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Infrastructure construction company building telecom, power/renewables and pipeline networks across North America.
Infrastructure construction company building telecom, power/renewables and pipeline networks across North America.
Wins construction contracts, priced per unit, as a fixed sum or on time-and-materials, from telecom carriers, utilities and pipeline operators, so revenue follows customers' capital spending and the backlog of work already signed. Large project work such as solar farms and pipelines is lumpy. The Mas family, led by chairman Jorge Mas, remains a significant shareholder.
Moat: narrow (scale, installed base, process know-how). Large skilled crews and long-standing telecom/utility relationships across a fragmented industry.
Headquarters: Coral Gables, Florida, US · Founded: 1929 · Employees: 36,000
Size MasTec (MTZ) is a United States Industrials company (Engineering & Construction) with a market value of $14.0B, the 631st largest of 3,117 United States companies the cockpit tracks. Shares closed at $174.10 on 6 Nov 2026.
Performance Over six months the shares fell 58.0%, against -14.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 25.7% over the last twelve months (peer median +1.7%); the operating margin is 5.1% (peer median 6.6%).
Valuation It trades at 15.0× forward earnings against a peer median of 13.6× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.1 points below its cost of capital (12.2% WACC).
Backlog Backlog (remaining performance obligations) was $19.1B at 30 Sep 2026, up 63% on a year earlier — 1.1 years of trailing revenue. Backlog detail →
Credit MasTec has 4 bonds outstanding ($2.40B), rated BBB- by the agencies and trading like BB+ at a weighted spread of 129 bp.
Short interest Short interest is 5.6% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.3B | $14.3B | $12.3B | $12.0B | $9.78B |
| Revenue growth | — | +16% | +3% | +23% | — |
| Gross profit | $1.68B | $1.37B | $1.12B | $787M | $714M |
| EBITDA | $1.40B | $1.08B | $943M | $755M | $714M |
| Net income | $484M | $399M | $163M | -$49.9M | $33.4M |
| Free cash flow | $405M | $286M | $973M | $494M | $88.9M |
| Capital expenditure | $356M | $260M | $149M | $193M | $263M |
| Total debt | $4.70B | $2.80B | $2.63B | $3.50B | $3.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MasTec MTZ | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% |
| Dycom Industries DY | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% |
| Quanta Services PWR | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% |
| MYR MYRG | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.6% | +2.8% | lowest of 21 |
| 6-month return | -58.0% | -14.0% | lowest of 21 |
| Distance from 52-week high | -60.6% | -22.2% | lowest of 21 |
| Revenue growth (TTM) | +25.7% | +1.7% | highest of 21 |
| Operating margin | 5.1% | 6.6% | 9th lowest of 21 |
| Forward P/E | 15.0× | 13.6× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 21.6% | 6.6% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +17.7% | +10.4% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | +3.8 pp | -8.1 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -4.1 pp | +1.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 13.1× | 10.9× | 5th most expensive of 15 |
| Net debt / EBITDA | 3.0× | 1.7× | 6th most indebted of 16 |
| Bond spread | 129 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
MasTec has 4 bonds outstanding with $2.40B face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 5.85%, a spread of 129 bp over government bonds.
MasTec reported $19.1B of remaining performance obligations at 30 Sep 2026, up 63% from a year earlier and up 17% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.54.