MasTec vs Quanta Services
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The short version
- 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 62.6x against 27.3x for MasTec.
| Latest fiscal year | MTZ · FY25 | PWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.5B | $83.3B |
| 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 | 27.3x | 62.6x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
MTZ $5.1B
PWR $7.7B
FY17
MTZ $6.6B
PWR $9.5B
FY18
MTZ $6.9B
PWR $11.2B
FY19
MTZ $7.2B
PWR $12.1B
FY20
MTZ $6.3B
PWR $11.2B
FY21
MTZ $8.0B
PWR $13.0B
FY22
MTZ $9.8B
PWR $17.1B
FY23
MTZ $12.0B
PWR $20.9B
FY24
MTZ $12.3B
PWR $23.7B
FY25
MTZ $14.3B
PWR $28.5B
MTZ
PWR
Operating margin
FY16
MTZ —
PWR 4.2%
FY17
MTZ —
PWR 4.0%
FY18
MTZ —
PWR 4.8%
FY19
MTZ —
PWR 4.6%
FY20
MTZ —
PWR 5.5%
FY21
MTZ —
PWR 5.1%
FY22
MTZ —
PWR 5.1%
FY23
MTZ —
PWR 5.4%
FY24
MTZ —
PWR 5.7%
FY25
MTZ —
PWR 5.7%
MTZ
PWR
Free cash flow
FY16
MTZ $88.5M
PWR $178M
FY17
MTZ $20.7M
PWR $127M
FY18
MTZ $350M
PWR $65.2M
FY19
MTZ $424M
PWR $265M
FY20
MTZ $724M
PWR $856M
FY21
MTZ $623M
PWR $197M
FY22
MTZ $88.9M
PWR $703M
FY23
MTZ $494M
PWR $1.1B
FY24
MTZ $973M
PWR $1.5B
FY25
MTZ $286M
PWR $1.6B
MTZ
PWR
Return on capital
FY16
MTZ 8.0%
PWR 5.9%
FY17
MTZ 16.7%
PWR 8.6%
FY18
MTZ 11.5%
PWR 7.8%
FY19
MTZ 15.5%
PWR 8.0%
FY20
MTZ 12.3%
PWR 9.1%
FY21
MTZ 10.7%
PWR 7.5%
FY22
MTZ 2.4%
PWR 7.3%
FY23
MTZ 2.3%
PWR 9.8%
FY24
MTZ 7.0%
PWR 10.3%
FY25
MTZ 11.2%
PWR 9.5%
MTZ
PWR
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.