MasTec, Inc. (MTZ) Competitive Analysis & Comparison (2026)

Quality vs Value comparison of MasTec, Inc. (MTZ) and competitors
Company	Ticker	Quality Score	Value Score	Classification
MasTec, Inc.	MTZ	73%	50%	High Quality
Quanta Services, Inc.	PWR	93%	50%	High Quality
EMCOR Group, Inc.	EME	100%	100%	High Quality
Dycom Industries, Inc.	DY	87%	70%	High Quality
Primoris Services Corporation	PRIM	93%	90%	High Quality
MYR Group Inc.	MYRG	67%	40%	Investable

MasTec, Inc. (MTZ) operates at the intersection of several massive, generational infrastructure upgrades, providing the essential "picks and shovels" required to build the 21st-century economy. The company functions as a diversified specialty contractor, building telecom fiber networks, clean energy pipelines, electrical grids, and increasingly, data centers. For a retail investor, this business model is highly attractive because it does not rely on a single consumer trend; instead, it is driven by non-negotiable macro demands like the transition to renewable energy, grid modernization, and the explosive power needs of artificial intelligence. By balancing utility power delivery with oil and gas pipelines, MasTec insulates itself from downturns in any single sector, making its revenue streams remarkably resilient. When compared directly to its industry competition, MasTec sits in a unique middle ground—it is structurally larger and more diversified than regional niche players, yet smaller than pure-play utility mega-caps. The company's primary competitive strategy has been aggressive acquisitions and taking on massive, complex EPC (Engineering, Procurement, and Construction) projects. However, this aggressive top-line expansion comes with significant integration costs, leading to operating and net margins that frequently run thinner than the industry average. For investors, this creates a dynamic where revenue growth is consistently stellar, but the actual conversion of that revenue into bottom-line profit requires patience and flawless field execution. Looking ahead through the lens of mid-2026, MasTec is heavily supported by massive Federal spending tailwinds from the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Management is actively pivoting from a pure volume-growth strategy toward disciplined margin expansion, emphasizing selective bidding and cost efficiency. While the stock has seen a massive, speculative run-up recently that stretches its valuation, the underlying business is fundamentally solid. The core takeaway for anyone evaluating MasTec against its peers is that it is a high-volume growth engine with a massive backlog, though its current premium stock price leaves very little room for operational missteps.

Overall Comparison: Quanta Services is the absolute titan in the utility contracting space, presenting a formidable benchmark for MasTec. While MasTec is heavily diversified across telecom, oil/gas, and clean energy, Quanta is laser-focused on electrical grid modernization and renewables, a strategy that has yielded incredibly consistent profits. For retail investors, Quanta offers premium, low-risk execution and a scale that predictably translates revenue into cash flow, whereas MasTec offers higher volatility and a turnaround margin story. Quanta’s primary weakness is simply its premium valuation, which limits upside, while MasTec’s main risk is its historical struggle with thin margins on massive, complex projects. Business & Moat: Directly comparing the two, Quanta dominates the industry landscape. For brand (which indicates market dominance; a higher rank means better pricing power), Quanta holds a market rank of #1 compared to MasTec's top-five position. Switching costs (how hard it is for customers to leave) favor Quanta, showing an MSA renewal rate akin to ~90.00% tenant retention with a ~15.00% renewal spread (profit increase on renewed contracts), beating MasTec's ~85.00% retention. In scale (total size providing cost advantages), Quanta's $30.12B TTM revenue dwarfs MasTec's $15.30B. Network effects (value increasing as density grows) are evident in Quanta's highly localized utility monopolies. Regulatory barriers (like safety certifications and secured permitted sites) protect both equally, keeping smaller rivals out. For other moats, Quanta's internal craft-labor training academies provide an unmatched workforce advantage. Overall Business & Moat winner: Quanta Services, because its specialized workforce and massive scale create an insurmountable barrier to entry. Financial Statement Analysis: Quanta converts its massive scale into superior profitability. Revenue growth (speed of sales expansion; faster is better) is ~20.00% for Quanta versus MasTec's 16.20%. For profitability, Quanta's gross/operating/net margin (profits kept after various costs; higher means better