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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 46.9GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
11.2%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, MASTEC INC (MTZ) receives a "Hold" rating with a composite score of 50.5/100, ranked #295 out of 4446 stocks. Key factor scores: Quality 47/100, Value 47/100, Momentum 74/100. This is quantitative analysis only — not investment advice.
MASTEC INC (MTZ) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does MASTEC INC Do?
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. MASTEC INC (MTZ) is classified as a large-cap stock in the Industrials sector, specifically within the Construction industry. The company is led by CEO José R. Mas and employs approximately 30,000 people, headquartered in Coral Gables, Florida. With a market capitalization of $26.3B, MTZ is one of the prominent companies in the Industrials sector.
MASTEC INC (MTZ) Stock Rating — Hold (April 2026)
As of April 2026, MASTEC INC receives a Hold rating with a composite score of 50.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.MTZ ranks #295 out of 4,446 stocks in our coverage universe. Within the Industrials sector, MASTEC INC ranks #53 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
MTZ Stock Price and 52-Week Range
MASTEC INC (MTZ) currently trades at $361.27. The stock gained $3.90 (1.1%) in the most recent trading session. The 52-week high for MTZ is $310.63, which means the stock is currently trading 16.3% from its annual peak. The 52-week low is $99.70, putting the stock 262.4% above its annual trough. Recent trading volume was 759K shares, suggesting relatively thin trading activity.
Is MTZ Overvalued or Undervalued? — Valuation Analysis
MASTEC INC (MTZ) carries a value factor score of 47/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 71.27x, compared to the Industrials sector average of 28.33x — a premium of 152%. The price-to-book ratio stands at 8.00x, versus the sector average of 2.23x. The price-to-sales ratio is 1.96x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, MTZ trades at 55.78x EV/EBITDA, versus 5.70x for the sector.
Overall, MTZ's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
MASTEC INC Profitability — ROE, Margins, and Quality Score
MASTEC INC (MTZ) earns a quality factor score of 47/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 11.2%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 3.8% versus the sector average of 3.3%.
On a margin basis, MASTEC INC reports gross margins of 13.6%, compared to 35.8% for the sector. The operating margin is 3.3% (sector: 6.2%). Net profit margin stands at 2.6%, versus 3.9% for the average Industrials stock. Revenue growth is running at 34.0% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
MTZ Debt, Balance Sheet, and Financial Health
MASTEC INC has a debt-to-equity ratio of 198.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.32x, suggesting adequate working capital coverage. Cash and equivalents stand at $231M.
MTZ has a beta of 1.49, meaning it is more volatile than the broader market — a $10,000 investment in MTZ would be expected to move 48.8% more than the S&P 500 on any given day. The stability factor score for MASTEC INC is 58/100, reflecting average volatility within the normal range for its sector.
MASTEC INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, MASTEC INC reported revenue of $13.61B and earnings per share (EPS) of $5.12. Net income for the quarter was $374M. Operating income came in at $478M.
In FY 2025, MASTEC INC reported revenue of $14.30B and earnings per share (EPS) of $5.12. Net income for the quarter was $422M. Revenue grew 16.3% year-over-year compared to FY 2024. Operating income came in at $515M.
In Q3 2025, MASTEC INC reported revenue of $3.97B and earnings per share (EPS) of $2.07. Net income for the quarter was $166M. Revenue grew 22.0% year-over-year compared to Q3 2024. Operating income came in at $212M.
In Q2 2025, MASTEC INC reported revenue of $3.54B and earnings per share (EPS) of $1.10. Net income for the quarter was $90M. Revenue grew 19.7% year-over-year compared to Q2 2024. Operating income came in at $121M.
Over the past 8 quarters, MASTEC INC has demonstrated a growth trajectory, with revenue expanding from $2.96B to $13.61B. Investors analyzing MTZ stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
MTZ Dividend Yield and Income Analysis
MASTEC INC (MTZ) does not currently pay a dividend. This is common among growth-oriented companies in the Construction industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
MTZ Momentum and Technical Analysis Profile
MASTEC INC (MTZ) has a momentum factor score of 74/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 27/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
MTZ vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing MTZ against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MTZ vs S&P 500 (SPY) comparison to assess how MASTEC INC stacks up against the broader market across all factor dimensions.
MTZ Next Earnings Date
No upcoming earnings date has been announced for MASTEC INC (MTZ) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy MTZ? — Investment Thesis Summary
MASTEC INC presents a balanced picture with arguments on both sides. Price momentum is positive at 74/100, suggesting the trend favors buyers.
In summary, MASTEC INC (MTZ) earns a Hold rating with a composite score of 50.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MTZ stock.
