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MasTec, Inc.
NYSE: MTZ Industrials Infra 🔎 Screen
$28.3B
Market Cap
42.9
P/E
0.58
PEG
7.5%
ROCE
13.4%
ROE
0.74
D/E
4.6%
OPM
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Ratio Health
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About

MasTec, Inc., an infrastructure engineering and construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada.

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⭐ Superinvestors Holding MTZ
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Manager Shares Value % of Fund Period
Daniel Loeb Third Point LLC 320.0K $103.0B 4.94% Mar 2026
Steve Cohen Point72 Asset Management 433.1K $139.3M 0.18% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2026
Revenue
$3.829B
+34% YoY
Operating Income
$142M
+292% YoY
Operating Margin
3.7%
+2.4pp YoY
Net Income
$69.7M
+465% YoY
What Went Right
  • Revenue and EBITDA both set first-quarter records, exceeding guidance.
  • Backlog hit a record $20.3B, up 28% YoY, with book-to-bill of 1.4x.
  • Power Delivery and Pipeline segments delivered strong margin expansion (120 bps and 870 bps YoY respectively).
What to Watch
  • DIRECTV fulfillment business exit caused ~100 bps margin headwind in Communications.
  • DSOs increased to 72 days from 65 at year-end, temporarily impacting cash conversion.
  • Pipeline segment margins may moderate from 21% in Q1 to high teens in Q2 as project mix shifts.
Management Guidance
  • Q2 2026 revenue guided to $4.3B.
  • Q2 2026 adjusted EBITDA guided to $380M (8.8% margin).
  • Full-year 2026 revenue raised to $17.5B, adjusted EBITDA to $1.5B, adjusted EPS to $8.79.
Investor Lens
The thesis is stronger after this call. MasTec delivered a clean beat across all key metrics and raised full-year guidance, with strong momentum in all segments. Record backlog and robust demand across AI/data centers, grid modernization, and pipeline infrastructure underpin durable multi-year growth. The only cautions are modest headwinds from non-core exits and working capital timing, but management’s increased guidance and confidence in 2027 reinforce a positive outlook.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Exceptional Q1 beat; guidance raised for 2026.
Revenue
Q1 revenue was $3.829B, up 34% YoY, beating guidance by ~10%. Growth was broad-based: Communications +18%, Clean Energy & Infrastructure +45%, Power Delivery +16%, and Pipeline +92%.
Profitability
Net income was $69.7M ($0.77 GAAP EPS), up 465% YoY. Adjusted EPS rose 174% to $1.39, also ahead of guidance.
Margins
Adjusted EBITDA margin of 7.4% expanded 170 bps YoY. Segment margins improved in Power Delivery (+120 bps to 6.9%) and Pipeline (+870 bps to 21.2%), while Communications declined 100 bps due to exit costs.
Balance Sheet
Cash flow from operations was $99M; free cash flow $12M. DSO rose to 72 days from 65 at year-end. Liquidity ~$1.8B, net leverage 1.8x. CapEx guidance raised to ~$220M for the year.
Key Risks
1) Exit costs in DIRECTV fulfillment could linger if markets don't fully stabilize; 2) Higher DSO may pressure near-term cash flow if not resolved to mid-60s; 3) Pipeline segment backlog is understated due to signed contracts only – visibility is strong but timing of conversion to backlog remains uncertain.
Outlook
Management increased full-year revenue guidance to $17.5B (22% growth) and adjusted EBITDA to $1.5B (30% growth). Q2 revenue is expected to be $4.3B with EBITDA margin of 8.8%, reflecting lower seasonality.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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