Upside case
Bull case
$768+67.7%
DY would need investors to value it at roughly 54x earnings — about 22x more generous than today's 32x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Dycom Industries, Inc. (DY) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
21
analysts
20 bullish · 0 bearish · 21 covering DY
Strong Buy
1
Buy
19
Hold
1
Sell
0
Strong Sell
0
Consensus Target
$433
-5.5% vs today
Scenario Range
$181 – $768
Model bear to bull value window
Coverage
21
Published analyst ratings
Valuation Context
32.5x
Forward P/E · Market cap $13.3B
DY price targets
Three scenarios for where DY stock could go
Current
~$458
Confidence
66 / 100
Updated
May 1, 2026
Where we are now
Current · $458
Bear
$181
Base
$821
Bull
$768
Market caseClosest to today
Base case
$821+79.3%
At 58x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$181-60.5%
If investor confidence fades or macro conditions deteriorate, a 20x multiple contraction could push DY down roughly 61% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Dycom Industries, Inc.
DY · NYSEIndustrialsEngineering & ConstructionJanuary year-end
Dycom Industries is a specialty contracting company that builds and maintains telecommunications and utility infrastructure across the United States. It generates revenue primarily from construction and installation services for telecom providers — including fiber optic cable placement, tower construction, and network maintenance — with additional work for electric and gas utilities. The company's competitive advantage lies in its extensive national scale, specialized technical expertise, and long-standing relationships with major telecom carriers that rely on its services for network expansion and upgrades.
Market Cap
$13.3B
Revenue TTM
$5.2B
Net Income TTM
$298M
Net Margin
5.8%
DY Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+29.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$2.09/$1.72
Revenue
$1.3B/$1.2B
Q3 2025
EPS
$3.33/$2.92
Revenue
$1.4B/$1.4B
Q4 2025
EPS
$3.63/$3.21
Revenue
$1.5B/$1.4B
Q1 2026
EPS
$2.03/$1.91
Revenue
$1.5B/$1.4B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $2.09/$1.72 | +21.5% | $1.3B/$1.2B | +5.4% |
| Q3 2025 | $3.33/$2.92 | +14.0% | $1.4B/$1.4B | -2.1% |
| Q4 2025 | $3.63/$3.21 | +13.1% | $1.5B/$1.4B | +3.1% |
| Q1 2026 | $2.03/$1.91 | +6.3% | $1.5B/$1.4B | +7.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$6.1B
+17.7% YoY
FY2
$6.7B
+10.5% YoY
EPS Outlook
FY1
$12.28
+21.0% YoY
FY2
$14.20
+15.7% YoY
Trailing FCF (TTM)$297M
FCF Margin: 5.7%
Next Earnings
May 27, 2026
Expected EPS
$2.73
Expected Revenue
$1.7B
DY beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
DY Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2015
Total disclosed revenue $13M
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
CANADA
100.0%
+7.4% YoY
Tap, hover, or focus a slice to inspect segment detail.
CANADA is the largest reported region at 100.0%, up 7.4% YoY.
DY Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $320 — implies -26.3% from today's price.
