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MasTec, Inc.

MTZ Industrials Engineering & Construction

MasTec, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.3 billion, up 16.2% from fiscal 2024.

Revenue
+29.9%
EPS
+2.46%
Free cash flow
+473.2%
Total debt
+76.9%

Quarter to September 2026, against a year earlier

168.27 9.33 +5.87%
Market cap
$12.8B
P/E
25.1×
Fwd P/E
32.3×
Dividend yield
—
F-score
7/9
Altman Z
3.71
Beneish M
−2.38
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2021

  • United States
  • Foreign Operations

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 6.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — 1 1 — — — — 1
Insider Ownership 20.07%

Capital & Financial Ratios $m

Size
Market Cap 12,760.00
Revenue ttm 17,294.49
Net income ttm 536.18
Free cash flow ttm 464.97
Net debt Q 3,686.65
Valuation
P/E 25.08
Forward P/E 32.30
Price / sales 0.73
Forward P/S Powerpack
Price / FCF 27.30
Price / book 3.02
Financial health
Current ratio Q 1.39
Debt / equity Q 0.99
Interest coverage Q 4.46
Growth
Revenue growth Q +29.88% (above 0%: growing)
Operating income growth Q +10.35% (above 0%: growing)
EPS, this year +39.46% (at or above 15%: strong)
EPS, next year A +32.82% (at or above 15%: strong)
Revenue, next year A +27.52% (at or above 10%: strong)
EPS, past 5 yrs +2.97%
EPS, next 5 yrs A +34.57% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 0.9×; over the ten years it ranged from 0.5× in 2016 to 2.2× in 2026.
P/E against its own 10 years 60.92%
10-year low 10-year high
P/S against its own 10 years 63.92%
10-year low 10-year high
P/B against its own 10 years 66.26%
10-year low 10-year high
EV/Sales against its own 10 years 61.50%
10-year low 10-year high
EV/FCF against its own 10 years 75.76%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 530 400 396 482
Receivables 1,370 1,381 1,540 2,541
Inventory 108 107 112 111
Other 1,861 1,645 2,097 2,932
3,974 3,653 4,329 6,201
2023 2024 2025 Q'26
Payables 1,243 1,106 1,281 1,948
ST’ Debt 177 186 154 181
Other 666 901 871 1,217
2,837 3,000 3,271 4,474

Compound Annual Growth %

10y 5y 3y
Sales 13.01% 17.73% 13.51%
Cash Flow 4.04% (10.25%) 15.70%
Earnings 0.00% 4.33% 128.71%
Book Value 13.46% 10.70% 6.75%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.94 Actual 2.96

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.94 2.07 Beat by 0.13
Q1 FY26 0.98 1.39 Beat by 0.41
Q2 FY26 2.19 2.22 Beat by 0.03
Q3 FY26 2.94 2.96 Beat by 0.02
Q4 FY26 2.69 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.77 1.65 2.10 — —
’25 0.13 1.09 2.04 1.81 5.07
’24 (0.53) 0.43 1.21 0.95 2.06
’23 (1.05) 0.20 0.18 0.01 (0.64)
’22 (0.47) 0.20 0.65 0.04 0.42
’21 0.89 1.02 1.50 1.04 4.45
’20 0.48 0.78 1.59 1.54 4.38
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,829 4,374 5,152 — —
’25 2,848 3,545 3,967 3,940 14,299
’24 2,687 2,961 3,252 3,403 12,303
’23 2,585 2,874 3,257 3,280 11,996
’22 1,954 2,302 2,513 3,008 9,778
’21 1,775 1,963 2,404 1,809 7,952
’20 1,417 1,569 1,698 1,637 6,321
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 99 21 267 — —
’25 78 6 89 373 546
’24 108 264 278 472 1,122
’23 (86) (12) 294 491 687
’22 132 (130) 117 234 352
’21 257 92 150 294 793
’20 203 264 216 254 937
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 12 (59) 206 — —
’25 45 (45) 36 306 342
’24 93 253 252 440 1,039
’23 (130) (45) 270 483 578
’22 53 (224) 123 218 170
’21 215 50 127 296 688
’20 151 201 177 231 761
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.3% a year for ten years. It grew 15.2% a year over the last ten.

