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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The business has broadened materially, but growth and cash need separate checks. Q2 consolidated revenue rose 45.6%; Communications organic growth was 16.7%, while Building Systems added acquired revenue. Management moved about $150M of wireless work to FY2028. H1 adjusted EBITDA of $577.984M accompanied just $79.082M CFO and negative $60.751M after gross capex. Segment execution can remain strong while collection timing and financing absorb cash.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track the $7.48B-$7.66B annual revenue range, the deferred wireless program, and Building Systems margins against receivables and debt service. An August buyback authorization is capacity to spend, not completed cash deployment."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000039/dyfy2027q2earningsreleasee.htm","title":"August 26 fiscal Q2 results, segment outlook and reconciliations","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","title":"August 27 Form 10-Q: acquisitions, cash, debt, backlog and amortization","retrieved":"2026-09-19"}],"business":{"drivers":["Communications organic growth and deferred wireless programs","Building Systems acquisition integration and segment margins","Billing collections, fleet capex and acquisition debt"],"description":"Dycom builds and maintains communications infrastructure and, through Building Systems, performs electrical and other work inside data centers and facilities. Communications includes fiber, wireless, design and fulfillment work. Acquired Power Solutions and National Technology Integrators expand the inside-plant offering. Revenue depends on customer programs, labor and project timing; collections, equipment and acquisition financing determine cash retained."},"earnings":{"source":"estimated from 10-Q filed 2026-08-27 plus 90 days","next_report_date":"2026-11-25"},"identity":{"cik":67215,"sic":"1623","name":"DYCOM INDUSTRIES INC","symbol":"DY","cluster":"AI infrastructure & power","exchange":"NYSE"},"research":{"risks":["Acquisition-led consolidated growth can obscure underlying Communications demand.","Customer concentration and program starts can shift revenue between periods.","Higher receivables and contract assets can delay cash conversion.","Building Systems Q2 margins may exceed a sustainable run rate.","Term-loan interest and integration costs reduce cash available to equity.","Backlog contains estimates and can be cancelled or deferred."],"title":"Acquired growth and fiber demand with a collections test","question":"Can broader program growth produce cash after billing delays, equipment spending and acquisition financing?","economics":"Q2 revenue was $2,005.907M, including approximately $1,608.4M Communications and $397.5M Building Systems. Segment adjusted EBITDA margins were 13.6% and 24.5%; management expects Building Systems high-teens to low-twenties margins for the remainder of FY2027, not automatic repetition of Q2. H1 receivables consumed $520.783M and contract assets another $30.333M. CFO of $79.082M less $139.833M gross capex left negative $60.751M, before $238.293M acquisition cash and $29.354M financing-classified share withholding. August cash was $340.080M; term loans and notes principal totaled $2,840M. Backlog was $12,242M, of which $6,472M was expected in the next twelve months. The model keeps those time horizons separate and models deferred wireless work once.","change_note":"First sourced two-segment scenarios with acquired-growth separation, wireless timing and gross-capex cash bridge.","checkpoints":[{"event":"Q3 fiscal 2027 results","watch":"Compare $1.90B-$1.98B revenue and $281M-$302M adjusted EBITDA guidance with cash collections.","timing":"Quarter ends October 31, 2026; release date unconfirmed","date_status":"estimated"},{"event":"Wireless program timing","watch":"Verify the approximately $150M deferral is delivered without counting it twice in growth.","timing":"Fiscal 2028 delivery window","date_status":"estimated"},{"event":"Acquisition and cash review","watch":"Reconcile acquired contribution, intangibles, gross capex, debt and financing-classified compensation cash.","timing":"Each quarterly filing","date_status":"estimated"}],"countercase":"The acquired data-center exposure may support growth, yet its purchase price, amortization and debt service can outweigh operating gains if collections slow or margins normalize. Customer work can move between years without changing headline program scope.","limitations":["Adjusted EBITDA and GAAP operating income have different definitions. Forecast asset-sale gains and other non-operating gains are zero. Historical GAAP results remain as reported.","Building Systems growth includes acquired Power Solutions and National Technology Integrators. The 45.6% Q2 consolidated growth rate is not organic growth; Communications organic growth was 16.7%.","The FY2028 wireless delivery assumption is a separate amount, not added twice within segment growth. Timing can slip again; management did not give an FY2028 revenue range.","Backlog includes estimated work under agreements and is not guaranteed revenue. The $6,472M next-12-month amount is included within $12,242M total backlog.","CFO and tax timing are proxies, not a full balance sheet. FCF deducts gross capex and excludes acquisitions, debt principal, share repurchases and financing-classified compensation withholding.","No forward EPS or valuation. Adjusted EPS began excluding intangible amortization in FY2026 Q4, limiting direct comparison with older published adjusted figures."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q3","revenue":1940000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q4","revenue":1659311000.0000002},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q1","revenue":2197456249.9999995},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q2","revenue":2414402500.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":3970.689,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_communications","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 communications","value":3177.8,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_adjusted_ebitda","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 adjusted ebitda","value":577.984,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000039/dyfy2027q2earningsreleasee.htm","source_date":"2026-08-26"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 operating income","value":335.749,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 cfo","value":79.082,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 capex","value":139.833,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_receivables_use","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 receivables use","value":520.783,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_contract_asset_use","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 contract asset use","value":30.333,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_acquisition_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 acquisition cash","value":238.293,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_sbc_withholding","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 sbc withholding","value":29.354,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_net_interest","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 net interest","value":73.5,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000043/dy-20260801.htm","source_date":"2026-08-27"},{"id":"h1_tax_benefit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 tax benefit","value":16.1,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/67215/000006721526000039/dyfy2027q2earningsreleasee.htm","source_date":"2026-08-26"},{"id":"h1_building","case":"shared","kind":"derived","unit":"USD_millions","basis":"Exact consolidated revenue less rounded Communications revenue; 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