Cash conversion efficiency remains challenged, evidenced by a negative $265.2 million working capital outflow in 2027Q1 and an operating cash flow to net income ratio of -0.27.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jul'17 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'10 | Jul'09 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'04 | Jul'03 | Jul'03 | Jul'02 | Jul'01 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Cash from Operations | 671.88M | 642.5M | 349.1M | 258.98M | 164.79M | 308.65M | 381.78M | 58M | 124.45M | 256.44M | 256.44M | 261.49M | 141.9M | 84.19M | 106.74M | 65.13M | 54.14M | 126.64M | 126.64M | 104.29M | 108.46M | 102.27M | 124.13M | 25M | 25.26M | 65.26M | 133.23M | 37.3M | 30.6M | 9.6M | 11.5M |
| Operating CF Margin % | - | 11.59% | 7.42% | 6.2% | 4.33% | 9.86% | 11.93% | 1.74% | 3.98% | 9.09% | 9.6% | 12.93% | 7.83% | 5.23% | 8.89% | 6.29% | 5.48% | 11.44% | 10.3% | 9.17% | 10.9% | 10.37% | 14.22% | 4.04% | 4.09% | 10.46% | 16.12% | 7.93% | 8.24% | 3.95% | 7.99% |
| Operating CF Growth % | 1181.03% | 84.05% | 34.8% | 57.16% | -46.61% | -19.15% | 558.25% | -53.39% | -51.47% | 0% | -1.93% | 84.28% | 68.56% | -21.13% | 63.91% | 20.29% | -57.25% | 0% | 21.43% | -3.85% | 6.05% | -17.6% | 396.54% | -1.04% | -61.29% | -51.02% | 257.2% | 21.9% | 218.75% | -16.52% | 25% |
| Net Income | 311.43M | 281.19M | 233.41M | 218.92M | 142.21M | 48.57M | 34.34M | 57.22M | 62.91M | 157.22M | 157.22M | 128.74M | 84.32M | 39.98M | 35.19M | 39.38M | 5.85M | -53.18M | -53.18M | 21.68M | 41.88M | 18.18M | 58.63M | 17.15M | 17.15M | -123.03M | 61.41M | 36.4M | 23M | 11.2M | 6.4M |
| Depreciation & Amortization | 322.82M | 269.57M | 198.57M | 163.09M | 144.18M | 152.65M | 175.9M | 187.56M | 179.6M | 147.91M | 147.91M | 124.94M | 96.04M | 92.77M | 85.48M | 62.69M | 63.61M | 65.44M | 65.44M | 68.11M | 59.37M | 48.63M | 42.07M | 39.07M | 39.07M | 38.84M | 40.12M | 20.1M | 13.5M | 8.7M | 5.7M |
| Stock-Based Compensation | 35.94M | 34.47M | 40.32M | 25.46M | 17.93M | 9.87M | 12.77M | 10.03M | 20.19M | 20.8M | 20.8M | 16.85M | 13.92M | 12.6M | 9.9M | 6.78M | 3.35M | 3.9M | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 64.47M | 52.99M | -17.39M | -10.64M | 4.53M | 8.02M | -28.18M | 9.26M | 8.52M | 18.23M | 18.23M | 26.78M | 1.24M | -6.32M | -2.27M | 9.87M | 1.92M | -5.69M | -5.69M | -2.34M | 2.09M | -201K | 3.5M | 5.78M | 5.78M | -7.71M | 1.66M | 1.1M | -100K | -200K | -1.5M |
| Other Non-Cash Items | 52.08M | 40.09M | 8.78M | 10.09M | 20.75M | 35.1M | 73.66M | 32.84M | 20.47M | -2.12M | -2.12M | -2.05M | -13.37M | -11.57M | -4.01M | -15.68M | -6.38M | 89.31M | 89.31M | 14.31M | 5.78M | 19.05M | -13.13M | -587K | -586.68K | 156.09M | -895.69K | 200K | -100K | -100K | 100K |
| Working Capital Changes | -114.86M | -35.8M | -114.6M | -147.94M | -164.81M | 54.44M | 113.29M | -238.9M | -167.24M | -85.6M | -85.6M | -33.77M | -40.26M | -43.27M | -17.54M | -37.92M | -14.21M | 26.86M | 26.86M | 9.14M | 7.61M | 22.52M | 33.06M | -36.41M | -36.15M | 1.07M | 30.94M | -20M | -5.3M | -9.2M | 1.6M |
