DYDYCOM INDUSTRIES INC

Water, Sewer, Pipeline, Comm & Power Line Construction

Revenue: $5.5B; 18% YoY
Operating margin: —
EBITDA: —
Market cap: $6.9B
Employees: —
Net debt / EBITDA: —; $296M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
229% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$708K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.1B	$3.8B	$4.2B	$4.7B	$5.5B	18%
Net income	$49M	$142M	$219M	$235M	$281M	20%
Operating cash flow	$309M	$165M	$259M	$349M	$643M	84%
Capex	$157M	$201M	$218M	$250M	$241M	3.9%
Stock-based comp	$10M	$18M	$25M	$40M	$34M	15%
Buybacks	$106M	$49M	$50M	$66M	$30M	54%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $551K · 3
Open-market sells, 12 mo: $1M · 1
Net: −$708K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$8M	$20M	819	154
FY2025	—	—	433	161
FY2024	$7M	$9M	258	115
FY2023	$7M	$9M	208	203
FY2022	$5M	$4M	190	150