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DY, Dycom Industries

Construction & Engineering capital-intensive Serial acquirer

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Latest annual: FY2026 10-K

DY · Dycom Industries

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$5.5B

+17.9% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $6.3B 5-yr avg $4.3B

Operating margin 7.7% 5-yr avg 6.2%

ROIC 9% 5-yr avg 10%

Owner-earnings margin 7% 5-yr avg 4%

Free cash flow margin 7% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Serial acquirer. Goodwill and acquired intangibles are 40% of assets, with meaningful acquisition spending in 4 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Operating margin has run about 5.5% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from 2.1% to 9.2% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 3% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2026

realized figures from each filing · older years to the left

2016’16	2017’17	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMay 2026
											Income statement
$2.7B	$3.1B	$3.1B	$3.3B	$3.2B	$3.1B	$3.8B	$4.2B	$4.7B	$5.5B	$6.3B	RevenueRevenue
8%	8%	9%	8%	8%	8%	8%	8%	8%	8%	8%	SG&A / revenueSG&A/rev
$247M	$275M	$117M	$118M	$68M	$82M	$211M	$323M	$341M	$425M	$483M	Operating incomeOp. inc.
9.2%	9.0%	3.7%	3.5%	2.1%	2.6%	5.5%	7.7%	7.2%	7.7%	7.7%	Operating marginOp. mgn
$129M	$157M	$63M	$57M	$34M	$49M	$142M	$219M	$233M	$281M	$311M	Net incomeNet inc.
38%	37%	29%	27%	42%	8%	21%	25%	24%	24%	21%	Effective tax rateTax rate
											Cash flow & returns
$276M	$256M	$124M	$58M	$382M	$309M	$165M	$259M	$349M	$643M	$672M	Operating cash flowOp. cash
$125M	$148M	$180M	$188M	$176M	$153M	$144M	$163M	$199M	$270M	$323M	DepreciationDeprec.
$5M	($69M)	($138M)	($197M)	$159M	$98M	($140M)	($148M)	($123M)	$57M	$2M	Working capital & otherWC & other
$186M	$201M	$165M	$121M	$58M	$157M	$201M	$218M	$250M	$241M	$232M	CapexCapex
7.0%	6.6%	5.3%	3.6%	1.8%	5.0%	5.3%	5.2%	5.3%	4.3%	3.7%	Capex / revenueCapex/rev
$151M	$109M	($41M)	($63M)	$324M	$152M	$21M	$96M	$151M	$402M	$440M	Owner earningsOwner earn.
5.6%	3.5%	−1.3%	−1.9%	10.1%	4.8%	0.5%	2.3%	3.2%	7.2%	7.0%	Owner earnings marginOE mgn
$90M	$55M	($41M)	($63M)	$324M	$152M	($36M)	$40M	$99M	$402M	$440M	Free cash flowFCF
3.4%	1.8%	−1.3%	−1.9%	10.1%	4.8%	−0.9%	1.0%	2.1%	7.2%	7.0%	Free cash flow marginFCF mgn
$157M	$26M	$21M	$0	$0	$0	$350K	$123M	$184M	$1.6B	$1.6B	AcquisitionsAcquis.
$170M	$63M	$0	$0	$100M	$106M	$49M	$50M	$66M	$30M	—	BuybacksBuybacks
12%	12%	5%	5%	3%	6%	11%	14%	12%	8%	9%	ROICROIC
23%	23%	8%	7%	4%	6%	16%	21%	19%	15%	16%	Return on equityROE
23%	23%	8%	7%	4%	6%	16%	21%	19%	15%	16%	Retained to equityRetained/eq
											Balance sheet
$34M	$39M	$128M	$55M	$12M	$311M	$224M	$101M	$93M	$709M	$539M	Cash & investmentsCash+inv
$328M	$370M	$625M	$817M	$858M	$896M	$1.1B	$1.2B	$1.4B	$1.7B	$2.0B	ReceivablesReceiv.
$74M	$83M	$94M	$98M	$71M	$81M	$115M	$109M	$127M	$128M	$143M	InventoryInvent.
$115M	$133M	$119M	$120M	$159M	$156M	$208M	$222M	$223M	$497M	$667M	Accounts payablePayables
$286M	$320M	$600M	$796M	$770M	$821M	$974M	$1.1B	$1.3B	$1.3B	$1.5B	Operating working capitalOper. WC
$851M	$939M	$1.1B	$1.3B	$1.2B	$1.4B	$1.5B	$1.6B	$1.7B	$2.8B	$3.0B	Current assetsCur. assets
$323M	$319M	$285M	$323M	$448M	$382M	$470M	$506M	$587M	$1.0B	$1.1B	Current liabilitiesCur. liab.
2.6×	2.9×	3.8×	3.9×	2.6×	3.6×	3.2×	3.1×	2.9×	2.7×	2.6×	Current ratioCurr. ratio
$310M	$322M	$326M	$326M	$272M	$272M	$273M	$312M	$330M	$1.4B	$1.5B	GoodwillGoodwill
$1.7B	$1.9B	$2.1B	$2.2B	$1.9B	$2.1B	$2.3B	$2.5B	$2.9B	$6.0B	$6.2B	Total assetsAssets
$719M	$760M	$873M	$867M	$583M	$841M	$825M	$809M	$943M	$2.8B	$2.8B	Total debtDebt
$686M	$721M	$745M	$812M	$572M	$530M	$601M	$708M	$851M	$2.1B	$2.3B	Net debt / (cash)Net debt
$557M	$672M	$804M	$869M	$811M	$759M	$869M	$1.1B	$1.2B	$1.9B	$1.9B	Shareholders’ equityEquity
0.6%	0.7%	0.6%	0.3%	0.4%	0.3%	0.5%	0.6%	0.9%	0.6%	0.6%	Stock comp / revenueSBC/rev
											Per share
33.1M	32.0M	32.0M	31.8M	32.1M	30.8M	30.0M	29.7M	29.5M	29.4M	30.4M	Shares out (diluted)Shares
$80.70	$95.89	$97.77	$104.95	$99.69	$101.49	$126.96	$140.60	$159.49	$188.49	$205.78	Revenue / shareRev/sh
$3.89	$4.92	$1.97	$1.80	$1.07	$1.57	$4.74	$7.37	$7.92	$9.56	$10.25	EPS (diluted)EPS
$4.55	$3.39	$-1.27	$-1.97	$10.09	$4.92	$0.69	$3.23	$5.11	$13.65	$14.49	Owner earnings / shareOE/sh
$2.71	$1.73	$-1.27	$-1.97	$10.09	$4.92	$-1.21	$1.36	$3.35	$13.65	$14.49	Free cash flow / shareFCF/sh
$5.62	$6.29	$5.16	$3.79	$1.81	$5.09	$6.70	$7.36	$8.50	$8.18	$7.62	Cap. spending / shareCapex/sh
$16.83	$21.00	$25.14	$27.30	$25.28	$24.59	$28.96	$35.51	$42.03	$63.19	$62.40	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	10-yr	5-yr
Revenue / share	+8.9%/yr	+13.6%/yr
Owner earnings / share	+11.6%/yr	+6.2%/yr
EPS	+9.4%/yr	+54.9%/yr
Capital spending / share	+3.8%/yr	+35.2%/yr
Book value / share	+14.1%/yr	+20.1%/yr

