MasTec, Inc. (MTZ) financials

NYSE · Industrials · Engineering & Construction · 37,000 employees · CEO Jose Ramon Mas

Price: $193.77 +4.14%
Market cap: $15.6B
Enterprise value: $19.8B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-25 EPS est. $2.69

Revenue (TTM)$17.3B+25.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)4.9%-0.1 pp vs a year agoOperating income $852M

Net income (TTM)$493M+48.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$405M-2.9% vs a year agoCapex $356M

Diluted EPS (TTM)$6.12+45.4% vs a year agoSum of the last 4 quarters

Net cash-$4.22B-66.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $15.6B
Revenue: $17.3B
Revenue growth: +27%
Profit margin: 2.9%
P/E: 31.4×
P/S: 0.9×
EV / EBITDA: 14.1×
Free cash flow: $405M
Net income: $493M
Revenue estimate: $18.2B
Earnings: 2027-02-25
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 4.3%, EPS in lineRevenue $5.15B vs $4.94B expected (+4.3%); EPS $2.96 vs $2.95 (+0.3%).
Revenue growth accelerating: 29.9% year on yearQ3 '26 revenue $5.15B, against an average of 23.9% over the four quarters before.
Operating margin 4.9% (TTM), -0.1 pp on a year agoOperating income grew 23.9% while revenue grew 25.7%.
25.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $679M vs operating income $852M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 2.1% of revenue (a year ago 1.7%)$356M invested in the last 4 quarters (+56.0% on a year earlier). Free cash flow $405M = 82.1% of net income.
Diluted share count up 1.5% in a year79.8M diluted shares in Q3 '26, 78.6M a year earlier.
Net debt $4.22BCash + short-term investments $482M, debt incl. leases $4.7B; a year ago net debt $2.54B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$5.15B	$3.97B	+29.9%
Gross margin	12.8%	13.6%	-0.7 pp
Operating income	$275M	$357M	-22.8%
Operating margin	5.3%	9.0%	-3.6 pp
Net income	$151M	$161M	-6.3%
Diluted EPS	$1.89	$2.04	-7.4%
Operating cash flow	$267M	$89M	+200.6%
Capex	$87.3M	$68.7M	+27.2%
Free cash flow	$180M	$20.3M	+788.2%
R&D	$0	$0	–
Stock-based compensation	$11.3M	$9.31M	+21.3%

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$5.15B	$4.94B	+4.3%
EPS (as estimated)	$2.96	$2.95	+0.3%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Clean Energy and Infrastructure	$1.83B	+33.9%	54.4%	$6.07B	+29.9%
Power Delivery	–	–	–	–	–
Communications	$807M	-11.8%	24.0%	$3.4B	-0.1%
Pipeline Infrastructure	$724M	+21.1%	21.6%	$2.69B	–
Eliminations	–	–	–	–	–
Other	–	–	–	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Non-US	$89.6M	+129.7%	100.0%	$347M	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $761M
Capex: -$356M
Buybacks: $0
Dividends: $0
Acquisitions: -$1.68B
Net debt issued: $1.58B
Stock-based compensation: $54.3M
Free cash flow: $405M
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	31.4×	79.4× 4 of 5 years	20.3× – 189.6×
EV / EBITDA	14.1×	13.3×	9.5× – 17.3×
EV / Sales	1.1×	1.0×	0.7× – 1.4×
Price / FCF	38.5×	32.9×	10.7× – 71.9×
Price / Book	3.8×	3.2×	2.2× – 5.2×
FCF yield	2.6%	6.0%	1.4% – 9.3%
Return on invested capital	7.2%	4.3%	1.3% – 7.4%
Return on equity	14.0%	6.0%	-1.8% – 12.9%

