 30.7%
- SMA 50 / 200
- 269.57 / 376.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -16.73 / -16.47
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.6% | −1.1% | −21.5 pp | — |
| 3 months | −48.0% | −0.5% | −47.6 pp | — |
| 6 months | −53.6% | +4.4% | −58.0 pp | — |
| Year to date | −37.2% | +12.3% | −49.5 pp | — |
| 1 year | −24.7% | +13.5% | −38.3 pp | +2.1% |
| 3 years | +151.6% | +76.4% | +75.2 pp | +125.5% |
| 5 years | +152.8% | +63.7% | +89.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.1 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | 2.0 bn | 2.0 bn |
| Cost of revenue | 1.0 bn | 887.9 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.6 bn | 1.6 bn |
| Depreciation & amortisation | 52.0 m | 54.8 m | 58.4 m | 60.9 m | 62.2 m | 88.2 m | 111.6 m | 115.6 m |
| Pre-tax income | 91.3 m | 44.2 m | 78.6 m | 131.1 m | 140.3 m | 17.9 m | 106.7 m | 154.0 m |
| Income tax | 21.5 m | 11.6 m | 17.6 m | 33.6 m | 33.9 m | 1.6 m | 15.4 m | 38.3 m |
| Net income | 69.8 m | 32.7 m | 61.0 m | 97.5 m | 106.4 m | 16.3 m | 91.3 m | 115.6 m |
| Diluted EPS | 2.37 | 1.11 ≈ | 2.09 | 3.33 | 3.63 | 0.55 ≈ | 3.00 | 3.81 |
| Operating cash flow | 65.8 m ≈ | 328.2 m | -54.0 m | 57.4 m ≈ | 220.0 m ≈ | 419.0 m | -24.6 m | 103.7 m ≈ |
| Capex | 74.6 m ≈ | 68.5 m | 79.5 m | 51.7 m ≈ | 55.2 m ≈ | 54.4 m | 70.3 m | 69.5 m ≈ |
| Share repurchases | 0 ≈ | 35.9 m | 30.2 m | 0 ≈ | 0 ≈ | 0 | 36.0 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 35-quarter history (min 11.4, median 28.7, max 89.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.3 bn | 3.2 bn | 3.1 bn | 3.8 bn | 4.2 bn | 4.7 bn | 5.5 bn |
| Revenue YoY | unavailable | +6.8% | −4.2% | −2.1% | +21.7% | +9.6% | +12.6% | +17.9% |
| Net income | 62.9 m | 57.2 m | 34.3 m | 48.6 m | 142.2 m | 218.9 m | 233.4 m | 281.2 m |
| Net income YoY | unavailable | −9.0% | −40.0% | +41.5% | +192.8% | +53.9% | +6.6% | +20.5% |
| Diluted EPS | 1.97 | 1.80 | 1.07 | 1.57 | 4.74 | 7.37 | 7.92 | 9.56 |
| Diluted EPS YoY | unavailable | −8.6% | −40.6% | +46.7% | +201.9% | +55.5% | +7.5% | +20.7% |
| net % | 2.0% | 1.7% | 1.1% | 1.6% | 3.7% | 5.2% | 5.0% | 5.1% |
| Free cash flow | -40.5 m | -62.6 m | 323.7 m | 151.6 m | -36.2 m | 40.5 m | 98.6 m | 401.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 709.2 m USD
- Financial debt
- 2.8 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 1.9 bn USD
- Total assets
- 6.0 bn USD
- Debt / equity
- 1.51x
- Current ratio
- 2.74x
- ROE
- 18.2%
- ROA
- 6.3%
- FCF margin
- 7.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.1 bn | 3.8 bn | 4.2 bn | 4.7 bn | 5.5 bn | SEC (XBRL)· 09 Mar 2026verified |
| Cost of revenue | 2.6 bn | 2.6 bn | 3.2 bn | 3.4 bn | 3.8 bn | 4.4 bn | SEC (XBRL)· 09 Mar 2026verified |
| Gross profit | 557.2 m ≈ | 496.6 m ≈ | 648.2 m ≈ | 813.8 m ≈ | 932.1 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Depreciation & amortisation | 175.9 m | 152.7 m | 144.2 m | 163.1 m | 198.6 m | 269.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Pre-tax income | 59.2 m | 52.8 m | 180.1 m | 292.0 m | 307.8 m | 367.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Income tax | 24.9 m | 4.2 m | 37.9 m | 73.1 m | 74.4 m | 86.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Net income | 34.3 m | 48.6 m | 142.2 m | 218.9 m | 233.4 m | 281.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Diluted EPS | 1.07 | 1.57 | 4.74 | 7.37 | 7.92 | 9.56 | SEC (XBRL)· 09 Mar 2026verified |
