MasTec (MTZ)
Market Price (5/12/2026): $421.5 | Market Cap: $32.9 BilSector: Industrials | Industry: Construction & Engineering
MasTec (MTZ)
Market Price (5/12/2026): $421.5Market Cap: $32.9 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Renewable Energy Transition, and Water Infrastructure. Themes include Telecom Infrastructure, Show more. | Trading close to highsDist 52W High is -3.7%, Dist 3Y High is -3.7% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 58x, P/EPrice/Earnings or Price/(Net Income) is 73x Stock price has recently run up significantly6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 184% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 82% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% Key risksMTZ key risks include [1] a high concentration of revenue from a limited number of key customers and [2] project margin and timeline pressures due to volatile material costs and supply chain disruptions. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Renewable Energy Transition, and Water Infrastructure. Themes include Telecom Infrastructure, Show more. |
| Trading close to highsDist 52W High is -3.7%, Dist 3Y High is -3.7% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 58x, P/EPrice/Earnings or Price/(Net Income) is 73x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 184% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 82% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksMTZ key risks include [1] a high concentration of revenue from a limited number of key customers and [2] project margin and timeline pressures due to volatile material costs and supply chain disruptions. |
Qualitative Assessment
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MasTec (MTZ) stock has gained about 75% since 1/31/2026 because of the following key factors:
1. Exceeding Q4 2025 Earnings Expectations and Strong Initial 2026 Outlook.
MasTec reported robust financial results for the fourth quarter of 2025, with revenue just shy of $4 billion, marking a 16% year-over-year increase, and full-year revenue reaching $14.3 billion, also up 16%. Adjusted EBITDA for Q4 2025 grew by 25% year-over-year to $338 million, while adjusted EPS increased by 44% to $2.07. The company also announced an end-of-year backlog increase of over $4.5 billion, a 33% annual rise. Following these results, MasTec provided an initial 2026 guidance, projecting $17 billion in revenue and $8.40 in adjusted diluted EPS.
2. Significant Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
MasTec reported exceptional first-quarter 2026 results on April 30, 2026, with revenue reaching a record $3.8 billion, a 34% year-over-year increase, which surpassed analyst estimates by 10.3%. Adjusted EPS was $1.39, a substantial 174% increase year-over-year, beating consensus estimates of $0.98 by $0.41. Adjusted EBITDA also saw a significant 73% year-over-year increase to $283.6 million, exceeding expectations by 16%. Due to this strong performance, MasTec raised its full-year 2026 revenue guidance to $17.5 billion and adjusted diluted EPS guidance to $8.79, representing projected year-over-year growth of 22% and 34%, respectively.
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1. Exceeding Q4 2025 Earnings Expectations and Strong Initial 2026 Outlook.
MasTec reported robust financial results for the fourth quarter of 2025, with revenue just shy of $4 billion, marking a 16% year-over-year increase, and full-year revenue reaching $14.3 billion, also up 16%. Adjusted EBITDA for Q4 2025 grew by 25% year-over-year to $338 million, while adjusted EPS increased by 44% to $2.07. The company also announced an end-of-year backlog increase of over $4.5 billion, a 33% annual rise. Following these results, MasTec provided an initial 2026 guidance, projecting $17 billion in revenue and $8.40 in adjusted diluted EPS.
2. Significant Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.
MasTec reported exceptional first-quarter 2026 results on April 30, 2026, with revenue reaching a record $3.8 billion, a 34% year-over-year increase, which surpassed analyst estimates by 10.3%. Adjusted EPS was $1.39, a substantial 174% increase year-over-year, beating consensus estimates of $0.98 by $0.41. Adjusted EBITDA also saw a significant 73% year-over-year increase to $283.6 million, exceeding expectations by 16%. Due to this strong performance, MasTec raised its full-year 2026 revenue guidance to $17.5 billion and adjusted diluted EPS guidance to $8.79, representing projected year-over-year growth of 22% and 34%, respectively.
