Dycom Industries
DY on NYSE. Dycom Industries sells communications and building systems services to customers. Market value $8.3bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing big in our quick check. See what could go wrong below.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.35 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 77 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$290.43 a share, 10% above its 1-year low
Over the past year the price has ranged from $263.36 to $566.47.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.1bn | $3.8bn | $4.2bn | $4.7bn | $5.5bn |
| Operating margin | |||||
| Operating margin | 2.7% | 5.8% | 8.3% | 7.8% | 7.8% |
| Debt to equity | |||||
| Debt to equity | 1.11 | 0.95 | 0.77 | 0.76 | 1.51 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt1.51× equity
- Revenue growth, five yearsStrong, 11.6% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 billion last quarter, up 46% on a year ago.
- Profit: $116 million, up 19% on a year ago.
- Spare cash over the past 12 months: $469 million, up from $123 million.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.5 billion more than cash, up from $1 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $1.3bn |
| January 2025 | $1.1bn |
| April 2025 | $1.3bn |
| July 2025 | $1.4bn |
| October 2025 | $1.5bn |
| January 2026 | $1.5bn |
| April 2026 | $2.0bn |
| July 2026 | $2.0bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $70m |
| January 2025 | $33m |
| April 2025 | $61m |
| July 2025 | $97m |
| October 2025 | $106m |
| January 2026 | $16m |
| April 2026 | $91m |
| July 2026 | $116m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 26 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 620 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $28m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- Peconic Partners$2.2bnAdded
- BlackRock$1.5bnCut
- Vanguard Capital Management$684mAdded
- Vanguard Portfolio Management$646mCut
- Hill City Capital, LP$511m
- FMR$473mCut
- State Street$473mCut
- First Trust Advisors LP$459mAdded
- Geode Capital Management$334mCut
- Millennium Management$300mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.1%−2.0 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Millennium Management LLCPassive investorat least 3.8%(filed with 3 related holders)Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.1%−2.0 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Millennium Management LLC Passive investor | at least 3.8% (filed with 3 related holders) | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $551,307 of shares on the open market. 1 sold $1m.
- Sabater Carmen MDirectorBought
- Date
- 23 September 2026
- Shares
- 350
- Price
- $280.62
- Value
- $98,217
- Peyovich Daniel SPresident & CEOBought
- Date
- 9 September 2026
- Shares
- 850
- Price
- $296.76
- Value
- $252,246
- Fallon David JosephDirectorBought
- Date
- 1 September 2026
- Shares
- 700
- Price
- $286.92
- Value
- $200,844
- Gertel EitanDirectorSold
- Date
- 9 January 2026
- Shares
- 3,645
- Price
- $345.62
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 23 September 2026 | Sabater Carmen M Director | Bought | 350 | $280.62 | $98,217 |
| 9 September 2026 | Peyovich Daniel S President & CEO | Bought | 850 | $296.76 | $252,246 |
| 1 September 2026 | Fallon David Joseph Director | Bought | 700 | $286.92 | $200,844 |
| 9 January 2026 | Gertel Eitan Director | Sold | 3,645 | $345.62 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 27 Aug 2026 and 6 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 25.4% last year. Losing that customer would hurt.
“During fiscal 2026, we derived approximately 25.4% of our total contract revenues from AT&T Inc., 14.0% from Verizon Communications, Inc. and 10.8% from Lumen Technologies Inc.”
From the 10-K filed 9 March 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.