| Weighted average diluted shares | 32.1 m | 30.8 m | 30.0 m | 29.7 m | 29.5 m | 29.4 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.8 m | 310.8 m | 224.2 m | 101.1 m | 92.7 m | 709.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Receivables | 858.1 m | 895.9 m | 1.1 bn | 1.2 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 09 Mar 2026verified |
| Inventories | 70.8 m | 81.3 m | 115.0 m | 108.6 m | 127.3 m | 128.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Current assets | 1.2 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.7 bn | 2.8 bn | SEC (XBRL)· 09 Mar 2026verified |
| Property, plant & equipment, net | 274.0 m | 294.8 m | 367.9 m | 444.9 m | 541.9 m | 575.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Goodwill | 272.5 m | 272.5 m | 272.5 m | 312.0 m | 330.3 m | 1.4 bn | SEC (XBRL)· 09 Mar 2026verified |
| Intangibles (excl. goodwill) | 119.3 m | 101.8 m | 86.6 m | 109.0 m | 219.7 m | 925.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Total assets | 1.9 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.9 bn | 6.0 bn | SEC (XBRL)· 09 Mar 2026verified |
| Accounts payable | 159.0 m | 155.9 m | 207.7 m | 222.1 m | 223.5 m | 497.3 m | SEC (XBRL)· 09 Mar 2026verified |
| Short-term debt | 81.7 m | 17.5 m | 17.5 m | 17.5 m | 10.0 m | 4.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Long-term debt | 501.6 m | 823.3 m | 807.4 m | 791.4 m | 933.2 m | 2.8 bn | SEC (XBRL)· 09 Mar 2026verified |
| Current liabilities | 448.5 m | 381.8 m | 469.6 m | 506.3 m | 587.2 m | 1.0 bn | SEC (XBRL)· 09 Mar 2026verified |
| Total liabilities | 1.1 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.7 bn | 4.1 bn | SEC (XBRL)· 09 Mar 2026verified |
| Equity | 811.3 m † | 758.5 m † | 868.8 m † | 1.1 bn † | 1.2 bn † | 1.9 bn † | SEC (XBRL)· 09 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 381.8 m | 308.7 m | 164.8 m | 259.0 m | 349.1 m | 642.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Capex | 58.0 m | 157.0 m | 201.0 m | 218.5 m | 250.5 m | 240.8 m | SEC (XBRL)· 09 Mar 2026verified |
| Free cash flow | 323.7 m ≈ | 151.6 m ≈ | -36.2 m ≈ | 40.5 m ≈ | 98.6 m ≈ | 401.7 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Investing cash flow | -44.6 m | -151.7 m | -183.9 m | -306.2 m | -395.2 m | -1.8 bn | SEC (XBRL)· 09 Mar 2026verified |
| Financing cash flow | -383.4 m | 142.0 m | -67.4 m | -75.9 m | 37.7 m | 1.8 bn | SEC (XBRL)· 09 Mar 2026verified |
| Share repurchases | 100.0 m | 106.1 m | 48.7 m | 49.7 m | 65.6 m | 30.2 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.4 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 256.24 – 331.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E256.24 – 331.80 (Mid 281.98)4 companies used · median multiple 25.7x · quartiles 23.3x – 30.2xMTZ, MYRG, PLPC, PRIM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.8% | 80 (vs peers) | 11% |
| FCF conversion · Quality | 142.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 13.3% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 26.3% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 19.3x | 100 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.3% | 91 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation96/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DYCOM INDUSTRIES, INC. (DY). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 5.5 bn USD in 2026; YoY growth 17.9%; net margin 4.8%; ROE 19.2%.
