Dycom Industries (DY)
Key Statistics
EV/EBIT = 23x
ROE = 19.7%
Debt/Equity = 90%
FCF Yield = .57%
Dividend Yield = 0%
Market Cap = $7.42 billion
The Company
Dycom Industries (DY) is one of the leading companies in the United States when it comes to building, maintaining, and upgrading the physical infrastructure behind phone and internet services. Dycom’s work plays a critical role in making sure people and businesses can stay connected—whether through high-speed internet, cell towers, or other communications systems.
Founded in 1969 in Florida, Dycom started as a small contracting business focused on the telecommunications industry. Over the years, it steadily expanded its expertise and presence, both by growing internally and by acquiring other businesses. By the 1990s and early 2000s, Dycom was on a rapid growth path, purchasing several companies that specialized in engineering, construction, and maintenance for telecom networks. This allowed Dycom to offer a wider range of services and move into new markets. Eventually, the company also began serving electric and gas utilities by offering underground facility locating and infrastructure support.
Today, Dycom operates under about 40 subsidiary companies and provides services in all 50 states. Its long history of growth and focus on reliability and quality has made it a trusted partner for some of the biggest names in telecom.
Dycom helps major telecom and utility companies build and maintain their networks. This includes installing fiber optic cables, wireless towers, and other equipment that delivers phone and internet services to homes and businesses. The company also offers a full range of support services, including engineering, network design, project management, construction, equipment installation, and maintenance. In addition, Dycom locates and marks underground utility lines, such as gas and power, before digging begins—a critical safety and planning step.
Much of this work is large-scale and long-term. Dycom’s teams often spend months, or even years, working on major infrastructure projects that expand or improve network access across the country, including in rural or underserved areas. Their role has become even more important as demand for faster internet and wireless service has grown, along with new technologies like AI data centers that require high-capacity networks.
Dycom works closely with many of the biggest telecom and cable providers in the U.S. These include AT&T, Verizon, Comcast, Charter Communications, Lumen Technologies, Frontier, Brightspeed, and Windstream. In fact, the top five of these customers account for more than 55% of Dycom’s total revenue. AT&T alone made up about 20% of the company’s revenue in 2025.
While this means Dycom depends heavily on a few big clients, it also shows how deeply embedded the company is in America’s communications infrastructure. These are customers that continually need help building, maintaining, and upgrading their networks—and Dycom is one of the most trusted names in the business.