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MasTec
(NYSE:MTZ)
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Rating:63Neutral
Price Target:
$280.00
▼(-17.12% Downside)
Action:Reiterated
Date:08/01/26
The score is driven mainly by improving financial performance (revenue and margin recovery with moderated leverage) and a strong, guidance-upgraded earnings outlook supported by record backlog. These positives are tempered by weak technical positioning (shares below all major moving averages) and a high P/E valuation, with cash-flow conversion/timing remaining a key execution risk.
Positive Factors
Record backlog and book-to-bill
A record ~$21.4B backlog and book-to-bill >1x provide multi-quarter revenue visibility, smoothing bidding and capacity planning. Durable backlog supports utilization and revenue growth over the next 2–6 months and underpins management's upgraded guidance and investment cadence.
Negative Factors
Leverage remains meaningful
Although leverage has fallen from earlier highs, a ~0.9x debt-to-equity base leaves the balance sheet sensitive to execution or demand shocks. Project delays or unexpected cost overruns could amplify volatility in earnings and liquidity over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and book-to-bill
A record ~$21.4B backlog and book-to-bill >1x provide multi-quarter revenue visibility, smoothing bidding and capacity planning. Durable backlog supports utilization and revenue growth over the next 2–6 months and underpins management's upgraded guidance and investment cadence.
Read all positive factors
MasTec (MTZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.13B
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)41.4
Beta (1Y)1.47
Revenue Growth23.46%
EPS Growth86.29%
CountryUS
Employees32,000
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)6.35
Shares Outstanding80,304,950
10 Day Avg. Volume1,209,565
30 Day Avg. Volume1,150,105
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$459.53Price Target Upside36.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)9.21
Revenue Forecast (FY)$18.32B
MasTec Business Overview & Revenue Model
Company Description
MasTec, Inc. is a leading infrastructure construction firm that delivers a comprehensive suite of services, encompassing engineering, construction, installation, maintenance, and enhancement. The company primarily serves the communications, energy...
How the Company Makes Money
MasTec primarily makes money by performing contract-based construction and related services for customers that own or develop infrastructure (e.g., telecommunications carriers, utilities, renewable developers, and energy companies). Revenue is gen...
MasTec Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
Positive. The company delivered a strong, in‑line to better-than‑expected quarter with record backlog, double‑digit organic growth across multiple infrastructure segments, margin expansion, and an upgraded full‑year outlook. The strategic acquisition of Superior meaningfully enhances mission‑critical and data‑center capabilities. The main negatives are short‑term communications segment timing/deferrals, some backlog that will flow mainly into 2027, and near‑term cash conversion and pro‑forma leverage that management expects to normalize. Overall, highlights substantially outweigh the lowlights and management views the issues as manageable within a broader multi‑year growth opportunity set.Positive Updates
Record Quarterly Financials
Revenue of $4.37–4.38B for Q2, up ~23% year‑over‑year; adjusted EBITDA of ~$384M, up ~40% YoY; adjusted EPS of ~$2.22, up ~49% YoY. Consolidated adjusted EBITDA margins expanded ~100 basis points YoY and the company beat guidance across revenue, EBITDA and EPS.
Negative Updates
Communications Segment Near‑Term Pressure and Guidance Reduction
Communications revenue in Q2 was ~ $890M with EBITDA ~$73M (EBITDA margin ~8.2%). Management reduced full‑year communications revenue guidance to ~ $3.25B and expects EBITDA margins in the high single digits (≈100bps lower YoY). Q3 communications revenue is expected ~ $800M with high single‑digit EBITDA margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Financials
Revenue of $4.37–4.38B for Q2, up ~23% year‑over‑year; adjusted EBITDA of ~$384M, up ~40% YoY; adjusted EPS of ~$2.22, up ~49% YoY. Consolidated adjusted EBITDA margins expanded ~100 basis points YoY and the company beat guidance across revenue, EBITDA and EPS.