The estimated value range is 256.24–331.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 281.98 USD, the price of 212.33 USD leaves a potential of 32.8% (value / price − 1) and a margin of safety of 24.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.8%
- FCF conversion: 142.2%
- Revenue CAGR 3Y: 13.3%
- EPS CAGR 3Y: 26.3%
- Current ratio: 2.3x
- P/E (TTM): 19.3x
- FCF yield: 7.3%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MTZMasTec, Inc. | 13.5 bn | 27.4 | 13.5% | 2.8% | +16.2% | −22% / +176% |
| DYDycom Industries, Inc. | 6.4 bn | 19.3 | 19.2% | 4.8% | +17.9% | −25% / +152% |
| MYRGMyr Group Inc. | 4.1 bn | 21.4 | 26.9% | 4.5% | +8.8% | +18% / +112% |
| PRIMPrimoris Services Corporation | 3.6 bn | 38.7 | 6.0% | 1.4% | +19.0% | −46% / +125% |
| PLPCPreformed Line Products Company | 1.4 bn | 24.0 | 12.0% | 7.6% | +12.7% | +39% / +129% |
| ESOAEnergy Services of America CORP | 162.9 m | 436.5 | — | — | +16.8% | −2% / +94% |
| SKKRantizo | 77.4 m | — | -40.2% | -22.6% | +16.6% | +7% / unavailable |
1- and 3-year price returns: for DY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 135.93 Total return -36% · Per year -36% | 239.38 Total return 13% · Per year 13% | 359.29 Total return 69% · Per year 69% |
| 3 years | 156.43 Total return -26% · Per year -10% | 307.54 Total return 45% · Per year 13% | 503.22 Total return 137% · Per year 33% |
| 5 years | 180.01 Total return -15% · Per year -3% | 395.11 Total return 86% · Per year 13% | 704.80 Total return 232% · Per year 27% |
- Exit P/E± 76.89
- Net margin± 53.82
- Annual revenue growth± 40.73
- Annual dilution± 4.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dycom Industries is a specialty contractor building digital infrastructure, telecommunications and utility networks across the United States, and it added a data center segment this year. Demand for connectivity and digital infrastructure, including data centers and AI, is the main reason the company draws attention, as quarterly contract revenues reached 2005.9 million USD and backlog reached 12242.4 million USD.
SWOT
Strengths
- National scale, a large network of operating companies and the capacity to take on large projects are the strengths the company highlights.
- Record backlog and multi-year contracts provide high visibility into future revenues.
- Expansion into data center infrastructure diversifies the business away from traditional telecommunications work.
Weaknesses
- Reliance on a few large customers makes revenues vulnerable to changes in their budgets.
- Seasonality and adverse weather affect the winter and spring quarters.
- Fixed-price contracts for individual tasks can erode margins if actual costs rise.
Opportunities
- Demand for data centers and AI could generate new contracts for the Building Systems segment.
- Acquisitions of niche market leaders could extend geographic reach and service range.
- Fiber and wireless modernization programs could keep supporting long-term demand.
Threats
- Cuts in customer capital spending, especially during economic uncertainty, could reduce work volumes.
- Trade tariffs on imported materials could raise costs and compress margins.
- Rapid entry of new competitors and consolidation among telecommunications operators could shift the balance of power.
Risks
- Customer concentrationhigh
A small number of customers generate a major share of revenues, and losing one of them could materially affect results 1.
- Cancellable contractshigh
Most long-term contracts can be cancelled by customers on little notice, which makes backlog an uncertain estimate 1.
- Fixed-price execution riskmedium
If actual costs exceed pricing estimates, margins could fall, particularly on contracts priced task by task 1.
- Acquisition integration riskmedium
Integrating Power Solutions and National Technology Integrators could bring unforeseen costs or operational difficulties 2.
- Receivables and customer distressmedium
Late payments or insolvency among telecommunications customers could affect liquidity 1.
Investment thesis
What would need to be true (bull case)
- Demand for digital infrastructure appears to have a broad base, and rapid organic growth with record backlog suggests activity could keep expanding 3.
- The Building Systems segment adds a data-center-linked growth line with high margins, which could diversify the business 3.
- A large share of long-term contracts offers better visibility into future revenues, provided execution remains solid 2.
What would break the thesis
- Dependence on a few large telecommunications operators remains high, and changes in their budgets could quickly affect work volumes 1.
- Wireless program deferrals and fuel cost pressure have already reduced Communications segment margins, and this could persist 3.
- Integrating several large acquisitions in a short period could create operational and liquidity risks 2.
What to watch
- Delivery against the raised annual outlook for contract revenues and adjusted EBITDA margin, including the wireless program deferralsQ3 fiscal 2027
- Development of backlog and new contract awards in the Building Systems segmentQ3 fiscal 2027
- Share of revenues from AT&T, Verizon and Lumen among total contract revenuesnext 10-K
- Integration of National Technology Integrators and final purchase price adjustmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dycom Industries, Inc. (Dycom) is a leading provider of specialty contracting services focused on digital infrastructure, telecommunications and utilities across the United States. The company was incorporated in Florida in 1969 and now operates through 38 operating companies serving customers in all 50 states 1. Its services include planning, engineering, aerial, underground and wireless construction, maintenance and fulfillment, plus underground facility locating for utilities 1.
The acquisition of Power Solutions, LLC, completed in the fourth quarter of fiscal 2026, added building infrastructure services for data centers and other critical facilities, from electrical systems to security and fire safety 1. Dycom thus combines its fiber expertise with electrical capabilities, which could open further opportunities with customers building digital infrastructure 1.
