TacticScaleWhat MasTec Does & How It Makes Money (MTZ)
Updated October 2026 · reflects MasTec's latest reported financials
North American infrastructure engineering and construction contractor. MasTec earns revenue by performing engineering, construction, installation and maintenance work for telecom carriers, broadband operators, energy and utility providers, pipeline operators, industrial companies and government entities.
How MasTec makes money
MasTec earns revenue by performing engineering, construction, installation and maintenance work for telecom carriers, broadband operators, energy and utility providers, pipeline operators, industrial companies and government entities. Its segments cover new construction as well as ongoing maintenance, upgrade and emergency restoration services.
What MasTec does
MasTec is one of the contractors that builds the physical networks modern life runs on. Founded in 1929 and headquartered in Coral Gables, Florida, the company engineers, builds, installs and maintains infrastructure for communications, energy and utilities, mainly in the United States and Canada. Its work runs from cell sites and fiber optic lines to renewable power plants, gas and water pipelines, electrical transmission and distribution systems, and heavy civil projects such as roads, bridges and rail. The company reports through five segments: Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other. That spread gives it exposure to several long-running themes, including broadband expansion, the energy transition, grid modernization, carbon capture and public infrastructure spending. On top of new construction, MasTec does maintenance, upgrade and emergency restoration work, which ties it to customers' networks after projects are finished. Its customers include wireless and fiber providers, utilities, pipeline operators and government entities.
Products & services
- Wireless and wireline/fiber communications infrastructure construction
- Clean energy and renewable power generation construction
- Pipeline infrastructure for natural gas, water and carbon capture
- Electrical and gas transmission and distribution (Power Delivery)
- Heavy civil infrastructure including roads, bridges and rail
- Install-to-the-home services and emergency restoration
What is MasTec worth?
On an owner-earnings DCF, MasTec's most-likely value is about $78 versus a recent price near $213 (63% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$36) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 9.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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