Read all positive updates
Company Guidance
MasTec raised full‑year 2026 guidance to revenue $18.2B, adjusted EBITDA $1.6B and adjusted EPS $9.30 (year‑over‑year growth of ~27%, ~39% and ~42%), and guided Q3 to revenue $4.9B, adjusted EBITDA $482M and EPS $2.98; Q2 results were revenue ~$4.38B, adjusted EBITDA ~$384M and adjusted EPS ~$2.22 with EBITDA margin expansion of ~100 bps and record backlog of ~$21.4B (≈+30% y/y, ≈+5% seq) and company book‑to‑bill ≈1.2x. Segment guidance/details include Communications FY revenue ≈$3.25B with high‑single‑digit EBITDA margins and Q3 revenue ≈$800M (margins high single digits, ~100 bps lower y/y); Power Delivery FY revenue ≈$5.725B with low‑double‑digit EBITDA margins and Q3 (incl. Superior) ≈$1.6B (Q2 PD: ~$1.25B rev, EBITDA margin just over 9%); Pipeline Q2 rev ≈$643M with EBITDA ≈$119M (18.4% margin), backlog ≈$1.8B (up ~35% seq, book‑to‑bill 1.7x) and Q3 rev ≈$645M with mid‑teens margins; Clean Energy & Infrastructure Q2 rev ≈$1.6B (EBITDA ≈$120M), backlog ≈$7.8B (≈+$500M seq, book‑to‑bill 1.3x), Q3 rev ≈$1.9B (≈+40% y/y) and FY revenue ≈$6.8B with high‑single‑digit EBITDA margins. Management expects >$1B cash flow from operations in 2026 (weighted to Q4), Q2 net leverage 1.8x (2.2x pro forma Superior) and to end the year with leverage <2.0x; management also indicated the Superior contribution embedded in the guide is roughly +$800M revenue and ~+$100M EBITDA.MasTec Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
70
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.11B | 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 | 1.31B | 1.12B | 950.85M | 754.86M | 662.46M | 906.31M |
| Net Income | 503.15M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M |
Balance Sheet | ||||||
| Total Assets | 10.93B | 10.13B | 8.98B | 9.37B | 9.29B | 7.12B |
| Cash, Cash Equivalents and Short-Term Investments | 315.64M | 396.03M | 399.90M | 529.56M | 370.59M | 360.74M |
| Total Debt | 3.24B | 2.80B | 2.63B | 3.50B | 3.51B | 2.29B |
| Total Liabilities | 7.33B | 6.79B | 5.99B | 6.65B | 6.55B | 4.58B |
| Stockholders Equity | 3.48B | 3.26B | 2.91B | 2.71B | 2.74B | 2.54B |
Cash Flow | ||||||
| Free Cash Flow | 246.89M | 285.73M | 972.77M | 494.34M | 88.94M | 623.01M |
| Operating Cash Flow | 680.88M | 545.71M | 1.12B | 687.28M | 352.30M | 793.07M |
| Investing Cash Flow | -942.50M | -291.77M | -157.49M | -178.06M | -821.18M | -1.36B |
| Financing Cash Flow | 264.00M | -258.91M | -1.09B | -351.00M | 480.90M | 501.94M |
MasTec Technical Analysis
Negative
337.84
Price Trends
365.96
Negative
362.85
Negative
297.04
Negative
Market Momentum
-9.93
Positive
40.87
Neutral
52.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTZ, the sentiment is Negative. The current price of 337.84 is below the 20-day moving average (MA) of 344.98, below the 50-day MA of 365.96, and above the 200-day MA of 297.04, indicating a bearish trend. The MACD of -9.93 indicates Positive momentum. The RSI at 40.87 is Neutral, neither overbought nor oversold. The STOCH value of 52.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.04B | 37.77 | 18.85% | ― | 29.76% | 33.40% | |
72 Outperform | $100.33B | 75.49 | 14.86% | 0.07% | 26.30% | 34.94% | |
71 Outperform | $18.31B | 52.67 | 32.77% | ― | 36.96% | 31.00% | |
66 Neutral | $17.31B | -59.22 | 9.64% | ― | 14.09% | -293.77% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $21.13B | 41.43 | 14.53% | ― | 23.46% | 86.29% | |
61 Neutral | $4.58B | 18.39 | 15.21% | 0.37% | 13.40% | 19.67% |
* Industrials Sector Average
MTZ
MasTec
263.10
85.17
47.87%
DY
Dycom
401.07
136.09
51.36%
PRIM
Primoris Services
84.41
-8.43
-9.08%
PWR
Quanta Services
667.36
274.08
69.69%
STRL
Sterling Infrastructure
596.77
325.03
119.61%
APG
APi Group
39.68
4.09
11.49%
MasTec Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
MasTec Delivers Record Q2 Results and Strong Backlog
Positive
Jul 30, 2026
On July 24, 2026, MasTec’s board expanded from nine to ten members and appointed Alexander Benjamin Spiro as a Class III director with a term running through the 2027 annual meeting, also naming him to the Compensation Committee under the co...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
MasTec Boosts Debt Financing for Superior Group Acquisition
Positive
Jul 20, 2026
On July 20, 2026, MasTec borrowed the full $700 million available under a new senior unsecured delayed draw term loan agreement arranged with Bank of America and other lenders. The proceeds were used to finance part of the cash consideration and t...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
MasTec Expands Financing for Superior Group Acquisition Plans
Positive
Jul 7, 2026
On July 7, 2026, MasTec and its North American subsidiary arranged a new $700 million senior unsecured delayed‑draw term loan split between three‑ and four‑year tranches to help finance the planned acquisition of the Superior Gro...
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.