The company, with over 40 operating subsidiaries across 50 states, offers a wide range of services, from planning and engineering to aerial, underground, and wireless construction and maintenance. The growing demand for broadband, driven by high-speed applications and mobile data presents a significant opportunity. High-capacity fiber networks enabling gigabit speeds and 5G technology are driving multi-revenue investments in both consumer and business markets. This is boosted by $40 billion from the BEAD Program for rural expansion and additional state funding. Notably, 5G subscriptions in North America are projected to grow from 0.19 million in 2018 to 433 million by 2029 (CAGR +90%), according to Statista

The fiber-to-the-home market is growing fast, fueled by increasing demand for faster internet. Private investments are expected to cover 75% to 80% of U.S. homes, with urban and suburban areas likely seeing multiple providers competing. Analysts predict that over 10 million homes will get fiber connections annually by 2025, with this trend continuing for years. On top of that, rural expansion is picking up speed, backed by over $30 billion in state and federal funding by 2027,

Dycom has relationships with many leading telecommunications providers, including telephone companies, cable multiple system operators, wireless carriers, telecommunications equipment and infrastructure providers, electric and gas utilities. Its customer base is highly concentrated with its top five accounting for 57.7% of total contract revenue during 2024. Among the customers, we can note major groups like AT&T (16.9%), Comcast (10.7%), Verizon (9.0%), or even Frontier (5.1%).

The group works with customers nationwide through its subsidiaries, including Globe Communications, Cavo, and Tesinc, giving it a solid presence across the country.

The group posted strong results in Q3 2025, with revenues hitting $1.272 billion, up 12% from last year while organic growth accounted for a 7.6% increase. Non-GAAP EBITDA came in at $170.7 million, or 13.4% of revenues, while earnings per share rose to $2.68. Liquidity remains solid at $462.8 million, supported by $74.6 million in capital expenditures. Dycom also made a $150 million acquisition of Black & Veatch’s public carrier wireless telecom infrastructure business. In august 2023, the company acquired Bigham Cable Construction for $131.2 million, which provide construction and maintenance service for telecommunications providers in the southeastern United States, expanding its geographic presence within its existing customer base. Also, during the fourth quarter of 2023, Dycom acquired the assets of a telecommunications construction company for $0.4 million.

The company's revenue doubled between 2015 and 2024, growing from $2 billion to $4.1 billion (CAGR +6.74%). EBITDA followed a similar trend, doubling from $265 million to $504 million and projected to reach $752 million by 2027. Net income rose 160%, from $84 million to $219 million, with analysts forecasting $352 million by 2027. Debt stands at $708 million in 2024, expected to rise to $900 million in 2025–2026 before returning to $700 million by 2027. CapEx, currently $183 million, is still below 2016 levels but projected to hit $289 million by 2027. Margins remain below 2015 levels, with net margin improving to 5.24% in 2024 and over 6% by 2027. ROE has dropped sharply from 22.7% in 2016 to a projected 18.5% for 2027. However, EPS has surged from $2.41 in 2015 to $7.37 in 2024, with an optimistic forecast of $11.4 by 2027. The P/E ratio is at 15.6x, well below its 10-year average of 29.2x, with a potential rebound expected by 2027.

The group continues its share repurchase program, acquiring 485,000 shares for $49.7 million in the latest period, bringing the total buybacks to $964 million since 2002.

The group faces significant risks due to its heavy reliance on a few key customers, with the top five accounting for 57.7% of total revenues in fiscal 2024, a slight improvement from 66.7% and 66.2% in the two prior years. This dependency means any contract cancellations or modifications - many of which can be terminated at any time - could directly impact revenues and growth prospects. Competition is also intense, with rivals such as MasTec, Quanta Services, MYR Group, Emcor, Fluor, PSC, and Aecom aggressively competing for market share and contracts.

The group aims to position itself as a key player in improving telecommunications services through major contracts with leading US companies. The outlook is positive, with plenty of opportunities ahead, particularly in rural fiber deployment and 5G rollouts, and the expansion of AI-driven data centers, mainly supported by the government. The question now is whether Dycom can seize these growth opportunities while staying profitable and if its low P/E signals a buy or a warning.