Mastec (MTZ)
NYSE:MTZ
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MasTec
(NYSE:MTZ)
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Rating:75Outperform
Price Target:
$443.00
▲(19.44% Upside)
Action:ReiteratedDate:05/01/26
The score is driven primarily by improving fundamentals (earnings recovery and materially lower leverage) and a strongly constructive earnings call with ambitious growth/margin guidance backed by robust backlog. The technical setup is also supportive with strong trend signals. Offsetting these positives are weakening free-cash-flow conversion and a premium valuation (high P/E with no dividend yield provided).
Positive Factors
Backlog and Multi‑period Visibility
A materially larger backlog provides durable revenue visibility and supports multi‑period resource planning and bidding. Sustained backlog growth reduces reliance on spot awards, smooths revenue cadence, and underpins management’s ambitious multi‑year revenue and EBITDA targets.
Negative Factors
Weakening Cash Conversion
Declining free cash flow and a sharp drop in cash‑to‑earnings conversion signal working‑capital and timing volatility. Over time weak cash conversion can limit self‑funding of capex, acquisitions, and debt paydown and raises reliance on external financing when project timing is uneven.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Multi‑period Visibility
A materially larger backlog provides durable revenue visibility and supports multi‑period resource planning and bidding. Sustained backlog growth reduces reliance on spot awards, smooths revenue cadence, and underpins management’s ambitious multi‑year revenue and EBITDA targets.
Read all positive factors
MasTec (MTZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.06B
Dividend YieldN/A
Average Volume (3M)889.28K
Price to Earnings (P/E)42.4
Beta (1Y)1.51
Revenue Growth16.22%
EPS Growth146.24%
CountryUS
Employees32,000
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.39
Shares Outstanding78,827,805
10 Day Avg. Volume692,983
30 Day Avg. Volume889,280
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)5.19
Price to Sales (P/S)1.18
P/FCF Ratio59.24
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue2.07
Enterprise Value/Gross Profit17.10
Enterprise Value/Ebitda28.73
Forecast
1Y Price Target
$380.13Price Target Upside2.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)8.48
Revenue Forecast (FY)$17.03B
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 opera...
How the Company Makes Money
MasTec primarily makes money by performing contracted infrastructure construction and maintenance work for customers such as telecommunications carriers, electric utilities, renewable energy developers, and oil & gas/midstream operators. Revenue i...
MasTec Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based operating momentum: record first-quarter revenue, EBITDA, EPS and backlog; multiple segments (Power Delivery, Clean Energy & Infrastructure, Pipeline) delivered double-digit revenue growth and material margin expansion; management raised full‑year guidance and highlighted lower seasonality and improved capital efficiency. Near-term headwinds are limited and largely manageable: one-time Communications exit costs affecting margins, elevated DSOs/working capital, and financing/timing uncertainty in renewables and pipeline conversion from verbal awards to signed backlog. Overall the positives substantially outweigh the contained risks.Positive Updates
Record Quarter — Revenue, EBITDA, EPS
Revenue of $3.83B, up 34% year over year; adjusted EBITDA of $284M, up 73% YoY; adjusted EPS of $1.39, up 174% YoY — management characterized this as the strongest first quarter in company history.
Negative Updates
Communications Margin Headwind from Market Exits
Communications EBITDA margins were ~100 bps below last year's Q1, impacted by costs to exit certain markets in the DIRECTV fulfillment business; management treated these as largely one-time charges in Q1.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarter — Revenue, EBITDA, EPS
Revenue of $3.83B, up 34% year over year; adjusted EBITDA of $284M, up 73% YoY; adjusted EPS of $1.39, up 174% YoY — management characterized this as the strongest first quarter in company history.
