NYSE : MTZ
MasTec, Inc. — Financial statements
Industrials · Engineering & Construction · United States
Last price 186.06 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.75B
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Financial statements
MasTec, Inc. (MTZ) reported revenue of 17.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.29B | 14.30B | 12.30B | 12.00B | 9.78B | 7.95B |
| Cost of Revenue | 15.09B | 12.51B | 10.68B | 10.61B | 8.56B | 6.81B |
| Gross Profit | 2.20B | 1.79B | 1.63B | 1.39B | 1.22B | 1.15B |
| Selling, General & Admin | 833.78M | 709.01M | 681.51M | 634.80M | 507.44M | 299.97M |
| Amortization of Goodwill & Intangibles | 184.56M | 131.19M | 139.85M | 169.23M | 135.91M | 77.21M |
| Operating Expenses | 1.36B | 1.14B | 1.19B | 1.24B | 1.01B | 722.80M |
| Operating Income | 844.01M | 656.64M | 439.35M | 152.01M | 206.42M | 423.25M |
| Interest Expense | -197.07M | -172.99M | -193.27M | -234.41M | -112.25M | -53.41M |
| Earnings From Equity Investments | 34.98M | 31.96M | 30.23M | 30.70M | 28.84M | 33.83M |
| Other Non Operating Income (Expenses) | 5.69M | 4.78M | 4.99M | 40.89M | 5.86M | 2.41M |
| EBT Excluding Unusual Items | 687.60M | 520.40M | 281.31M | -10.80M | 128.86M | 406.07M |
| Merger & Restructuring Charges | -4.00M | -4.00M | -3.00M | -71.90M | -86.00M | -7.00M |
| Gain (Loss) on Sale of Investments | -7.00M | |||||
| Asset Writedown | -6.00M | |||||
| Legal Settlements | 7.00M | |||||
| Other Unusual Items | -4.22M | -1.00M | -21.34M | 200.00K | 31.00M | |
| Pretax Income | 679.38M | 515.40M | 250.96M | -82.70M | 43.06M | 430.07M |
| Income Tax Expense | 143.21M | 93.38M | 51.54M | -35.41M | 9.17M | 99.35M |
| Earnings From Continuing Operations | 536.18M | 422.01M | 199.42M | -47.30M | 33.89M | 330.73M |
| Minority Interest in Earnings | -51.94M | -22.97M | -36.63M | -2.65M | -534.00K | -1.90M |
| Net Income | 484.24M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M |
| Net Income to Common | 484.24M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M |
| Shares Outstanding (Basic) | 78.25M | 77.87M | 78.05M | 77.53M | 74.92M | 72.50M |
| Shares Outstanding (Diluted) | 79.05M | 78.69M | 78.88M | 77.53M | 76.19M | 73.94M |
| EPS (Basic) | 6.19 | 5.12 | 2.09 | -0.64 | 0.45 | 4.54 |
| EPS (Diluted) | 6.13 | 5.07 | 2.06 | -0.64 | 0.42 | 4.45 |
| Free Cash Flow | 404.63M | 285.73M | 972.77M | 494.34M | 88.94M | 623.01M |
| Free Cash Flow Per Share | 5.12 | 3.63 | 12.33 | 6.38 | 1.17 | 8.43 |
| Gross Margin | 12.74% | 12.54% | 13.23% | 11.59% | 12.49% | 14.41% |
| Operating Margin | 4.88% | 4.59% | 3.57% | 1.27% | 2.11% | 5.32% |
| Profit Margin | 2.80% | 2.79% | 1.32% | -0.42% | 0.34% | 4.13% |
| Free Cash Flow Margin | 2.34% | 2.00% | 7.91% | 4.12% | 0.91% | 7.83% |
| EBITDA | 1.37B | 1.08B | 945.97M | 755.17M | 713.57M | 846.08M |
| EBITDA Margin | 7.92% | 7.58% | 7.69% | 6.30% | 7.30% | 10.64% |
| D&A For EBITDA | 525.61M | 427.08M | 506.62M | 603.16M | 507.15M | 422.83M |
| EBIT | 844.01M | 656.64M | 439.35M | 152.01M | 206.42M | 423.25M |