efficiency than the 4.00% industry norm) sits at 15.00% / 4.83% / 3.00%, easily beating MasTec's 14.00% / 3.60% / 2.94%. In ROE/ROIC (return on invested capital, measuring how effectively money generates profit; over 10.00% is great), Quanta's 12.00% beats MasTec's ~6.00%. Both share strong liquidity (available cash). On net debt/EBITDA (years needed to pay off debt using cash earnings; under 3.00x is safe), Quanta's 1.50x is slightly safer than MasTec's 1.70x. Interest coverage (ability to pay debt interest easily) favors Quanta. For FCF/AFFO (free cash flow, the true cash left for investors), Quanta generates a massive $1.10B, far exceeding MasTec. Finally, payout/coverage (dividend safety) is perfect for both as they pay tiny dividends. Overall Financials winner: Quanta Services, due to its clearly superior operating margins and cash conversion. Past Performance: Quanta’s historical trajectory is a model of consistent compounding. Over a 1/3/5y period, Quanta delivered a revenue/FFO/EPS CAGR (annual profit growth over time; higher is better) of ~20.00%, heavily outperforming MasTec's more cyclical ~10.00% historical average. The margin trend (bps change) (which tracks if profitability is shrinking or growing) shows Quanta expanding by ~50 bps over recent years, while MasTec contracted and recently recovered by ~100 bps. For investors, TSR incl. dividends (total return from price gains and dividends) was a staggering 872.00% for Quanta over 5 years versus MasTec's 129.00% largely driven by a recent 1-year surge. In terms of risk metrics, Quanta has a much shallower max drawdown (largest historical price drop) and a volatility/beta (price swing risk; under 1.00 is safer) of 1.05, making it safer than MasTec's 1.12. Positive rating moves by analysts favor Quanta's steady beats. Overall Past Performance winner: Quanta Services, because steady earnings growth created a vastly superior and smoother long-term wealth accumulation for shareholders. Future Growth: Both companies are riding identical macro megatrends, but visibility differs. TAM/demand signals (total addressable market size) are immense for both due to grid modernization. For pipeline & pre-leasing (proxied by contract backlog; higher means safer future revenue), Quanta's staggering $48.50B backlog easily beats MasTec's $19.00B. The yield on cost (expected profit return on new projects) favors Quanta's electrical grid focus over MasTec's cyclical pipeline work. Pricing power (ability to raise prices) goes to Quanta due to its emergency storm-response monopoly. Both are pushing internal cost programs to improve margins in 2026. Regarding the refinancing/maturity wall (when major corporate debt is due), both are secure well past 2027. Both enjoy massive ESG/regulatory tailwinds from clean energy spending. Overall Growth outlook winner: Quanta Services, because a $48 billion backlog guarantees almost two years of flawless revenue visibility. Fair Value: The market rightly demands a premium for Quanta's quality, though MasTec has recently out-priced it. Quanta trades at a P/E (price-to-earnings ratio; lower means a cheaper stock) of 47.80x, which is surprisingly cheaper than MasTec's inflated 62.80x. Their EV/EBITDA (values the whole company including debt; lower is better) is ~30.00x versus MasTec's 25.00x. Using P/AFFO (price-to-free-cash-flow proxy), Quanta is the better bargain. The implied cap rate (EBITDA cash yield; higher means better immediate return) is ~3.30% for Quanta versus MasTec's ~4.00%. Treating book value as the NAV premium/discount (Net Asset Value), both trade at massive premiums because they are service businesses, not asset holders. For dividend yield & payout/coverage, Quanta offers 0.15% with perfect coverage, matching MasTec's negligible yield. Quality vs price note: Quanta’s premium EV/EBITDA is fundamentally justified by its fortress balance sheet, making MasTec's higher P/E look risky. Better value today: Quanta Services, because buying a higher-quality operator at a lower P/E ratio severely limits downside risk. Verdict: Winner: Quanta Services (PWR) over MasTec, Inc. (MTZ)... Direct head-to-head comparison shows that Quanta Services holds undeniable strengths in its massive $30.12B scale, superior 4.83% operating margins, and a monumental $48.50B backlog, offsetting any weakness related to its high enterprise valuation. Conversely, MasTec suffers from primary risks like thin 2.94% net margins and an extremely stretched 62.80x P/E ratio driven by speculative momentum. Quanta’s numbers clearly prove it is a more stable, efficient, and cost-effective investment for long-term capital. This verdict is well-supported by the fact that Quanta consistently translates its top-line revenue into actual bottom-line cash flow without subjecting investors to cyclical pipeline risks.