Implied
14.3%
10 years, reported
15.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,135 6,607 6,909 7,183 6,321 7,952 9,778 11,996 12,303 14,299 17,294 +12.1% 18,235 21,477 24,725 +20.0%
Gross margin, % 13.49 13.04 14.04 15.49 16.61 14.41 12.19 11.52 13.23 12.54 12.74 (0.9) pt
EBT 226 372 365 511 425 430 43 (83) 251 515 679 +9.6%
EBT margin, % 4.40 5.63 5.29 7.11 6.73 5.41 0.44 (0.69) 2.04 3.60 3.93 (0.8) pt
Net income 134 349 259 394 323 331 34 (47) 199 422 536 +13.6%
Per share, $
Per share, $ Revenue 63.89 81.67 87.80 95.54 86.83 109.68 130.52 154.72 157.64 183.64 218.70 +12.4%
Earnings 1.63 4.29 3.30 5.22 4.43 4.54 0.45 (0.64) 2.09 5.12 6.40 +13.6%
Cash flow 2.56 1.78 6.73 7.32 12.87 10.94 4.70 8.86 14.37 7.01 9.62 +11.8%
Capex (1.32) (1.28) (1.79) (1.22) (2.43) (1.45) (2.43) (1.40) (1.06) (2.62) (3.74) +7.9%
Free cash flow 1.24 0.50 4.94 6.10 10.45 9.49 2.27 7.46 13.31 4.39 5.88 +15.1%
Book value 13.73 17.72 17.69 23.83 27.55 35.09 36.59 35.10 38.28 42.82 53.10 +13.5%
Shares, m 80 81 79 75 73 72 75 78 78 78 78 (0.4%)
Valuation, ×
Valuation, × P/E 22.13 11.67 12.22 12.31 15.36 20.33 191.71 0.00 65.14 42.37 25.08 39.3
P/S 0.57 0.61 0.46 0.67 0.79 0.84 0.66 0.48 0.86 1.18 0.73 0.7
P/B 2.64 2.83 2.29 2.69 2.47 2.63 2.36 2.11 3.56 5.08 3.02 2.9
EV/Sales 0.76 0.81 0.66 0.86 0.92 1.05 0.95 0.69 1.01 1.32 0.95 0.9
EV/FCF 39.16 132.30 11.75 13.48 7.68 12.12 54.67 14.32 11.98 55.14 35.23 35.3
Cash, $m
Cash, $m Operating cash flow 206 144 530 550 937 793 352 687 1,122 546 761 +11.5%
Capex (106) (103) (141) (91) (177) (105) (182) (109) (83) (204) (296) +7.5%
Free cash flow 100 41 389 459 761 688 170 578 1,039 342 465 +14.7%
Balance, $m
Balance, $m Working capital 562 889 885 954 944 1,089 1,363 1,137 653 1,058 1,727 +7.3%
Net debt 987 1,328 1,379 1,361 880 1,653 2,854 2,536 1,824 1,935 3,687 +7.8%
Shareholders’ equity 1,104 1,433 1,392 1,792 2,006 2,544 2,741 2,721 2,987 3,335 4,199 +13.1%
Returns, %
Returns, % ROA 4.30 9.58 6.10 8.31 6.31 5.33 0.41 (0.54) 1.77 4.22 4.06 (0.1) pt
ROIC 7.96 9.02 9.52 11.65 9.73 6.20 1.40 0.95 5.67 7.74 6.75 (0.2) pt
ROE 12.82 27.37 18.38 24.65 17.00 14.46 1.26 (1.83) 5.70 12.62 13.13 (0.2) pt
People
People Employees 15,400 17,300 19,000 21,000 18,000 25,000 30,000 34,000 33,000 36,000 — +9.9%
Revenue/emp, $m 0.33 0.38 0.36 0.34 0.35 0.32 0.33 0.35 0.37 0.40 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

MasTec is a North American infrastructure engineering and construction company. It builds, installs, maintains and upgrades the systems that carry electricity, gas, water and communications, as well as roads, bridges and other civil infrastructure. Its customers include businesses in communications, energy and utilities, along with government and other organizations.

