Latest Ratios: P/E Ratio 45.1x · EV/EBITDA 15.8x · ROE 18.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.9B | $10.7B | $5.7B | $3.4B | $2.8B | $2.6B | $2.6B | $1.4B | $1.9B | $2.9B | $2.9B |
| Enterprise Value | $15.2B | $13.0B | $6.6B | $4.2B | $3.4B | $3.2B | $3.2B | $2.3B | $2.6B | $3.6B | $3.6B |
| P/E Ratio → | 45.08 | 38.12 | 24.35 | 15.63 | 19.56 | 53.84 | 75.83 | 24.73 | 30.04 | 18.41 | 18.35 |
| P/S Ratio | 2.33 | 1.93 | 1.21 | 0.82 | 0.73 | 0.83 | 0.80 | 0.42 | 0.61 | 1.03 | 1.08 |
| P/B Ratio | 6.82 | 5.77 | 4.59 | 3.24 | 3.20 | 3.44 | 3.14 | 1.63 | 2.35 | 4.00 | 5.18 |
| P/FCF | 32.22 | 26.69 | 57.64 | 84.50 | — | 17.20 | 7.88 | — | — | 52.45 | 52.28 |
| P/OCF | 20.15 | 16.69 | 16.29 | 13.21 | 16.88 | 8.45 | 6.68 | 24.42 | 15.21 | 11.30 | 11.26 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.34 | 1.41 | 1.01 | 0.91 | 1.02 | 1.00 | 0.69 | 0.84 | 1.27 | 1.34 |
| EV / EBITDA | 15.79 | 13.49 | 12.33 | 8.65 | 8.92 | 12.02 | 9.68 | 6.85 | 8.91 | 12.33 | 9.59 |
| EV / EBIT | 21.92 | 18.72 | 18.03 | 12.20 | 15.63 | 37.22 | 35.84 | 17.77 | 19.92 | 27.03 | 14.83 |
| EV / FCF | — | 32.37 | 67.40 | 103.86 | — | 21.10 | 9.84 | — | — | 64.69 | 64.69 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6% | 20.6% | 15.6% | 15.6% | 13.2% | 11.0% | 11.9% | 11.2% | 12.3% | 13.1% | 17.4% |
| Operating Margin | 12.5% | 12.5% | 7.2% | 7.7% | 5.5% | 2.6% | 3.8% | 3.5% | 3.7% | 4.2% | 9.3% |
| Net Profit Margin | 5.1% | 5.1% | 5.0% | 5.2% | 3.7% | 1.6% | 1.1% | 1.7% | 2.0% | 5.6% | 5.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.2% | 18.2% | 20.4% | 22.8% | 17.5% | 6.2% | 4.1% | 6.8% | 8.2% | 24.5% | 28.2% |
| ROA | 6.3% | 6.3% | 8.5% | 9.1% | 6.4% | 2.4% | 1.7% | 2.7% | 3.2% | 8.8% | 9.1% |
| ROIC | 16.4% | 16.4% | 12.6% | 14.4% | 10.9% | 4.4% | 5.7% | 5.4% | 5.9% | 6.8% | 14.9% |
| ROCE | 19.0% | 19.0% | 15.6% | 16.8% | 11.8% | 5.0% | 7.2% | 6.4% | 6.9% | 8.0% | 17.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.61 | 1.61 | 0.85 | 0.84 | 1.03 | 1.19 | 0.80 | 1.08 | 1.09 | 1.05 | 1.29 |
| Debt / EBITDA | 3.10 | 3.10 | 1.96 | 1.82 | 2.31 | 3.39 | 1.96 | 2.79 | 2.95 | 2.62 | 1.93 |
| Net Debt / Equity | — | 1.23 | 0.78 | 0.74 | 0.77 | 0.78 | 0.78 | 1.02 | 0.93 | 0.93 | 1.23 |
| Net Debt / EBITDA | 2.37 | 2.37 | 1.79 | 1.61 | 1.73 | 2.22 | 1.93 | 2.63 | 2.51 | 2.33 | 1.84 |
| Debt / FCF | — | 5.68 | 9.77 | 19.36 | — | 3.90 | 1.96 | — | — | 12.24 | 12.41 |
| Interest Coverage | 10.44 | 10.44 | 6.05 | 6.55 | 5.43 | 2.59 | 3.00 | 2.54 | 2.98 | 3.38 | 6.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.74 | 2.74 | 2.89 | 3.06 | 3.18 | 3.55 | 2.61 | 3.90 | 3.85 | 3.49 | 2.64 |
| Quick Ratio | 2.61 | 2.61 | 2.67 | 2.85 | 2.93 | 3.34 | 2.45 | 3.59 | 3.52 | 3.18 | 2.41 |
| Cash Ratio | 0.70 | 0.70 | 0.18 | 0.24 | 0.52 | 0.81 | 0.03 | 0.17 | 0.45 | 0.32 | 0.10 |
| Asset Turnover | — | 0.93 | 1.60 | 1.66 | 1.65 | 1.48 | 1.65 | 1.51 | 1.49 | 1.53 | 1.55 |
| Inventory Turnover | 34.33 | 34.33 | 31.19 | 32.47 | 28.74 | 34.28 | 39.77 | 30.18 | 29.05 | 31.04 | 30.00 |
| Days Sales Outstanding | — | 123.68 | 111.88 | 113.52 | 106.88 | 108.89 | 120.59 | 117.34 | 98.56 | 92.55 | 96.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.6% | 4.1% | 6.4% | 5.1% | 1.9% | 1.3% | 4.0% | 3.3% | 5.4% | 5.4% |
| FCF Yield | 3.1% | 3.7% | 1.7% | 1.2% | — | 5.8% | 12.7% | — | — | 1.9% | 1.9% |
| Buyback Yield | 0.2% | 0.3% | 1.2% | 1.5% | 1.8% | 4.1% | 3.9% | 0.0% | 0.0% | 2.2% | 2.2% |
| Total Shareholder Yield | 0.2% | 0.3% | 1.2% | 1.5% | 1.8% | 4.1% | 3.9% | 0.0% | 0.0% | 2.2% | 2.2% |
| Shares Outstanding | — | $29M | $29M | $30M | $30M | $31M | $31M | $32M | $32M | $32M | $32M |
High Customer Concentration
