MasTec (MTZ) AI Stock Analysis

• Market Cap: $22.70B
• Dividend Yield: N/A
• Average Volume (3M): 773.02K
• Price to Earnings (P/E): 67.8
• Beta (1Y): 1.67
• Revenue Growth: 12.99%
• EPS Growth: 274.10%
• Country: US
• Employees: 32,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 2.07
• Shares Outstanding: 78,900,930
• 10 Day Avg. Volume: 810,676
• 30 Day Avg. Volume: 773,018
• PEG Ratio: 0.29
• Price to Book (P/B): 5.08
• Price to Sales (P/S): 1.18
• P/FCF Ratio: 31.02
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 1.66
• Enterprise Value/Gross Profit: 13.28
• Enterprise Value/Ebitda: 21.55
• 1Y Price Target: $275.50
• Price Target Upside: -4.99% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 8.12
• Revenue Forecast (FY): $15.51B

• Rating: 74 Outperform
• Price Target: $325.00 ▲(12.08% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

MTZ scores well primarily on improved financial strength (notably the much cleaner balance sheet) and upbeat, specific 2026 guidance backed by backlog. Technicals also support the uptrend, though overbought signals add near-term risk. The biggest offset is valuation, with a high P/E and no dividend yield provided.

Positive Factors

Backlog Strength

A materially larger, multi‑billion backlog provides durable revenue visibility across project cycles, smoothing the lumpiness of bid-and-build work. That backlog underpins 2026 guidance, supports capacity planning and gives MasTec negotiating leverage on procurement and subcontracting for years.

Stronger Balance Sheet

A sharply cleaner capital structure reduces financial risk and increases strategic optionality. Low leverage improves resilience to project delays, enables opportunistic tuck‑in acquisitions, supports working-capital needs during growth, and lowers refinancing/refinancing-cost sensitivity over the medium term.

Improved Cash Generation

Consistent positive operating cash flow and a step-up in free cash flow indicate improving cash conversion. Management's target of >$1B OCF and ~70% EBITDA conversion suggests sustainable internal funding for capex, tuck‑ins and deleveraging without relying heavily on external financing.

Negative Factors

Thin Margins

Low single-digit consolidated margins leave limited buffers for cost overruns, adverse bid outcomes, or commodity and labor cost inflation. In a project-based construction model, narrow margins make earnings sensitive to execution missteps and reduce the company's resilience across a downturn or protracted permitting delays.

Cash Volatility from Working Capital

Significant working‑capital timing swings can materially impact free cash flow despite strong annual earnings. In growth phases, elevated receivables and inventory needs can constrain liquidity, slow reinvestment or require short‑term financing, complicating planning for multi‑year projects and acquisitions.

Segment Margin Mix Risk

A structural shift toward higher proportions of lower‑margin construction‑management work (e.g., data center CM) can depress companywide margins over time. Combined with variability across Communications, Pipeline and Power Delivery, persistent mix shifts raise the difficulty of sustaining margin expansion despite revenue growth.

MasTec Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

MasTec generates revenue through a variety of channels, primarily by providing infrastructure services to clients in the telecommunications, energy, and transportation sectors. Key revenue streams include contracts for the construction and maintenance of telecommunications networks, installation of pipelines for oil and gas, and electric power transmission services. The company often engages in long-term contracts with major utility companies, telecommunications firms, and government agencies, ensuring a consistent revenue flow. Additionally, MasTec may benefit from strategic partnerships with leading technology and energy companies, which can enhance its service offerings and expand its market reach. Overall, the company's diverse service portfolio and focus on infrastructure development positions it to capitalize on the growing demand for reliable and modern infrastructure solutions.

MasTec Financial Statement Overview

Summary

Fundamentals are solid: revenue has grown steadily and profitability rebounded meaningfully from a 2023 loss to positive 2024–2025 earnings. The balance sheet is a standout with sharply improved leverage (very low debt-to-equity in 2025), but margins remain thin and cash flow has shown volatility year to year.

Income Statement

Revenue has grown steadily since 2020, with 2025 reaching ~$14.3B (+3.9% YoY) following a modest 2024 increase. Profitability has meaningfully improved from a 2023 loss to solid 2024–2025 earnings, with net margin rising to ~2.8% in 2025 (from ~1.3% in 2024 and negative in 2023). However, margins remain thin versus earlier peak levels (notably 2020–2021), and profitability has shown volatility across the cycle.