The company works on wireless and fiber networks, including connections to data centers and installations in homes. It builds power generation facilities, transmission lines, substations and distribution networks. It also constructs and maintains pipelines, provides pipeline integrity services and performs environmental remediation. Its work ranges from engineering and planning through construction, maintenance and emergency restoration.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by regions, and margins
United States 7,800 98.09%
Foreign Operations 165 2.08%
Gross margin 14.41%
Operating margin 5.23%
Pre-tax margin 5.41%

Revenue by segment since 2011

MasTec, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EME EMCOR Group, Inc. $26.1B 17.2× 19.7× +28.83% (above 0%: growing) +37.55% (above 0%: growing) +68.93% (above 0%: growing) 20.00% 9.85% Compare
APG APi Group Corporation $17.3B — (loss-making) 48.5× +22.49% (above 0%: growing) +32.25% (above 0%: growing) −0.98% (below 0%: shrinking) 30.15% 7.91% Compare
J Jacobs Solutions Inc. $17.3B 51.3× 40.6× +34.46% (above 0%: growing) −25.16% (below 0%: shrinking) +59.31% (above 0%: growing) 19.89% 7.03% Compare
MTZ MasTec, Inc. $12.8B 25.1× 32.3× +29.88% (above 0%: growing) +2.46% (above 0%: growing) +473.20% (above 0%: growing) 12.83% 5.35%
TTEK Tetra Tech, Inc. $10.4B 24.2× 23.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07% Compare
ACM AECOM $8.6B 30.2× 24.2× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
STRL Sterling Infrastructure, Inc. $7.5B 13.2× 19.7× +126.98% (above 0%: growing) +148.46% (above 0%: growing) −16.84% (below 0%: shrinking) 24.12% 19.62% Compare
IESC IES Holdings, Inc. $5.9B 12.8× 17.8× +39.60% (above 0%: growing) +98.70% (above 0%: growing) −14.63% (below 0%: shrinking) 27.41% 14.37% Compare
DY Dycom Industries, Inc. $5.8B 17.4× 20.0× +45.57% (above 0%: growing) +13.95% (above 0%: growing) +106.51% (above 0%: growing) 21.96% 9.57% Compare
Median of peers $9.5B 17.4× 21.9× +31.65% +32.25% −7.81% 20.98% 9.71%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • CEO Jose Mas said permitting delays pushed pipeline project starts into the fourth quarter, with work not completed in 2026 shifting into 2027.
  • Mas said demand for gas generation had accelerated, and MasTec had received limited notices to proceed on projects worth more than $1 billion.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.27%
Held by the ten largest 35.43%
Holder Shares Stake Change
BlackRock 7.64m 9.51% +328.88k
Vanguard 6.13m 7.63% +73.12k
PECONIC PARTNERS LLC 3.68m 4.58% +100.00k
State Street 2.24m 2.80% +374.98k
Hill City Capital, LP 2.16m 2.68% 0.00
LONE PINE CAPITAL LLC 1.35m 1.68% −185.89k
Bank of America 1.34m 1.66% +5.86k
First Trust 1.33m 1.65% −83.18k
JPMorgan Chase 1.32m 1.64% +1.12m
Geode Capital Management 1.28m 1.59% −93.77k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.54m 26.03m 318.82
2024 10.80m 25.44m 199.68
2023 9.60m 7.16m 111.06
2022 9.64m 6.25m 125.15
2021 9.12m 18.00m 135.35

Ownership

Directors and executive officers, together 21.40%
Jorge Mas Chairman of the Board 15.00%
Jose R. Mas Chief Executive Officer and Director 7.80%
BlackRock, Inc. 7.60%
The Vanguard Group 6.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MasTec, Inc. (MTZ) Latest News

5 Nov

Impact 3 · · Trefis

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Impact 4 · · Simply Wall St.
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Impact 3 · · Simply Wall St.
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27 Oct

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MTZ metrics, ten years each

stockrow.com/MTZ · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com