MasTec Inc MTZ

IndustrialsConstruction & EngineeringUnited States of America

Last close 193.77 USD on Nov 2, 2026, −10.9% year to date

Quant rating

Quant rating C Rank 257 of 486 in Industrials

Growth A 45 of 486
Valuation B 175 of 486
Quality B 182 of 486
Revisions C 254 of 486
Momentum D 392 of 486

Wall Street consensus Buy (1.74)Average target 309.46 USD +59.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 15.6B
Enterprise value: 19.4B
52-week range: 164.33 – 440.30
3-year range: 47.60 – 440.30
Dividend yield: –
Beta (5 years): 1.92
Shares outstanding: 80.3M
Next earnings: Feb 24, 2027

About the company

MasTec, Inc. is an infrastructure construction company operating mainly throughout North America across a range of industries. The Company's segments include Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other. Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications, wireless integration and optimization and install-to-the-home services, and others. Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, and hydrogen; various types of heavy civil and industrial infrastructure services, and others. Power Delivery segment primarily serves the energy, utility and data center infrastructure industries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,299	12,303	11,996	9,778	7,952	–
Revenue growth	16.2%	2.6%	22.7%	23.0%	25.8%	17.7%
EPS (basic, normalized)	6.55	3.95	1.97	3.05	5.58	–
EPS growth	65.8%	100.5%	−35.4%	−45.3%	–	–
Gross margin	12.5%	13.2%	11.6%	12.2%	14.4%	12.8%
Net margin	2.8%	1.3%	−0.4%	0.3%	4.1%	1.6%
ROE	12.9%	5.8%	−1.8%	1.3%	14.5%	6.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	482
Current ratio	1.39x
Long-term debt (mil)	3,988
Net debt (mil)	3,834
Total equity (mil)	4,052
Net debt / equity	0.95x
Net debt / EBITDA	3.33x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14,299	+16.2%	1.4x	1,150	+16.2%	16.9x	6.55	+65.8%	29.6x
2026	18,260	+27.7%	1.1x	1,583	+37.7%	12.2x	9.13	+39.3%	21.2x
2027	21,462	+17.5%	0.9x	1,988	+25.6%	9.8x	12.21	+33.8%	15.9x
2028	24,553	+14.4%	0.8x	2,440	+22.7%	7.9x	15.95	+30.6%	12.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	18,260	+0.4%	+0.4%	+4.3%	9.13	−2.0%	−2.3%	+3.5%
2027	21,462	−0.5%	−0.1%	+9.9%	12.21	−2.4%	−1.8%	+6.8%
2028	24,553	−1.2%	−0.3%	+13.4%	15.95	−1.6%	+0.4%	+15.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,687	2,961	3,252	3,403	2,848	3,545	3,967	3,940	3,829	4,374
Sales mean (mil)	2,621	3,092	3,425	3,318	2,712	3,402	3,903	3,713	3,489	4,305
Surprise	+2.5%	−4.2%	−5.0%	+2.6%	+5.0%	+4.2%	+1.7%	+6.1%	+9.7%	+1.6%
EPS reported	−0.13	0.96	1.63	1.44	0.51	1.49	2.48	2.07	1.39	2.22
EPS mean	−0.48	0.87	1.23	1.23	0.34	1.40	2.30	1.95	0.99	2.22
Surprise	+72.8%	+10.8%	+32.5%	+17.5%	+51.0%	+6.5%	+7.7%	+6.4%	+40.3%	0.0%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MTZ MasTec Inc	15.6B	3.33x	2.8%	3.84x	21.2x	15.9x	12.2x	9.8x
PWR Quanta Services Inc	93.6B	1.66x	3.6%	8.88x	34.8x	29.3x	22.6x	19.2x
FIX Comfort Systems USA, Inc.	42.0B	−1.45x	11.2%	12.59x	23.6x	18.1x	16.2x	12.7x
EME EMCOR Group, Inc.	29.9B	−0.40x	7.5%	7.02x	20.1x	16.9x	13.1x	11.2x
STRL Sterling Infrastructure, Inc.	10.2B	−0.15x	11.7%	6.81x	17.5x	13.2x	10.5x	8.2x
DY Dycom Industries Inc	6.7B	3.41x	5.1%	3.23x	13.0x	10.8x	8.4x	7.3x
Mean		1.07x	7.0%	7.06x	21.7x	17.4x	13.9x	11.4x
Median		0.75x	6.3%	6.92x	20.7x	16.4x	12.7x	10.5x