Balance Sheet

Leverage improved dramatically in 2025, with debt-to-equity dropping to ~0.09 (from ~0.90 in 2024 and >1.2 in 2022–2023), indicating a much cleaner capital structure. Equity has also grown over time, supporting balance-sheet resilience. A key watch-out is the sharp year-over-year change in reported debt (2024 to 2025), which suggests a major deleveraging event and can create comparability noise; still, the end-state balance sheet appears strong and return on equity rebounded to ~12% in 2025.

Cash Flow

Cash generation is healthy overall, with positive operating cash flow each year and 2025 free cash flow of ~$546M (up sharply versus 2024). Cash conversion improved in 2025, with free cash flow roughly matching net income (about 1.0x). The main weakness is volatility: 2024 operating and free cash flow were higher than 2025 despite lower earnings, and the provided coverage ratio trends lower in 2025 versus 2024, implying working-capital swings and less consistent cash-to-debt support year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.30B	12.30B	12.00B	9.78B	7.95B
Gross Profit	1.79B	1.63B	786.81M	1.19B	1.15B
EBITDA	1.08B	950.85M	754.86M	662.46M	906.31M
Net Income	399.04M	162.79M	-49.95M	33.35M	328.83M
Balance Sheet
Total Assets	9.92B	8.98B	9.37B	9.29B	7.12B
Cash, Cash Equivalents and Short-Term Investments	0.00	399.90M	529.56M	370.59M	360.74M
Total Debt	292.84M	2.63B	3.50B	3.51B	2.29B
Total Liabilities	6.59B	5.99B	6.65B	6.55B	4.58B
Stockholders Equity	3.33B	2.91B	2.71B	2.74B	2.54B
Cash Flow
Free Cash Flow	545.71M	972.77M	494.34M	88.94M	623.01M
Operating Cash Flow	545.71M	1.12B	687.28M	352.30M	793.07M
Investing Cash Flow	-267.25M	-157.49M	-178.06M	-821.18M	-1.36B
Financing Cash Flow	-283.44M	-1.09B	-351.00M	480.90M	501.94M

MasTec Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 289.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTZ, the sentiment is Positive. The current price of 289.96 is above the 20-day moving average (MA) of 263.81, above the 50-day MA of 242.95, and above the 200-day MA of 200.57, indicating a bullish trend. The MACD of 12.94 indicates Negative momentum. The RSI at 71.27 is Negative, neither overbought nor oversold. The STOCH value of 89.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MTZ.

MasTec Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DY	83 Outperform	$12.41B	41.90	21.90%	―	13.19%	33.58%
PWR	76 Outperform	$85.02B	83.59	12.65%	0.09%	18.72%	23.97%
STRL	76 Outperform	$14.12B	44.64	35.73%	―	6.20%	72.81%
MTZ	74 Outperform	$22.70B	67.83	11.18%	―	12.99%	274.10%
PRIM	74 Outperform	$8.21B	30.28	17.79%	0.25%	21.45%	67.31%
APG	71 Outperform	$19.58B	-59.37	9.50%	―	10.69%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

MasTec Corporate Events

MasTec Reports Record 2025 Results, Guides Strong 2026 Growth

MasTec reported record fourth-quarter and full-year 2025 results on February 26, 2026, with quarterly revenue up 16% year over year to $3.9 billion and full-year revenue rising 16% to $14.3 billion, both exceeding prior guidance. Earnings also surged, as GAAP net income climbed 81% in the quarter and 112% for the year, while adjusted EBITDA reached $338.2 million in the fourth quarter and $1.2 billion for 2025, supported by strong performance in pipeline, communications, power delivery, and a record 18‑month backlog of $19.0 billion.

Management highlighted broad-based demand across MasTec’s energy, communications, power and infrastructure markets and noted that all segments contributed to growth, including a 50% revenue jump in Pipeline Infrastructure and 23% growth in Communications in the fourth quarter of 2025. The company signaled confidence in the ongoing infrastructure cycle with initial 2026 guidance calling for 19% revenue growth and 26% adjusted EBITDA growth, underpinned by a strong balance sheet and a capital allocation strategy aimed at sustaining expansion and enhancing shareholder value.

The most recent analyst rating on (MTZ) stock is a Buy with a $260.00 price target. To see the full list of analyst forecasts on MasTec stock, see the MTZ Stock Forecast page.