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olivLaw · US equity research

MasTec, Inc. MTZ

Water, Sewer, Pipeline, Comm & Power Line Construction · SIC 1623 · Vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)

167.61USD−15.39% · 1 dayClose 04 Nov 2026

MasTec is one of North America's largest infrastructure engineering and construction companies, building communications, energy, utility and pipeline networks. Driven by demand linked to data networks, data centers and electrification, the company reported record second-quarter 2026 revenue of 4.4 billion USD, up 23% year-over-year.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, MasTec, Inc. (MTZ) stock was 167.61 USD (−15.39% on the day), with market capitalisation 13.5 bn USD, P/E 27.4 on diluted EPS of 6.12 USD over the last 12 months, beta 1.57, 52-week range 167.61–437.51 USD. Latest reported quarter (Q3 2026): revenue of 5.2 bn USD (+29.9% YoY), net income of 150.6 m USD (−6.3% YoY), diluted EPS 1.89 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
13.5 bn USD
shares as of 26 Oct 2026
P/E (TTM)
27.4
Diluted EPS TTM 6.12 · TTM to 30 Sept 2026
E/P (TTM)
3.65%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.57
Volatility (1y) 56%
52-week range
167.61437.51

Price history

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Technical reading

RSI (14)
34.2
weak (30–45)
Bollinger (20, 2)
160.95 – 216.52
in the lower half of the band · %B 0.12 · band width 29.4%
SMA 50 / 200
211.42 / 301.59
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-9.91 / -11.56
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−23.6%−1.1%−22.5 pp—
3 months−37.2%−0.5%−36.7 pp—
6 months−61.3%+4.4%−65.7 pp—
Year to date−22.9%+12.3%−35.2 pp—
1 year−14.3%+13.5%−27.8 pp+2.1%
3 years+225.0%+76.4%+148.5 pp+112.1%
5 years+78.6%+63.7%+14.9 pp—
Max drawdown (1y)
−61.7%
05 May 2026 → 04 Nov 2026
Max drawdown (5y)
−61.7%
05 May 2026 → 04 Nov 2026
Compound annual growth (5y)
+12.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
5.2 bn USD
+29.9% YoY
Net income
150.6 m USD
−6.3% YoY
Diluted EPS
1.89
−7.4% YoY
net / operating
2.9% / 5.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue3.4 bn2.8 bn3.5 bn4.0 bn3.9 bn3.8 bn4.4 bn5.2 bn
Cost of revenue3.0 bn2.5 bn3.1 bn3.4 bn3.4 bn3.4 bn3.8 bn4.5 bn
Operating income—36.2 m158.1 m249.6 m—141.8 m226.2 m275.4 m
Depreciation & amortisation115.2 m108.9 m102.6 m104.6 m111.1 m121.9 m123.6 m169.1 m
Interest expense—39.0 m43.9 m45.4 m—43.5 m47.2 m61.8 m
Pre-tax income96.4 m8.9 m120.8 m211.6 m174.0 m91.5 m193.7 m220.2 m
Income tax11.7 m-3.4 m30.7 m45.1 m21.0 m21.8 m48.0 m52.4 m
Net income74.7 m9.9 m85.8 m160.7 m142.7 m60.8 m130.1 m150.6 m
Diluted EPS0.94 ≈0.131.092.041.81 ≈0.771.651.89
Operating cash flow471.7 m78.4 m5.6 m ≈89.0 m ≈372.7 m98.9 m21.5 m ≈267.5 m ≈
Capex48.3 m47.3 m63.8 m68.7 m80.2 m96.8 m91.5 m ≈87.3 m ≈
Share repurchases026.8 m50.5 m ≈0 ≈000 ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 60 percentile of its own 35-quarter history (min 6.4, median 19.5, max 1,193.2; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue6.9 bn7.2 bn6.3 bn8.0 bn9.8 bn12.0 bn12.3 bn14.3 bn
Revenue YoY+4.6%+4.0%−12.0%+25.8%+23.0%+22.7%+2.6%+16.2%
Net income259.7 m392.3 m322.8 m328.8 m33.4 m-49.9 m162.8 m399.0 m
Net income YoY−25.2%+51.1%−17.7%+1.9%−89.9%−249.8%unavailable+145.1%
Diluted EPS3.265.174.384.450.42-0.642.065.07
Diluted EPS YoY−22.7%+58.6%−15.3%+1.6%−90.6%−252.4%unavailable+146.1%
net %3.8%5.5%5.1%4.1%0.3%-0.4%1.3%2.8%
Free cash flow349.5 m423.8 m723.5 m623.0 m88.9 m494.3 m972.8 m285.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
396.0 m USD
Financial debt
154.3 m USD
Net debt
-241.7 m USD
Equity
3.3 bn USD
Total assets
9.9 bn USD
Debt / equity
0.05x
Current ratio
1.32x
ROE
12.6%
ROA
4.2%
FCF margin
2.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
12.0 bn
2024
12.3 bn
2025
14.3 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
10.6 bn
2024
10.7 bn
2025
12.5 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
1.4 bn ≈
2024
1.6 bn ≈
2025
1.8 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Depreciation & amortisation
2023
603.2 m
2024
506.6 m
2025
427.1 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
-82.7 m
2024
251.0 m
2025
515.4 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
-35.4 m
2024
51.5 m
2025
93.4 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-49.9 m
2024
162.8 m
2025
399.0 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.64
2024
2.06
2025
5.07

