MeritValue

DYCOM INDUSTRIES INC

DYdata completeness 100%16 fiscal years on file
The thesis, from the filings

DYCOM INDUSTRIES INC earns about 7% on invested capital, and has bought back 5% of its shares over 5 years. The applicable estimate puts fair value near $77.1 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.13B1$3.81B2$4.18B3$4.7B3$5.55B3
Net income$48.6M4$142.2M5$218.9M6$233.4M6$281.2M6
Operating cash flow$308.7M7$164.8M8$259M9$349.1M9$642.5M9
Capital expenditure$157M10$201M11$218.5M12$250.5M12$240.8M12
Free cash flow (derived)$151.6M7−$36.2M8$40.5M9$98.6M9$401.7M9
Total debt$840.8M13$824.9M14$808.9M15$943.2M16$2.81B16
Cash & equivalents$310.8M17$224.2M18$101.1M19$92.7M20$709.2M20
Diluted shares30.8M30.0M29.7M29.5M29.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$631.86
your share of equity
Profit it earned you last year
$95.57
Free cash flow it threw off
$136.53
Debt you’d be carrying
$956.55

10 shares is a claim on $631.86 of net worth that earned you $95.57 and generated $136.53 of cash last year, against $956.55 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY22 1%FY23 7%FY24 10%FY25 9%FY26 6%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 235% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$98.6M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$98.6M
Earnings Power Value
$77.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$218.9M
  • growthAssumed0.0%
Graham Number
$116.58
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-29 · accession 0000067215-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-28 · accession 0000067215-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-27 · accession 0000067215-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-29 · accession 0000067215-24-000014 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-28 · accession 0000067215-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-27 · accession 0000067215-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-29 · accession 0000067215-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-28 · accession 0000067215-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-27 · accession 0000067215-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-29 · accession 0000067215-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-28 · accession 0000067215-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-27 · accession 0000067215-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-29 · accession 0000067215-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-28 · accession 0000067215-24-000014 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-01-27 · accession 0000067215-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-01-25 · accession 0000067215-26-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-29 · accession 0000067215-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-28 · accession 0000067215-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-27 · accession 0000067215-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-01-25 · accession 0000067215-26-000008 (CashAndCashEquivalentsAtCarryingValue)