The record, charted

FY2016–2026

Each measure over its full record; the current point and the worst year marked.

Share count

29Mpeak FY2016

ROIC

8%low FY2021

Net debt ÷ owner earnings

5.2×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$402Mowner earningsvs.$281Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned $281M of profit into $402M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$281M

Owner earnings$402M · 7% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$281M	$233M	$219M	$142M	$49M
Depreciation & amortizationnon-cash charge added back	+$270M	+$199M	+$163M	+$144M	+$153M
Stock-based compensationreal costnon-cash, but a real cost	+$34M	+$40M	+$25M	+$18M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	+$57M	−$123M	−$148M	−$140M	+$98M
Cash from operations	$643M	$349M	$259M	$165M	$309M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$241M	−$199M	−$163M	−$144M	−$157M
Owner earnings	$402M	$151M	$96M	$21M	$152M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$52M	−$55M	−$57M	—
Free cash flow	$402M	$99M	$40M	($36M)	$152M
Owner-earnings marginowner earnings ÷ revenue	7%	3%	2%	1%	5%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $34M), owner earnings is nearer $367M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $2.1B · 5.0× operating profit

Heavy net debt

Cash $709M − debt $2.8B

What this means
Netting $709M of cash and short-term investments against $2.8B of debt leaves $2.1B owed, about 5.0× a year's operating profit (6.6× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 8%

Solid through the cycle

10-yr median, range 3%–14%; 8% latest = NOPAT $325M ÷ invested capital $4.0B

Industry peers: median 10%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 7%

Solid, recently turned positive

latest $402M = operating cash $643M − maintenance capex $241M; positive each of the last 3 years, after an earlier loss stretch (10-yr median 3%)

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 7% of revenue this year, a 3% median across 10 years. Treating stock comp as the real expense it is (less $34M of SBC) leaves $367M.
Are earnings backed by cash? 2.28×

Cash-backed

Cash from ops $643M ÷ net income $281M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 8%