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
77.5 m
2024
78.9 m
2025
78.7 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
529.6 m
2024
399.9 m
2025
396.0 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
1.4 bn
2024
1.4 bn
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
108.1 m
2024
107.3 m
2025
112.5 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
4.0 bn
2024
3.7 bn
2025
4.3 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2021verified

Goodwill
2023
2.1 bn
2024
2.2 bn
2025
2.2 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
784.3 m
2024
727.4 m
2025
656.2 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
9.4 bn
2024
9.0 bn
2025
9.9 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
1.2 bn
2024
1.1 bn
2025
1.3 bn

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
177.2 m
2024
186.1 m
2025
154.3 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
2.8 bn
2024
3.0 bn
2025
3.3 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
6.7 bn
2024
6.0 bn
2025
6.6 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
2.7 bn
2024
3.0 bn
2025
3.3 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
687.3 m
2024
1.1 bn
2025
545.7 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
192.9 m
2024
148.9 m
2025
260.0 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
494.3 m ≈
2024
972.8 m ≈
2025
285.7 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-178.1 m
2024
-157.5 m
2025
-267.2 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-351.0 m
2024
-1.1 bn
2025
-283.4 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
77.3 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
16.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
13.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
17.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
145.1%
computed by olivLawFY 2025
Net income CAGR 3Y
128.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
4.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
146.1%
computed by olivLawFY 2025
EPS CAGR 3Y
129.4%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
3.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-70.6%
computed by olivLawFY 2025

Profitability

Gross margin
12.7%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
2.3%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
13.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
4.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-301.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
760.5 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
355.9 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
404.6 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
83.6%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
45 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
3 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
39 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
8 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
13.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
13.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
27.8x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
27.4x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
3.7%
computed by olivLawTTM to 30 Sept 2026
P/B
3.3x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
0.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
33.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
3.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

167.61 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 13.5 bn USD

Key indicators

Market capitalisation
13.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
27.4x
computed by olivLawTTM to 30 Sept 2026
P/B
3.3x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
13.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
16.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 29 Oct 2026
verified 2322derived 147

Score by group

58% · Insufficient data

Estimated value range

Low
127.98
USD per share
Mid
138.92
USD per share
High
169.17
USD per share
Price: 167.61 USD
The price is within the range
Potential to the central value: -17.1% (value / price − 1)
Margin of safety: -20.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 127.98 – 169.17 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E127.98 – 169.17 (Mid 138.92)
    4 companies used · median multiple 22.7x · quartiles 20.9x – 27.6x
    DY, MYRG, PLPC, PRIM
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality2.8%40 (vs peers)11%
FCF conversion · Quality83.6%77 (on a fixed band)11%
Revenue CAGR 3Y · Growth13.5%100 (on a fixed band)14%
EPS CAGR 3Y · Growth129.4%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.4x49 (on a fixed band)7%
P/E (TTM) · Valuation27.4x40 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation3.0%38 (on a fixed band)14%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial49/100 · 1/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality58/100 · 2/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation39/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MasTec, Inc. (MTZ). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 14.3 bn USD in 2025; YoY growth 16.2%; net margin 2.8%; ROE 13.5%.