Analysts

Consensus target $379.07 (+95.6%)
range $270.00 – $550.00 · rating Buy

Strong buy0

Buy32

Hold4

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$18.2B	+27.4%	$9.22	+81.9%	21.0×	10
FY2027	$21.5B	+18.1%	$12.30	+33.3%	15.8×	14
FY2028	$24.7B	+14.8%	$16.24	+32.1%	11.9×	6
FY2029	$27.9B	+13.1%	$20.64	+27.1%	9.4×	3
FY2030	$30.4B	+8.8%	$23.55	+14.1%	8.2×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 295 figures MasTec, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$61.8M	$45.4M	+36.0%	–	–	–
	$87.4M	$68.7M	+27.2%	–	–	–
Accounts Payable, Current	$1.95B	$1.29B	+51.4%	$1.28B	$1.11B	+15.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$2.54B	$1.69B	+50.1%	$1.54B	$1.38B	+11.5%
Accounts Receivable, Allowance for Credit Loss, Current	$13.6M	$17.9M	-24.0%	$17.9M	$19.1M	-6.3%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$700K	$800K	-12.5%
Accounts Receivable, before Allowance for Credit Loss, Current	$2.55B	$1.71B	+49.4%	$1.56B	$1.4B	+11.3%
Accounts Receivable, Credit Loss Expense (Reversal)	-$3.5M	$400K	-975.0%	-$500K	$4.8M	-110.4%
Accrued Liabilities, Current	$556M	$499M	+11.5%	$541M	$455M	+18.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$42.1M	-$40.6M	-3.6%	-$44M	-$40.8M	-7.8%
Additional Paid in Capital, Common Stock	$1.72B	$1.31B	+31.3%	$1.32B	$1.29B	+2.2%
Amortization of Debt Issuance Costs	–	–	–	$4.7M	$4.6M	+2.2%
Amortization of Debt Issuance Costs and Discounts	$1.12M	$1.18M	-5.0%	$4.77M	$5.53M	-13.9%
Amortization of Intangible Assets	$75.3M	$32.7M	+130.3%	$131M	$140M	-6.2%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,000	1,000	+100.0%	11K	16K	-31.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$11.3M	$9.31M	+21.3%	$34M	$32.7M	+4.1%
Assets	$14.1B	$9.69B	+45.8%	$9.92B	$8.98B	+10.6%
Assets, Current	$6.2B	$4.31B	+44.0%	$4.33B	$3.65B	+18.5%
Business Acquisition, Pro Forma Net Income (Loss)	$174M	$175M	-0.2%	$430M	$196M	+119.6%
Business Acquisition, Pro Forma Revenue	$5.25B	$4.35B	+20.8%	$14.5B	$12.6B	+15.3%
Business Combination, Acquisition Related Costs	$02026-03-31	–	–	$4M	$3M	+33.3%
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$02026-06-30	–	–	$0	$0	–
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$195M2026-06-30	–	–	$166M	$42.8M	+288.8%
Capital Expenditures Incurred but Not yet Paid	$10.3M	-$16.2M	+163.6%	$15.1M	$7M	+115.7%
Capitalized Computer Software, Gross	$247M2026-03-31	–	–	$247M	$228M	+8.3%
Capitalized Computer Software, Net	$49.5M2026-03-31	–	–	$54M	$51.1M	+5.7%
Cash and Cash Equivalents, at Carrying Value	$482M	$231M	+108.2%	$396M	$400M	-1.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$482M	$231M	+108.2%	$396M	$400M	-1.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$166M	$40.4M	+311.7%	-$3.87M	-$130M	+97.0%
Common Stock, Par or Stated Value Per Share	$0.10	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	145M	145M	0.0%	145M	145M	0.0%
Common Stock, Shares, Issued	99.4M	99.3M	+0.1%	99.3M	99M	+0.3%
Common Stock, Value, Issued	$9.94M	$9.93M	+0.1%	$9.93M	$9.9M	+0.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$17.1M	$7.95M	+115.0%	$24.3M	$36.6M	-33.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$153M	$156M	-1.6%	$396M	$160M	+147.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$171M	$164M	+4.0%	$420M	$197M	+113.4%
Construction Payable, Current	$200M	–	–	$271M	$219M	+23.8%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$2.78B	$2.01B	+38.3%	$2B	$1.56B	+28.7%
Contract with Customer, Liability, Current	$1.1B	$730M	+50.8%	$748M	$736M	+1.6%
Contract with Customer, Liability, Revenue Recognized	$25.9M	$26.5M	-2.3%	$706M	$417M	+69.3%
Contracts Receivable, Claims and Uncertain Amounts, Expected to be Collected in Next Twelve Months	$334M	$211M	+58.3%	$229M	$139M	+64.7%
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$4.49B	$3.43B	+31.0%	$12.5B	$10.7B	+17.1%
Cost, Amortization	$75.3M	$32.7M	+130.1%	$131M	$140M	-6.2%
Cost, Depreciation	$93.8M	$71.8M	+30.5%	$296M	$367M	-19.3%
Current Federal Tax Expense (Benefit)	–	–	–	-$51.2M	$68.9M	-174.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.9M	$7.8M	-75.6%
Current Income Tax Expense (Benefit)	–	–	–	-$21.8M	$86M	-125.3%
Current State and Local Tax Expense (Benefit)	–	–	–	$27.5M	$9.3M	+195.7%
Debt Issuance Costs, Net	$22.6M	$15.9M	+42.1%	$14.9M	$14.6M	+2.1%
Deferred Compensation Liability, Classified, Noncurrent	$36.8M2025-12-31	$35.4M	+4.0%	$36.8M	$35.4M	+4.0%
Deferred Compensation Plan Assets	$33.7M2025-12-31	$29M	+16.2%	$33.7M	$29M	+16.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$143M	-$26.2M	+646.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$9.7M	$0	–
Deferred Income Tax Expense (Benefit)	–	–	–	$115M	-$34.5M	+433.9%
Deferred Income Tax Liabilities, Net	$519M	$449M	+15.5%	$478M	$363M	+31.8%
Deferred Income Taxes and Tax Credits	$4.92M	$110M	-95.5%	$115M	-$34.4M	+434.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$18.4M	-$8.3M	-121.7%
Deferred Tax Assets, Net of Valuation Allowance	$202M2025-12-31	$485M	-58.3%	$202M	$485M	-58.3%
Deferred Tax Assets, Operating Loss Carryforwards	$88.3M2025-12-31	$93.3M	-5.4%	$88.3M	$93.3M	-5.4%
Deferred Tax Assets, Other	$13.4M2025-12-31	$20.5M	-34.6%	$13.4M	$20.5M	-34.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-03