Based on current market data, Dycom trades at a forward P/E of 29.39, which suggests that investors are pricing in significant future earnings expansion relative to the company's historical averages and the broader engineering and construction sector's more conservative valuation multiples.
The elevated P/E ratio appears to be driven by the market's anticipation of sustained fiber-to-the-home deployment cycles. However, investors should monitor whether this premium is justified, as the company's earnings volatility and reliance on large-scale project milestones may lead to multiple compression if growth targets are missed.
According to reported financial figures, Dycom's ROIC has remained relatively low, hovering around 2.5% to 4.6% in recent quarters, which indicates that the company is struggling to generate superior returns on its expanding invested capital base following recent aggressive inorganic growth initiatives.
The divergence between revenue growth and return on capital suggests that the company's recent acquisitions may be dilutive to overall efficiency. Analysts should investigate whether the integration of these assets will eventually yield the expected synergies or if the capital intensity of the business model will continue to suppress long-term compounding.
As reported in recent financial statements, Dycom's cash conversion cycle has fluctuated significantly, reaching 71 days in 2027Q1, which highlights the inherent difficulty in managing working capital when project-based billing is subject to customer-driven delays and complex milestone recognition.
The variability in DSO and the overall CCC suggests that the company's liquidity is highly sensitive to the payment terms of its Tier 1 telecom customers. This operational friction warrants further investigation, as it directly impacts the company's ability to self-fund its ongoing capital expenditure requirements.
Based on the latest balance sheet data, Dycom's debt-to-equity ratio has risen to 1.58, a notable shift that reflects the company's increased reliance on debt financing to support its recent acquisition-heavy strategy and expansion into new geographic markets.
While the interest coverage ratio remains manageable, the rapid increase in leverage suggests a more aggressive financial posture that could limit future flexibility. Investors should monitor whether this debt level remains sustainable if project-based cash flows continue to exhibit the volatility observed in recent quarters.
The P/E ratio is frequently misapplied to Dycom's business model because it fails to account for the lumpy nature of project-based revenue recognition and the significant impact of non-cash goodwill amortization resulting from the company's aggressive acquisition strategy.
Investors should instead focus on EV/EBITDA or free cash flow yields to better assess the company's underlying operational performance. Relying solely on P/E can obscure the true cash-generating capability of the business, especially during periods of heavy investment or significant working capital swings.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DY stock.
Dycom Industries, Inc.'s current P/E ratio is 45.1x. The historical average is 30.0x. This places it at the 81th percentile of its historical range.
Dycom Industries, Inc.'s current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Dycom Industries, Inc.'s return on equity (ROE) is 18.2%. The historical average is 13.2%.
Based on historical data, Dycom Industries, Inc. is trading at a P/E of 45.1x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dycom Industries, Inc. has 20.6% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
Dycom Industries, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.