MasTec
MTZ NYSE Construction & Engineering Financials FY2016–FY2025
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%.
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.
- Legal name
- MASTEC INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0000015615-26-000020
0000015615
Revenue and margins
MasTec had $14.3B of revenue in fiscal 2025, up 16.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $286M in fiscal 2025, 2.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
MasTec returned $77.3M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count fell 0.2%.
Value MasTec yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.9B and divides by 78.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 27.3x · peers 27.7x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably MasTec can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $361M | $371M | $530M | $400M | $396M |
| Debt incl. finance leases | $2.0B | $3.2B | $3.1B | $2.2B | $2.3B |
| Net debt / EBITDA | 1.8x | 4.4x | 3.3x | 1.9x | 1.7x |
| Debt / 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 |
| Total assets | $7.1B | $9.3B | $9.4B | $9.0B | $9.9B |
| Total liabilities | $4.6B | $6.6B | $6.7B | $6.0B | $6.6B |
| Shareholders' equity | $2.5B | $2.7B | $2.7B | $2.9B | $3.3B |
| Net debt (− = net cash) | $1.7B | $2.9B | $2.5B | $1.8B | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$6.3M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 3, 2026 | Ernst N CsiszarDirector | Sold | 6,500 | $371.17 | $2.4M | Form 4 |
| May 4, 2026 | Campbell C RobertDirector | Sold | 3,000 | $417.00 | $1.3M | Form 4 |
| Mar 25, 2026 | Javier Alberto PalomarezDirector | Sold | 950 | $325.43 | $0.3M | Form 4 |
| Mar 3, 2026 | Ernst N CsiszarDirector | Sold | 6,500 | $300.40 | $2.0M | Form 4 |
| Nov 3, 2025 | Timothy Michael LoveCAO | Sold | 1,929 | $206.15 | $0.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 3 / 8 | 6 / 8 | 7 / 8 |
| Accruals ratio | −7.9% | −10.5% | −1.6% |
| Altman Z'' | 2.08 | 2.17 | 2.59 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| MasTec MTZ | $13.5B | 16.2% | — | 2.0% | 11.2% | 27.3x | 7 | |
| Fluor FLR | $6.2B | −5.0% | −2.4% | −2.8% | −13.9% | — | 3 | Compare → |
| AECOM ACM | $7.8B | 0.2% | 6.4% | 4.2% | 22.4% | 27.8x | 7 | Compare → |
| Emcor EME | $28.9B | 16.6% | 10.1% | 7.0% | 60.7% | 20.2x | 6 | Compare → |
| Jacobs Solutions J | $17.2B | 4.6% | 7.2% | 5.1% | 10.1% | 50.9x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.1B | $6.6B | $6.9B | $7.2B | $6.3B | $8.0B | $9.8B | $12.0B | $12.3B | $14.3B |
| Interest expense | $47.7M | $59.2M | $81.2M | $85.0M | $65.0M | $61.8M | $107M | $238M | $195M | $177M |
| Pretax income | $226M | $372M | $365M | $511M | $425M | $430M | $43.1M | −$82.7M | $251M | $515M |
| Income tax | $91.8M | $22.9M | $106M | $117M | $103M | $99.3M | $9.2M | −$35.4M | $51.5M | $93.4M |
| Net income | $131M | $347M | $260M | $392M | $323M | $329M | $33.4M | −$49.9M | $163M | $399M |
| Diluted EPS | $1.61 | $4.22 | $3.26 | $5.17 | $4.38 | $4.45 | $0.42 | −$0.64 | $2.06 | $5.07 |
| Diluted shares | 0.08B | 0.08B | 0.08B | 0.08B | 0.07B | 0.07B | 0.08B | 0.08B | 0.08B | 0.08B |
| Cash flow | ||||||||||
| Cash from operations | $206M | $144M | $530M | $550M | $937M | $793M | $352M | $687M | $1.1B | $546M |
| Capital expenditure | $117M | $123M | $180M | $127M | $214M | $170M | $263M | $193M | $149M | $260M |
| Free cash flow | $88.5M | $20.7M | $350M | $424M | $724M | $623M | $88.9M | $494M | $973M | $286M |
| Depreciation and amortization | $165M | $188M | $213M | $236M | $298M | $423M | $507M | $603M | $507M | $427M |