The estimated value range is 127.98–169.17 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 138.92 USD, the price of 167.61 USD leaves a potential of -17.1% (value / price − 1) and a margin of safety of -20.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 83.6%
  • Revenue CAGR 3Y: 13.5%
  • EPS CAGR 3Y: 129.4%

What contradicts it

  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
27.4x
vertical median 24.0x
above median (+14.3%)
EV/EBITDA
—
vertical median 13.0x
P/S
0.8x
vertical median 0.9x
below median (−17.3%)
P/B
3.3x
vertical median 2.9x
above median (+14.2%)
ROE
13.5%
vertical median 12.0%
above median (+13.1%)
Net margin
2.8%
vertical median 4.5%
below median (−37.5%)
EBIT margin
—
vertical median 3.9%
Revenue YoY
16.2%
vertical median 16.7%
at median
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 0.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MTZMasTec, Inc.13.5 bn27.413.5%2.8%+16.2%−14% / +225%
DYDycom Industries, Inc.6.4 bn19.319.2%4.8%+17.9%−41% / +104%
MYRGMyr Group Inc.4.1 bn21.426.9%4.5%+8.8%+18% / +112%
PRIMPrimoris Services Corporation3.6 bn38.76.0%1.4%+19.0%−46% / +125%
PLPCPreformed Line Products Company1.4 bn24.012.0%7.6%+12.7%+39% / +129%
ESOAEnergy Services of America CORP162.9 m436.5——+16.8%−2% / +94%
SKKRantizo77.4 m—-40.2%-22.6%+16.6%+7% / unavailable

1- and 3-year price returns: for MTZ from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
106.42
Total return -37% · Per year -37%
187.40
Total return 12% · Per year 12%
281.25
Total return 68% · Per year 68%
3 years
122.83
Total return -27% · Per year -10%
241.44
Total return 44% · Per year 13%
394.98
Total return 136% · Per year 33%
5 years
141.76
Total return -15% · Per year -3%
311.06
Total return 86% · Per year 13%
554.70
Total return 231% · Per year 27%
What moves the 3-year price the most
  • Exit P/E± 60.36
  • Net margin± 42.25
  • Annual revenue growth± 31.93
  • Annual dilution± 3.55

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

In brief

MasTec is one of North America's largest infrastructure engineering and construction companies, building communications, energy, utility and pipeline networks. Driven by demand linked to data networks, data centers and electrification, the company reported record second-quarter 2026 revenue of 4.4 billion USD, up 23% year-over-year 3.

SWOT

Strengths

  • A record backlog and diversification across four end markets reduce reliance on a single industry 123.
  • Margins in Pipeline Infrastructure improved markedly in 2026, showing execution capability 3.
  • Recent acquisitions, including Superior, extend capacity in high-demand areas 2.

Weaknesses

  • Free cash flow was negative in the first half, indicating a need for financing to support growth 3.
  • The company has not always been able to adjust contract pricing to fully offset rising labor and material costs 1.
  • Dependence on large utility and telecom customers can concentrate risk 1.

Opportunities

  • Demand linked to data centers and artificial intelligence could continue to grow 12.
  • Federal broadband and grid modernization programs could generate new projects 1.
  • Integrating Superior could enable full-service solutions for data center customers 2.

Threats

  • Changes in renewable energy policy could reduce demand for some projects 1.
  • Trade tariffs and uncertainty in international trade can raise costs and delay customer investment 12.
  • A fragmented market and low entry barriers can pressure bid prices 1.

Risks

  • Public policy and fundinghigh

    Legislative changes or delays in federal program implementation could postpone or cancel projects and reduce demand 1.

  • Tariffs and supply chainsmedium

    Tariffs and trade disruptions can raise material costs and lead customers to reduce capital spending 12.

  • Inflation and interest ratesmedium

    High interest rates and inflation can raise labor and fuel costs that are not always passed on to customers 1.

  • Acquisition integrationmedium

    Integrating Superior and other acquisitions may bring operational difficulties and extra costs, including possible earn-out payments 2.

  • Industry cyclicalitylow

    Demand is cyclical and sensitive to oil and gas activity and general economic conditions 1.

Investment thesis

What would need to be true (bull case)

  • If demand from data centers, electrification and communications networks holds, the record backlog could support revenue growth in coming years 13.
  • Diversification across several segments could cushion a slowdown in any single market 1.
  • The Superior acquisition could strengthen the company's position in data center projects 2.