Premium to Fair Value
26.3%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DY
57.8x
vs
S&P 500
25.2x
+129% premium
vs Industrials Trailing P/E
DY
57.8x
vs
Industrials
25.9x
+123% premium
vs DY 5Y Avg P/E
Today
57.8x
vs
5Y Average
37.8x
+53% premium
Forward PE
32.5x
S&P 500
19.1x
+70%
Industrials
20.8x
+56%
5Y Avg
—
—
Trailing PE
57.8x
S&P 500
25.2x
+129%
Industrials
25.9x
+123%
5Y Avg
37.8x
+53%
PEG Ratio
1.68x
S&P 500
1.75x
-4%
Industrials
1.59x
+6%
5Y Avg
—
—
EV/EBITDA
26.4x
S&P 500
15.3x
+73%
Industrials
13.9x
+90%
5Y Avg
10.3x
+156%
Price/FCF
134.4x
S&P 500
21.3x
+530%
Industrials
20.6x
+551%
5Y Avg
41.8x
+221%
Price/Sales
2.8x
S&P 500
3.1x
-10%
Industrials
1.6x
+77%
5Y Avg
0.9x
+221%
Dividend Yield
—
S&P 500
1.88%
—
Industrials
1.24%
—
5Y Avg
—
—
| Metric | DY | S&P 500 | Industrials | 5Y Avg DY |
|---|---|---|---|---|
| Forward PE | 32.5x | 19.1x+70% | 20.8x+56% | — |
| Trailing PE | 57.8x | 25.2x+129% | 25.9x+123% | 37.8x+53% |
| PEG Ratio | 1.68x | 1.75x | 1.59x | — |
| EV/EBITDA | 26.4x | 15.3x+73% | 13.9x+90% | 10.3x+156% |
| Price/FCF | 134.4x | 21.3x+530% | 20.6x+551% | 41.8x+221% |
| Price/Sales | 2.8x | 3.1x-10% | 1.6x+77% | 0.9x+221% |
| Dividend Yield | — | 1.88% | 1.24% | — |
DY trades above S&P 500 benchmarks on 4 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDY Financial Health
Verdict
Strong
DY 12.6% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$5.2B
Revenue Growth
TTM vs prior year
+13.2%
Gross Margin
Gross profit as a share of revenue
16.2%
Operating Margin
Operating income divided by revenue
8.3%
Net Margin
Net income divided by revenue
5.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$10.15
Free Cash Flow (TTM)
Cash generation after capex
$297M
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
12.6%
ROA
Return on assets, trailing twelve months
9.5%
Cash & Equivalents
Liquid assets on the balance sheet
$93M
Net Debt
Total debt minus cash
$963M
Debt Serviceability
Net debt as a multiple of annual free cash flow
3.2× FCF
~3.2 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
22.2%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.5%
Dividend
—
Buyback
0.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$66M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
29M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDY Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Increased Leverage Risk
Following the acquisition of Power Solutions, Dycom's net debt-to-EBITDA ratio has risen to approximately 3x. The company aims to reduce this to 2x within 18 months, but there is significant execution risk associated with the integration of the acquired business.
High Risk
Customer Concentration
Dycom is heavily reliant on a few major customers, notably AT&T, which poses a significant risk to both revenue and earnings. This concentration could lead to substantial financial impacts if any major customer reduces their spending.
High Risk
Exposure to Capex Cycles
With around 90% of Power Solutions' revenue linked to data centers, Dycom is vulnerable to the unpredictable capital expenditure cycles of hyperscale companies. This exposure may result in weaker financial performance during certain periods.
Medium
Labor Availability
Dycom faces challenges related to labor availability, which could hinder its operational capabilities and growth. A shortage of skilled labor in the telecommunications sector may impact project timelines and costs.
Medium
End-Market Volatility
The company is susceptible to end-market volatility due to its concentration in the telecommunications industry. Fluctuations in demand within this sector could adversely affect Dycom's revenue stability.
Medium
Debt Obligations
Dycom's debt obligations impose restrictions that can adversely affect its financial results. High debt levels may limit the company's operational flexibility and ability to invest in growth opportunities.
Lower
Competition
Dycom operates in a competitive landscape, facing competition on a market-to-market basis. While this is a risk, it is considered lower in severity compared to other factors affecting the company.
Lower
Cybersecurity Risks
Cybersecurity governance is a critical component of Dycom's risk management framework. Although the company has measures in place, the potential for cyber threats remains a concern that could impact operations.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DY Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Potential for Undervaluation
Diageo's stock is currently trading at a discount, with DCF analyses indicating a fair value price significantly higher than its current trading price. The stock is near its 1-year low, presenting a potential buying opportunity for value-oriented investors.
Strong Brand Portfolio
Diageo is a global leader in beverage alcohol with a strong portfolio of well-known brands, including Johnnie Walker, Smirnoff, and Guinness. The company's focus on premiumization is expected to drive long-term growth and market share gains.
Significant Free Cash Flow Target
Diageo is expected to generate significant free cash flow, targeting $3 billion for FY26. This financial strength, along with a solid return on equity and gross profit margin, positions the company well within its industry.
