# MasTec (MTZ.US)

Canonical: https://gigainvestors.com/s/MTZ

Analysis as of: 2026-10-16T07:30:29.214Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $191.63 per share; close as of 2026-10-15.

Estimated value: low $86.81 per share, central $98.78 per share, high $114.71 per share. Buy at or below the central value $98.78 per share. Valuation as of 2026-10-16T07:30:29.214Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.05×

- FY2022: 0.01×

- FY2023: 0.01×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 13.1%

- Recent gross margin (lower of latest and 3-year median): 9.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 10.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 23.1%

- FY2018: 21.1%

- FY2019: 22.2%

- FY2020: 21.8%

- FY2021: 11.6%

- FY2022: 2.6%

- FY2023: 3.4%

- FY2024: 11.8%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 2.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.3B

- Net income, five-year total: $874M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 16.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.77×

- FY2022: 8.31×

- FY2023: -7.21×

- FY2024: 3.20×

- FY2025: 1.42×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.1% vs 11.8%

- Per-share earnings: 1.61 to 2.06 (three-year endpoint medians)

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: $14B

- Cumulative retained earnings: $2.2B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.1%

- Per-share value change: $0.45

- Per-share value, starting three-year median: $1.61

- Per-share value, ending three-year median: $2.06

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 2.0%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $2.4B

- Cumulative net income, 10 years: $2.3B

- ROIC, first three-year median: 21.1%

- ROIC, last three-year median: 11.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.61

- FY2017: $4.22

- FY2018: $3.26

- FY2019: $5.17

- FY2020: $4.38

- FY2021: $4.45

- FY2022: $0.44

- FY2023: -$0.64

- FY2024: $2.06

- FY2025: $5.07

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.89×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: 4.7%

- FY2018: -6.1%

- FY2019: -3.2%

- FY2020: -11.8%

- FY2021: -6.5%

- FY2022: -3.4%

- FY2023: -7.9%

- FY2024: -10.7%

- FY2025: -1.4%

## Holders

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since Jun 2026 · "Why MasTec (MTZ) Is Down 9.6% After Raising 2026 Guidance And Missing EPS Expectations" (finance.yahoo.com, Jul 2026) · sales +16.2%

Story as of 2026-10-16T09:59:13.774Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

- 2025-05-16: MTZ Q1 Earnings Call: MasTec Lifts 2025 Outlook on Non-Pipeline Segment Gains, Backlog Surge ([finance.yahoo.com](https://finance.yahoo.com/news/mtz-q1-earnings-call-mastec-125317908.html))

- 2026-02-23: MasTec (MTZ) Valuation Check As Tariff Rollback Lowers Import Costs And Supports Margin Potential ([finance.yahoo.com](https://finance.yahoo.com/news/mastec-mtz-valuation-check-tariff-020716345.html))

- 2026-03-02: MasTec (MTZ) Is Up 7.0% After Raising 2026 Guidance and Expanding Infrastructure Backlog ([finance.yahoo.com](https://finance.yahoo.com/news/mastec-mtz-7-0-raising-181032660.html))

- 2026-04-30: MasTec Reports First Quarter 2026 Results and Increases Full Year 2026 Financial Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mastec-reports-first-quarter-2026-201600649.html))

- 2026-07-31: Why MasTec (MTZ) Is Down 9.6% After Raising 2026 Guidance And Missing EPS Expectations ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-mastec-mtz-down-9-180852443.html))

### Sales · FY2024–2025

sales +16.2%; source https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm; observed 2026-02-26.

- FY2016: $5.1B 

- FY2017: $6.6B 

- FY2018: $6.9B 

- FY2019: $7.2B 

- FY2020: $6.3B 

- FY2021: $8.0B 

- FY2022: $9.8B 

- FY2023: $12B 

- FY2024: $12B 

- FY2025: $14B 

### Gross margin · FY2025

gross margin 9.6%; source https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm; observed 2026-02-26.

- FY2016: 13.5% 

- FY2017: 13.0% 

- FY2018: 14.0% 

- FY2019: 12.2% 

- FY2020: 16.6% 

- FY2021: 14.4% 

- FY2022: 12.2% 

- FY2023: 6.6% 

- FY2024: 13.2% 

- FY2025: 9.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are USD 14.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm (filed 2026-02-26); FY2025: revenue 14299171000; grossProfit 1365652000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTZ.US: MasTec, Inc., an infrastructure engineering and 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 five segments: Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other. The company builds infrastructure for wireless and wireline/fiber communications; clean energy infrastructure comprising renewable energy power generation; pipeline infrastructure, including natural gas, water, carbon capture sequestration, and other product transport; power delivery services, such as electrical and gas transmission, and distribution systems; industrial and heavy civil infrastructure, including roads, bridges, and rail; and water infrastructure. It also installs electrical and other gas distribution and transmission systems, power generation, civil and industrial facilities, pipelines, and fiber optic and other cables, as well as install-to-the-home services. 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 civil and industrial infrastructure; emergency restoration services for natural disasters and accidents; and routine replacements and upgrades to overhauls. Its customers include wireless and wireline/fiber service providers, broadband operators, install-to-the-home service providers, public and private energy providers, including renewable and other energy providers, pipeline operators, civil, transportation, and water and wastewater pipeline installation services, industrial infrastructure providers, as well as government entities. MasTec, Inc. was founded in 1929 and is headquartered in Coral Gables, Florida.

