At a glance
Dycom Industries Inc is worth $7.06B, about 25 times its fiscal 2026 earnings. Revenue grew 17.9% to $5.55B in fiscal 2026, with 5.1% kept as profit; over 5 years it has grown 11.6% a year. It pays no dividend; it spent $300.3M buying back its shares over FY2022–FY2026. The stock returned −18.1% over the past year with dividends reinvested and +23.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 70.3% in the 2020 crash (S&P 500: 33.7%) and 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low.
The business in plain English
Dycom Industries is a specialty contractor that builds and maintains the physical networks behind phone, internet and utility service across the United States. It was incorporated in Florida in 1969, and its annual report filed in March 2026 listed 38 operating companies serving all 50 states. Its crews place and splice fiber, copper and coaxial cable on poles and underground. They run lines to homes and businesses, build wireless towers and small cell sites, and locate buried utility lines before others dig. Dycom also plans and engineers networks and does work for electric and gas utilities.
Dycom reports two segments. Communications covers the network construction, maintenance, locating and engineering work described above. Building Systems was added after Dycom bought Power Solutions in the fourth quarter of fiscal 2026. That segment installs electrical, energy management, security and fire safety systems for data centers and other critical facilities. Management aims to combine its fiber and electrical skills to serve data center builders.
Much of the work comes through multi-year master service agreements. These framework contracts set a price for each task, and customers then send work orders. Customers can usually end them at will. A few customers bring in a large share of revenue. In fiscal 2026, which ended January 31, 2026, AT&T supplied about 25.4% of revenue, Verizon 14.0% and Lumen Technologies 10.8%. Total revenue was $5.55 billion.
Price history
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DY -18.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $2.01B, up 45.6% from a year earlier, and net income was $115.6M (+18.6%).
- For fiscal 2026, revenue was $5.55B (+17.9% year over year; +11.6% a year from FY2021 to FY2026) with a 5.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +11.6% good |
|---|---|
| Free cash flow margin | 7.2% watch |
| Return on equity (FY2026) | 15.1% good |
| Return on assets (FY2026) | 4.7% watch |
| Net cash (cash minus debt) | $-2.48B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.20B | $34.3M | $323.7M |
| FY2022 | $3.13B | $48.6M | $151.6M |
| FY2023 | $3.81B | $142.2M | $-36.2M |
| FY2024 | $4.18B | $218.9M | $40.5M |
| FY2025 | $4.70B | $233.4M | $98.6M |
| FY2026 | $5.55B | $281.2M | $401.7M |
Valuation snapshot
| Market value | $7.06B |
|---|---|
| P/E ratio | 24.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Dycom Industries’s market value went from $2.53B at the end of 2016 to $7.06B on Oct 28, 2026, about 2.8 times as much; since the end of 2025 it is down 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.06B | -27.9% |
| 2025 | $9.78B | +92.7% |
| 2024 | $5.08B | +50.4% |
| 2023 | $3.38B | +22.1% |
| 2022 | $2.77B | -2.2% |
| 2021 | $2.83B | +17.4% |
| 2020 | $2.41B | +62.1% |
| 2019 | $1.49B | -12.1% |
| 2018 | $1.69B | -50.9% |
| 2017 | $3.45B | +36.5% |
| 2016 | $2.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DY price data to Oct 28, 2026 | -30.7% | -18.1% | +40.3% | +23.3% | +12.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.8% |
| 2025 | +94.1% |
| 2024 | +51.2% |
| 2023 | +23.0% |
| 2022 | -0.2% |
| 2021 | +24.1% |
| 2020 | +60.2% |
| 2019 | -12.8% |
| 2018 | -51.5% |
| 2017 | +38.8% |
| 2016 | +14.8% |
| 2015 | +99.4% |
| 2014 | +26.3% |
| 2013 | +40.4% |
| 2012 | -5.3% |
| 2011 | +41.8% |
| 2010 | +83.7% |
| 2009 | -2.3% |
| 2008 | -69.2% |
| 2007 | +26.2% |
| 2006 | -4.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 88.4% over that stretch · deepest drop along the way 88.7%, back to its old high 60 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.1% over that stretch · deepest drop along the way 70.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.9% over that stretch · deepest drop along the way 24.5%, back to its old high 2.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($551K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Daniel S Peyovich President & CEO | buy | $252K |
| Sep 1, 2026 | David Joseph Fallon Director | buy | $201K |
| Sep 23, 2026 | Carmen M Sabater Director | buy | $98K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Jun 30, 2026 |
| Millennium Management LLC | 5.4% | Sep 30, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| Integrated Core Strategies (US) LLC | 3.8% | Jun 30, 2025 |
| AllianceBernstein L.P. | 0.2% | Sep 30, 2024 |
ETFs with the most weight in DY
| AIRR First Trust RBA American Industrial Renaissance ETF | 3.03% |
| SMCO Hilton Small-MidCap Opportunity ETF | 2.15% |
| PSCI Invesco S&P SmallCap Industrials ETF | 2.09% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.75% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.7% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.65% |
| OASC OneAscent Small Cap Core ETF | 0.58% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.52% |
What could go wrong
- Heavy dependence on a few telecom giants. AT&T supplied 25.4% of fiscal 2026 revenue, Verizon 14.0% and Lumen 10.8%. Telecom mergers, such as AT&T buying Lumen's mass-market fiber business, can concentrate this further or send work to rivals.