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Stock Movement Drivers
Fundamental Drivers
The 75.2% change in MTZ stock from 1/31/2026 to 5/11/2026 was primarily driven by a 29.3% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 240.48 | 421.37 | 75.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,762 | 15,280 | 11.0% |
| Net Income Margin (%) | 2.4% | 2.9% | 22.4% |
| P/E Multiple | 56.4 | 73.0 | 29.3% |
| Shares Outstanding (Mil) | 78 | 78 | -0.3% |
| Cumulative Contribution | 75.2% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MTZ | 75.2% | |
| Market (SPY) | 3.6% | 50.5% |
| Sector (XLI) | 6.1% | 62.8% |
Fundamental Drivers
The 106.4% change in MTZ stock from 10/31/2025 to 5/11/2026 was primarily driven by a 52.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.16 | 421.37 | 106.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,762 | 15,280 | 11.0% |
| Net Income Margin (%) | 2.4% | 2.9% | 22.4% |
| P/E Multiple | 47.9 | 73.0 | 52.3% |
| Shares Outstanding (Mil) | 78 | 78 | -0.3% |
| Cumulative Contribution | 106.4% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MTZ | 106.4% | |
| Market (SPY) | 5.5% | 54.2% |
| Sector (XLI) | 13.6% | 61.0% |
Fundamental Drivers
The 231.0% change in MTZ stock from 4/30/2025 to 5/11/2026 was primarily driven by a 122.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.32 | 421.37 | 231.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,303 | 15,280 | 24.2% |
| Net Income Margin (%) | 1.3% | 2.9% | 122.6% |
| P/E Multiple | 61.1 | 73.0 | 19.4% |
| Shares Outstanding (Mil) | 78 | 78 | 0.3% |
| Cumulative Contribution | 231.0% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MTZ | 231.0% | |
| Market (SPY) | 30.4% | 54.8% |
| Sector (XLI) | 35.2% | 61.4% |
Fundamental Drivers
The 374.5% change in MTZ stock from 4/30/2023 to 5/11/2026 was primarily driven by a 763.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.81 | 421.37 | 374.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,778 | 15,280 | 56.3% |
| Net Income Margin (%) | 0.3% | 2.9% | 763.3% |
| P/E Multiple | 203.7 | 73.0 | -64.2% |
| Shares Outstanding (Mil) | 77 | 78 | -1.8% |
| Cumulative Contribution | 374.5% |
Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MTZ | 374.5% | |
| Market (SPY) | 78.7% | 54.7% |
| Sector (XLI) | 83.0% | 58.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTZ Return | 35% | -8% | -11% | 80% | 60% | 91% | 508% |
| Peers Return | 36% | 7% | 22% | 33% | 31% | -2% | 202% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MTZ Win Rate | 67% | 50% | 42% | 58% | 67% | 100% | |
| Peers Win Rate | 53% | 33% | 42% | 52% | 52% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MTZ Max Drawdown | -1% | -31% | -44% | -17% | -22% | 0% | |
| Peers Max Drawdown | -3% | -22% | -12% | -7% | -13% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EME, APG, ACM, VMI, MGN. See MTZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
| Event | MTZ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.3% | -9.5% |
| % Gain to Breakeven | 145.5% | 10.5% |
| Time to Breakeven | 314 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.8% | -6.7% |
| % Gain to Breakeven | 13.3% | 7.1% |
| Time to Breakeven | 19 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 48.9% | 32.4% |
| Time to Breakeven | 32 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.0% | -33.7% |
| % Gain to Breakeven | 162.9% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.5% | -19.2% |
| % Gain to Breakeven | 15.6% | 23.7% |
| Time to Breakeven | 17 days | 105 days |
In The Past
MasTec's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% gain to breakeven.