| Stock-based compensation | $15.1M | $15.7M | $13.5M | $16.4M | $21.9M | $24.8M | $27.4M | $33.3M | $32.7M | $34.0M |
| Acquisitions | $4.1M | $116M | $6.7M | $180M | $25.0M | $1.2B | $636M | $69.4M | $79.9M | $71.0M |
| Share buybacks | $0.0M | $1.6M | $314M | $5.7M | $120M | $0.0M | $81.3M | $0.0M | $0.0M | $77.3M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $1.6M | $314M | $5.7M | $120M | $0.0M | $81.3M | $0.0M | $0.0M | $77.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $38.8M | $40.3M | $27.4M | $71.4M | $423M | $361M | $371M | $530M | $400M | $396M |
| Total debt | $1.0B | $1.4B | $1.4B | $1.4B | $1.3B | $2.0B | $3.2B | $3.1B | $2.2B | $2.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $301M | $289M | $293M | $389M | $342M | $298M | $344M |
| Current assets | $1.4B | $1.9B | $2.2B | $2.2B | $2.4B | $2.9B | $3.9B | $4.0B | $3.7B | $4.3B |
| Current liabilities | $840M | $964M | $1.3B | $1.2B | $1.4B | $1.8B | $2.5B | $2.8B | $3.0B | $3.3B |
| Inventory | $111M | $77.0M | $114M | $100M | $89.6M | $92.6M | $118M | $108M | $107M | $113M |
| Property and equipment, net | $549M | $707M | $748M | $906M | $982M | $1.4B | $1.8B | $1.7B | $1.5B | $1.7B |
| Total assets | $3.2B | $4.1B | $4.4B | $5.0B | $5.2B | $7.1B | $9.3B | $9.4B | $9.0B | $9.9B |
| Total liabilities | $2.1B | $2.6B | $3.0B | $3.2B | $3.2B | $4.6B | $6.6B | $6.7B | $6.0B | $6.6B |
| Shareholders' equity | $1.1B | $1.4B | $1.4B | $1.8B | $2.0B | $2.5B | $2.7B | $2.7B | $2.9B | $3.3B |
| Margins | ||||||||||
| EBITDA margin | 8.5% | 9.4% | 9.5% | 11.6% | 12.5% | 11.5% | 6.7% | 6.3% | 7.7% | 7.8% |
| Net margin | 2.6% | 5.3% | 3.8% | 5.5% | 5.1% | 4.1% | 0.3% | −0.4% | 1.3% | 2.8% |
| FCF margin | 1.7% | 0.3% | 5.1% | 5.9% | 11.5% | 7.8% | 0.9% | 4.1% | 7.9% | 2.0% |
| Returns | ||||||||||
| Return on capital | 8.0% | 16.7% | 11.5% | 15.5% | 12.3% | 10.7% | 2.4% | 2.3% | 7.0% | 11.2% |
| Return on capital employed | 12.1% | 15.8% | 14.3% | 17.2% | 12.9% | 10.8% | 2.5% | 2.3% | 7.1% | 11.0% |
| 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% |
| Growth | ||||||||||
| Revenue growth | 22.0% | 28.7% | 4.6% | 4.0% | −12.0% | 25.8% | 23.0% | 22.7% | 2.6% | 16.2% |
| Net income growth | — | 164.5% | −25.2% | 51.1% | −17.7% | 1.9% | −89.9% | −249.8% | — | 145.1% |
| EPS growth | — | 162.1% | −22.8% | 58.6% | −15.3% | 1.6% | −90.6% | −252.4% | — | 146.1% |
| FCF growth | −68.7% | −76.6% | 1,589.9% | 21.3% | 70.7% | −13.9% | −85.7% | 455.8% | 96.8% | −70.6% |
| Share count change | 1.1% | 1.1% | −3.1% | −4.9% | −2.8% | 0.3% | 3.0% | 1.8% | 1.7% | −0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.3x | 2.2x | 2.1x | 1.6x | 1.1x | 1.8x | 4.4x | 3.3x | 1.9x | 1.7x |
| Debt / equity | 0.9x | 1.0x | 1.0x | 0.8x | 0.7x | 0.8x | 1.2x | 1.1x | 0.8x | 0.7x |
| Interest coverage | 5.7x | 7.3x | 5.5x | 7.0x | 7.5x | 8.0x | 1.4x | 0.7x | 2.3x | 3.9x |
| Current ratio | 1.7x | 1.9x | 1.7x | 1.8x | 1.7x | 1.6x | 1.6x | 1.4x | 1.2x | 1.3x |
| Quick ratio | 1.5x | 1.8x | 1.6x | 1.7x | 1.6x | 1.6x | 1.5x | 1.4x | 1.2x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.3% | 1.9% | 2.6% | 1.8% | 3.4% | 2.1% | 2.7% | 1.6% | 1.2% | 1.8% |
| Stock comp / revenue | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% |
| Payouts / FCF | 0.0% | 7.5% | 89.8% | 1.3% | 16.6% | 0.0% | 91.4% | 0.0% | 0.0% | 27.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 5.0 | 7.0 | 5.0 | 4.0 | 3.0 | 3.0 | 6.0 | 7.0 |
| Altman Z'' | 2.8 | 3.4 | 3.3 | 3.6 | 3.6 | 3.0 | 2.3 | 2.1 | 2.2 | 2.6 |
| Accruals ratio | −2.4% | 5.6% | −6.4% | −3.4% | −12.0% | −7.5% | −3.9% | −7.9% | −10.5% | −1.6% |
Source: SEC EDGAR XBRL filings (CIK 0000015615). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.