Overall Comparison: EMCOR Group is a Fortune 500 leader specializing in mechanical, electrical, and interior construction, providing a sharp contrast to MasTec’s heavy exterior infrastructure focus. EMCOR is incredibly profitable, converting high-demand projects like data center HVAC and electrical systems into massive cash flow. For retail investors, EMCOR represents a highly efficient margin-expansion story, whereas MasTec is a volume-driven growth story. EMCOR’s primary weakness is its heavy reliance on non-residential commercial construction cycles, but its strengths in margin preservation and cost control make it significantly less risky than MasTec's heavy-machinery pipeline operations. Business & Moat: In Business & Moat, EMCOR compares incredibly well to MasTec. For brand (indicating market dominance), EMCOR holds a market rank of #1 in specialized mechanical/electrical services. Switching costs (customer retention) heavily favor EMCOR due to embedded facility services, showing an MSA renewal rate acting as ~88.00% tenant retention with a ~12.00% renewal spread, compared to MasTec's ~85.00%. In scale (total size providing cost efficiency), EMCOR's $17.75B revenue slightly beats MasTec's $15.30B. Network effects are seen in EMCOR's 400+ local branch networks, making them the default local choice. Regulatory barriers (like local building codes and permitted sites) protect both firmly. For other moats, EMCOR's prefabrication facilities allow them to build components off-site, drastically lowering labor costs. Overall Business & Moat winner: EMCOR Group, because its embedded facility maintenance contracts create incredibly sticky, recurring customer relationships. Financial Statement Analysis: EMCOR's financial metrics are staggeringly good compared to the sector. Revenue growth (speed of sales expansion) is 16.60% for EMCOR, matching MasTec's 16.20%. However, EMCOR's gross/operating/net margin (profit left after costs; higher is better) sits at a massive 19.30% / 10.24% / 7.50%, completely destroying MasTec's 14.00% / 3.60% / 2.94%. In ROE/ROIC (return on invested capital; measures management efficiency), EMCOR's incredible ~22.00% dominates MasTec's ~6.00%. Both share excellent liquidity. On net debt/EBITDA (years needed to pay off debt; under 3.00x is good), EMCOR is virtually debt-free at 0.50x, vastly safer than MasTec's 1.70x. Interest coverage favors EMCOR entirely. For FCF/AFFO (free cash flow, actual cash generated), EMCOR's $1.19B crushes MasTec's output. Finally, payout/coverage is perfectly safe for both. Overall Financials winner: EMCOR Group, because its margins and virtually debt-free balance sheet are best-in-class. Past Performance: EMCOR has quietly been one of the best-performing stocks in the industrial sector. Over a 1/3/5y period, EMCOR posted a revenue/FFO/EPS CAGR (annual profit growth) of ~25.00%, easily outperforming MasTec's 10.00% baseline. The margin trend (bps change) (tracking profitability shifts) shows EMCOR expanding operating margins by ~100 bps recently, while MasTec has struggled to maintain its base. For shareholders, TSR incl. dividends (total return) was