Dycom Industries, Inc. (DY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+33.7%

$298.82

vs $223.43 price

Levered DCF

$468.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.05

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	37.64×	24.04×	15.44×	19.28×	52.83×	75.13×	24.46×	29.44×
P/B	5.69×	4.53×	3.2×	3.15×	3.38×	3.14×	1.61×	2.3×
P/S	1.91×	1.19×	0.81×	0.72×	0.82×	0.8×	0.42×	0.59×
EV / EBITDA	18.28×	11.59×	8.2×	9.34×	13.23×	12.03×	7.21×	8.31×
Gross margin	20.6%	15.6%	15.6%	13.2%	11.0%	11.9%	11.2%	12.3%
Operating margin	12.5%	7.2%	7.7%	5.5%	2.6%	3.8%	3.5%	3.7%
Net margin	5.1%	5.0%	5.2%	3.7%	1.6%	1.1%	1.7%	2.0%
Current ratio	2.74×	2.89×	3.06×	3.18×	3.55×	2.61×	3.9×	3.85×
Debt / equity	1.61×	0.85×	0.84×	1.03×	1.19×	0.8×	1.08×	1.09×
Interest coverage	10.44×	5.58×	6.14×	5.18×	2.46×	4.1×	2.32×	2.63×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.1%	18.8%	20.8%	16.4%	6.4%	4.2%	6.6%	7.8%
Return on invested capital	10.6%	10.7%	11.8%	8.8%	4.2%	4.4%	4.4%	4.6%
Return on assets	4.7%	7.9%	8.7%	6.1%	2.3%	1.8%	2.6%	3.0%
Free cash flow yield	3.8%	1.8%	1.2%	-1.3%	5.9%	12.7%	-4.5%	-2.2%
Earnings yield	2.7%	4.2%	6.5%	5.2%	1.9%	1.3%	4.1%	3.4%
Enterprise value	$12.9B	$6.6B	$4.2B	$3.4B	$3.2B	$3.2B	$2.3B	$2.6B
Net debt / EBITDA	3.24×	1.7×	1.54×	1.83×	2.48×	2.4×	2.78×	2.39×
Cash conversion cycle (days)	93	103	102	97	99	109	115	95