Mastec
MTZ · NYSEWater, Sewer, Pipeline, Comm & Power Line Construction · Fiscal year ends Dec 31
Mastec reported revenue of $14.3B in the fiscal year ended Dec 2025, up 16.2% from the year before. Net income was $399M. Operating cash flow of $546M less capital expenditure of $260M left free cash flow of $286M. Net debt was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8B | $9.8B | $12B | $12.3B | $14.3B |
| Pre-tax income | $430M | $43M | −$83M | $251M | $515M |
| Income tax | $99M | $9M | −$35M | $52M | $93M |
| Net income | $329M | $33M | −$50M | $163M | $399M |
| Diluted EPS | 4.45 | 0.42 | −0.64 | 2.06 | 5.07 |
| Diluted shares | 74M | 76M | 78M | 79M | 79M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $361M | $371M | $530M | $400M | $396M |
| Receivables | $1B | $1.4B | $1.4B | $1.4B | $1.5B |
| Inventory | $93M | $118M | $108M | $107M | $112M |
| Current assets | $2.9B | $3.9B | $4B | $3.7B | $4.3B |
| Goodwill | $1.5B | $2B | $2.1B | $2.2B | $2.2B |
| Total assets | $7.1B | $9.3B | $9.4B | $9B | $9.9B |
| Payables | $663M | $1.1B | $1.2B | $1.1B | $1.3B |
| Deferred revenue | $314M | $406M | $481M | $736M | $748M |
| Current liabilities | $1.8B | $2.5B | $2.8B | $3B | $3.3B |
| Long-term debt | $1.9B | $3.1B | $2.9B | $2B | $2.2B |
| Total liabilities | $4.6B | $6.6B | $6.7B | $6B | $6.6B |
| Shareholders' equity | $2.5B | $2.7B | $2.7B | $2.9B | $3.3B |
| Backlog (remaining obligations) | $4.9B | $7.7B | $7.7B | $10B | $14.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $793M | $352M | $687M | $1.1B | $546M |
| Capital expenditure | $170M | $263M | $193M | $149M | $260M |
| Free cash flow | $623M | $89M | $494M | $973M | $286M |
| Depreciation & amortisation | $423M | $507M | $603M | $507M | $427M |
| Stock-based compensation | $25M | $27M | $33M | $33M | $34M |
| Acquisitions | $1.2B | $636M | $69M | $80M | $71M |
| Share buybacks | $0 | $81M | $0 | $0 | $77M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.0% | 22.7% | 2.6% | 16.2% |
| EPS growth (YoY) | – | −90.6% | −252.4% | – | 146.1% |
| Net margin | 4.1% | 0.3% | −0.4% | 1.3% | 2.8% |
| Return on equityBlank when equity is negative | 12.9% | 1.2% | −1.8% | 5.6% | 12.2% |
| Free cash flow margin | 7.8% | 0.9% | 4.1% | 7.9% | 2.0% |
| Cash conversion (CFO ÷ net income) | 2.41x | 10.6x | −13.8x | 6.89x | 1.37x |
| Receivable days | 47 | 52 | 42 | 41 | 39 |
| Debt ÷ equity | 0.74x | 1.12x | 1.07x | 0.70x | 0.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.5B | $2.7B | $2.4B | $1.6B | $1.8B |
| Current ratio | 1.61x | 1.55x | 1.40x | 1.22x | 1.32x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.