an exceptional ~350.00% over 5 years versus MasTec's 129.00%. In terms of risk metrics, EMCOR's max drawdown was much softer during the 2022 market dip, and its volatility/beta of 1.17 is similar to MasTec's 1.12. Positive rating moves by analysts have continually chased EMCOR's earnings beats. Overall Past Performance winner: EMCOR Group, because its flawless execution led to massive, steady margin expansion and unmatched shareholder returns. Future Growth: Both firms are capitalizing on the data center boom, but EMCOR is uniquely positioned inside the buildings. The TAM/demand signals (total market size) are immense for both. For pipeline & pre-leasing (contract backlog), EMCOR's $15.62B backlog is slightly smaller than MasTec's $19.00B, but burns faster and at higher margins. The yield on cost (return on new projects) heavily favors EMCOR due to high-margin HVAC/cooling projects for AI data centers. Pricing power (ability to raise prices) goes to EMCOR because specialized data center cooling is a critical bottleneck. Both have cost programs in place, but EMCOR is already operating at peak efficiency. The refinancing/maturity wall is non-existent for EMCOR given its cash pile. Both enjoy ESG/regulatory tailwinds related to building energy efficiency. Overall Growth outlook winner: EMCOR Group, because its specific exposure to data center cooling systems provides higher-margin growth than MasTec's exterior site prep. Fair Value: Despite its vastly superior margins, EMCOR trades at a more reasonable valuation. EMCOR trades at a P/E (price-to-earnings ratio; lower means cheaper) of 28.49x, which is less than half of MasTec's highly inflated 62.80x. Their EV/EBITDA (valuing the whole business) is ~18.00x versus MasTec's 25.00x. Using P/AFFO (price-to-cash-flow proxy), EMCOR is significantly cheaper. The implied cap rate (EBITDA yield) is ~5.50% for EMCOR versus MasTec's ~4.00%, indicating EMCOR gives you more cash return per dollar invested. Treating book value as the NAV premium/discount, both hold steep premiums. For dividend yield & payout/coverage, EMCOR offers a safe 0.19% yield. Quality vs price note: EMCOR’s valuation is an absolute bargain given its 10.24% margins and zero-debt profile compared to MasTec. Better value today: EMCOR Group, because buying a drastically more profitable company at a massive P/E discount is a no-brainer. Verdict: Winner: EMCOR Group (EME) over MasTec, Inc. (MTZ)... Direct head-to-head comparison shows that EMCOR holds overwhelming strengths in its pristine 10.24% operating margin, an essentially debt-free balance sheet, and a highly reasonable 28.49x P/E ratio, totally neutralizing any weakness regarding its slightly smaller $15.62B backlog. Conversely, MasTec suffers from the primary risks of razor-thin 2.94% net margins, heavy capital requirements, and a dangerously stretched valuation. EMCOR’s numbers prove it is a fundamentally superior business at this exact moment. This verdict is well-supported by the fact that EMCOR generates vastly more free cash flow per dollar of revenue, rewarding investors without requiring them to pay speculative market multiples.

