MasTec

MTZ · NYSE · Industrials · Financials, fiscal 2016 to 2025

MTZ · Last close · October 26, 2026

$172.59

MasTec's revenue rose 16.2% to $14.3 billion in fiscal 2025. Its net margin was 2.8%, up from 1.3% a year earlier. Free cash flow was $286 million, down 70.6%. It paid out $77 million in dividends and buybacks, 27% of free cash flow. The diluted share count fell 0.2%.

MASTEC INC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000015615-26-000020 Updated October 11, 2026

Revenue

$14.3B

16.2%

Net margin

2.8%

1.5 pts

Net income

$399M

145.1%

Free cash flow

$286M

70.6%

Return on capital

11.2%

4.2 pts

Market cap

$13.6B

Oct 26 close

P/E

27.5x

On $6.27 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What MasTec does

MasTec is a North American infrastructure engineering and construction company. It designs, builds, installs, maintains and upgrades communications networks, energy and utility systems and other infrastructure. That includes wireless and fiber networks, power lines, renewable power plants, data center and industrial projects, and pipelines. At the end of 2025 it had approximately 36,000 employees and 810 locations.

MasTec earns its money by doing this work for customers under contracts, and it has five reportable segments: Communications; Clean Energy and Infrastructure; Power Delivery; Pipeline Infrastructure; and Other. The Other segment holds certain equity investees and small business units with activities in some international markets. In 2025 it moved a utility operations component from Communications to Power Delivery, which changed the segment figures but not its total results.

The company says demand should come from federal infrastructure programs, including funding for broadband, clean energy and grid upgrades, and from rising electricity demand and aging power grids. It also says it expects growth in natural gas and water pipelines. These are the company's own expectations, not facts about the future.

Its biggest risks, as it describes them

Tariffs and trade actions that could raise costs or disrupt work.
Misjudging the cost of work done under fixed price contracts, which can cut profit.
Backlog that may be cancelled or adjusted and so may not turn into revenue or profit.
Subcontractors and suppliers that may fail to meet their obligations.
Obligations tied to its unionized workforce, plus the risks of acquisitions and joint ventures.

From MasTec's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 13.6% a year and net income 13.1% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value MasTec yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from MasTec's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from MasTec's fiscal 2025 free cash flow of $286M, net cash of −$1.9B at December 31, 2025 and 79 million diluted shares, from its filings. The scenarios are fitted to MasTec: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 13.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Construction & Engineering), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to MasTec's own revenue growth, as above. Cautious: growth of 7% then 4.5% a year, 2% after year 10, a 11% discount rate. Base: growth of 13.5% then 8% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 20.5% then 12% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $172.59
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from MasTec's earnings per share of $6.27 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.5×, the middle of MasTec's own P/E today, its peers' median and its sector's median (MasTec's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: AECOM, Emcor, Jacobs Solutions.

Earnings growth in the years ahead (% a year) Starts at MasTec's revenue growth over the last 3 years, 13.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $172.59
Value at this multiple, against the last close: —
MasTec's P/E at the last close: 27.5×

Company	Last close	Earnings per share	P/E today
Jacobs SolutionsJ	$147.14	$2.85	51.6×
AECOMACM	$60.72	$2.18	27.9×
MasTecMTZ	$172.59	$6.27	27.5×
EmcorEME	$665.93	$32.13	20.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	361	371	530	400	396
Debt incl. finance leases	2,014	3,224	3,065	2,224	2,331
Net debt (negative means net cash)	1,653	2,854	2,536	1,824	1,935
Net debt to EBITDA	1.8x	4.3x	3.3x	1.9x	1.7x
Debt to equity	0.8x	1.2x	1.1x	0.8x	0.7x
Interest coverage	8.0x	1.4x	0.7x	2.3x	3.9x
Current ratio	1.6x	1.6x	1.4x	1.2x	1.3x
Quick ratio	1.6x	1.5x	1.4x	1.2x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought MasTec shares on the open market, and 4 insiders sold $6.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 3, 2026	Ernst N CsiszarDirector	Sold	6,500	$371.17	$2.4 million	Form 4
May 4, 2026	Campbell C RobertDirector	Sold	3,000	$417.00	$1.3 million	Form 4
Mar 25, 2026	Javier Alberto PalomarezDirector	Sold	950	$325.43	$309,158	Form 4
Mar 3, 2026	Ernst N CsiszarDirector	Sold	6,500	$300.40	$2.0 million	Form 4
Nov 3, 2025	Timothy Michael LoveCAO	Sold	1,929	$206.15	$397,663	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 8	6 of 8	7 of 8
Accruals ratio	−7.9%	−10.4%	−1.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put MasTec side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
MasTec	FY25	16.2%	—	2.0%	11.2%	1.7x	7
Fluor	FY25	−5.0%	−2.4%	−2.8%	−13.9%	—	3	Compare
AECOM	FY25	0.2%	6.4%	4.2%	22.4%	0.9x	7	Compare
Emcor	FY25	16.6%	10.1%	7.0%	60.7%	−0.6x	6	Compare
Jacobs Solutions	FY25	4.6%	7.2%	5.0%	10.1%	1.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,135	6,607	6,909	7,183	6,321	7,952	9,778	11,996	12,304	14,299
Revenue growth	22.0%	28.7%	4.6%	4.0%	−12.0%	25.8%	23.0%	22.7%	2.6%	16.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	131	347	260	392	323	329	33	−50	163	399
Diluted EPS (US$)	1.61	4.22	3.26	5.17	4.38	4.45	0.42	−0.64	2.06	5.07
Diluted shares (millions)	81	82	80	76	74	74	76	78	79	79
Cash flow
Cash from operations	206	144	530	550	937	793	352	687	1,122	546
Capital expenditure	117	123	180	126	214	170	263	193	149	260
Free cash flow	88	21	350	424	724	623	89	494	973	286
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	2	314	6	120	0	81	0	0	77
Acquisitions	4	116	7	180	25	1,245	636	69	80	71
Stock-based compensation	15	16	14	16	22	25	27	33	33	34
Balance sheet at fiscal year end
Cash and short-term investments	39	40	27	71	423	361	371	530	400	396
Debt incl. finance leases	1,026	1,369	1,407	1,432	1,303	2,014	3,224	3,065	2,224	2,331
Total assets	3,183	4,067	4,440	4,997	5,228	7,121	9,293	9,374	8,975	9,924
Total liabilities	2,080	2,633	3,048	3,205	3,222	4,578	6,552	6,652	5,988	6,589
Shareholders' equity	1,096	1,431	1,390	1,787	2,002	2,540	2,737	2,706	2,912	3,259
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	2.6%	5.3%	3.8%	5.5%	5.1%	4.1%	0.3%	−0.4%	1.3%	2.8%
Free cash flow margin	1.7%	0.3%	5.1%	5.9%	11.4%	7.8%	0.9%	4.1%	7.9%	2.0%
Return on capital	8.0%	16.7%	11.4%	15.5%	12.3%	10.7%	2.4%	2.3%	7.0%	11.2%
Return on equity	12.9%	27.5%	18.4%	24.7%	17.0%	14.5%	1.3%	−1.8%	5.8%	12.9%
Return on assets	4.3%	9.6%	6.1%	8.3%	6.3%	5.3%	0.4%	−0.5%	1.8%	4.2%
Net debt to EBITDA	2.2x	2.1x	2.1x	1.6x	1.1x	1.8x	4.3x	3.3x	1.9x	1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: MasTec's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with MasTec.