- Customers can cancel or cut work anytime. Much of the work runs through master service agreements that customers can usually end at will. Customers need not assign set amounts of work, so backlog (booked but unfinished work) can shrink or shift.
- Data center push may not pay off. Buying Power Solutions moved Dycom into electrical work for data centers. The expected growth and cost savings may not come, and hyperscalers (the giant cloud operators) are themselves a small, concentrated group of customers.
- Customer budgets can change without warning. Demand depends on telecom and utility spending plans. These can swing with the economy, interest rates, customers' debt levels and government funding programs, and cuts can happen quickly and without notice.
- Much more debt than cash. As of August 1, 2026, Dycom had about $2.8 billion of debt against $340 million in cash and investments. Loan terms limit flexibility, and breaking them could make debt due early.
- Thin margins exposed to labor and costs. The work is labor-intensive and priced on estimated costs. Dycom kept about 5 cents of profit per sales dollar in fiscal 2026. Hiring trouble, wage or fuel increases and tariffs can squeeze that.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Dycom does not pay a dividend, so the stock provides no regular income. Investors who need cash from it would have to sell shares. The company has bought back stock instead, spending about $300 million from fiscal 2022 through fiscal 2026. Even so, the share count barely changed: it was about 30.2 million in both August 2021 and August 2026. Free cash flow is the cash left after running the business and buying equipment. It was $402 million in fiscal 2026 but fell below zero in fiscal 2023.
The shares have swung hard in downturns. They fell about 89% in the 2008 financial crisis and did not recover until March 2014. In the 2020 COVID crash they dropped about 70% in under a month, then recovered by June 2020. The 2022 drop was smaller, at about 25%. As of October 28, 2026, the stock was down 30.7% for the year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Dycom pay a dividend?
No. Dycom Industries does not pay a dividend, so owning the stock provides no regular income. The company returns cash through share buybacks instead. It spent about $300 million on buybacks from fiscal 2022 through fiscal 2026. Even so, the share count stayed near 30.2 million between August 2021 and August 2026. Income-focused investors would need to sell shares to get cash from a Dycom holding.
How does Dycom make money?
Dycom earns fees for building and maintaining networks for telecom companies and for electric and gas utilities. Since buying Power Solutions, it also does electrical work for data centers. Much of the work runs under master service agreements, which set a price for each task, such as splicing fiber or placing poles. Customers then issue work orders. Other jobs use project contracts. In fiscal 2026, which ended January 31, 2026, revenue was $5.55 billion, up 17.9%, and net income was $281 million.
Who are Dycom's biggest customers?
AT&T, Verizon and Lumen Technologies. In fiscal 2026, AT&T brought in about 25.4% of Dycom's revenue, Verizon 14.0% and Lumen 10.8%. Verizon's share includes Frontier Communications, which Verizon acquired on January 20, 2026. On February 2, 2026, AT&T completed its purchase of substantially all of Lumen's mass-market fiber business. That moved part of Lumen's work to Dycom's largest customer. Customers can usually end contracts at will, so relying on so few of them is one of Dycom's main risks.
Is Dycom an AI and data center stock?
Partly. In the fourth quarter of fiscal 2026, Dycom bought Power Solutions and created a Building Systems segment. It installs electrical, energy management, security and fire safety systems for data centers and other critical facilities. Management plans to pair this electrical work with its Communications segment's fiber skills, citing demand from cloud computing and artificial intelligence. Still, its three largest customers in fiscal 2026 were telecom companies. Risks include the deal not delivering the expected growth and reliance on a small group of large data center customers.
How volatile is Dycom stock?
Very. As of October 28, 2026, the shares were down 30.7% for the year to date and 41.8% over three months. That followed gains of 94.1% in 2025 and 51.2% in 2024. In the year to October 28, 2026, the price fell as much as 58% from peak to trough. Its one-year beta, which measures how much a stock moves with the market, was 1.66. That means it has tended to move about two-thirds more than the market. Over 10 years the share price rose about 12% a year.