Overall Comparison: Dycom Industries is the leading specialty contractor heavily focused on telecommunications and broadband infrastructure. When compared to MasTec, which also has a massive telecom segment, Dycom represents a purer play on the 5G and rural broadband buildout. For retail investors, Dycom is a more focused, slightly higher-margin business, whereas MasTec offers broad diversification across energy and utilities. Dycom’s primary weakness is its reliance on a consolidated group of telecom carriers (like AT&T and Verizon) which can cut capital spending abruptly, while MasTec’s strength is its ability to lean on other sectors when telecom slows down. Business & Moat: In Business & Moat, Dycom competes fiercely with MasTec's telecom division. For brand (market dominance), Dycom holds the #1 market rank in telecom contracting. Switching costs (how hard it is for customers to leave) favor Dycom, with an MSA renewal rate acting as ~85.00% tenant retention and a ~10.00% renewal spread, tying with MasTec. In scale (total size providing cost advantages), Dycom's $6.25B revenue loses to MasTec's highly diversified $15.30B. Network effects are seen in Dycom's dense fleet of trucks and specialized equipment that local competitors cannot replicate. Regulatory barriers (like securing rights-of-way and permitted sites) protect both equally. For other moats, Dycom's proprietary software for tracking fiber deployment creates sticky client integration. Overall Business & Moat winner: MasTec, Inc., because its sheer $15.30B scale and diversified end-markets provide a safer, broader moat than Dycom's telecom-only focus. Financial Statement Analysis: Dycom runs a tighter ship operationally. Revenue growth (speed of sales expansion; faster is better) is currently an impressive 29.76% for Dycom versus MasTec's 16.20%. For profitability, Dycom's gross/operating/net margin (profits kept after costs; higher is better) sits at 18.00% / 6.63% / 4.50%, comfortably beating MasTec's 14.00% / 3.60% / 2.94%. In ROE/ROIC (return on invested capital), Dycom's ~14.00% beats MasTec's ~6.00%, showing better internal capital allocation. Both share adequate liquidity. On net debt/EBITDA (years needed to pay off debt; under 3.00x is healthy), Dycom's ~2.00x is slightly higher but comparable to MasTec's 1.70x. Interest coverage favors Dycom's higher operating income. For FCF/AFFO (free cash flow), Dycom's $435.30M is highly efficient for its size. Finally, payout/coverage is a non-issue as neither pays a significant dividend. Overall Financials winner: Dycom Industries, because its 6.63% operating margin proves it is much more efficient at turning a profit on its contracts. Past Performance: Historical performance shows Dycom breaking out recently. Over a 1/3/5y period, Dycom posted an EPS CAGR (annual profit growth) of 21.65%, beating MasTec's flat-to-volatile ~10.00% baseline. The margin trend (bps change) shows Dycom expanding by over 130 bps recently, while MasTec only just started recovering its contracted margins. For shareholders, TSR incl. dividends (total return) was 105.00% over the last year for Dycom, closely trailing MasTec's 129.00%. In terms of risk metrics, Dycom has historically suffered severe max drawdowns when telecom carriers cut spending, and its volatility/beta of 1.20 makes it slightly riskier than MasTec's 1.12. Neutral rating moves reflect Dycom's steady telecom demand. Overall Past Performance winner: Dycom Industries, because its steady margin expansion and 21% EPS CAGR outpaced MasTec's volatile earnings history. Future Growth: Both companies benefit from generational telecom upgrades. The TAM/demand signals (total market size) are massively supported by the $42 billion BEAD broadband government program. For pipeline & pre-leasing (contract backlog), Dycom's $11.90B backlog loses in absolute terms to MasTec's $19.00B, but represents nearly two full years of Dycom's revenue. The yield on cost (return on new projects) is evenly matched. Pricing power (ability to raise prices) goes to MasTec due to its diversity. Both have aggressive cost programs aiming for integration efficiency. Regarding the refinancing/maturity wall, both have safe debt ladders. Both enjoy ESG/regulatory tailwinds related to rural digital equity. Overall Growth outlook winner: Even, because while MasTec has a larger overall backlog, Dycom's pure-play exposure to the BEAD program provides incredible revenue visibility for its specific size. Fair Value: Dycom presents a much more grounded valuation. Dycom trades at a P/E (price-to-earnings ratio; lower means cheaper) of 44.33x, which is significantly cheaper than MasTec's inflated 62.80x P/E. Their EV/EBITDA (valuing the whole company including debt) is ~15.00x versus MasTec's 25.00x. Using P/AFFO (price-to-cash-flow proxy), Dycom is a much better bargain. The implied cap rate (EBITDA yield; higher means better immediate return) is ~6.60% for Dycom versus MasTec's ~4.00%. Treating book value as the NAV premium/discount, both hold steep premiums. For dividend yield & payout/coverage, neither pays a yield, keeping cash for M&A. Quality vs price note: Dycom’s valuation is much more reasonable given its higher margins, whereas MasTec requires perfection to justify its multiple. Better value today: Dycom Industries, because buying a higher-margin business at a lower EV/EBITDA multiple limits investor risk. Verdict: Winner: Dycom Industries (DY) over MasTec, Inc. (MTZ)... Direct head-to-head comparison shows that Dycom holds key strengths in its robust 6.63% operating margins, superior 21.65% EPS CAGR, and a highly attractive 15.00x EV/EBITDA valuation, fully offsetting its weakness of being heavily reliant on a single telecom sector. Conversely, MasTec suffers from the primary risks of operational margin compression (3.60% operating margin) and an undeniably stretched valuation at a 62.80x P/E. Dycom’s numbers clearly prove it is a more efficient operator that generates more profit per dollar of revenue. This verdict is well-supported by the fact that investors can buy Dycom's high-quality telecom cash flows at a significant discount compared to MasTec's speculative premium.

