MasTec vs Quanta Services
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KIRA’s take AI analyst
I put MasTec and Quanta Services side by side, using each one’s latest annual report. Here is what stands out:
- Quanta Services is the larger business, with $28.5B of revenue in fiscal 2025 against $14.3B for MasTec, about 2.0 times as much.
- Quanta Services grew revenue faster (20.3%, against 16.2%).
- Quanta Services turned more of its sales into free cash flow (5.7% FCF margin, against 2.0%).
- MasTec earned a higher return on the capital invested in it (11.2%, against 9.5%).
- Investors pay more for each dollar of Quanta Services’s earnings: a P/E of 64.6x against 27.5x for MasTec.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
MasTec
MTZ
5/9
Return on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Quanta Services
PWR
4/9
Revenue growth5-year growthNet marginFCF margin
Side by side
Best in the row
| Latest fiscal year | MTZ FY25 | PWR FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.6B | $85.9B |
| Revenue | $14.3B | $28.5B |
| Free cash flow | $286M | $1.6B |
| Net income | $399M | $1.0B |
| Growth | ||
| Revenue growth | 16.2% | 20.3% |
| 5-year growth | 17.7% | 20.5% |
| Share count change | −0.2% | 0.8% |
| Profitability | ||
| Gross margin | — | 15.0% |
| Operating margin | — | 5.7% |
| Net margin | 2.8% | 3.6% |
| FCF margin | 2.0% | 5.7% |
| Return on capital | 11.2% | 9.5% |
| Return on equity | 12.9% | 12.7% |
| Balance sheet | ||
| Net debt | $1.9B | $5.6B |
| Net debt / EBITDA | 1.7x | 2.2x |
| Dividends and buybacks | $77.3M | $195M |
| Valuation & quality | ||
| P/E | 27.5x | 64.6x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.