What would break the thesis

  • If renewable energy policies tighten, demand for part of the Clean Energy projects could decline 12.
  • Negative free cash flow and rising debt could limit financial flexibility if markets deteriorate 23.
  • Tariffs and inflation could compress margins if costs cannot be passed on to customers 1.

What to watch

  • Backlog and revenue trends by segmentQ3 2026
  • Integration of the Superior acquisition and its contribution to Power Delivery2026
  • Update to 2026 full-year financial guidanceQ3 2026
  • Evolution of energy tax credit policy and tariffsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

The business

MasTec designs, builds, installs and maintains communications infrastructure (wireless and fiber), energy and utility infrastructure, pipelines for natural gas, water and carbon capture, as well as heavy civil works and environmental remediation 1. The company works under multi-year master service agreements and project contracts, and as of June 30, 2026 had about 37,000 employees and 780 locations 2. The Superior acquisition, completed in July 2026, added a data center infrastructure specialist to Power Delivery, at a purchase price of about 1.6 billion USD 2.

Guidance for 2026 projects revenue of 18,200 million USD and adjusted EBITDA of 1,600 million USD, with an adjusted margin of 8.8% 3. The 18-month backlog of 21.4 billion USD at June 30, 2026 shows that a large part of future revenue is already contracted, the company estimating it will realize about 40% of its June 2026 backlog in 2026 23.

Activities are organized into five reportable segments: Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure and Other 1. The structure reflects a transformation begun in 2021, when the company expanded renewable energy, Power Delivery, heavy civil and telecom capacity through acquisitions 1.

Market context

The company's sources point to durable demand driven by rising data consumption, AI-linked data center growth and electrification 1. Consultants cited by the company estimate wireless tower construction revenue could reach 15.7 billion USD by 2030, and peak electricity demand could grow about 26% by 2035 1.

The industry is fragmented, with national, regional and local firms, and much work is awarded through bids 1. Demand depends on public policy and federal funding, notably IIJA and IRA, whose continuity depends on legislative decisions and permitting timelines 1.

Trends

  • Data center demandtailwind

    Data center build-out requires extensive fiber networks, power generation and transmission upgrades, which can support several segments at once 1. The Superior acquisition suggests the company is pursuing this demand directly 2.

  • Electrification and grid modernizationtailwind

    Rising electricity demand and an aging grid support investment in transmission, distribution and modernization, especially in Power Delivery 1.

  • Reduced incentives for solar and windheadwind

    The OBBBA law accelerated the phaseout of tax credits for solar and wind projects, which could reduce longer-term demand for such projects 12.

  • Tariffs and material costsmixed

    Tariffs on steel, concrete, copper and solar panels raise costs and could delay customer investment, although the company says the impact on results has so far been limited 12.

Competitive position

The industry is highly competitive, with large national firms serving regional and national markets, small local companies and customers using in-house personnel 1. Barriers to entry are relatively low in some markets, so any organization with adequate financial resources and skilled personnel may become a competitor 1.

The sources do not name direct competitors and instead describe categories of rivals: national, regional and local firms, and clients with internal teams 1. The company is ranked among the top five in Engineering News-Record's Top 400 Contractors 1.

  • National infrastructure construction firms

    Companies serving regional and national markets, cited generically in the company's filing 1.

  • Regional and local firms

    Smaller companies serving local markets that can compete for specific bids 1.

  • Customers with in-house teams

    Clients that use their own personnel for some work the company could otherwise perform 1.

  • New entrants with financial resources

    Organizations with financial resources and technical access that could enter the market 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report29 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report29 Oct 2026
  • Current report17 Aug 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report10 Aug 2026
    Material agreement · Other events · Financial statements and exhibits
  • Current report31 Jul 2026
    Financial statements and exhibits
  • Current report30 Jul 2026
    Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report30 Jul 2026
  • Current report20 Jul 2026
    Creation of a direct financial obligation
  • Current report07 Jul 2026
    Material agreement · Creation of a direct financial obligation · Item 3.02 · Departure or appointment of officers · Financial statements and exhibits
  • Current report22 May 2026
    Shareholder vote

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MasTec, Inc. · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MasTec, Inc. · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / MasTec, Inc. · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.