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Asset Allocation
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| Event | MTZ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.3% | -9.5% |
| % Gain to Breakeven | 145.5% | 10.5% |
| Time to Breakeven | 314 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 48.9% | 32.4% |
| Time to Breakeven | 32 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.0% | -33.7% |
| % Gain to Breakeven | 162.9% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.3% | -12.2% |
| % Gain to Breakeven | 35.6% | 13.9% |
| Time to Breakeven | 19 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -58.2% | -6.8% |
| % Gain to Breakeven | 139.2% | 7.3% |
| Time to Breakeven | 186 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.4% | -17.9% |
| % Gain to Breakeven | 32.3% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.3% | -15.4% |
| % Gain to Breakeven | 35.6% | 18.2% |
| Time to Breakeven | 127 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -40.9% | -53.4% |
| % Gain to Breakeven | 69.3% | 114.4% |
| Time to Breakeven | 38 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.4% | -8.6% |
| % Gain to Breakeven | 25.6% | 9.5% |
| Time to Breakeven | 56 days | 47 days |
In The Past
MasTec's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MasTec (MTZ)
MasTec, Inc., an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other segments. The company builds underground and overhead distribution systems, including trenches, conduits, cell towers, cable, and power lines, which provide wireless and wireline/fiber communications; clean energy infrastructure comprising renewable energy; natural gas, product transport; electrical and gas transmission, and distribution systems; heavy industrial plants; compressor and pump stations, and treatment plants; water and sewer infrastructure, including water pipelines; and other civil construction infrastructure. It also installs electrical and other gas distribution and transmission systems, power generation facilities, buried and aerial fiber optic and other cables, as well as home automation and energy management solutions. In addition, the company offers maintenance and upgrade support services comprising maintenance of customers' distribution facilities, networks, and infrastructure, including communications, power generation, pipeline, electrical distribution and transmission, and heavy civil infrastructure; service restoration for natural disasters and accidents; and routine replacements and upgrades to overhauls. Its customers include public and private energy providers, pipeline operators, wireless and wireline/fiber service providers, broadband operators, install-to-the-home service providers, and government entities. MasTec, Inc. was founded in 1929 and is headquartered in Coral Gables, Florida.
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MasTec is like Quanta Services for nearly all critical infrastructure, from communications networks to clean energy projects and utility grids.
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```html- Communications Infrastructure Services: Provides engineering, construction, installation, maintenance, and upgrade of wireless and wireline/fiber communication networks, including cell towers and fiber optic systems.
- Energy Infrastructure Services: Offers engineering, construction, installation, maintenance, and upgrade of natural gas pipelines, product transport systems, and both traditional and renewable energy generation facilities.
- Power Delivery Infrastructure Services: Specializes in the engineering, construction, installation, and maintenance of electrical power transmission and distribution systems.
- Utility & Civil Infrastructure Services: Delivers construction and maintenance for water and sewer infrastructure, treatment plants, and various other heavy civil construction projects.
- Infrastructure Maintenance & Upgrade Services: Provides comprehensive maintenance, routine replacements, system upgrades, and disaster recovery for all types of infrastructure.
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Major Customers of MasTec (MTZ)
MasTec, Inc. primarily sells its services to other companies and government entities. Based on the provided company description, MasTec's major customers fall into the following categories, but the description does not identify specific company names:
- Public and private energy providers
- Pipeline operators
- Wireless and wireline/fiber service providers
- Broadband operators
- Install-to-the-home service providers
- Government entities
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Jose R. Mas
Chief Executive Officer
Jose R. Mas has served as the Chief Executive Officer of MasTec, Inc. since April 2007. He grew up in the construction business and advanced from field labor to the boardroom. Under his leadership, MasTec transformed from primarily a telecommunications contractor into one of North America's most diversified infrastructure services providers, expanding into renewable energy, heavy civil construction, oil and gas infrastructure, and power transmission and distribution. Mr. Mas is also a co-owner of Inter Miami CF and serves on the Board of Helmerich & Payne (NYSE: HP) as well as the University of Miami Executive Board.
Paul DiMarco
Executive Vice President and Chief Financial Officer
Paul DiMarco was appointed Executive Vice President and Chief Financial Officer of MasTec, Inc. effective April 1, 2023. He joined MasTec in 2007, and his previous roles within the company include Corporate Treasurer since 2011 and CFO of the Power Delivery segment starting in February 2022. Mr. DiMarco was instrumental in the integration efforts following MasTec's acquisition of Henkels & McCoy. Prior to joining MasTec, he held positions at Burger King Restaurant Services and Coca-Cola Enterprises.
Robert E. Apple
Chief Operating Officer
Robert E. Apple has been the Chief Operating Officer of MasTec, Inc. since December 2006. Before this role, he was the Group President for MasTec's energy service operations starting in 2005. From 2001 to 2004, Mr. Apple was a Senior Vice President at DIRECTV®, where he managed the installation and service network, warranty programs, supply chain management, and national dispatch support. He also served as Chief Operating Officer and a Board member of Via Digital, a direct broadcast satellite company and Telefonica affiliate, from 1997 to 2001, on assignment from Hughes Electronics/DIRECTV® Latin America. Earlier in his career, from 1985 to 1996, Mr. Apple held various leadership positions within the Hughes Electronics organization, including Chief Executive Officer of Hughes Electronics-Spain.