| EBIT Margin | 4.88% | 4.59% | 3.57% | 1.27% | 2.11% | 5.32% |
| Effective Tax Rate | 21.08% | 18.12% | 20.54% | 21.30% | 23.10% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 481.82M | 396.03M | 399.90M | 529.56M | 370.59M | 360.74M |
| Short-Term Investments | 7.90M | |||||
| Cash & Short-Term Investments | 481.82M | 396.03M | 399.90M | 529.56M | 370.59M | 368.64M |
| Accounts Receivable | 5.32B | 3.54B | 2.94B | 3.13B | 3.13B | 2.25B |
| Other Receivables | 3.30M | 2.80M | 3.00M | |||
| Receivables | 5.32B | 3.54B | 2.94B | 3.13B | 3.13B | 2.25B |
| Inventory | 110.53M | 112.47M | 107.34M | 108.15M | 117.97M | 92.59M |
| Prepaid Expenses | 136.08M | 183.57M | 118.89M | 105.88M | 122.31M | 91.49M |
| Other Current Assets | 150.75M | 92.03M | 86.12M | 104.21M | 118.64M | 73.98M |
| Total Current Assets | 6.20B | 4.33B | 3.65B | 3.97B | 3.86B | 2.87B |
| Property, Plant & Equipment | 2.38B | 1.99B | 1.77B | 1.91B | 1.89B | 1.70B |
| Long-Term Investments | 452.00M | 377.00M | 330.00M | |||
| Goodwill | 3.04B | 2.25B | 2.20B | 2.13B | 2.05B | 1.52B |
| Other Intangible Assets | 1.94B | 849.45M | 904.47M | 947.16M | 1.09B | 670.28M |
| Other Long-Term Assets | 132.10M | 126.48M | 117.23M | 418.49M | 409.16M | 360.09M |
| Total Assets | 14.14B | 9.92B | 8.98B | 9.37B | 9.29B | 7.12B |
| Accounts Payable | 1.95B | 1.28B | 1.11B | 1.24B | 1.11B | 663.06M |
| Accrued Expenses | 597.02M | 453.44M | 358.30M | 614.02M | 547.86M | 433.08M |
| Current Portion of Long-Term Debt | 26.50M | 22.61M | 186.09M | 177.25M | 171.92M | 137.91M |
| Current Portion of Leases | 354.74M | 307.35M | 146.18M | 137.76M | 96.52M | 95.43M |
| Current Income Taxes Payable | 131.40M | 64.70M | 83.00M | |||
| Current Unearned Revenue | 1.10B | 747.73M | 735.62M | 480.97M | 406.23M | 313.96M |
| Other Current Liabilities | 315.26M | 394.31M | 384.75M | 184.62M | 163.65M | 141.16M |
| Total Current Liabilities | 4.47B | 3.27B | 3.00B | 2.84B | 2.50B | 1.78B |
| Long-Term Debt | 3.71B | 1.96B | 1.68B | 2.51B | 2.67B | 1.57B |
| Long-Term Leases | 617.98M | 504.74M | 617.80M | 673.17M | 574.35M | 486.68M |
| Long-Term Deferred Tax Liabilities | 518.73M | 478.16M | 362.77M | 390.40M | 571.40M | 450.36M |
| Other Long-Term Liabilities | 621.52M | 370.61M | 326.14M | 243.70M | 238.39M | 289.96M |
| Total Liabilities | 9.94B | 6.59B | 5.99B | 6.65B | 6.55B | 4.58B |
| Common Stock | 9.94M | 9.93M | 9.90M | 9.91M | 9.86M | 9.54M |
| Additional Paid-In Capital | 1.72B | 1.32B | 1.29B | 1.26B | 1.25B | 1.03B |
| Retained Earnings | 3.05B | 2.71B | 2.31B | 2.15B | 2.20B | 2.16B |
| Treasury Stock | -687.87M | -734.13M | -656.81M | -659.91M | -663.91M | -586.96M |
| Comprehensive Income & Other | -42.08M | -44.03M | -40.85M | -53.00M | -50.95M | -78.78M |
| Total Common Equity | 4.05B | 3.26B | 2.91B | 2.71B | 2.74B | 2.54B |
| Minority Interest | 147.17M | 75.21M | 75.49M | 15.11M | 3.86M | 4.05M |
| Shareholders' Equity | 4.20B | 3.33B | 2.99B | 2.72B | 2.74B | 2.54B |
| Total Liabilities & Equity | 14.14B | 9.92B | 8.98B | 9.37B | 9.29B | 7.12B |