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Institutional Research Dossier
MASTEC INC (MTZ) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on MasTec (MTZ), driven by a mixed outlook. While the company benefits from strong revenue growth and favorable secular trends in infrastructure spending, particularly in communications and clean energy, its profitability lags peers, and its valuation appears stretched. The high P/E ratio and EV/EBITDA multiple relative to the industrials sector raise concerns about the current market expectations embedded in the stock price.
The primary concern revolves around MasTec's ability to translate top-line growth into sustainable bottom-line improvements. While revenue growth has been impressive, the company's margins remain thin, and its debt levels are elevated compared to its peers. Until MasTec demonstrates a consistent ability to improve profitability and manage its debt effectively, we believe a Hold rating is warranted, reflecting a balanced view of the company's opportunities and challenges.
Business Strategy & Overview
MasTec operates as an infrastructure construction company, providing engineering, building, installation, maintenance, and upgrade services across various sectors, including communications, energy, utility, and other infrastructure. The company's revenue streams are diversified across these segments, with a significant focus on communications infrastructure, which includes building underground and overhead distribution systems for wireless and wireline/fiber communications. This segment benefits from the ongoing expansion of 5G networks and the increasing demand for broadband connectivity.
The Clean Energy and Infrastructure segment is another key growth driver for MasTec, focusing on renewable energy projects, electrical and gas transmission, and distribution systems. This segment is poised to benefit from the increasing investments in renewable energy sources and the modernization of existing infrastructure. MasTec's involvement in heavy industrial plants, compressor and pump stations, and water and sewer infrastructure further diversifies its revenue base and provides exposure to various infrastructure projects.
MasTec's strategic positioning involves securing contracts with public and private energy providers, pipeline operators, wireless and wireline/fiber service providers, broadband operators, install-to-the-home service providers, and government entities. The company's ability to provide a comprehensive suite of services, from engineering and construction to maintenance and upgrades, allows it to capture a larger share of infrastructure projects. This integrated approach also enhances customer relationships and provides recurring revenue streams through maintenance and upgrade services.
The company's growth strategy includes organic expansion and strategic acquisitions. MasTec has historically expanded its service offerings and geographic presence through acquisitions, allowing it to enter new markets and enhance its capabilities. The company's focus on high-growth sectors, such as communications and clean energy, positions it to capitalize on favorable secular trends and increasing infrastructure spending. However, the success of this strategy depends on MasTec's ability to effectively integrate acquired businesses and manage its capital allocation.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
34.0%
Sector: 6.4%
+433% VS SCTR
Economic Moat Analysis
MasTec's economic moat is likely narrow. While the company benefits from certain competitive advantages, they are not strong enough to create a wide and sustainable moat. The infrastructure construction industry is highly competitive, with numerous players offering similar services. This intense competition limits MasTec's pricing power and ability to generate consistently high returns on capital.
One potential source of competitive advantage is MasTec's scale and geographic reach. The company's extensive operations across the United States and Canada allow it to bid on large-scale infrastructure projects and serve a diverse range of customers. This scale also provides economies of scale in procurement and operations, potentially leading to cost advantages. However, these advantages are not insurmountable, as other large construction companies can also compete effectively on these factors.
Another potential source of competitive advantage is MasTec's expertise and experience in specific sectors, such as communications and clean energy. The company has developed specialized knowledge and capabilities in these areas, allowing it to provide high-quality services and build strong relationships with key customers. However, this expertise is not necessarily unique, as other companies can also develop similar capabilities over time.
Switching costs for MasTec's customers are likely moderate. While customers may face some costs in switching to a different provider, such as the time and effort required to evaluate and select a new contractor, these costs are not prohibitively high. Customers can also negotiate favorable terms with multiple providers, further limiting MasTec's pricing power. Therefore, while MasTec possesses some competitive advantages, they are not strong enough to create a wide and sustainable moat. The company operates in a competitive industry with relatively low barriers to entry, limiting its ability to generate consistently high returns on capital.
Financial Health & Profitability
MasTec's financial health presents a mixed picture. The company has demonstrated strong revenue growth, with revenue increasing from $12.00 billion in FY2023 to $14.30 billion in FY2025. This growth is driven by the increasing demand for infrastructure services in communications and clean energy. However, the company's profitability lags its peers in the industrials sector. The company's gross margin of 13.6% is significantly lower than the sector average of 35.8%, while its operating margin of 3.3% is also lower than the sector average of 6.2%. This suggests that MasTec faces challenges in controlling its costs and generating profits from its revenue.
The company's net income has fluctuated significantly in recent years. In FY2023, MasTec reported a net loss of $47.30 million, while in FY2025, it reported a net income of $422.01 million. This volatility in net income reflects the cyclical nature of the construction industry and the impact of project delays and cost overruns. The company's return on equity (ROE) of 11.2% is slightly higher than the sector average of 9.2%, but this is likely due to the company's higher leverage.
