Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 9, 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
6.3
Distress distance
Clean
Earnings quality
3
Forensic signals
39.3
P / E (ttm)
15.1%
ROE
$12.3B
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). 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 6.3, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +24% against revenue +18%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 12% of net operating assets, diverging from the balance-sheet accrual read.
6.6%
FY2026
Return on invested capital.Return on invested capital is 6.6% in the latest fiscal year and slipping from 9% — slightly below its ~9% cost of capital — reinvestment is roughly a wash.
$53M
FY2021–FY2021
Goodwill impairments.Took $53M of goodwill writedowns across 1 year (FY2021 ($53M)) — about 155% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$5.55B
Revenue Growth YoY+17.9%
Revenue CAGR (3yr)+13.3%
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?