MasTec, Inc. (MTZ) Stock

MasTec, Inc. (MTZ) is a Industrials stock trading at $235.36 (as of 2026-09-02), with a market capitalization of $18.90B and a trailing P/E of 38.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

MasTec, Inc. provides engineering and construction services for communications, clean energy and infrastructure, oil and gas, power delivery, and other infrastructure projects, primarily in the United States and Canada. Its work includes building and maintaining underground and overhead distribution systems and related civil and industrial facilities, supporting wireline/fiber and wireless networks, energy and utility infrastructure, and water and sewer systems.

Understand MasTec, Inc.: how it makes money

MasTec builds and upgrades underground and overhead infrastructure (fiber and wireless networks, power grids, pipelines, renewable energy sites), earning contract fees from utilities, carriers, and energy companies. Growth is tilting toward clean energy and grid work, while legacy communications and oil/gas pipelines still account for a meaningful share of the $4.4B quarterly run rate.

The profit engine is a 5% operating margin sustained by keeping large crews of skilled workers staffed across a diversified project pipeline; there is no pricing moat, so execution quality and project mix drive earnings more than any structural advantage.

Revenue by segment (latest quarter)
Clean Energy & Infrastructure$1.3B
Power Delivery$1.1B
Communications$0.8B
Pipeline Infrastructure$0.7B

Business quality (Mixed): Mixed: strong structural demand in clean energy and grid work offsets thin contractor margins and an underperforming communications segment.

Valuation: At 41× earnings, MTZ trades 77% above the Construction average (23×).

Bull case

  • Grid buildout is structural: Management flagged that power delivery demand remains strong, supported by grid modernization and data-center power requirements, giving the $1.05B Power Delivery segment a multi-year tailwind that extends well past the current backlog window.
  • Backlog visibility to 2029: Management said pipeline visibility extends beyond reported backlog into 2027-2029, and with backlog growing 31% YoY, that multi-year coverage reduces the revenue cliff risk typical of project-based contractors.
  • M&A widens the service bundle: The Superior acquisition adds electrical infrastructure capabilities and approximately 3,000 skilled employees, letting MasTec bid on larger, more complex grid projects that smaller contractors simply cannot staff in one region.

Bear case

  • Communications segment is stalling: Management cut Communications revenue and earnings expectations for the remainder of 2026, citing wireless project delays as customers defer spending for new spectrum and wireline replacement projects facing delayed starts and permitting hurdles. The segment still represents $800M, or roughly 18% of revenue.
  • Thin margins leave no cushion: Communications margins were pressured by execution issues and higher indirect costs, and at a 5% company-wide operating margin, a cost overage or schedule slip on a single large project can materially swing quarterly results.
  • Premium price prices in perfection: MasTec trades at 41.5x earnings versus the 24x Construction industry average, a 77% premium that assumes the clean energy and grid thesis plays out flawlessly while the Communications segment stabilizes without further margin erosion.
Valuation — source: SEC EDGAR (first-party)
Price$235.36
Market Cap$18.90B
P/E Ratio38.2
EV / EBITDA15.7
Price / Book5.25
Price / Sales1.17
FCF Yield1.5%
DCF Value (model)$71.16
DCF Upside vs Price-69.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$14.30B
Net Margin2.8%
Revenue Growth (YoY)23.4%
EPS Growth (YoY)51.8%
FCF Growth (YoY)20.5%
Financial Health — source: SEC EDGAR
Altman Z-Score3.83 (safe)
Valuation vs Sector & Industry
Stock P/E38.2
Sector P/E (Industrials)25.7
Industry P/E (Construction)22.8
vs Sector48.6%
vs Industry67.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($2.35B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorIndustrials
IndustryConstruction
CEOJose Ramon Mas
Employees32,000
CountryUS
IPO Date1973-02-21

MasTec, Inc. earnings call transcripts

  • MTZ Q2 FY26 earnings call transcript (reported 2026-07-30) · analysis
  • MTZ Q4 FY25 earnings call transcript (reported 2026-02-26) · analysis
  • MTZ Q2 FY25 earnings call transcript (reported 2025-07-31) · analysis

All MTZ earnings calls

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MTZ earnings history · MTZ institutional & insider holders · MTZ KPIs & operating metrics · MTZ financials · MTZ investor presentations & press releases · MTZ SEC filings · MTZ peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.