| Total Debt | 4.70B | 2.80B | 2.63B | 3.50B | 3.51B | 2.29B |
| Net Cash (Debt) | -4.22B | -2.40B | -2.23B | -2.97B | -3.14B | -1.92B |
| Net Cash Per Share | -53.42 | -30.54 | -28.29 | -38.26 | -41.27 | -25.93 |
| Filing Date Shares Outstanding | 79.28M | 77.86M | 78.16M | 77.78M | 76.74M | 74.68M |
| Total Common Shares Outstanding | 77.88M | 77.86M | 78.18M | 77.78M | 76.63M | 74.68M |
| Working Capital | 1.73B | 1.06B | 652.83M | 1.14B | 1.36B | 1.09B |
| Book Value Per Share | 52.03 | 41.86 | 37.25 | 34.79 | 35.72 | 34.01 |
| Tangible Book Value | -921.31M | 160.87M | -195.69M | -367.37M | -400.71M | 348.95M |
| Tangible Book Value Per Share | -11.83 | 2.07 | -2.50 | -4.72 | -5.23 | 4.67 |
| Land | 64.00M | 65.30M | 67.40M | 68.50M | 73.50M | 40.00M |
| Buildings | 113.00M | 101.20M | 100.50M | 90.70M | 86.70M | 94.10M |
| Machinery | 3.79B | 3.42B | 3.14B | 3.13B | 2.90B | 2.67B |
| Construction In Progress | 92.90M | 49.10M | 32.50M | 56.00M | 67.40M | 32.70M |
| Order Backlog | 18.96B | 14.30B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 484.24M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M |
| Depreciation & Amortization | 525.61M | 427.08M | 506.62M | 603.16M | 507.15M | 422.83M |
| Loss (Gain) From Sale of Assets | -31.17M | -18.45M | -24.14M | -21.41M | -39.69M | -35.63M |
| Loss (Gain) on Equity Investments | -42.85M | -31.96M | -30.23M | -30.70M | -28.84M | -33.83M |
| Stock-Based Compensation | 39.42M | 34.00M | 32.67M | 33.34M | 27.45M | 24.80M |
| Other Operating Activities | 89.15M | 145.56M | 32.79M | -123.50M | 19.00M | 44.68M |
| Change in Accounts Receivable | -989.55M | -587.42M | 237.34M | -9.18M | -298.05M | 198.45M |
| Change in Inventory | 2.41M | -2.71M | 26.34M | 33.02M | -20.52M | 10.15M |
| Change in Accounts Payable | 438.79M | 250.53M | -161.73M | 165.89M | 192.12M | -104.48M |
| Change in Unearned Revenue | 142.03M | -7.30M | 247.50M | 49.38M | -39.37M | 10.60M |
| Change in Other Net Operating Assets | 94.57M | -62.65M | 91.67M | 37.22M | -292.00K | -73.32M |
| Operating Cash Flow | 760.51M | 545.71M | 1.12B | 687.28M | 352.30M | 793.07M |
| Capital Expenditures | -355.88M | -259.99M | -148.85M | -192.94M | -263.35M | -170.07M |
| Sale of Property, Plant & Equipment | 60.34M | 56.30M | 66.04M | 84.11M | 81.47M | 65.29M |
| Cash Acquisitions | -1.68B | -71.04M | -79.93M | -69.39M | -635.76M | -1.24B |
| Investment in Securities | 11.50M | 2.75M | 702.00K | -1.47M | -3.58M | -9.44M |
| Other Investing Activities | -2.93M | 4.73M | 4.56M | 1.63M | 43.00K | 1.65M |
| Investing Cash Flow | -1.97B | -267.25M | -157.49M | -178.06M | -821.18M | -1.36B |
| Long-Term Debt Issued | 5.60B | 4.65B | 4.38B | 4.07B | 1.50B | |
| Long-Term Debt Repaid | -5.70B | -5.63B | -4.68B | -3.42B | -971.00M | |
| Net Debt Issued (Repaid) | 1.58B | -105.47M | -981.89M | -299.37M | 642.39M | 532.38M |
| Repurchase of Common Stock | -77.33M | -81.29M | ||||
| Other Financing Activities | -119.20M | -100.65M | -108.34M | -51.63M | -80.20M | -30.43M |