| Change in Receivables | -302.3M | -112.1M | -86.58M | -119.35M | -173.71M | -40.69M | -41.76M | -195.8M | -30.75M | -60.84M | -33.07M | 2.73M | -40.44M | -16.95M | 3.63M | -3.42M | 5.39M | 55.3M | 56.3M | 0 | 0 | 0 | 11.4K | -37.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.73M | -8.2M | 4.28M | 3.08M | -41.27M | -12.26M | 103.8M | -40.88M | -15.84M | -13.23M | -13.23M | -13.8M | -1.14M | -12.84M | -1.08M | -6.4M | -6.35M | 658K | 658K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 351.72M | 223.23M | -16.81M | 6.99M | 49.4M | -4.91M | 43.75M | -2.14M | 20.06M | 977K | 977K | 15.13M | 7.11M | -4.24M | -11.16M | 2.98M | -1.56M | -3M | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.85B | -1.84B | -395.2M | -306.16M | -183.93M | -151.68M | -44.63M | -101.22M | -161.35M | -208.75M | -209.15M | -333.13M | -130.05M | -91.12M | -389.05M | -51.9M | -46.61M | -25.39M | -25.39M | -62.1M | -124.57M | -113.01M | -203.85M | 5.13M | -13.17M | -11.4M | -105.33M | -82.8M | -19.5M | -10.4M | -5.4M |
| Capital Expenditures | -231.61M | -240.79M | -250.46M | -218.49M | -200.96M | -157.04M | -58.05M | -120.57M | -164.96M | -201.2M | -201.2M | -186.01M | -103M | -89.14M | -64.65M | -77.61M | -55.38M | -30.53M | -30.53M | -72.07M | -77.12M | -57.14M | -35.88M | -19.41M | -19.41M | -15.06M | -38.41M | -81.3M | -21.5M | -12.1M | -7.7M |
| CapEx % of Revenue | 3.7% | 4.34% | 5.33% | 5.23% | 5.28% | 5.02% | 1.81% | 3.61% | 5.27% | 7.13% | 7.53% | 9.2% | 5.69% | 5.54% | 5.38% | 7.49% | 5.6% | 2.76% | 2.48% | 6.33% | 7.75% | 5.79% | 4.11% | 3.14% | 3.14% | 2.41% | 4.65% | 17.29% | 5.79% | 4.98% | 5.35% |
| Acquisitions | -1.63B | -1.63B | -183.88M | -122.9M | -350K | 5.36M | 13.42M | 19.05M | -20.92M | -26.07M | -26.07M | -157.18M | -31.91M | -17.09M | -330.29M | -330.29M | 0 | 0 | 0 | 0 | -61.84M | -65.39M | -175.2M | 0 | 0 | -1.89M | -70.89M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 14.62M | 33.63M | 39.13M | 35.23M | 17.37M | 0 | 0 | 306K | 24.52M | 18.52M | 18.12M | 10.06M | 4.85M | 15.1M | 5.89M | 25.71M | 8.77M | 5.14M | 5.14M | 9.97M | 14.39M | 9.52M | 7.23M | 6.5M | 6.24M | 5.55M | 3.98M | -1.5M | 2M | 1.7M | 2.3M |
| Cash from Financing | 1.7B | 1.81B | 37.69M | -75.91M | -67.43M | 142.01M | -383.44M | -31.06M | 80.88M | -42.48M | -42.48M | 84.14M | -11.23M | 9M | 248.34M | -5.41M | -8.92M | -18.61M | -18.61M | -38.98M | 7.71M | -45.06M | 1.26M | 1.71M | 1.71M | -68.29M | -3.13M | 107.5M | 19.6M | 3.5M | -6.5M |
| Debt Issued (Net) | 1.77B | 1.86B | 135M | -17.5M | -17.5M | 264.86M | -281.28M | -30.63M | 91.94M | 21.44M | -9.63M | 21.44M | 68.19M | 6.19M | 6.19M | -233K | -1.02M | -15.47M | -15.47M | -13.5M | 1.37M | 143.35M | -3.37M | -79K | -79K | -68.13M | -5.58M | -10.49M | -13.79M | 5.1M | -6M |
