MasTec, Inc. MTZ is strengthening revenue visibility through a growing pipeline of infrastructure projects across communications, power delivery, clean energy and pipeline markets. Strong demand across these end markets is improving the company's ability to sustain revenue growth while providing greater confidence in its long-term outlook.
The first quarter ended with backlog reaching a record $20.3 billion, up 28% year over year and $1.4 billion sequentially, supported by a 1.4x book-to-bill ratio. Growth was broad-based rather than dependent on a single business, with Power Delivery and Clean Energy & Infrastructure adding more than $600 million and $770 million, respectively, to sequential backlog.
Communications also reached another record backlog level, while pipeline opportunities extended beyond signed contracts, providing additional visibility into future work. The stronger project pipeline also supported higher full-year expectations, with MasTec increasing the 2026 revenue outlook to $17.5 billion from approximately $17 billion, implying 22% year-over-year growth as demand remained healthy across its end markets.
Beyond the size of the backlog, its composition adds to the company's growth outlook. Demand is being supported by long-term investment in AI-driven data centers, grid modernization, broadband expansion, natural gas infrastructure and other critical infrastructure projects rather than short-term spending cycles.
A diversified mix of projects across multiple end markets reduces dependence on any single business while creating multiple avenues for future revenue generation. With record backlog levels, favorable industry trends and an improved revenue outlook, MasTec appears well positioned to convert its expanding project pipeline into stronger revenue growth over the coming quarters.
How Does MasTec Compare With Infrastructure Peers?
MasTec has built a diversified infrastructure platform spanning communications, power delivery, clean energy, pipeline and data center construction, positioning it to benefit from long-term investment across multiple end markets. As investors evaluate the company's growth prospects, comparisons with Quanta Services, Inc. PWR and EMCOR Group, Inc. EME provide additional perspective on the competitive landscape.
Quanta remains one of MasTec's closest peers in utility and energy infrastructure. The company ended the first quarter with a record backlog of $48.5 billion, up from $35.3 billion a year ago. Quanta’s 12-month backlog increased 45.4% to $28.2 billion, reinforcing strong multiyear revenue visibility. The backlog is supported by continued investment in grid modernization, transmission expansion, electrification and AI-driven power demand.
EMCOR is also benefiting from healthy project demand across electrical and mechanical construction, mission-critical facilities and network communications. As of March 31, EMCOR’s remaining performance obligations increased 32.9% year over year to $15.62 billion, providing greater visibility into future revenue while reflecting broad-based demand across data centers, industrial projects and commercial construction.
MTZ Stock’s Price Performance & Valuation Trend
Shares of this Florida-based infrastructure construction company have surged 60.6% in the past six months, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector and the S&P 500 Index.
MTZ stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 35.62, as shown in the chart below.
EPS Trend Favors MTZ
For 2026 and 2027, MTZ’s earnings estimates have trended upward in the past 60 days. The revised estimated figures for 2026 and 2027 imply 35.9% and 35.3% year-over-year growth, respectively.
MasTec currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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