| Financing Cash Flow | 1.46B | -283.44M | -1.09B | -351.00M | 480.90M | 501.94M |
| Foreign Exchange Rate Adjustments | -152.00K | 1.10M | -3.56M | 751.00K | -2.15M | -227.00K |
| Net Cash Flow | 250.40M | -3.87M | -129.66M | 158.97M | 9.86M | -62.38M |
| Free Cash Flow | 404.63M | 285.73M | 972.77M | 494.34M | 88.94M | 623.01M |
| Free Cash Flow Margin | 2.34% | 2.00% | 7.91% | 4.12% | 0.91% | 7.83% |
| Free Cash Flow Per Share | 5.12 | 3.63 | 12.33 | 6.38 | 1.17 | 8.43 |
| Levered Free Cash Flow | 140.44M | 96.63M | 881.52M | 730.51M | 23.22M | 275.94M |
| Unlevered Free Cash Flow | 263.61M | 204.74M | 1.00B | 877.01M | 93.38M | 309.33M |
| Cash Interest Paid | 191.74M | 176.47M | 195.34M | 237.65M | 106.48M | 61.81M |
| Cash Income Tax Paid | 25.85M | 44.38M | 43.95M | 9.61M | 8.60M | 69.11M |
| Change in Working Capital | -311.76M | -409.55M | 441.12M | 276.33M | -166.12M | 41.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.75B | 16.88B | 10.61B | 5.87B | 6.57B | 6.69B |
| Enterprise Value | 18.97B | 19.48B | 13.18B | 9.28B | 8.95B | 8.17B |
| Last Close Price | 186.06 | 217.37 | 136.14 | 75.72 | 85.33 | 92.28 |
| PE Ratio | 30.36 | 42.29 | 65.17 | 196.86 | 20.33 | |
| Forward PE | 16.13 | 28.56 | 28.22 | 33.62 | 19.78 | 17.46 |
| PS Ratio | 0.85 | 1.18 | 0.86 | 0.49 | 0.67 | 0.84 |
| PB Ratio | 3.58 | 5.06 | 3.55 | 2.16 | 2.40 | 2.63 |
| P/TBV Ratio | 104.91 | 19.16 | ||||
| P/FCF Ratio | 36.46 | 59.07 | 10.91 | 11.87 | 73.82 | 10.73 |
| P/OCF Ratio | 19.40 | 30.93 | 9.46 | 8.54 | 18.64 | 8.43 |
| PEG Ratio | 0.45 | 0.58 | 1.41 | 1.68 | 0.99 | 0.87 |
| EV/Sales Ratio | 1.10 | 1.36 | 1.07 | 0.77 | 0.92 | 1.03 |
| EV/EBITDA Ratio | 13.85 | 17.98 | 13.93 | 12.29 | 12.54 | 9.65 |
| EV/EBIT Ratio | 22.48 | 29.67 | 30.00 | 61.05 | 43.37 | 19.30 |
| EV/FCF Ratio | 46.89 | 68.18 | 13.55 | 18.77 | 100.64 | 13.11 |
| Debt / Equity Ratio | 1.12 | 0.84 | 0.88 | 1.28 | 1.28 | 0.90 |
| Debt / EBITDA Ratio | 1.84 | 1.40 | 1.56 | 2.29 | 2.87 | 1.58 |
| Debt / FCF Ratio | 11.63 | 9.80 | 2.71 | 7.07 | 39.52 | 3.67 |
| Net Debt / Equity Ratio | 1.01 | 0.72 | 0.75 | 1.09 | 1.15 | 0.75 |
| Net Debt / EBITDA Ratio | 3.08 | 2.22 | 2.36 | 3.93 | 4.41 | 2.27 |
| Net Debt / FCF Ratio | 10.44 | 8.41 | 2.29 | 6.00 | 35.35 | 3.08 |
| Asset Turnover | 1.45 | 1.51 | 1.34 | 1.28 | 1.19 | 1.29 |
| Inventory Turnover | 135.71 | 113.79 | 99.08 | 93.81 | 81.28 | 74.69 |
| Quick Ratio | 1.30 | 1.21 | 1.11 | 1.29 | 1.40 | 1.47 |
| Current Ratio | 1.39 | 1.32 | 1.22 | 1.40 | 1.55 | 1.61 |
| Return on Equity (ROE) | 14.53% | 13.35% | 6.99% | -1.73% | 1.28% | 14.54% |
| Return on Assets (ROA) | 4.43% | 4.34% | 2.99% | 1.02% | 1.57% | 4.28% |
| Return on Invested Capital (ROIC) | 8.92% | 9.81% | 6.40% | 2.63% | 3.14% | 8.66% |
| Return on Capital Employed (ROCE) | 8.70% | 9.90% | 7.40% | 2.30% | 3.00% | 7.90% |
| Earnings Yield | 3.29% | 2.36% | 1.53% | -0.85% | 0.51% | 4.92% |
| FCF Yield | 2.74% | 1.69% | 9.17% | 8.43% | 1.35% | 9.32% |
| Buyback Yield / Dilution | -0.34% | 0.24% | -1.74% | -1.77% | -3.03% | -0.31% |