At a glance
MasTec Inc is worth $14.53B, about 36 times its fiscal 2025 earnings. Revenue grew 16.2% to $14.30B in fiscal 2025, with 2.8% kept as profit; over 5 years it has grown 17.7% a year. It pays no dividend; it spent $158.6M buying back its shares over FY2021–FY2025. The stock returned −14.6% over the past year with dividends reinvested and +15.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.1% in the 2020 crash (S&P 500: 33.7%) and 34.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 3 months after the lows.
The business in plain English
MasTec is a North American engineering and construction contractor. It builds, installs, maintains and upgrades the networks behind phone and internet service, electricity and energy: wireless and fiber networks, power lines and substations, solar and wind farms, natural gas and water pipelines, and roads, bridges and rail. Its customers are mainly communications, energy and utility companies, plus governments. As of December 31, 2025, it had about 36,000 employees and 810 locations.
MasTec makes money by selling construction labor and engineering services. A significant share of its work comes through master service agreements. These are umbrella contracts, usually lasting several years, that cover repeated jobs for a customer. The rest comes from contracts to build a specific project, either a whole system or part of one.
In the year ended December 31, 2025, revenue was $14.3 billion. Clean Energy and Infrastructure, which builds renewable and gas-fired power plants, battery storage, and roads and bridges, was the largest segment at 32.9%. Power Delivery, which builds and maintains transmission and distribution lines and substations, made up 29.2%. Communications, mainly wireless, fiber and data center connectivity work, brought in 23.4%. Pipeline Infrastructure, covering gas, water and carbon capture pipelines, contributed 15%. A small Other segment holds stakes in other companies and some international units.
Price history
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MTZ -14.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Clean Energy and Infrastructure | $4.70B | 32.9% |
| Power Delivery | $4.18B | 29.2% |
| Communications | $3.34B | 23.4% |
| Pipeline Infrastructure | $2.14B | 15% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.15B, up 29.9% from a year earlier, and net income was $150.6M (-6.3%).
- For fiscal 2025, revenue was $14.30B (+16.2% year over year; +17.7% a year from FY2020 to FY2025) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.7% good |
|---|---|
| Free cash flow margin | 2% watch |
| Return on equity (FY2025) | 12.2% watch |
| Return on assets (FY2025) | 4% watch |
| Net cash (cash minus debt) | $-3.69B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.32B | $322.8M | $723.5M |
| FY2021 | $7.95B | $328.8M | $623.0M |
| FY2022 | $9.78B | $33.4M | $88.9M |
| FY2023 | $12.00B | $-49.9M | $494.3M |
| FY2024 | $12.30B | $162.8M | $972.8M |
| FY2025 | $14.30B | $399.0M | $285.7M |
Valuation snapshot
| Market value | $14.53B |
|---|---|
| P/E ratio | 35.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MasTec’s market value went from $3.15B at the end of 2016 to $14.53B on Oct 28, 2026, about 4.6 times as much; since the end of 2025 it is down 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.53B | -15.3% |
| 2025 | $17.15B | +59.0% |
| 2024 | $10.79B | +80.7% |
| 2023 | $5.97B | -10.6% |
| 2022 | $6.68B | -2.6% |
| 2021 | $6.86B | +36.1% |
| 2020 | $5.04B | +2.8% |
| 2019 | $4.90B | +53.5% |
| 2018 | $3.19B | -21.2% |
| 2017 | $4.05B | +28.6% |
| 2016 | $3.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTZ price data to Oct 28, 2026 | -16.7% | -14.6% | +45.2% | +15.1% | +20.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.7% |
| 2025 | +59.7% |
| 2024 | +79.8% |
| 2023 | -11.3% |
| 2022 | -7.5% |
| 2021 | +35.4% |
| 2020 | +6.3% |
| 2019 | +58.2% |
| 2018 | -17.1% |
| 2017 | +28.0% |
| 2016 | +120.1% |
| 2015 | -23.1% |
| 2014 | -30.9% |
| 2013 | +31.3% |
| 2012 | +43.5% |
| 2011 | +19.1% |
| 2010 | +16.7% |
| 2009 | +7.9% |
| 2008 | +13.9% |
| 2007 | -11.9% |
| 2006 | +10.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.1% over that stretch · deepest drop along the way 60.8%, back to its old high 26.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.7% over that stretch · deepest drop along the way 62.1%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.4% over that stretch · deepest drop along the way 34.5%, back to its old high 3.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 3 sales ($4.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 3, 2026 | Ernst N Csiszar Director | sell | $2.4M |
| May 4, 2026 | C Robert Campbell Director | sell | $1.3M |
| Mar 25, 2026 | Javier Alberto Palomarez Director | sell | $309K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Jun 30, 2026 |
| NORDEA INVESTMENT MANAGEMENT AB | 2.5% | Sep 30, 2024 |
ETFs with the most weight in MTZ
| AIRR First Trust RBA American Industrial Renaissance ETF | 2.75% |
| NUKZ Range Nuclear Renaissance Index ETF | 1.75% |
| CALF Pacer US Small Cap Cash Cows ETF | 1.45% |
| ZAP Global X U.S. Electrification ETF | 1.37% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.21% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.9% |
| SMIZ Zacks Small/Mid Cap ETF | 0.57% |
| IFRA iShares U.S. Infrastructure ETF | 0.57% |
What could go wrong
- Clean energy policy changes could cut demand. Clean Energy and Infrastructure was 32.9% of FY2025 revenue. A tax law signed in July 2025 sped up the phaseout of solar and wind tax credits, and federal policy uncertainty may delay or cancel projects.