Overall Comparison: Primoris Services is a mid-sized specialty contractor operating heavily in utility, energy, and renewables, making it a direct, smaller-scale competitor to MasTec. For retail investors, Primoris historically offered a value-oriented way to play the infrastructure boom, but the company recently suffered a massive 30% stock drop due to severe cost overruns and execution failures in its solar renewables segment. While Primoris is undeniably cheaper, MasTec offers much better execution scale and diversity. Primoris’s primary weakness is its volatile project risk management, whereas MasTec’s core strength is its massive scale that allows it to absorb project hiccups without crashing the entire company's earnings. Business & Moat: In Business & Moat, MasTec holds the high ground. For brand (market reputation and rank), Primoris holds a #5 market rank in specialty contracting, trailing MasTec's top-tier status. Switching costs (customer retention) favor MasTec; Primoris has an MSA renewal rate acting as ~80.00% tenant retention with tighter renewal spreads, trailing MasTec's 85.00%. In scale (total size providing cost advantages), Primoris's $7.48B revenue is less than half of MasTec's $15.30B, giving MasTec vastly superior purchasing power. Network effects are weaker for Primoris as it lacks the national density of MasTec. Regulatory barriers (securing permitted sites and compliance) are identical. For other moats, MasTec's diverse equipment fleet protects it from regional downturns. Overall Business & Moat winner: MasTec, Inc., because its sheer size and diversification act as a massive buffer against the isolated project failures that recently crippled Primoris. Financial Statement Analysis: Primoris's recent execution issues have heavily damaged its financial profile. Revenue growth (speed of sales expansion) is 13.40% for Primoris, lagging MasTec's 16.20%. For profitability, Primoris's gross/operating/net margin (profits kept after costs) sit at 12.00% / 4.56% / 3.30%. While technically slightly higher than MasTec's 14.00% / 3.60% / 2.94%, Primoris's operating income recently plummeted 65% year-over-year due to solar project cost pressures. In ROE/ROIC (return on invested capital), Primoris's ~8.00% edges MasTec's 6.00%. Both share tight liquidity. On net debt/EBITDA (years needed to pay off debt; under 3.00x is healthy), Primoris is riskier at ~2.50x versus MasTec's 1.70x. Interest coverage favors MasTec due to higher absolute cash generation. For FCF/AFFO (free cash flow), MasTec generates significantly more absolute cash. Finally, payout/coverage favors Primoris which pays a tiny 0.40% yield. Overall Financials winner: MasTec, Inc., because despite thin margins, MasTec has not suffered the catastrophic 65% operating profit declines that Primoris just reported. Past Performance: Past performance heavily penalizes Primoris due to recent blunders. Over a 1/3/5y period, Primoris posted an EPS CAGR (annual profit growth) of 19.60% historically, but recent misses wiped out much of that goodwill. The margin trend (bps change) shows Primoris contracting violently by over ~200 bps in Q1 2026 due to labor and weather challenges in renewables, while MasTec expanded margins. For