Dycom Industries vs Tetra Tech
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The short version
- Dycom Industries is the larger business, with $5.5B of revenue in fiscal 2026 against $5.4B for Tetra Tech.
- Dycom Industries grew revenue faster (18.0%, against 4.7%).
- Tetra Tech turned more of its sales into free cash flow (8.1% FCF margin, against 7.2%).
- Investors pay more for each dollar of Tetra Tech’s earnings: a P/E of 22.3x against 20.5x for Dycom Industries.
| Latest fiscal year | DY · FY26 | TTEK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $9.6B |
| Revenue | $5.5B | $5.4B |
| Free cash flow | $402M | $439M |
| Net income | $281M | $248M |
| Growth | ||
| Revenue growth | 18.0% | 4.7% |
| 5-year growth | 11.6% | 12.7% |
| Share count change | −0.2% | −1.1% |
| Profitability | ||
| Gross margin | — | 17.7% |
| Operating margin | — | 7.5% |
| Net margin | 5.1% | 4.6% |
| FCF margin | 7.2% | 8.1% |
| Return on capital | 10.9% | 11.2% |
| Return on equity | 18.2% | 13.7% |
| Balance sheet | ||
| Net debt | $2.1B | $596M |
| Net debt / EBITDA | 3.0x | 1.3x |
| Dividends and buybacks | $30.2M | $315M |
| Valuation & quality | ||
| P/E | 20.5x | 22.3x |
| Piotroski F-score | 6 | 6 |
FY17
DY $3.1B
TTEK $2.8B
FY18
DY —
TTEK $3.0B
FY19
DY $3.1B
TTEK $3.1B
FY20
DY $3.3B
TTEK $3.0B
FY21
DY $3.2B
TTEK $3.2B
FY22
DY $3.1B
TTEK $3.5B
FY23
DY $3.8B
TTEK $4.5B
FY24
DY $4.2B
TTEK $5.2B
FY25
DY $4.7B
TTEK $5.4B
FY26
DY $5.5B
TTEK —
DY
TTEK
FY17
DY —
TTEK 6.7%
FY18
DY —
TTEK 6.4%
FY19
DY —
TTEK 6.1%
FY20
DY —
TTEK 8.1%
FY21
DY —
TTEK 8.7%
FY22
DY —
TTEK 9.7%
FY23
DY —
TTEK 7.9%
FY24
DY —
TTEK 9.6%
FY25
DY —
TTEK 7.5%
FY26
DY —
TTEK —
DY
TTEK
FY17
DY $55.3M
TTEK $132M
FY18
DY —
TTEK $176M
FY19
DY −$40.5M
TTEK $192M
FY20
DY −$62.6M
TTEK $250M
FY21
DY $324M
TTEK $296M
FY22
DY $152M
TTEK $326M
FY23
DY −$36.2M
TTEK $342M
FY24
DY $40.5M
TTEK $341M
FY25
DY $98.6M
TTEK $439M
FY26
DY $402M
TTEK —
DY
TTEK
FY17
DY 12.7%
TTEK 11.7%
FY18
DY —
TTEK 13.6%
FY19
DY —
TTEK 15.3%
FY20
DY 4.8%
TTEK 15.9%
FY21
DY 3.0%
TTEK 19.8%
FY22
DY 5.2%
TTEK 20.3%
FY23
DY 12.5%
TTEK 14.5%
FY24
DY 15.9%
TTEK 15.9%
FY25
DY 14.4%
TTEK 11.2%
FY26
DY 10.9%
TTEK —
DY
TTEK
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.