MTZ

MASTEC INC

Materials • CIK: 0000015615

Market Cap

$16.93B

P/E (TTM)

42.4x

Rev Growth (TTM)

+16.3%

Net Margin (TTM)

2.8%

FCF Yield (TTM)

1.7%

FCF Margin (TTM)

2.0%

Filing Intelligence

5.0/10

10-K filed Feb 26, 2026 • FY 2025

Executive Summary

Management acknowledges significant economic, regulatory, and geopolitical uncertainties (tariffs, OBBBA legislation) that could impact future performance.. Significant ongoing transactions with...

Key Concerns

●Strategic priorities include continued growth through acquisitions and diversification across key infrastructure segments, alongside...
●While management expresses confidence in well-positioned market opportunities, caution is warranted due to external headwinds and the...
●Revenue recognition method (cost-to-cost) relies heavily on management estimates and judgments regarding costs to complete and variable...

Key Strengths

●The company experienced a substantial decrease in operating cash flow, primarily due to an increase in Days Sales Outstanding (DSO) and...

View Full Quarterly Insights →

LATEST EARNINGS

•

Q4 FY2025

•

about 1 month ago

•View source

Revenue

$3.94B

+15.8%

Net Income

$153.06M

+80.7%

EPS

$1.81

+91.7%

Net

3.9%↑ +1.4%

•Record fourth quarter revenue of $3.9 billion, increased 16% year-over-year.
•Record full year revenue of $14.3 billion, increased 16% year-over-year, exceeding guidance expectations.
•Record full year GAAP Net Income of $422.0 million and Adjusted EBITDA of $1.2 billion, both full year records.
•Record 18-month backlog of $19.0 billion, increased 13% sequentially and 33% year-over-year.

View Full Earnings →

Cash Flow Health

Free Cash Flow7/8 positive

TTM$286M

Q4 '25

$293M+1344%

Q3 '25

$20M+135%

FCF Margin

TTM2.0%

Q4 '257.4%+1354%

Sector: 0.4%Above Avg

OCF Margin3.8%

OCF/NI1.37x

CapEx Coverage2.1x

FCF Yield1.7%

FCF Growth (2Y)+48%

Cash Conversion Cycle

7 days

DSO: 38+DIO: 3−DPO: 34

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Accumulating Cash

Total Shareholder YieldTTM

TTM0.5%

Div Yield0.0%

Buyback (TTM)0.5%

Limited capital returns

Dividend & Payout Metrics

Dividend Yield (TTM)0.0%

Free Cash Flow (TTM)$285.8M

Stock Repurchases (TTM)$77.3M

Capital Return / FCF27.1%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

15.4%

Stable

+0.0% YoY+8.6%

P25MedianP75

75th pctl (med: 0.0%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

6.2%

8Q: 6.7%

Asset Turnover

1.54x

8Q: 1.51x

Leverage (1+D/E)

1.67x

D/E: 0.67x

DuPont: 15.9% ≈ 15.4% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

8.71x

8Q:8.66x

+216.2%

Invested Cap Turn

2.49x

8Q:2.42x

+71.6%

CapEx Intensity

4.5%

8Q:3.5%

CapEx/Depreciation

0.61x

Depreciation Rate Trend

⚠ Declining -6.6%

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Revenue	$14.3B	$3.9B↓0.7%	$4.0B↑11.9%	$3.5B↑24.5%	$2.8B↓16.2%	$3.4B↑4.5%	$3.3B↑9.8%	$3.0B↑10.2%	$2.7B
Operating Income	$1.1B	$319.2M↓10.5%	$356.7M↑37.8%	$258.9M↑78.6%	$144.9M↓42.0%	$250.0M↓15.0%	$294.3M↑16.1%	$253.6M↑79.0%	$141.6M
Net Income	$399.0M	$142.7M↓11.2%	$160.7M↑87.3%	$85.8M↑766.1%	$9.9M↓86.8%	$74.7M↓21.5%	$95.2M↑180.2%	$34.0M↑182.5%	$-41.2M
Operating Cash Flow	$545.7M	$372.7M↑319.0%	$89.0M↑1475.7%	$5.6M↓92.8%	$78.4M↓83.4%	$471.7M↑69.8%	$277.7M↑5.0%	$264.4M↑145.4%	$107.8M
Free Cash Flow	$285.8M	$292.6M↑1343.6%	$20.3M↑134.8%	$-58.2M↓287.0%	$31.1M↓92.7%	$423.3M↑80.8%	$234.1M↑0.5%	$232.9M↑182.9%	$82.3M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

42.4x

Volatile

8Q: 130.3x+18995%

Valuation Lenses

Earnings

42.4x

vs – sector

Cash Flow

65.6x

EV/FCF vs –

Growth-Adj

0.3xPEG

Undervalued for growth

Quality-Adj

2.8P/E per %ROIC

ROIC: 15.4%

Shareholder Returns

Dividend

–

Buyback

0.5%

Total Yield

0.5%

Market Cap$16.93B

EV$18.75B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

83/100

Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg

13.3%

8Q:–

Return on Invested Capital (ROIC)Top 25%

15.4%

8Q:–

+8.6%

vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 6.2%

Asset Turnover: 1.54x

Earnings Quality

Cash Conversion

1.37x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin12.5%

Capital Efficiency

Invested Capital Turnover2.49x

Working Capital

Cash Conversion Cycle7 days

Growth Quality & Momentum

Quality Growth

Growth Quality Score

76/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

16.3%

OpInc Growth YoY

27.7%

EPS Growth YoY

147.3%

FCF 3Y CAGR

47.6%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue

✓Sustainability Index: 7.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Low Quality

Profitability Cascade

Gross

12.5%

Operating

7.6%

Above Avg in sector

Net

2.8%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

-0.8 pts

FCF: 2.0% | Net: 2.8%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate

Net Debt / EBITDA

–Net Debt: $1.78B

Interest Coverage

–

Balance sheet risk & solvency analysis

Research

All research

AnalysisMEP Contractor ROIC: Why Margin × Turnover Explains the 4x Spread