Positive Analyst Sentiment
Several analysts have upgraded Diageo's stock, indicating positive sentiment and confidence in its future performance. A significant portion of analysts have issued buy or strong buy ratings for the stock.
New Leadership Catalyst
The appointment of a new CEO with turnaround expertise in the consumer industry is seen as a positive catalyst for the company's recovery. The new CEO's experience in revitalizing mainstream businesses is particularly noted.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DY Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$457.78
52W Range Position
98%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$181.17
+152.7% from the low
52-Week High
$464.82
-1.5% from the high
1 Month
+31.31%
3 Month
+14.31%
YTD
+31.7%
1 Year
+148.9%
3Y CAGR
+69.4%
5Y CAGR
+37.0%
10Y CAGR
+21.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DY vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
32.5x
vs 18.4x median
+77% above peer median
Revenue Growth
+17.7%
vs +10.7% median
+65% above peer median
Net Margin
5.8%
vs 3.7% median
+55% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DY DY Dycom Industries, Inc. | $13.3B | 32.5x | +17.7% | 5.8% | Buy | -5.5% |
PRI PRIM Primoris Services Corporation | $5.5B | 16.9x | +17.2% | 3.3% | Buy | +58.5% |
PWR PWR Quanta Services, Inc. | $117.8B | 60.0x | +14.9% | 3.7% | Buy | -17.6% |
MYR MYRG MYR Group Inc. | $7.1B | 46.8x | +8.0% | 3.7% | Hold | -20.4% |
WLD WLDN Willdan Group, Inc. | $1.1B | 18.4x | +8.0% | 7.7% | Buy | +55.2% |
GLD GLDD Great Lakes Dredge & Dock Corporation | $1.1B | 15.4x | +10.7% | 8.3% | Buy | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
DY Dividend and Capital Return
DY returns 0.5% annually — null% through dividends and 0.5% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.5%
Dividend + buyback return per year
Buyback Yield
0.5%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$66M
Estimated Shares Retired
143.4K
Approx. Share Reduction
0.5%
Shares Outstanding
Current diluted share count from the screening snapshot
29M
FAQ
7 questionsDY Investor Questions
Common questions answered from live analyst data and company financials.
01Is Dycom Industries, Inc. (DY) stock a buy or sell in 2026?
Dycom Industries, Inc. (DY) is rated Buy by Wall Street analysts as of 2026. Of 21 analysts covering the stock, 20 rate it Buy or Strong Buy, 1 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $433, implying -5.5% from the current price of $458. The bear case scenario is $181 and the bull case is $768.
02What is the DY stock price target for 2026?
The Wall Street consensus price target for DY is $433 based on 21 analyst estimates. The high-end target is $510 (+11.4% from today), and the low-end target is $360 (-21.4%). The base case model target is $821.
03Is Dycom Industries, Inc. (DY) stock overvalued in 2026?
DY trades at 32.5x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Dycom Industries, Inc. (DY) stock in 2026?
The primary risks for DY in 2026 are: (1) Increased Leverage Risk — Following the acquisition of Power Solutions, Dycom's net debt-to-EBITDA ratio has risen to approximately 3x. (2) Customer Concentration — Dycom is heavily reliant on a few major customers, notably AT&T, which poses a significant risk to both revenue and earnings. (3) Exposure to Capex Cycles — With around 90% of Power Solutions' revenue linked to data centers, Dycom is vulnerable to the unpredictable capital expenditure cycles of hyperscale companies. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Dycom Industries, Inc.'s revenue and earnings forecast?
Analyst consensus estimates DY will report consensus revenue of $6.1B (+17.7% year-over-year) and EPS of $12.28 (+21.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.7B in revenue.
06When does Dycom Industries, Inc. (DY) report its next earnings?
Dycom Industries, Inc. is expected to report its next earnings on approximately 2026-05-27. Consensus expects EPS of $2.73 and revenue of $1.7B. Over recent quarters, DY has beaten EPS estimates 92% of the time.
07How much free cash flow does Dycom Industries, Inc. generate?
Dycom Industries, Inc. (DY) generated $297M in free cash flow over the trailing twelve months — a free cash flow margin of 5.7%. DY returns capital to shareholders through and share repurchases ($66M TTM).