Dycom Industries, Inc. — Earnings Quality Grade F
DY · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +9 days YoY
AR growth 42.9% exceeds revenue growth 17.9%
Revenue 17.9%, CFFO 84.0%. Cash follows revenue
Expense Quality
Inventory 0.9% vs COGS 16.9%. Normal
CapEx growth -3.9% vs revenue 17.9%. Normal
SG&A/Gross Profit = 39.1%. Normal
Gross margin 20.6%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.28. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -6.0%. Low accruals
Cash $0.7B covers only 24% of debt $3.0B
Balance Sheet Health
Goodwill+Intangibles $2.4B = 127% of equity. Over 50%
Debt/EBITDA = 4.3x (>4x). Financial stress
Other assets grew 131.7% vs revenue 17.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 331% YoY
Manipulation Score
M-Score = -2.09 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25