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Mastec

MTZ on NYSE. Mastec builds and maintains power, pipeline, and communication infrastructure for utilities and energy companies. Market value $17.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
1.3%low

For every $100 of what the whole company costs, it produced $1.34 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 80 of 100. Price score: 39 of 100. Our list needs 70 on quality and 60 on price.

$228.30 a share, 25% above its 1-year low

Over the past year the price has ranged from $182.34 to $441.43.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.6
0.1
0.5
1.0
0.3
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$8.0bn$9.8bn$12.0bn$12.3bn$14.3bn
Operating margin
n/an/an/an/an/a
Debt to equity
0.791.181.130.760.72
Shares outstanding
0.08bn0.08bn0.08bn0.08bn0.08bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.72× equity
  • Revenue growth, five yearsStrong, 17.7% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $4.4 billion last quarter, up 23% on a year ago.
  • Profit: $130 million, up 52% on a year ago.
  • Spare cash over the past 12 months: $245 million, down from $630 million.
  • About the same number of shares as a year ago.
  • Debt is $2.4 billion more than cash, up from $2.1 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3.3bn
December 2024$3.4bn
March 2025$2.8bn
June 2025$3.5bn
September 2025$4.0bn
December 2025$3.9bn
March 2026$3.8bn
June 2026$4.4bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$95m
December 2024$75m
March 2025$10m
June 2025$86m
September 2025$161m
December 2025$143m
March 2026$61m
June 2026$130m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 910 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Jorge Mas
    Insider or founder
    at least 14.8%+13.7 pts
    (filed with 7 related holders)
    Since 11 August 2026
    What they said

    The purpose of this filing to is report the entry by JM Holdings I on August 10, 2026 into an amendment (the "Fourth Amendment") to the previously reported prepaid variable forward sale contract entered into by JM Holdings I with an unaffiliated party (the "2019 Prepaid Forward…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    8.1%+1.3 pts
    Since 30 June 2026
  • Jose Ramon Mas
    Insider or founder
    at least 7.7%−0.1 pts
    (filed with 2 related holders)
    Since 11 August 2026
    What they said

    The purpose of this filing to is report entry by Jose Ramon Mas on August 10, 2026 into an amendment (the "Fourth Amendment") to the previously reported prepaid variable forward sale contract entered into by Jose Ramon Mas with an unaffiliated party (the "JR 2019 Prepaid Forward…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $6m.

  • Csiszar Ernst N
    Director
    Sold
    Date
    3 June 2026
    Shares
    6,500
    Price
    $371.17
    Value
    $2m
  • Campbell C Robert
    Director
    Sold
    Date
    4 May 2026
    Shares
    3,000
    Price
    $417.00
    Value
    $1m
  • Palomarez Javier Alberto
    Director
    Sold
    Date
    25 March 2026
    Shares
    950
    Price
    $325.43
    Value
    $309,159
  • Csiszar Ernst N
    Director
    Sold
    Date
    3 March 2026
    Shares
    6,500
    Price
    $300.40
    Value
    $2m
  • Love Timothy Michael
    CAO
    Sold
    Date
    3 November 2025
    Shares
    1,929
    Price
    $206.15
    Value
    $397,663

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.