Dycom Industries vs Sterling Infrastructure
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The short version
- Dycom Industries is the larger business, with $5.5B of revenue in fiscal 2026 against $2.5B for Sterling Infrastructure, about 2.2 times as much.
- Sterling Infrastructure turned more of its sales into free cash flow (14.6% FCF margin, against 7.2%).
- Sterling Infrastructure earned a higher return on the capital invested in it (40.8%, against 10.9%).
- Investors pay more for each dollar of Sterling Infrastructure’s earnings: a P/E of 25.6x against 20.5x for Dycom Industries.
| Latest fiscal year | DY · FY26 | STRL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $11.0B |
| Revenue | $5.5B | $2.5B |
| Free cash flow | $402M | $363M |
| Net income | $281M | $290M |
| Growth | ||
| Revenue growth | 18.0% | 17.7% |
| 5-year growth | 11.6% | 15.2% |
| Share count change | −0.2% | −0.6% |
| Profitability | ||
| Gross margin | — | 23.0% |
| Operating margin | — | 16.3% |
| Net margin | 5.1% | 11.7% |
| FCF margin | 7.2% | 14.6% |
| Return on capital | 10.9% | 40.8% |
| Return on equity | 18.2% | 30.3% |
| Balance sheet | ||
| Net debt | $2.1B | −$99.3M |
| Net debt / EBITDA | 3.0x | −0.2x |
| Dividends and buybacks | $30.2M | $74.2M |
| Valuation & quality | ||
| P/E | 20.5x | 25.6x |
| Piotroski F-score | 6 | 7 |
FY17
DY $3.1B
STRL $958M
FY18
DY —
STRL $1.0B
FY19
DY $3.1B
STRL $1.1B
FY20
DY $3.3B
STRL $1.2B
FY21
DY $3.2B
STRL $1.4B
FY22
DY $3.1B
STRL $1.8B
FY23
DY $3.8B
STRL $2.0B
FY24
DY $4.2B
STRL $2.1B
FY25
DY $4.7B
STRL $2.5B
FY26
DY $5.5B
STRL —
DY
STRL
FY17
DY —
STRL 2.7%
FY18
DY —
STRL 4.1%
FY19
DY —
STRL 3.4%
FY20
DY —
STRL 7.6%
FY21
DY —
STRL 7.6%
FY22
DY —
STRL 9.0%
FY23
DY —
STRL 10.4%
FY24
DY —
STRL 12.5%
FY25
DY —
STRL 16.3%
FY26
DY —
STRL —
DY
STRL
FY17
DY $55.3M
STRL $15.4M
FY18
DY —
STRL $26.3M
FY19
DY −$40.5M
STRL $26.7M
FY20
DY −$62.6M
STRL $90.0M
FY21
DY $324M
STRL $112M
FY22
DY $152M
STRL $158M
FY23
DY −$36.2M
STRL $414M
FY24
DY $40.5M
STRL $416M
FY25
DY $98.6M
STRL $363M
FY26
DY $402M
STRL —
DY
STRL
FY17
DY 12.7%
STRL 23.3%
FY18
DY —
STRL 25.8%
FY19
DY —
STRL 9.8%
FY20
DY 4.8%
STRL 10.6%
FY21
DY 3.0%
STRL 11.4%
FY22
DY 5.2%
STRL 15.5%
FY23
DY 12.5%
STRL 25.0%
FY24
DY 15.9%
STRL 40.6%
FY25
DY 14.4%
STRL 40.8%
FY26
DY 10.9%
STRL —
DY
STRL
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.