Alberto de Cardenas
Executive Vice President, General Counsel and Secretary
Alberto de Cardenas has served as Executive Vice President, General Counsel and Secretary of MasTec, Inc. since November 2005. Before joining MasTec, he was the lead counsel at Perry Ellis International from January 2003 to November 2005, including serving as Senior Vice President and General Counsel, where he actively participated in mergers and acquisitions. From 1996 to 2002, Mr. de Cardenas worked as a corporate and securities attorney at Broad and Cassel, handling various public and private financings, mergers, acquisitions, and reorganizations. He began his career as an accountant at Deloitte & Touche LLP from 1990 to 1993.
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The key risks to MasTec's business primarily revolve around external influences such as government policies and economic shifts, alongside the inherent challenges of managing large-scale infrastructure projects.
Here are up to three key risks:
- Regulatory and Policy Changes: MasTec's operations are heavily influenced by government decisions, funding allocations, and regulatory frameworks, particularly in areas like pipeline construction, renewable energy initiatives, and communications infrastructure. Shifts in political priorities or changes in legislation can lead to project cancellations, delays, or impact funding, tax incentives, and permitting processes, directly affecting the company's project pipeline and financial performance.
- Project Execution and Complexity: The company undertakes large, complex infrastructure projects, often under fixed-price contracts. This exposes MasTec to significant risks related to project execution, including potential delays, cost overruns, and difficulties in accurate cost estimation. Challenges in managing the vast backlog, ensuring operational efficiency, and addressing project-specific issues can pressure profit margins and affect the consistency of quarterly earnings.
- Economic Conditions and Market Volatility: MasTec's business is sensitive to broader economic conditions, including fluctuations in inflation, interest rates, and overall market stability. Economic downturns, higher borrowing costs, and supply chain disruptions can lead to reduced customer capital expenditures, increased costs for essential materials (like steel, concrete, and solar panels) due to tariffs and trade uncertainty, and project viability concerns. These factors can adversely impact demand for MasTec's services, its financial condition, and operational results.
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The global transition away from fossil fuels is leading to a decline in demand for new oil and gas infrastructure. Increasing regulatory hurdles, environmental concerns, and a shift in capital investment towards renewable energy sources are threatening the long-term growth opportunities for MasTec's Oil and Gas segment.
The emergence and rapid expansion of satellite internet technologies, such as Starlink, represent a threat to MasTec's Communications segment. These services offer an alternative for broadband connectivity, potentially reducing the need for new terrestrial fiber and wireless infrastructure build-outs, particularly in rural and less dense areas that MasTec serves.
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MasTec, Inc. (MTZ) operates in several significant infrastructure construction markets across the United States and Canada. Here's an overview of the addressable market sizes for its main products and services:
Communications
- The overall U.S. telecommunication market is currently valued at approximately USD 400 billion.
- The North American telecom network infrastructure market was estimated at USD 108.81 billion in 2025 and is projected to reach USD 190.13 billion by 2033. The U.S. specifically is expected to see its telecom network infrastructure demand grow from USD 72.6 billion in 2025 to USD 129.8 billion by 2035.
- In Canada, the telecommunications sector generated $59.6 billion in total revenues in 2023. The Canada Telecommunication Services Market was valued at USD 52,251.2 million in 2024 and is anticipated to reach USD 73,791.98 million by 2032.
- The North American enterprise communication infrastructure market is projected to reach USD 252.09 billion by 2030, with North America expected to hold a 42% share by 2035.
Clean Energy and Infrastructure (including Renewable Energy and Water/Wastewater)
- The North American renewable energy market was valued at approximately USD 314 billion or US$ 341.32 billion in 2024.
- In the U.S., the renewable energy market size was worth USD 94.86 billion in 2024, with projections to reach USD 122.0 billion by 2032.
- Canada's clean energy gross domestic product is projected to reach $107 billion over the next five years, driven by approximately $58 billion in annual investments by 2030. Canada's total installed wind, solar, and storage capacity is currently around 25 GW, a 56% increase since 2020.
- The U.S. water and wastewater treatment market size was USD 64.27 billion in 2024 and is predicted to grow to around USD 123.76 billion by 2034. Another estimate places the U.S. market at USD 121.85 billion in 2024, expected to reach around USD 238.36 billion by 2034. U.S. municipal capital expenditure for water and wastewater treatment infrastructure is projected to total US$515.4 billion through 2035. The U.S. water infrastructure and management market size was USD 120.2 billion in 2024, expected to reach USD 179.6 billion by 2032.
