Dycom Industries Inc. (DY) intrinsic value & 10-year financials

Dycom Industries Inc. (DY) has a Graham intrinsic value of $196.46 per share. At $253.61 on Oct 17, 2026, the stock trades 29% above that value. Over the last 10 fiscal years revenue grew 6.8% a year to $5.5B, with an average return on invested capital of 7.8%.

Graham intrinsic value
$196.46
Share price (Oct 17, 2026)
$253.61
Price vs Graham value
29% above
Market cap
$7.5B
Revenue (FY2026)
$5.5B
Revenue growth (10-yr CAGR)
6.8%
ROIC (10-yr avg)
7.8%
Free cash flow (FY2026)
$401.7M

DY 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2026 $5.5B $281.2M $9.56 $401.7M — 9.3%
FY2025 $4.7B $233.4M $7.92 $98.6M — 12.1%
FY2024 $4.2B $218.9M $7.37 $40.5M — 13.5%
FY2023 $3.8B $142.2M $4.74 -$36.2M — 10.3%
FY2022 $3.1B $48.6M $1.57 $151.6M — 3.6%
FY2021 $3.2B $34.3M $1.07 $323.7M — 2.2%
FY2020 $3.3B $57.2M $1.80 -$62.6M — 3.5%
FY2019 $3.1B $62.9M $1.97 -$40.5M — 4.3%
FY2018 — — — — — —
FY2017 $3.1B $157.2M $4.92 $55.2M — 11.3%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

DYCOM INDUSTRIES INC has demonstrated mature, steady growth, with revenue compounding at 6.8% annually over the past decade.

DYCOM INDUSTRIES INC has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.

Over the decade, DYCOM INDUSTRIES INC shows that the company has leveraged its balance sheet to sustain operations.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, DYCOM INDUSTRIES INC is modeled at 7.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $196.46 per share.

DY stock: frequently asked questions

What is the intrinsic value of Dycom Industries Inc. (DY) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 7.7% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, DY's intrinsic value is about $196.46 per share.

Is DY stock undervalued?

At $253.61 (close on Oct 17, 2026), DY trades 29% above its Graham value of $196.46. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Dycom Industries Inc. grown?

Revenue went from $3.1B in fiscal 2017 to $5.5B in fiscal 2026, a compound annual growth rate of 6.8%. Net income was $281.2M in fiscal 2026.

Does Dycom Industries Inc. generate free cash flow?

Dycom Industries Inc. generated $401.7M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2026. Free cash flow was positive in 6 of the last 9 reported years.

What is DY's return on invested capital?

Average ROIC over the last 10 fiscal years was 7.8%, and average return on equity was 14.2%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this DY data come from?

From Dycom Industries Inc.'s annual 10-K filings on SEC EDGAR, most recently filed May 28, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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