Read all positive updates
Company Guidance
MasTec raised 2026 guidance after a strong Q1 beat, now targeting full‑year revenue of $17.5 billion (≈22% YoY), adjusted EBITDA of $1.5 billion (8.6% margin) and adjusted EPS of $8.79 (up roughly mid‑30s% YoY), with the EBITDA outlook up about $50 million (≈10% margin flow‑through); management still expects cash flow from operations to exceed $1.0 billion, net cash CapEx of ~ $220 million, liquidity of ~$1.8 billion and net leverage of ~1.8x. Q1 results that drove the guide included revenue $3.83 billion (+34% YoY), adjusted EBITDA $284 million (+73% YoY), adjusted EPS $1.39 (+174% YoY), record backlog $20.3 billion (+28% YoY, +$1.4 billion sequential) and a total company book‑to‑bill of 1.4x; segment calls included Power Delivery backlog $6.2 billion (1.6x book‑to‑bill) and a ~ $4.8 billion revenue target, Pipeline Q1 revenue $682 million with 21% margins and Q2 revenue expect ~ $600 million, and Clean Energy & Infrastructure Q1 revenue >$1.3 billion with a full‑year revenue guide of ~$6.7 billion and segment backlog $7.3 billion (Q2 revenue ~ $1.7 billion). Management also noted DSOs of 72 days (vs. 65 at year end), Q1 operating cash flow of $99 million, ROIC above 10% (≈100 bps improvement) and that they now expect to generate almost 45% of full‑year EBITDA in 2026, implying markedly lower seasonality.MasTec Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.28B | 14.30B | 12.30B | 12.00B | 9.78B | 7.95B |
| Gross Profit | 1.85B | 1.37B | 1.63B | 786.81M | 1.19B | 1.15B |
| EBITDA | 1.10B | 1.12B | 950.85M | 754.86M | 662.46M | 906.31M |
| Net Income | 449.98M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M |
Balance Sheet | ||||||
| Total Assets | 10.44B | 10.13B | 8.98B | 9.37B | 9.29B | 7.12B |
| Cash, Cash Equivalents and Short-Term Investments | 273.67M | 396.03M | 399.90M | 529.56M | 370.59M | 360.74M |
| Total Debt | 643.61M | 2.80B | 2.63B | 3.50B | 3.51B | 2.29B |
| Total Liabilities | 7.01B | 6.79B | 5.99B | 6.65B | 6.55B | 4.58B |
| Stockholders Equity | 3.31B | 3.26B | 2.91B | 2.71B | 2.74B | 2.54B |
Cash Flow | ||||||
| Free Cash Flow | 178.59M | 285.73M | 972.77M | 494.34M | 88.94M | 623.01M |
| Operating Cash Flow | 566.20M | 545.71M | 1.12B | 687.28M | 352.30M | 793.07M |
| Investing Cash Flow | -568.34M | -291.77M | -157.49M | -178.06M | -821.18M | -1.36B |
| Financing Cash Flow | -70.89M | -258.91M | -1.09B | -351.00M | 480.90M | 501.94M |
MasTec Technical Analysis
Positive
370.89
Price Trends
306.06
Positive
266.24
Positive
228.67
Positive
Market Momentum
18.72
Negative
72.02
Negative
83.08
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 370.89 is above the 20-day moving average (MA) of 337.27, above the 50-day MA of 306.06, and above the 200-day MA of 228.67, indicating a bullish trend. The MACD of 18.72 indicates Negative momentum. The RSI at 72.02 is Negative, neither overbought nor oversold. The STOCH value of 83.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MTZ.
MasTec Risk Analysis
MasTec disclosed 35 risk factors in its most recent earnings report. MasTec reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MasTec Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $109.21B | 62.25 | 12.60% | 0.09% | 20.31% | 12.33% | |
75 Outperform | $31.06B | 42.42 | 13.08% | ― | 16.22% | 146.24% | |
74 Outperform | $9.82B | 24.39 | 17.49% | 0.25% | 18.98% | 51.14% | |
72 Outperform | $15.82B | 32.23 | 30.17% | ― | 17.69% | 13.56% | |
71 Outperform | $19.96B | 52.70 | 9.13% | ― | 12.72% | -19.24% | |
66 Neutral | $12.43B | 37.65 | 18.81% | ― | 17.95% | 21.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
MTZ
MasTec
394.05
260.04
194.05%
DY
Dycom
414.10
241.04
139.28%
PRIM
Primoris Services
181.15
117.48
184.52%
PWR
Quanta Services
727.77
406.15
126.28%
STRL
Sterling Infrastructure
515.62
355.66
222.34%
APG
APi Group
45.72
18.83
70.01%
MasTec Corporate Events
Business Operations and StrategyFinancial Disclosures
MasTec Delivers Record Q1 2026 Results, Lifts Outlook
Positive
Apr 30, 2026
On April 30, 2026, MasTec reported record first-quarter 2026 results, with revenue up 34% year over year to $3.83 billion and GAAP net income rising 465% to $69.7 million, driven by strong project volumes across all segments, particularly a 91% in...
Business Operations and StrategyFinancial Disclosures
MasTec Reports Record 2025 Results, Guides Strong 2026 Growth
Positive
Feb 26, 2026
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 sur...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.