- The water and wastewater treatment equipment market in Canada is expected to reach a projected revenue of US$ 2586.4 billion by 2033.
Oil and Gas
- The global oil and gas pipeline market was valued at USD 26.5 billion in 2023 and is estimated to reach USD 44.01 billion by 2032. North America is identified as the highest shareholder in this global market.
- The U.S. oil & gas pipeline construction market was valued at USD 52.5 billion in 2024 and is projected to grow to USD 99 billion by 2032. The U.S. gas pipeline infrastructure market size is calculated at USD 1,058.73 billion in 2024, growing to USD 1,149.26 billion in 2025, and projected to reach around USD 2,431.55 billion by 2034.
- The Canada Oil and Gas Market was valued at USD 38.89 billion in 2025 and is estimated to grow to USD 46.24 billion by 2031. Construction activities accounted for 52.10% of Canada's oil and gas market size in 2025.
Power Delivery
- The global power transmission and distribution market was valued at USD 344.32 billion in 2024 and is predicted to reach approximately USD 505.28 billion by 2034. North America is anticipated to experience the fastest growth in this market from 2025 to 2034.
- The U.S. electricity transmission and distribution market is valued at over $82 billion as of 2024. The U.S. power transmission and distribution market was valued at USD 82.96 billion in 2022. The US power distribution market size was calculated at USD 400.50 million in 2024 and is predicted to attain around USD 1,109.73 million by 2034.
- In Canada, the power transmission and distribution market generated a revenue of USD 20,264.9 million in 2024 and is expected to reach USD 31,369.3 million by 2030. Canada accounted for 5.9% of the global power transmission and distribution market in 2024.
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MasTec (MTZ) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Robust Backlog and Project Diversification: MasTec concluded 2025 with a record 18-month backlog of $19.0 billion, representing a 33% annual increase. This substantial backlog across its various segments—Communications, Clean Energy and Infrastructure, Oil and Gas, and Power Delivery—provides strong revenue visibility and a foundation for sustained growth in the coming years.
- Growth in Communications Infrastructure: The Communications segment, which experienced 32% organic revenue growth in 2025, is expected to continue its positive trajectory. This growth is underpinned by strong demand in both wireless and wireline/fiber infrastructure, including an increasing contribution from "middle-mile" projects that are projected to further develop through 2026 and beyond. Additionally, the ramping of the Lumen contract in 2026 is expected to provide visible growth in this segment.
- Expansion in Clean Energy and Data Center Infrastructure: The Clean Energy and Infrastructure segment saw a 15% revenue increase in 2025 and is forecasted to achieve significant growth of approximately 35% in 2026. A primary driver for this acceleration is the expansion into data center construction, with nearly $1 billion in data center-related awards already in the backlog and the securing of the first turnkey site management agreement. Continued investment in renewable energy projects also contributes significantly to this segment's outlook.
- Demand in Power Delivery and Grid Modernization: The Power Delivery segment is expected to grow by around 11% in 2026. This growth is fueled by broader utility capital expenditure trends, investments in modernizing the electrical grid, and the execution of major transmission projects. The anticipated restart of the Greenlink transmission project in the first quarter of 2026 is highlighted as a significant near-term driver.
- Resurgence in Pipeline Infrastructure: After a period, the Pipeline Infrastructure segment is projected to grow its revenue by 17% in 2026. Management has indicated a pathway to surpass historical high revenue levels in this segment, driven by new interconnection pipelines and long-haul projects, although much of the significant upside is anticipated beyond 2026.
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Share Repurchases
- In the first quarter of 2025, MasTec completed $37 million in share repurchases, contributing to a year-to-date total of $77 million.
- The company's board of directors authorized an additional $250 million share repurchase program in May 2025.
Share Issuance
- Over a five-year period, MasTec has diluted its shareholders, with its share count increasing by 7.1%.
- The number of shares outstanding increased from 0.074 billion in 2021 to 0.079 billion in 2024.
Outbound Investments
- In October 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc. (IEA), expanding its utility-scale renewable energy infrastructure solutions and adding heavy civil, rail, and environmental remediation services.
- MasTec acquired Henkels & McCoy Group, Inc. in December 2021, in a cash and stock transaction valued at approximately $600 million, enhancing its utility contracting capabilities.