| Equity Issued (Net) | -35.87M | -32.1M | -65.64M | -49.66M | -48.73M | -112.77M | -101.44M | -1.7M | -4.66M | -62.91M | -67.91M | -170M | -182.6M | 4.57M | -15.2M | -12.96M | -4.49M | -2.92M | -2.92M | -23.82M | 7.05M | -183.42M | 4.63M | 1.79M | 1.79M | -160.38K | 2.45M | 118.05M | 37.32M | 800K | 200K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.6M | 0 | 0 |
| Share Repurchases | -35.87M | -32.1M | -65.64M | -49.66M | -48.73M | -106.13M | -100M | -301K | 0 | -62.91M | -62.91M | -170M | -87.15M | -10M | -15.2M | -12.96M | -4.49M | -2.92M | -2.92M | -25.16M | 0 | -186.24M | 0 | 0 | 0 | -1.15M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -32.94M | -14.4M | -31.67M | -8.75M | -1.2M | -10.08M | -728K | 1.26M | -6.4M | -1M | 35.06M | 232.7M | 103.18M | -1.76M | 257.35M | 7.79M | -3.4M | -230K | -230K | -1.67M | -718K | -4.99M | -830 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -700K |
| Net Change in Cash | 522.71M | 616.5M | -8.42M | -123.1M | -86.57M | 298.99M | -46.3M | -74.28M | 43.97M | 5.22M | 4.82M | 12.5M | 617K | 2.06M | -33.97M | 7.82M | -1.39M | 82.64M | 82.64M | 3.21M | -8.41M | -55.79M | -78.46M | 31.84M | 13.8M | -14.43M | 24.78M | 62.1M | 30.7M | 2.7M | -400K |
| Free Cash Flow | 440.28M | 401.71M | 98.64M | 40.48M | -36.17M | 151.61M | 323.73M | -62.58M | -40.52M | 55.25M | 55.25M | 75.48M | 38.9M | -4.95M | 42.09M | -12.49M | -1.24M | 96.11M | 96.11M | 32.22M | 31.34M | 45.13M | 88.24M | 5.59M | 5.85M | 50.21M | 94.82M | -44M | 9.1M | -2.5M | 3.8M |
| FCF Margin % | 7.04% | 7.24% | 2.1% | 0.97% | -0.95% | 4.84% | 10.12% | -1.87% | -1.3% | 1.96% | 2.07% | 3.73% | 2.15% | -0.31% | 3.5% | -1.21% | -0.13% | 8.68% | 7.81% | 2.83% | 3.15% | 4.57% | 10.11% | 0.9% | 0.95% | 8.05% | 11.47% | -9.36% | 2.45% | -1.03% | 2.64% |
| FCF Growth % | 888.67% | 307.25% | 143.65% | 211.94% | -123.85% | -53.17% | 617.35% | -54.45% | -173.34% | 0% | -26.8% | 94.01% | 885.76% | -111.76% | 437.1% | -908.64% | -101.29% | 0% | 198.3% | 2.79% | -30.55% | -48.85% | 1479.74% | -4.5% | -88.35% | -47.05% | 315.51% | -583.52% | 464% | -165.79% | 18.75% |
| FCF per Share | 14.49 | 13.65 | 3.35 | 1.36 | -1.21 | 4.92 | 10.30 | -1.97 | -1.27 | 1.73 | 1.73 | 2.28 | 1.11 | -0.14 | 1.25 | -0.36 | -0.03 | 2.45 | 2.45 | 0.79 | 0.77 | 1.07 | 1.81 | 0.12 | 0.12 | 1.11 | 2.22 | -1.16 | 0.26 | -0.09 | 0.15 |
| FCF Conversion (FCF/Net Income) | 1.41x | 2.28x | 1.50x | 1.18x | 1.16x | 6.35x | 11.12x | 1.01x | 1.98x | 1.63x | 1.63x | 2.03x | 1.68x | 2.11x | 3.03x | 1.65x | 9.26x | -2.38x | -2.38x | 4.81x | 2.59x | 5.63x | 2.12x | 1.46x | 1.47x | -0.53x | 2.17x | 0.93x | 1.28x | 0.61x | 1.49x |
| Interest Paid | 68.37M | 0 | 57.92M | 50.68M | 37.93M | 22.08M | 20.65M | 26.66M | 22.31M | 16.14M | 16.5M | 15.92M | 25.37M | 25.29M | 21.41M | 15.44M | 13.13M | 14.56M | 14.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 82.72M | 0 | 61.54M | 96.62M | 6.92M | 8.6M | 45.33M | 12.02M | -6.4M | 88.06M | 88.06M | 31.16M | 39.06M | 26.74M | 19.13M | 10.72M | 6.21M | 6.9M | 6.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in financial statements, Dycom's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.27 in 2027Q1, which suggests that reported earnings frequently decouple from actual cash generation due to the company's reliance on aggressive accrual-based revenue recognition methods.