shareholders, TSR incl. dividends (total return) was a lackluster 27.00% for Primoris over the last year, completely crushed by MasTec's massive 129.00% surge. In terms of risk metrics, Primoris just suffered a brutal 30.00% max drawdown in a single day (May 6, 2026), and its volatility/beta of 1.30 makes it significantly riskier than MasTec's 1.12. Negative rating moves have plagued Primoris recently. Overall Past Performance winner: MasTec, Inc., because it delivered vastly superior shareholder returns without suffering catastrophic single-day stock crashes. Future Growth: Both companies are heavily tied to the renewable energy transition. The TAM/demand signals (total market size) are incredibly strong for solar and utility pipelines. For pipeline & pre-leasing (contract backlog), Primoris's $11.60B backlog is solid but loses to MasTec's massive $19.00B. The yield on cost (return on new projects) is currently deeply negative for Primoris's troubled solar segment, whereas MasTec is actively improving its clean energy margins. Pricing power (ability to raise prices) belongs to MasTec, as Primoris is currently eating cost-overruns on fixed-price renewables contracts. Both have implemented emergency cost programs to fix margins. Regarding the refinancing/maturity wall, both are safe. Both enjoy ESG/regulatory tailwinds. Overall Growth outlook winner: MasTec, Inc., because its backlog is not actively bleeding margin to the same devastating degree as Primoris's energy segment. Fair Value: Primoris is a classic "value trap" right now. Primoris trades at a P/E (price-to-earnings ratio; lower means cheaper) of roughly 20.00x, which looks like an incredible bargain compared to MasTec's 62.80x. Their EV/EBITDA is a very low ~12.00x versus MasTec's 25.00x. Using P/AFFO (price-to-cash-flow proxy), Primoris is dirt cheap. The implied cap rate (EBITDA yield) is ~8.30% for Primoris, offering double the yield of MasTec's ~4.00%. Treating book value as the NAV premium/discount, Primoris trades at a much smaller premium. For dividend yield & payout/coverage, Primoris pays 0.40%. Quality vs price note: Primoris is extremely cheap, but it is cheap because the market no longer trusts management's ability to estimate project costs accurately. Better value today: MasTec, Inc., because buying a highly functional, growing company at a premium is usually safer than buying a broken company at a discount. Verdict: Winner: MasTec, Inc. (MTZ) over Primoris Services (PRIM)... Direct head-to-head comparison shows that MasTec holds vital strengths in its massive $15.30B scale, highly diversified end-markets, and reliable execution history, entirely offsetting its primary weakness of a high 62.80x P/E valuation. Conversely, Primoris suffers from fatal primary risks regarding project risk management, evidenced by its recent 65.00% drop in operating income and a brutal 30.00% single-day stock crash. MasTec’s numbers prove it is a far more stable and trustworthy operator in the heavy infrastructure space. This verdict is well-supported by the fact that in the fixed-price construction industry, reliable execution and scale are worth paying a premium for, making Primoris's discount a value trap rather than a bargain.

