MasTec
ConvictionWeak
Project-based engineering, procurement, construction, installation and maintenance (EPC + specialty contracting) across four end-market segments; largely cost-plus and fixed-price contracts for telecom carriers, utilities, pipeline operators, and renewable/industrial developers, primarily in the US and Canada.
Revenue
$14.3B FY2025$3.83B Q1 2026Rev growth
+16.2% FY2025+34% Q1 2026 YoYGross margin
not cleanly disclosedMasTec reports costs of revenue excluding depreciation & amortization, not a standalone gross marginOp margin
~4-5% GAAP FY2025derived; company headlines adjusted EBITDA margin insteadCapex intensity
~1.8% of revenue FY2025capex $260M; asset-light relative to owned-equipment peers, though it also leases fleetMarket cap
~$29.7BNYSE: MTZ, ~$381/share, 2026-07-06 closePrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$8.0B
FY’22
$9.8B+23%
FY’23
$12.0B+23%
FY’24
$12.3B+3%
FY’25
$14.3B+16%
Margins & balance sheet — FY’25
Net margin2.8%
Net debt$230M
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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