Dycom Industries Inc "Increasingly positive outlook; Reiterate Buy" (Buy) Fisher

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Dycom Industries Inc "Increasingly positive outlook; Reiterate Buy" (Buy) Fisher

Global Research

28 May 2026ab

Dycom Industries Inc Equities

United StatesIncreasingly positive outlook; Reiterate Buy

Industrial Services

12-month rating Buy

An increasingly robust outlook for DY, and we raise our estimates

We remain positive on shares, based on the robust and growing market opportunity for 12m price target US$611.00

DY, and our view that there is further upside to estimates as the year progresses. Prior : US$444.00

Communications organic growth of 24.7% (roughly 10 points ahead of Price (27 May 2026) US$529.13

consensus) was a positive surprise, and management cited capitalizing on RIC: DY.N BBG: DY US

strengthening customer demand and positive weather. We have raised our growth

rate for the rest of the year and next year in this segment. Trading data and key metrics

52-wk range US$529.13-228.34

The other main positive surprise in the quarter was Building Systems margins,

Market cap. US$15.9b

particularly in light of the disappointing initial guidance provided last quarter.

Shares o/s 30.0m (COM)

Margins beat in Q1, and DY raised the full year guide to a level more in line with

initial expectations. We have materially raised our margin forecast for this Free float 96%

segment. Avg. daily volume ('000) 124

Avg. daily value (m) US$48.8

Still, the guidance for the segment implies a stronger Q1 relative to what typical Common s/h equity (01/27E) US$2.14b

seasonality might be (DY has said there is not so much seasonality in the business; P/BV (01/27E) 7.4x

Q1 implied at ~28% of full year revenue, but perhaps should probably be closer to

Net debt to EBITDA (01/27E) 1.6x

~25%), making the implied Q2-Q4 seem conservative. We think management