The significant divergence between net income and operating cash flow indicates that earnings quality is heavily dependent on the timing of billings rather than realized cash inflows. Investors should monitor whether this volatility reflects genuine project milestones or merely the accumulation of unbilled receivables that may eventually require impairment.
Based on the provided cash flow data, Dycom's free cash flow margins have swung from a peak of 28.1% in 2024Q4 to a negative 10.6% in 2026Q1, highlighting a highly inconsistent ability to convert operational activity into sustainable liquidity for shareholders.
This erratic trajectory suggests that the company's cash flow profile is highly sensitive to the lumpy nature of large-scale telecom infrastructure projects. The inability to maintain positive free cash flow consistently warrants caution regarding the company's reliance on external financing to bridge operational gaps during project ramp-up phases.
According to recent SEC filings, Dycom experienced a massive $265.2 million working capital outflow in 2027Q1, a stark reversal from the $282.4 million inflow seen in 2026Q4, which underscores the extreme sensitivity of the company's cash position to project-based billing cycles and customer payment terms.
The dramatic shifts in working capital suggest that Dycom acts as a financing vehicle for its telecom clients, absorbing the costs of labor and materials long before receiving payment. This dynamic creates significant liquidity risk, as any delay in project acceptance or milestone verification can rapidly deplete the company's cash reserves.
As evidenced by the $1.6 billion acquisition net outflow in 2026Q4, Dycom's capital deployment strategy appears heavily skewed toward aggressive inorganic expansion, often at the expense of maintaining a stable cash balance during periods of high operational demand.
While these acquisitions may be intended to solidify market share in the fiber deployment space, the scale of these outflows relative to operating cash flow suggests a high-risk strategy. Investors should investigate whether these investments are generating sufficient returns to justify the volatility they introduce to the company's overall cash flow profile.
Quick answers to the most common questions about buying DY stock.
Dycom Industries, Inc. (DY) generated $642.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Dycom Industries, Inc. (DY) generated $401.7M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Dycom Industries, Inc. (DY) spent $240.8M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Dycom Industries, Inc. (DY) spent $32.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.