Reinvests most of it

Dividends + buybacks $30M ÷ Owner Earnings $402M

What this means
Of $402M Owner Earnings, $30M (8%) went back to shareholders, $0 dividends, $30M buybacks. But the buybacks barely exceed stock issued to employees ($34M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.89×

Maintaining

Capex $241M ÷ depreciation $270M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.74×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.8B vs $1.7B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +110%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $8.14/share (latest year $9.36), the averaged base the calculator's gate runs on, and book value is $61.91/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 7% early, 8% lately, median 6%.
Reinvestment, incremental ROIC 11%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +8%/yr

What this means
Owner earnings grew about 8% a year over the record.
Worst year 2021 · 2.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.2%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, May 2, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.0B

Cash & short-term investments$539M
Receivables$2.0B
Inventory$143M
Other current assets$308M

Current liabilities$1.1B

Debt due within a year$6M
Accounts payable$667M
Other current liabilities$477M

Current ratio2.58×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.46×stricter: inventory excluded

Cash ratio0.47×strictest: cash alone against what's due

Working capital$1.8Bthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $539M cash covered by cash on hand, no refinancing forced · both figures from the May 2, 2026 balance sheet

Revenue, latest quarter vs. a year ago+56.1%the freshest read on whether the business is still growing

Current ratio, recent quarters3.4× → 2.6×

Deeper floors

Tangible book value($429M)equity stripped of goodwill & intangibles

Net current asset value($1.3B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.0B$183M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2026

Over the record, the business generated $2.8B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.8B · 64%
Buybacks$633M · 22%
Retained (debt / cash)$389M · 14%

Returned to owners$633M
49% of the owner earnings the business produced over the span, $0 as dividends and $633M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $2.1B and cash and short-term investments rose $505M.
Average price paid for buybacks$85.70
Across the years where the filing reports a share count, 7M shares were bought for $633M, about $85.70 each. Year to year the price paid ranged from $67.69 (2016) to $160.10 (2025); its heaviest year, 2016, paid $67.69 ($170M).
Net change in share count−8.3%
The diluted count fell from 33M to 30M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained20%
Of the earnings it kept rather than paid out ($731M over the span), annual owner earnings (first three years vs last three) grew $143M, so each retained $1 added about 0.20 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.4B40% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity78%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.1Bover 10 years buying other businesses, against $1.8B of capital spent building

$53M written down across 1 year (2021): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Nielsen	$4.8M	$3.6M	$152M
2023	Mr. Nielsen	$7.1M	$8.6M	$21M
2024	Mr. Nielsen	$8.5M	$17.3M	$96M
2024	—	$7.2M	$9.5M	$96M
2025	Mr. Nielsen	$8.5M	$17.3M	$151M
2025	Mr. Peyovich	$6.8M	$11.3M	$151M
2026	Mr. Peyovich	$8.0M	$20.5M	$402M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership1.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$34M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 8% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Dycom Industries is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2026.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereDid debt outgrow the business?$719M → $2.8B
Debt rose from $719M to $2.8B while owner earnings went from about $73M to $216M — about 9.9 years of owner earnings in debt then, about 13 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?15% → 34% of sales
Receivables and inventory grew from $402M to $2.1B while revenue grew 134%: working capital is climbing faster than sales (15% of revenue then, 34% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Construction & Engineering

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MTZMasTec	$14.3B	—	4.8%	8%	5%
KBRKbr, Inc.	$7.8B	12%	6.4%	13%	4%
PRIMPrimoris Services	$7.6B	11%	4.5%	12%	2%
DYDycom Industries	$5.5B	—	6.4%	10%	3%
GVAGranite Construction	$4.4B	11%	2.2%	4%	1%
MYRGMYR Group	$3.7B	11%	3.5%	12%	3%
ROADConstruction Partners	$2.8B	15%	7.0%	8%	5%
PLPCPreformed Line Products Company	$669M	32%	8.4%	10%	5%
Group median	—	—	5.6%	10%	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Dycom Industries has delivered.

Dycom Industries’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Dycom Industries earns about $187M on its 3.4% median owner-earnings margin. This year’s 7.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($187M) Net of stock comp (−$36M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26+34%/yr

Owner-earnings growth · ’16→’26+13%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $440M on 30M shares outstanding, per the 10-Q cover, as of 2026-05-26; net debt $2.3B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh DY against another business →

The owners of DY: the meeting and the votes →

Cite: Owner Scorecard, "Dycom Industries (DY), the owner's record," https://ownerscorecard.com/c/DY, data as of 2026-07-09.

Manual order: ← DXPE its page in the Manual EA →

Industry order: ← CTRI the Construction & Engineering chapter EME →