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what it is
MasTec builds the pipes, power lines, fiber networks, and energy projects that keep the physical economy running.
how it gets paid
Last year Mastec made $14.3B in revenue. Oil & Gas was the main engine at $4.72B, or 33% of sales.
why it's growing
Revenue grew 16.2% last year. Full-year revenue was $14.3B, up 16.2% vs. prior year, according to EDGAR.
what just happened
MasTec’s latest report worked because EPS came in at $2.07 versus the $1.97 estimate, and management raised the 2026 story.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
43.2x trailing p/e — you're paying up for this one
17.0% return on capital — nothing to write home about
xvary composite: 60/100 — average
What they do
MasTec builds the pipes, power lines, fiber networks, and energy projects that keep the physical economy running.
Scale is the moat. MasTec has about 32,000 employees, so when a utility or telecom project needs crews now, you pick the company that can actually show up. Insider ownership is 21.3%, which means management has real skin in the game, and 17.0% return on capital means those projects have produced solid dollars on each dollar invested.
How they make money
$14.3B
annual revenue · their business grew +16.2% last year
Oil & Gas
$4.72B
Communications
$4.00B
Clean Energy & Infrastructure
$3.15B
Power Delivery
$2.43B
The products that matter
building and upgrading infrastructure networks
communications infrastructure
$14.3B revenue · +38.0% growth
This is the whole visible revenue story in the snapshot. There is no segment breakout here, so you should not pretend mix analysis exists when it doesn't. Your real question is simpler: does margin improvement keep up with growth, or does growth just make the operation larger and no safer?
whole story
Key numbers
+63%
2025 eps
Earnings per share → profit per share → so what: 2025 adjusted EPS is pegged at $6.45 versus $3.95 in 2024, which says the rebound is real, not theoretical.
43.2x
trailing p/e
Price-to-earnings ratio → how expensive the stock is versus last year's profit → so what: you are paying a premium multiple for a contractor.
17.0%
return on capital
Return on capital → profit generated from the money tied up in the business → so what: this is better than the average heavy-construction story.
$19B
2029 revenue
Revenue estimate → expected annual sales → so what: the long-term model still points to growth from $14.3B today to $19B by 2029.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $2.2B (9% of capital)
- net profit margin 5.2% — keeps 5 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MTZ 3 years ago → it's now worth $28,730.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
MasTec’s latest report worked because EPS came in at $2.07 versus the $1.97 estimate, and management raised the 2026 story.
Full-year revenue was $14.3B, up 16.2% vs. prior year, according to EDGAR. Value Line says 2025 adjusted EPS was $6.45, up 63% from 2024, and projects $8.15 for 2026.
$3.94B
revenue
$2.07
eps
10.0%
operating margin
the number that mattered
The number that mattered was 2026 revenue guidance of $17B. That is 18.9% above the current $14.3B base, which tells you the rebound is not supposed to stop yet.
-
mastec’s 2025 was characterized by a significant rebound in both revenue and profitability.
-
based on the engineering and construction company’s most recent guidance, total sales are expected around $14.1 billion, representing a robust 15% increase from a year ago, and was likely driven by a surge in its communications and energy segments.
-
by our tally, adjusted earnings should clock in around $6.45 per share, up 63% compared to 2024.management has emphasized that growth has been a function of accelerating demand for electric load growth, increased power generation, and modernizing investments for grids, as well as mastec’s capacity to handle larger, more complex projects. we believe these demands will bolster further expansion as mastec converts its massive backlog into active project revenue.
-
thus, in 2026, we are projecting adjusted earnings to expand roughly 26%, to $8.15 per share, while sales increase around 10%, to $15.5 billion.
-
the company has made notable strides in the modernization of highdemand infrastructure.
source: company earnings report, 2026
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What could go wrong
MasTec's risk is not abstract. It sits in the gap between a 38.0% growth rate and a 4.6% net margin. When a project business runs that thin, timing slips and cost overruns matter fast.
high
customer project delays
This is a project business. If customers push back network builds, grid upgrades, or energy infrastructure work, revenue recognition slows with them.
That risk touches the full $14.3B revenue base.
high
fixed-price execution mistakes
An 8.5% operating margin and 4.6% net margin do not leave much room for cost overruns, labor issues, or project delays.
Small misses do outsized damage when the cushion is this thin.
med
materials and labor inflation
Steel, copper, equipment, and labor costs move around. In a contractor model, profitability gets squeezed fast if pricing does not keep up.
Thin-margin businesses feel cost pressure earlier than high-margin ones.
med
valuation reset
The stock trades at 43.2x trailing earnings and near the top of its $100–$285 range, while the 3–5 year target midpoint sits at $237.
You do not need a broken business for the stock to move lower from here.
Here's what would change our mind: if operating margin holds around 8.5% and earnings keep climbing toward the $8.15 view, the premium setup has more support. If growth continues but margin slips, the stock has less room than the headline revenue story suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
margin follow-through
8.5% operating margin and 4.6% net margin are the numbers separating a durable rebound from a one-year bounce.
earnings
next quarterly print
Watch whether $2.04 EPS was a new base level or just a very strong quarter.
growth
pace toward the $16B revenue view
Analysts expect $16B this year. You want growth to hold without giving back the profit improvement.
valuation
price versus target gap
The stock is around $278 while the 3–5 year midpoint target is $237. Good business momentum and good entry price are not the same thing.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts see a normal next 6–12 months, not a clean breakout signal.
risk profile
average
stability score 3 — this sits in the middle of the pack on risk, with enough cyclicality to matter.
chart momentum
below average
technical score 4 — the chart is not giving you the same confidence as the earnings rebound.
earnings predictability
50 / 100
Estimates move around because project timing and margin execution both swing results. In human-speak: this quarter can look cleaner than the next.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 263 buyers vs. 198 sellers in 4q2025. total institutional holdings: 57.3M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$113
$361
$278
current price
$237
target midpoint · 15% from current · 3-5yr high: $420 (+50% · 11% ann'l return)
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