### Why customers stay

Margins ranged from 6.6% to 13.2% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 13.2%.

- Source: https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.16524392766235568],[2017,0.23062951919133123],[2018,0.2107000023632906],[2019,0.22196230934538985],[2020,0.217520944442377],[2021,0.11564033389900533],[2022,0.025667495456043285],[2023,0.033864688662269576],[2024,0.11791788382674775],[2025,0.15655439002083707]]; median 0.1608991588415964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 12.5% of cash earnings; paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 117114000; cash acquisitions 4102000; owner earnings 179064000. Growth capex plus acquisitions / owner earnings = 0.022908010543716214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 123412000; cash acquisitions 115995000; owner earnings 411850000. Growth capex plus acquisitions / owner earnings = 0.2816438023552264.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 180420000; cash acquisitions 6684000; owner earnings 292169000. Growth capex plus acquisitions / owner earnings = 0.022877170404799963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 126473000; cash acquisitions 179481000; owner earnings 501343000. Growth capex plus acquisitions / owner earnings = 0.35800041089633244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 213746000; cash acquisitions 24971000; owner earnings 406853000. Growth capex plus acquisitions / owner earnings = 0.06137597608964417.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 170066000; cash acquisitions 1244603000; owner earnings 581591000. Growth capex plus acquisitions / owner earnings = 2.139997008206798.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 263352000; cash acquisitions 635763000; owner earnings 277150000. Growth capex plus acquisitions / owner earnings = 2.293931084250406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 192941000; cash acquisitions 69388000; owner earnings 360272000. Growth capex plus acquisitions / owner earnings = 0.19259892525647287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 148855000; cash acquisitions 79933000; owner earnings 520551000. Growth capex plus acquisitions / owner earnings = 0.15355459887695921.

- Source: https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 259985000; cash acquisitions 71044000; owner earnings 566139000. Growth capex plus acquisitions / owner earnings = 0.12548861675312953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,22728000],[2018,559000],[2019,4655000],[2020,7090000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 77326000 USD.

### Are managers owners

Insiders own 21.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTZ.US SharesStats.PercentInsiders = 21.16 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years; actual growth was 57.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.11962785314431831. Price 191.63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.07630856390314204 → FY2025 7.194182529798968. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.55 per share