MasTec's balance sheet is characterized by high leverage. The company's debt-to-equity ratio of 198.00 is significantly higher than the sector average of 70.00. This high leverage increases the company's financial risk and limits its flexibility to invest in growth opportunities. The company's current ratio of 1.32 indicates that it has sufficient liquidity to meet its short-term obligations. However, the company's high debt levels raise concerns about its long-term financial stability.
The quarterly financial history reveals a trend of improving profitability in recent quarters. The company's operating margin has increased from -4.8% in Q1 FY2023 to 5.3% in Q3 FY2025. This improvement is driven by increased revenue and improved cost control. However, the company's profitability remains below its historical levels and its peers in the industrials sector. Overall, MasTec's financial health is characterized by strong revenue growth, but weak profitability and high leverage. The company needs to improve its cost control and reduce its debt levels to improve its financial stability and generate sustainable profits.
Valuation Assessment
MasTec's valuation appears stretched based on several key metrics. The company's price-to-earnings (P/E) ratio of 58.7x is significantly higher than the industrials sector average of 27.7x. This suggests that investors are paying a premium for MasTec's earnings, likely due to its strong revenue growth and exposure to high-growth sectors such as communications and clean energy. However, the high P/E ratio also reflects the market's expectations for future earnings growth, which may not be sustainable.
The company's enterprise value-to-EBITDA (EV/EBITDA) multiple of 11.5x is also higher than the sector average of 5.7x. This indicates that MasTec is more expensive than its peers on an enterprise value basis, reflecting its higher debt levels and market capitalization. The high EV/EBITDA multiple raises concerns about the company's ability to generate sufficient cash flow to service its debt and fund future growth.
The absence of free cash flow data makes a comprehensive valuation assessment challenging. Free cash flow is a key metric for evaluating a company's ability to generate cash and return value to shareholders. Without this data, it is difficult to assess the company's true financial performance and its ability to sustain its current valuation. However, given the company's high debt levels and relatively low profitability, it is likely that its free cash flow generation is limited.
Overall, MasTec's valuation appears expensive relative to its growth, its history, and its sector. The company's high P/E ratio and EV/EBITDA multiple reflect the market's expectations for future earnings growth, which may not be sustainable. The absence of free cash flow data further complicates the valuation assessment. Given these factors, we believe that MasTec's stock is currently overvalued, and a Hold rating is warranted.
Risk & Uncertainty
MasTec faces several specific, idiosyncratic risks that could break the investment thesis. One of the most significant risks is project execution risk. As an infrastructure construction company, MasTec is exposed to the risk of project delays, cost overruns, and contract disputes. These issues can negatively impact the company's profitability and cash flow. The complexity of infrastructure projects and the involvement of multiple stakeholders increase the likelihood of these risks materializing.
Another significant risk is customer concentration. MasTec relies on a relatively small number of large customers for a significant portion of its revenue. The loss of one or more of these key customers could have a material adverse effect on the company's financial performance. The company's dependence on these customers also limits its pricing power and ability to negotiate favorable contract terms.
Regulatory risk is also a concern for MasTec. The infrastructure construction industry is subject to extensive regulations, including environmental regulations, safety regulations, and labor laws. Changes in these regulations could increase the company's costs and limit its ability to operate effectively. The increasing focus on environmental sustainability could also lead to stricter regulations on infrastructure projects, potentially impacting MasTec's business.
Finally, MasTec's high debt levels pose a significant financial risk. The company's high debt-to-equity ratio increases its vulnerability to economic downturns and interest rate increases. The company's ability to service its debt and fund future growth depends on its ability to generate sufficient cash flow. A decline in revenue or an increase in interest rates could strain the company's financial resources and limit its ability to invest in growth opportunities.
Bulls Say / Bears Say
The Bull Case
BULL VIEWMasTec is well-positioned to benefit from the secular growth trends in communications and clean energy infrastructure, driving strong revenue growth for years to come.
BULL VIEWThe company's increasing focus on higher-margin projects and improved cost control will lead to significant improvements in profitability and cash flow generation.
BULL VIEWGovernment infrastructure spending initiatives will provide a substantial boost to MasTec's backlog and revenue, creating a long runway for growth.
The Bear Case
BEAR VIEWMasTec's high debt levels and weak profitability make it vulnerable to economic downturns and interest rate increases, potentially leading to financial distress.
BEAR VIEWThe company's reliance on a few large customers and exposure to project execution risks could result in significant earnings volatility and missed expectations.
BEAR VIEWThe infrastructure construction industry is highly competitive, limiting MasTec's pricing power and ability to generate consistently high returns on capital.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score MTZ and 4,400+ other equities.
MASTEC INC exhibits a 395% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.8%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
13.6%
Sector: 35.8%
Operating Margin
Core business profitability
3.3%
Sector: 6.2%
Net Margin
Bottom-line profitability
2.6%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
