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MTZ

MasTec, Inc.

MTZ

MasTec, Inc. • NYSE
$213.88 ▲ 1.62% (+3.41)
Market Cap $16.88 B
52w High $224.03
52w Low $99.70
Dividend Yield 0%
P/E 51.05
Volume 353.70K
Outstanding Shares 78.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.967B ▲ $181.049M ▼ $160.66M ▲ 4.05% ▲ $2.07 ▲ $361.622M ▲
Q2-2025 $3.545B ▲ $279.274M ▲ $85.766M ▲ 2.42% ▲ $1.1 ▲ $267.266M ▲
Q1-2025 $2.848B ▼ $275.032M ▼ $9.903M ▼ 0.348% ▼ $0.13 ▼ $156.846M ▼
Q4-2024 $3.403B ▲ $298.197M ▲ $74.74M ▼ 2.196% ▼ $0.96 ▼ $255.199M ▼
Q3-2024 $3.252B $283.435M $95.24M 2.928% $1.22 $298.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $231.418M ▲ $9.693B ▲ $6.514B ▲ $3.112B ▲
Q2-2025 $191.052M ▼ $9.132B ▲ $6.118B ▲ $2.947B ▲
Q1-2025 $345.749M ▼ $8.862B ▼ $5.907B ▼ $2.884B ▼
Q4-2024 $399.903M ▲ $8.975B ▲ $5.988B ▲ $2.912B ▲
Q3-2024 $181.225M $8.763B $5.934B $2.81B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $166.497M ▲ $88.965M ▲ $-68.674M ▼ $20.233M ▲ $40.366M ▲ $20.277M ▲
Q2-2025 $90.134M ▲ $5.646M ▼ $-51.748M ▼ $-109.58M ▼ $-154.697M ▼ $-58.166M ▼
Q1-2025 $12.327M ▼ $78.365M ▼ $-34.905M ▲ $-97.694M ▲ $-54.154M ▼ $31.101M ▼
Q4-2024 $74.74M ▼ $471.699M ▲ $-76.692M ▼ $-173.721M ▲ $218.678M ▲ $423.382M ▲
Q3-2024 $105.41M $277.727M $-56.328M $-337.435M $-116.361M $234.096M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Clean Energy and Infrastructure
Clean Energy and Infrastructure
 $1.26Bn ▲$920.00M ▼$1.13Bn ▲$1.36Bn ▲
Communications
Communications
 $980.00M ▲$680.00M ▼$840.00M ▲$910.00M ▲
Pipeline Infrastructure
Pipeline Infrastructure
 $0 ▲$360.00M ▲$540.00M ▲$600.00M ▲
Power Delivery
Power Delivery
 $760.00M ▲$900.00M ▲$1.05Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past five years, showing that MasTec is successfully winning work across its end markets. That said, profitability has been bumpy. Margins tightened noticeably around 2022–2023, including a small loss in one year, likely tied to integration costs, project mix, or execution challenges. More recently, earnings have recovered back into clear profit, but still sit below the earlier peak levels per share. Overall, it looks like a company with solid top-line momentum but still normalizing its margins after a period of disruption and investment, and there is at least one data point in the historical profit metrics that appears inconsistent and should be treated with caution.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown in size, with total assets increasing meaningfully over time. Equity has steadily built up, which is a positive sign of retained value. Debt expanded as the company grew and did acquisitions, then began to come back down in the most recent year, suggesting a shift toward de‑leveraging. Cash balances are modest but relatively stable, implying reliance on ongoing cash generation and credit facilities rather than large cash reserves. In short, the balance sheet supports continued operations and growth, but leverage remains an important factor to monitor, especially in a cyclical, project-based industry.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has improved over time and comfortably covers the company’s investment spending. Free cash flow has been positive in each of the past five years and has strengthened in the most recent period, even while keeping a steady pace of capital expenditures. This suggests that MasTec is converting its growing revenue into cash reasonably well, and that it has internal capacity to fund a good portion of its expansion and debt reduction without relying solely on new financing.

Competitive Edge

Competitive Edge MasTec operates from a position of scale and breadth that many smaller contractors cannot match. Its national footprint, large skilled workforce, and sizable equipment base allow it to take on complex, multi-year projects in communications, clean energy, power delivery, and pipelines. Diversification across these segments helps soften downturns in any one area. Long-standing relationships with major telecom, utility, and energy customers, plus a track record of handling difficult projects, create meaningful switching costs and barriers for new entrants. Acquisitions have deepened its capabilities, especially in renewables. The main competitive risks lie in the cyclical nature of infrastructure spending, intense bidding pressure, execution risk on large contracts, and exposure to regulatory and policy shifts in energy and communications.

Innovation and R&D

Innovation and R&D MasTec’s innovation is less about laboratory-style research and more about how it designs and runs projects. Its end-to-end “design, build, install, maintain” model is a key differentiator, giving customers a single partner for the full project life cycle. The company has invested in advanced project management, compliance, and mobility tools, often using leading commercial software rather than building everything in-house. These systems support real-time scheduling, data-driven decisions, and tighter control of a large, distributed workforce. Strategically, MasTec is leaning into high-growth, innovation-heavy areas such as renewable energy, grid modernization, 5G and fiber buildouts, and EV charging infrastructure. Future upside in “innovation” will likely come from continued digital transformation, better use of data and AI for project efficiency, and selective acquisitions that add specialized technical capabilities.

Summary

MasTec looks like a scaled, diversified infrastructure contractor that has grown revenue rapidly by positioning itself in attractive areas like clean energy, power grid upgrades, and telecom networks. Financially, the story is one of strong top-line growth, temporarily pressured margins, and then a return to solid—though not yet peak—profitability, backed by improving cash flow. The balance sheet carries meaningful debt from years of growth and acquisitions, but recent trends suggest active efforts to reduce that burden. Operationally, its main strengths are scale, diversification, and deep customer relationships, while its main risks are project execution, cyclicality, and policy-sensitive end markets. Innovation is primarily operational and strategic rather than pure R&D, focused on integrated services and digital tools. Overall, it appears to be a mature infrastructure platform working through the aftermath of a heavy investment phase while trying to capitalize on long-term secular trends in energy transition and communications buildout.

NEWS

October 30, 2025 · 4:05 PM UTC

MasTec Reports Third Quarter 2025 Results and Updates 2025 Financial Guidance

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October 20, 2025 · 6:24 PM UTC

MasTec Schedules Third Quarter 2025 Earnings Conference Call

Read more