Technical analysis

1M−10.3%
3M−26.4%
1Y−5.1%
3Y+291.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MasTec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14,299	12,303	11,996	9,778	7,952	6,321
Cost of revenue	12,506	10,676	10,606	8,586	6,806	5,271
Gross profit	1,793	1,627	1,390	1,192	1,146	1,050
Selling, general & administrative expenses	709	682	635	368	271	304
Research & development	–	–	–	–	–	–
Depreciation/amortization	427	507	603	507	423	298
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.0	17.3	45.9	189	26.0	20.6
Other operating expenses	−3.8	8.0	−14.9	−6.4	−30.4	−11.5
Operating income	656	414	121	133	457	439
Net interest income (expense)	−141	−163	−204	−90.4	−26.6	−29.9
Gain (loss) on sale of assets	–	–	–	–	–	16.0
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	515	251	−82.7	43.1	430	425
Provision for taxes	93.4	51.5	−35.4	9.2	99.3	102
Minority interest	−23.0	−36.6	−2.7	−0.5	−1.9	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	399	163	−49.9	33.4	329	323
Extraordinary items	–	–	–	–	–	–
Net income	399	163	−49.9	33.4	329	323
EBIT, normalized	660	431	167	322	483	460
EBITDA, normalized	1,088	938	770	830	905	757
Basic EPS, normalized	6.55	3.95	1.97	3.05	5.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MasTec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	396	400	530	371	361	423
Receivables	3,542	2,937	3,126	3,130	2,247	1,754
Total inventory	112	107	108	118	92.6	89.6
Prepaid expenses	184	119	106	122	91.5	60.6
Other current assets	94.8	89.1	104	119	81.9	31.4
Total current assets	4,329	3,653	3,974	3,859	2,874	2,359
Property, plant & equipment	2,186	1,945	2,070	2,034	1,696	1,159
Goodwill	2,249	2,203	2,126	2,045	1,521	1,243
Intangibles	656	727	784	946	670	184
Long-term investments	377	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	126	447	418	409	360	283
Total assets	9,924	8,975	9,374	9,293	7,121	5,228
Liabilities
Accounts payable	1,281	1,106	1,243	1,110	663	571
Payable/accrued	–	–	–	–	–	–
Accrued expenses	965	806	752	644	529	395
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	154	186	177	172	138	145
Other current liabilities	871	901	666	570	455	303
Total current liabilities	3,271	3,000	2,837	2,496	1,785	1,415
Long-term debt	2,176	2,038	2,888	3,052	1,876	1,158
Minority interest	75.2	75.5	15.1	3.9	4.1	3.6
Other liabilities	1,142	950	927	1,004	917	649
Total liabilities	6,664	6,063	6,667	6,556	4,582	3,226
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	9.9	9.9	9.9	9.9	9.5	9.3
Additional paid-in capital	1,320	1,291	1,263	1,247	1,034	837
Retained earnings (accumulated deficit)	2,708	2,309	2,146	2,196	2,162	1,834
Treasury stock	−734	−657	−660	−664	−587	−587
Other equity	−44.0	−40.8	−53.0	−51.0	−78.8	−91.4
Total equity	3,259	2,912	2,706	2,737	2,540	2,002
Total liabilities & shareholders' equity	9,924	8,975	9,374	9,293	7,121	5,228

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MasTec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	422	199	−47.3	33.9	331	323
Depreciation, depletion & amortization	427	507	603	507	423	298
Deferred taxes	115	−34.4	−141	9.5	51.9	7.2
Non-cash items	−9.0	8.9	−4.1	−32.2	−53.8	0.7
Changes in working capital	−410	441	276	−166	41.4	309
Cash from operations	546	1,122	687	352	793	937
Investing activities
Capital expenditures	−260	−149	−193	−263	−170	−214
Other investing cash flows	−7.3	−8.6	14.9	−558	−1,187	−2.9
Cash from investing	−267	−157	−178	−821	−1,357	−217
Financing activities
Financing cash flow items	−101	−108	−51.6	−80.2	−30.4	−16.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−183	−982	−299	561	532	−354
Cash from financing	−283	−1,090	−351	481	502	−370
Foreign exchange effects	1.1	−3.6	0.8	−2.2	−0.2	0.9
Net change in cash	−3.9	−130	159	9.9	−62.4	352
Free cash flow	286	973	494	88.9	623	724

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.