The customer base is highly concentrated. In fiscal 2026, AT&T accounted for 25.4% of contract revenues and Verizon for 14.0% 1. Contracts are largely long-term master service agreements, and much of the work is performed outdoors, which makes the business sensitive to seasonality and weather 1.
Segments
Communications
The Communications segment covers construction and maintenance of fiber, copper and coaxial networks for telephone and cable operators, along with wireless work, towers and small cells 1. In the quarter ended August 1, 2026, segment revenues were 1.608 billion USD, up 16.7% organically, supported by fiber-to-the-home programs, backhaul builds and maintenance 3.
Building Systems
The Building Systems segment was created in fiscal 2026 with the Power Solutions acquisition and provides electrical, energy management, security and fire safety systems for data centers 1. In the second quarter of fiscal 2027, revenues reached 397.5 million USD, and an adjusted EBITDA margin of 24.5% was supported by strong operational execution 3.
Market context
Demand for high-speed, low-latency connectivity is rising, driven by data-intensive applications and mobile use, which requires wireline upgrades and new fiber and electrical infrastructure for data centers 1. The company says the demand is supported by a multi-year investment cycle that it expects to extend well into the next decade, though this depends on customer budgets 3. Still, operator capital spending can be delayed or reduced during periods of economic uncertainty 1.
The specialty contracting market is highly fragmented, with many participants ranging from large multinational firms to regional and privately owned companies 1. Barriers to entry are relatively low, so a new competitor can emerge quickly if it has sufficient financial resources and technical expertise 1.
Trends
- Fiber-to-the-home constructiontailwind
Multi-year fiber-to-the-home programs across the United States and backhaul expansion support work volumes, and Dycom cited them as the main driver of quarterly growth 3. If these programs slow, revenues could be affected.
- Data center and AI infrastructuretailwind
Demand for fiber and electrical infrastructure tied to data centers and artificial intelligence drove the Power Solutions acquisition and growth in Building Systems 1. Dependence on a small number of hyperscale customers could, however, create new risks 1.
- Wireless program delaysheadwind
The company deferred approximately 150 million USD of wireless program revenue into fiscal 2028, which weighed on Communications segment margins 3. If such deferrals recur, margin pressure could persist.
- Material costs and tariffsmixed
Tariffs on steel, aluminum, fuel and fiber cable could raise costs, and fixed-price contracts for individual tasks could reduce profitability if actual costs exceed estimates 1. Higher fuel prices were already cited as cost pressure in the second quarter 3.
Competitive position
Dycom operates in a fragmented market where it competes with several large multinational corporations and numerous regional or privately owned companies 1. The company says it compares favorably with competitors on geographic presence, quality of service, safety, price, breadth of offerings and reputation 1.
Financial capacity is an important competitive factor: Dycom believes it can take on larger projects than more capital-constrained competitors 1. Customers themselves may perform some of the same services, adding an indirect competitive pressure 1.
- MasTec, Inc.MTZ
A company in the same telecommunications and energy infrastructure construction space, cited here as an example of the fragmented competitive field; the sources do not name it, so this link should be verified independently.
- Large multinational construction corporations
The sources describe large multinational competitors without naming them, active in the same service areas.
- Regional and privately owned contractors
Numerous regional and private competitors with local presence that can enter the market quickly if they have resources and expertise.
- Customers' in-house workforces
Telecommunications operators can partly perform the same work with their own forces, which is a form of indirect competition.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Dycom's 2026 Outlook: Fiber Infrastructure Demand Drives Multi-Year Revenue GrowthYahoo Finance — News · 11 Sept 2026 · EN
- Dycom (DY) Grew Revenue 46% but Nearly $400M Came from Acquisitions. Is Organic Growth Strong Enough?Yahoo Finance — News · 29 Aug 2026 · EN
- Why Dycom Industries Stock Is Plummeting This WeekYahoo Finance — News · 28 Aug 2026 · EN
- Dycom Industries, Inc. Q2 2027 Earnings Call SummaryYahoo Finance — News · 26 Aug 2026 · EN
- Dycom Industries Q2 Earnings Call HighlightsYahoo Finance — News · 26 Aug 2026 · EN
- Dycom Industries beats Q2 forecasts as digital infrastructure demand acceleratesYahoo Finance — News · 26 Aug 2026 · EN
SEC filings
- Quarterly report27 Aug 2026
- Current report26 Aug 2026Results of operations · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers
- Current report04 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Shareholder vote
- Quarterly report28 May 2026
- Current report27 May 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Current report24 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Current report (amendment)10 Mar 2026Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Dycom Industries, Inc. · 09 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / Dycom Industries, Inc. · 27 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dycom Industries, Inc. · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.