- During the fourth quarter of 2025, MasTec made strategic acquisitions, including NV2A, a construction management services firm for complex commercial projects and data centers.
Capital Expenditures
- MasTec's capital expenditures for the first nine months of 2025 amounted to $179.8 million.
- The company anticipated approximately $624.15 million in capital expenditures for the full year 2024.
- The primary focus of capital expenditures in 2025 was on investments in equipment and capacity expansion to support organic growth opportunities in the communications, clean energy, and power delivery segments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| MasTec Stock Surges 20%, With A 10-Day Winning Spree | 04/15/2026 | |
| 9-Day Rally Sends MasTec Stock Up 20% | 04/14/2026 | |
| MasTec Stock Rockets 18% With 8-Day Winning Streak | 04/11/2026 | |
| MasTec Stock On Fire: Up 17% With 7-Day Winning Streak | 04/10/2026 | |
| Can EMCOR Outrun MasTec in the Next Rally? | 03/11/2026 | |
| MasTec Earnings Notes | 12/26/2025 | |
| With MasTec Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| MasTec vs TransDigm: Which Is A Better Investment? | 08/18/2025 | |
| MasTec vs Comfort Systems USA: Which Is A Better Investment? | 08/18/2025 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 04/28/2026 | |
| MasTec Stock Rockets 20% With 10-Day Winning Streak | 04/15/2026 | |
| Between EMCOR and MasTec, Which Stock Looks Set to Break Out? | 03/11/2026 | |
| Can Comfort Systems USA Outrun MasTec in the Next Rally? | 12/12/2025 | |
| Why MTZ, EME Could Outperform APi Stock | 12/11/2025 |
Trade Ideas
Select ideas related to MTZ.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
| 03312020 | MTZ | MasTec | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 32.3% | 186.3% | -11.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 250.44 |
| Mkt Cap | 19.0 |
| Rev LTM | 15,280 |
| Op Inc LTM | 758 |
| FCF LTM | 616 |
| FCF 3Y Avg | 635 |
| CFO LTM | 741 |
| CFO 3Y Avg | 765 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 15.3% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 17.8% |
| Op Inc Chg 3Y Avg | 36.9% |
| Op Mgn LTM | 7.0% |
| Op Mgn 3Y Avg | 6.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 6.7% |
| CFO/Rev 3Y Avg | 8.2% |
| FCF/Rev LTM | 6.1% |
| FCF/Rev 3Y Avg | 7.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.0 |
| P/S | 2.3 |
| P/Op Inc | 25.1 |
| P/EBIT | 22.8 |
| P/E | 31.0 |
| P/CFO | 24.3 |
| Total Yield | 3.3% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 5.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.7% |
| 3M Rtn | 3.7% |
| 6M Rtn | 21.7% |
| 12M Rtn | 59.0% |
| 3Y Rtn | 138.9% |
| 1M Excs Rtn | -1.0% |
| 3M Excs Rtn | -2.7% |
| 6M Excs Rtn | 14.3% |
| 12M Excs Rtn | 28.5% |
| 3Y Excs Rtn | 62.9% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clean Energy and Infrastructure | 2,706 | 2,979 | 2,980 | 1,067 | 654 |
| Power Delivery | 2,490 | 1,837 | 1,968 | 2,017 | 542 |
| Communications | 1,674 | 2,332 | 2,379 | 2,101 | 1,942 |
| Pipeline Infrastructure | 1,600 | ||||
| Other | 318 | 305 | 297 | 238 | 192 |
| Corporate | 187 | 162 | 125 | 171 | 268 |
| Oil and Gas | 1,758 | 1,544 | 1,528 | 1,631 | |
| Total | 8,975 | 9,374 | 9,293 | 7,121 | 5,228 |
Price Behavior
Price Behavior
| Market Price | $421.37 | |
| Market Cap ($ Bil) | 32.8 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -3.7% | |
| 50 Days | 200 Days | |
| DMA Price | $346.21 | $246.62 |
| DMA Trend | up | up |
| Distance from DMA | 21.7% | 70.9% |
| 3M | 1YR | |
| Volatility | 40.6% | 37.3% |
| Downside Capture | -0.18 | 0.54 |
| Upside Capture | 194.90 | 202.51 |
| Correlation (SPY) | 45.5% | 52.3% |
MTZ Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.08 | 1.47 | 1.33 | 1.54 | 1.59 | 1.59 |
| Up Beta | 1.40 | 1.30 | 1.57 | 1.51 | 1.48 | 1.51 |
| Down Beta | 1.12 | 2.07 | 1.50 | 1.43 | 1.73 | 1.58 |