- 2016-11: $37.95 per share

- 2016-12: $38.25 per share

- 2017-01: $37.25 per share

- 2017-02: $39.25 per share

- 2017-03: $40.05 per share

- 2017-04: $44.15 per share

- 2017-05: $42.40 per share

- 2017-06: $45.15 per share

- 2017-07: $46.20 per share

- 2017-08: $40.80 per share

- 2017-09: $46.40 per share

- 2017-10: $43.55 per share

- 2017-11: $44.85 per share

- 2017-12: $48.95 per share

- 2018-01: $53.40 per share

- 2018-02: $50.95 per share

- 2018-03: $47.05 per share

- 2018-04: $44.00 per share

- 2018-05: $46.65 per share

- 2018-06: $50.75 per share

- 2018-07: $46.55 per share

- 2018-08: $43.80 per share

- 2018-09: $44.65 per share

- 2018-10: $43.51 per share

- 2018-11: $45.09 per share

- 2018-12: $40.56 per share

- 2019-01: $44.38 per share

- 2019-02: $43.18 per share

- 2019-03: $48.10 per share

- 2019-04: $50.65 per share

- 2019-05: $46.49 per share

- 2019-06: $51.53 per share

- 2019-07: $51.32 per share

- 2019-08: $62.87 per share

- 2019-09: $64.93 per share

- 2019-10: $62.94 per share

- 2019-11: $66.34 per share

- 2019-12: $64.16 per share

- 2020-01: $57.75 per share

- 2020-02: $49.08 per share

- 2020-03: $32.73 per share

- 2020-04: $35.90 per share

- 2020-05: $39.15 per share

- 2020-06: $44.87 per share

- 2020-07: $39.78 per share

- 2020-08: $46.21 per share

- 2020-09: $42.20 per share

- 2020-10: $49.64 per share

- 2020-11: $56.71 per share

- 2020-12: $68.18 per share

- 2021-01: $77.15 per share

- 2021-02: $86.75 per share

- 2021-03: $93.70 per share

- 2021-04: $104.36 per share

- 2021-05: $116.33 per share

- 2021-06: $106.10 per share

- 2021-07: $101.23 per share

- 2021-08: $91.44 per share

- 2021-09: $86.28 per share

- 2021-10: $89.13 per share

- 2021-11: $92.17 per share

- 2021-12: $92.28 per share

- 2022-01: $86.13 per share

- 2022-02: $78.76 per share

- 2022-03: $87.10 per share

- 2022-04: $72.01 per share

- 2022-05: $83.59 per share

- 2022-06: $71.66 per share

- 2022-07: $78.93 per share

- 2022-08: $80.50 per share

- 2022-09: $63.50 per share

- 2022-10: $77.08 per share

- 2022-11: $90.83 per share

- 2022-12: $85.33 per share

- 2023-01: $98.23 per share

- 2023-02: $97.72 per share

- 2023-03: $94.44 per share

- 2023-04: $88.81 per share

- 2023-05: $101.36 per share

- 2023-06: $117.97 per share

- 2023-07: $117.75 per share

- 2023-08: $99.49 per share

- 2023-09: $71.97 per share

- 2023-10: $59.44 per share

- 2023-11: $60.64 per share

- 2023-12: $75.72 per share

- 2024-01: $65.67 per share

- 2024-02: $75.46 per share

- 2024-03: $93.25 per share

- 2024-04: $88.69 per share

- 2024-05: $112.25 per share

- 2024-06: $106.99 per share

- 2024-07: $110.03 per share

- 2024-08: $113.13 per share

- 2024-09: $123.10 per share

- 2024-10: $122.89 per share

- 2024-11: $144.06 per share

- 2024-12: $136.14 per share

- 2025-01: $145.09 per share

- 2025-02: $130.59 per share

- 2025-03: $116.71 per share

- 2025-04: $127.32 per share

- 2025-05: $155.93 per share

- 2025-06: $170.43 per share

- 2025-07: $189.21 per share

- 2025-08: $181.69 per share

- 2025-09: $212.81 per share

- 2025-10: $204.16 per share

- 2025-11: $213.88 per share

- 2025-12: $217.37 per share

- 2026-01: $240.48 per share

- 2026-02: $298.02 per share

- 2026-03: $321.74 per share

- 2026-04: $394.05 per share

- 2026-05: $378.37 per share

- 2026-06: $416.06 per share

- 2026-07: $263.10 per share

- 2026-08: $239.78 per share

- 2026-09: $213.62 per share

- 2026-10: $191.63 per share

## Annual estimated value (USD per share)

- FY2016: low $29.91 per share, central $42.73 per share, high $50.19 per share

- FY2017: low $38.12 per share, central $54.45 per share, high $63.96 per share

- FY2018: low $41.14 per share, central $58.77 per share, high $69.03 per share

- FY2019: low $54.44 per share, central $77.78 per share, high $91.36 per share

- FY2020: low $62.45 per share, central $70.50 per share, high $81.23 per share

- FY2021: low $95.18 per share, central $132.40 per share, high $154.92 per share

- FY2022: low $92.59 per share, central $105.04 per share, high $121.62 per share

- FY2023: low $112.58 per share, central $127.59 per share, high $147.57 per share

- FY2024: low $74.08 per share, central $84.03 per share, high $97.27 per share

- FY2025: low $80.03 per share, central $90.87 per share, high $105.31 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Stephen Mandel](https://gigainvestors.com/LPC): 1,345,157 MTZ shares; USD 559,666,000 reported position value; 3.42% of portfolio; reduce; quarter 2026 Q2.
- [Daniel Loeb](https://gigainvestors.com/tp): 290,000 MTZ shares; USD 120,657,000 reported position value; 2.64% of portfolio; reduce; quarter 2026 Q2.

# MTZ — MasTec Inc.

Held by 2 investors · USD 680,323,000 total · 2026 Q2 · reported price USD 416.06 (split-adjusted).
Page: https://gigainvestors.com/s/MTZ

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Stephen Mandel (https://gigainvestors.com/LPC) | USD 559,666,000 | 3.4% | reduce -12.14% |
| Daniel Loeb (https://gigainvestors.com/tp) | USD 120,657,000 | 2.6% | reduce -9.38% |
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 13,781,196 | 0.0% | sold |

## Total held by quarter

- 2023 Q4: USD 9,920,001 · 1 holder · USD 75.72
- 2024 Q1: USD 12,401,318 · 1 holder · USD 93.25
- 2024 Q2: USD 11,260,377 · 1 holder · USD 106.99
- 2024 Q3: USD 12,958,860 · 1 holder · USD 123.10
- 2024 Q4: USD 14,363,315 · 1 holder · USD 136.14
- 2025 Q1: USD 12,308,120 · 1 holder · USD 116.71
- 2025 Q2: USD 18,079,896 · 1 holder · USD 170.43
- 2025 Q3: USD 176,799,569 · 2 holders · USD 212.81
- 2025 Q4: USD 224,056,301 · 2 holders · USD 217.37
- 2026 Q1: USD 609,338,023 · 3 holders · USD 321.74
- 2026 Q2: USD 680,323,000 · 2 holders · USD 416.06