- Fixed-price contracts can turn into losses. On fixed-price jobs, MasTec agrees on a price up front. If labor, materials or equipment cost more than estimated, or work takes longer, the company absorbs the difference, which can wipe out profit.
- Project delays and disputed claims. Difficult work sites, permitting holdups and late materials can raise costs. MasTec may then seek extra payment from project owners, subcontractors or suppliers, and failing to recover those claims hurts results.
- Backlog can shrink and leave crews idle. Backlog is work MasTec expects to do under contracts already won. Customers can cancel or shrink it, and because crews are staffed for expected work, delayed awards can leave costly idle labor.
- Significant debt, partly at variable rates. As of June 30, 2026, total debt was about $2.74 billion against $316 million of cash and investments. Variable-rate borrowing costs more when rates rise, and loan terms restrict some transactions.
- Tariffs and slower customer spending. Tariffs announced during 2025 on imports from Canada, Mexico, China and others could hurt results. Inflation, high interest rates or a downturn could also lead customers to cut spending on new projects.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Executive or board change
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
MasTec does not pay a dividend and paid none from FY2021 through FY2025, so the stock provides no regular income. Any return comes from share price changes, and an investor needing cash would have to sell shares. The company spent about $159 million on buybacks over those five years, including $77 million in FY2025. Even so, the share count rose 8.1%, from about 74.3 million in August 2021 to 80.3 million in July 2026.
The shares have fallen sharply in past downturns. They dropped 60.8% during the 2008 financial crisis and took about 26 months from the low to recover. In the 2020 COVID crash they fell 62.1% and recovered in about nine months. In the 2022 bear market they fell 34.5% and recovered in about three months. Over the three months to October 28, 2026, the stock lost 42.1%. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
Does MasTec pay a dividend?
No. MasTec paid no dividends from FY2021 through FY2025, and the stock had no dividend yield as of October 28, 2026. The company returned some cash through share buybacks instead, spending about $159 million over those five years. Buybacks did not shrink the share count, though. It rose 8.1% between August 2021 and July 2026. Income-focused investors would get no cash payments and would need to sell shares to draw money from the holding.
How does MasTec make money?
MasTec engineers, builds and maintains infrastructure for communications, energy and utility customers, plus some government work. Much of its revenue comes from multi-year master service agreements that cover repeated jobs. The rest comes from contracts for specific projects. In the year ended December 31, 2025, revenue was $14.3 billion. Clean Energy and Infrastructure brought in 32.9%, Power Delivery 29.2%, Communications 23.4% and Pipeline Infrastructure 15%.
Is MasTec profitable?
Yes, in its latest full year. For the year ended December 31, 2025, MasTec earned $399 million on $14.3 billion of revenue, or $5.07 per diluted share. That is a net margin of 2.8%, meaning it kept about 2.8 cents of each revenue dollar as profit. Profit has been uneven: the company lost $50 million in FY2023 and earned $33 million in FY2022. In the quarter ended June 30, 2026, net income rose 51.7% from a year earlier to $130 million, on revenue up 23.4%.
How much debt does MasTec have?
As of June 30, 2026, MasTec had about $2.74 billion of total debt and $316 million of cash and investments. That left net debt of about $2.42 billion. Shareholders' equity was about $3.48 billion. The company's 10-K says some of this debt carries variable interest rates, so borrowing costs rise when rates go up, and its loan terms restrict some transactions. Company filings dated July 7, July 20 and August 17, 2026, each reported a new debt or financial obligation.
How volatile is MasTec stock?
Very volatile. As of October 28, 2026, the shares had a one-year volatility of 52.6%, a measure of how widely the price swings. Their beta was 1.69, meaning they tended to move about 1.7 times as much as the broad market. The stock fell 42.1% over the prior three months and 16.7% from the start of 2026 through October 28. Its largest drop over the past year was 60.9%. Over the 10 years to that date, the price return was about 20.4% a year, with deep drops along the way.