Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 2026
Dycom Industries Inc (DY)
A forensic read on Dycom Industries Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.3
Distress distance
Clean
Earnings quality
3
Forensic signals
26.7
P / E (ttm)
15.1%
ROE
$8.5B
Market cap
17.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dycom Industries Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+61.9%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +61.9% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +24% against revenue +18%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 12% of net operating assets, against an accruals ratio of 61.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
6.6%
FY2026
Return on invested capital.Return on invested capital is 6.6% in the latest fiscal year and slipping across FY2024–FY2026 from 11%. The capital base behind it grew +121% across FY2024–FY2026, from $1.9B to $4.3B, while the return fell 4.8 points, so the dollars added over that window earned less than the 11% the older base was already earning.
-0.5%/yr
FY2024–FY2026
Share count.Diluted share count changed -1% over the last 2 years to FY2026 (-0.5%/yr). Roughly flat — buybacks ($30M) are about offsetting stock comp ($34M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$5.55B
Revenue Growth YoY+17.9%
Revenue CAGR (2yr)+15.1%
Net Margin5.1%
Free Cash Flow$401.7M
Return on Equity15.1%
Debt / Equity1.51x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dycom Industries Inc's actual 10-K/10-Q/8-K filings?