Dycom Industries vs IES
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KIRA’s take AI analyst
I put Dycom Industries and IES side by side, using each one’s latest annual report. Here is what stands out:
- Dycom Industries is the larger business, with $5.5B of revenue in fiscal 2026 against $3.4B for IES, about 1.6 times as much.
- Dycom Industries grew revenue faster (18.0%, against 16.9%).
- Dycom Industries turned more of its sales into free cash flow (7.2% FCF margin, against 6.5%).
- IES earned a higher return on the capital invested in it (50.5%, against 10.9%).
- Investors pay more for each dollar of Dycom Industries’s earnings: a P/E of 20.5x against 9.5x for IES.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Dycom Industries
DY
2/9
Revenue growthFCF margin
IES
IESC
6/9
5-year growthNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | DY FY26 | IESC FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $4.3B |
| Revenue | $5.5B | $3.4B |
| Free cash flow | $402M | $219M |
| Net income | $281M | $306M |
| Growth | ||
| Revenue growth | 18.0% | 16.9% |
| 5-year growth | 11.6% | 23.1% |
| Share count change | −0.2% | −1.1% |
| Profitability | ||
| Gross margin | — | 25.5% |
| Operating margin | — | 11.4% |
| Net margin | 5.1% | 9.1% |
| FCF margin | 7.2% | 6.5% |
| Return on capital | 10.9% | 50.5% |
| Return on equity | 18.2% | 40.9% |
| Balance sheet | ||
| Net debt | $2.1B | −$224M |
| Net debt / EBITDA | 3.0x | −0.5x |
| Dividends and buybacks | $30.2M | $41.6M |
| Valuation & quality | ||
| P/E | 20.5x | 9.5x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.