| Up Capture | 154% | 219% | 238% | 296% | 355% | 845% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 16 | 28 | 42 | 78 | 152 | 416 |
| Down Capture | -225% | 77% | 23% | 100% | 108% | 109% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 15 | 22 | 47 | 99 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTZ | |
|---|---|---|---|---|
| MTZ | 182.2% | 37.3% | 2.87 | - |
| Sector ETF (XLI) | 30.6% | 15.6% | 1.51 | 61.3% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | 55.0% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | 11.0% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -1.8% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 16.3% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | 28.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTZ | |
|---|---|---|---|---|
| MTZ | 31.1% | 42.4% | 0.77 | - |
| Sector ETF (XLI) | 12.8% | 17.4% | 0.58 | 57.3% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 53.3% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | 12.3% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | 18.9% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 38.4% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | 23.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTZ | |
|---|---|---|---|---|
| MTZ | 33.9% | 43.7% | 0.83 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 59.3% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 54.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 4.3% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 26.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 41.0% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 2.8% | 1.8% | 9.0% |
| 10/30/2025 | -4.6% | -8.1% | -0.5% |
| 7/31/2025 | -8.0% | -3.3% | -4.0% |
| 2/28/2025 | 3.0% | -6.3% | -9.1% |
| 10/31/2024 | 5.8% | 15.2% | 15.6% |
| 8/2/2024 | -3.7% | 2.1% | 6.6% |
| 3/1/2024 | 12.4% | 21.2% | 24.4% |
| 11/1/2023 | -17.6% | -16.8% | 2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 12 |
| # Negative | 10 | 7 | 9 |
| Median Positive | 3.8% | 6.8% | 12.4% |
| Median Negative | -5.2% | -8.1% | -3.7% |
| Max Positive | 12.4% | 21.2% | 24.4% |
| Max Negative | -17.7% | -22.2% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 3.48 Bil | Higher New | |||||
| Q1 2026 GAAP Net Income | 55.00 Mil | Higher New | |||||
| Q1 2026 Adjusted Net Income | 89.00 Mil | Higher New | |||||
| Q1 2026 Adjusted EBITDA | 245.00 Mil | Higher New | |||||
| Q1 2026 Adjusted EBITDA Margin | 7.1% | Higher New | |||||
| Q1 2026 GAAP Diluted EPS | 0.57 | Higher New | |||||
| Q1 2026 Adjusted Diluted EPS | 1 | Higher New | |||||
| 2026 Revenue | 17.00 Bil | 20.8% | Higher New | Actual: 14.07 Bil for 2025 | |||
| 2026 GAAP Net Income | 566.00 Mil | 41.8% | Higher New | Actual: 399.00 Mil for 2025 | |||
| 2026 Adjusted Net Income | 707.00 Mil | 34.9% | Higher New | Actual: 524.00 Mil for 2025 | |||
| 2026 Adjusted EBITDA | 1.45 Bil | 27.8% | Higher New | Actual: 1.14 Bil for 2025 | |||
| 2026 Adjusted EBITDA Margin | 8.5% | Higher New | |||||
| 2026 GAAP Diluted EPS | 6.62 | 37.9% | Higher New | Actual: 4.8 for 2025 | |||
| 2026 Adjusted Diluted EPS | 8.4 | 31.2% | Higher New | Actual: 6.4 for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Campbell, C Robert | Direct | Sell | 5062026 | 417.00 | 3,000 | 1,251,000 | 12,779,382 | Form | |
| 2 | Palomarez, Javier Alberto | Direct | Sell | 3272026 | 325.43 | 950 | 309,158 | 3,446,955 | Form | |
| 3 | Csiszar, Ernst N | Direct | Sell | 3052026 | 300.40 | 6,500 | 1,952,600 | 5,177,394 | Form | |
| 4 | Love, Timothy Michael | CAO | Direct | Sell | 11052025 | 206.15 | 1,929 | 397,663 | 2,011,406 | Form |
| 5 | Campbell, C Robert | Direct | Sell | 10012025 | 210.39 | 2,000 | 420,780 | 7,001,148 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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