Overall Comparison: MYR Group is a highly specialized electrical contractor focusing strictly on transmission, distribution (T&D), and commercial/industrial (C&I) electrical work. Compared to MasTec, MYR Group is much smaller and far less diversified, acting almost entirely as a pure-play electrical grid and facilities company. For retail investors, MYR Group offers a cleaner, low-debt balance sheet and slightly better operating margins, whereas MasTec offers explosive growth and a much wider economic footprint. MYR’s primary weakness is its relatively small backlog and scale, while MasTec’s weakness remains its heavy debt load and thin net margins. Business & Moat: In Business & Moat, MasTec's scale overshadows MYR Group. For brand (market reputation), MYR holds a #4 rank specifically in T&D, while MasTec is a broader top-tier national player. Switching costs (customer retention) favor both equally; MYR boasts an MSA renewal rate acting as ~82.00% tenant retention with solid renewal spreads, close to MasTec's 85.00%. In scale (total size providing cost advantages), MYR's $3.82B revenue is dwarfed by MasTec's $15.30B, giving MasTec massive leverage over suppliers. Network effects are localized for MYR Group, whereas MasTec operates a true national grid. Regulatory barriers (like safety compliance and permitted sites) protect both. For other moats, MYR's hyper-specialized union labor force is highly skilled but limits rapid expansion. Overall Business & Moat winner: MasTec, Inc., because its sheer size allows it to bid on national, multi-billion-dollar turnkey projects that MYR simply cannot handle alone. Financial Statement Analysis: MYR Group runs a very clean, conservative financial model. Revenue growth (speed of sales expansion) is 13.10% for MYR, slightly trailing MasTec's 16.20%. For profitability, MYR's gross/operating/net margin (profits kept after costs; higher is better) sits at 11.60% / 5.10% / 3.70%, which beats MasTec's 14.00% / 3.60% / 2.94% on the bottom line. In ROE/ROIC (return on invested capital), MYR's ~10.00% beats MasTec's 6.00%. Both share excellent liquidity. On net debt/EBITDA (years needed to pay off debt; under 3.00x is healthy), MYR is exceptionally safe at 0.10x compared to MasTec's leveraged 1.70x. Interest coverage heavily favors MYR due to its lack of debt. For FCF/AFFO (free cash flow), MasTec generates more absolute cash, but MYR is more efficient. Finally, payout/coverage is moot as neither pays dividends. Overall Financials winner: MYR Group, because its 5.10% operating margin and near-zero debt profile make it a fundamentally safer financial entity. Past Performance: MYR Group has rewarded investors with steady, low-drama compounding. Over a 1/3/5y period, MYR posted an EPS CAGR (annual profit growth) of ~15.00%, slightly better than MasTec's ~10.00% historical average. The margin trend (bps change) shows MYR keeping margins impressively flat/positive by ~50 bps through the inflation cycle, whereas MasTec struggled. For shareholders, TSR incl. dividends (total return) was an impressive 149.00% over 1 year for MYR, actually beating MasTec's massive 129.00% return. In terms of risk metrics, MYR had a smoother ride with smaller max drawdowns, though its volatility/beta of 1.32 implies it still bounces around with the market more than MasTec's 1.12. Positive rating moves favor MYR's recent earnings beats. Overall Past Performance winner: MYR Group, because it delivered superior 1-year total shareholder returns without the severe historical drawdowns MasTec experienced in 2023. Future Growth: Both companies will feed endlessly on the electrification megatrend. The TAM/demand signals (total market size) for grid modernization are practically limitless. For pipeline & pre-leasing (contract backlog; representing guaranteed future sales), MYR's $2.84B backlog is quite small, representing less than one year of revenue, whereas MasTec's $19.00B backlog offers multi-year security. The yield on cost (return on new projects) is highly favorable for MYR's fixed-price commercial work. Pricing power (ability to raise prices) is relatively even. Both have minor cost programs active. Regarding the refinancing/maturity wall, MYR has virtually no debt to worry about. Both enjoy massive ESG/regulatory tailwinds related to renewable energy grid integration. Overall Growth outlook winner: MasTec, Inc., because its $19.00B backlog provides vastly superior revenue visibility compared to MYR's short-cycle $2.84B backlog. Fair Value: Both stocks are currently trading at steep premiums to historical norms. MYR trades at a P/E (price-to-earnings ratio; lower means cheaper) of 46.56x, which is cheaper than MasTec's highly stretched 62.80x. Their EV/EBITDA (valuing the whole company including debt) is ~20.00x versus MasTec's 25.00x. Using P/AFFO (price-to-cash-flow proxy), MYR is slightly more attractive. The implied cap rate (EBITDA yield) is ~5.00% for MYR versus MasTec's ~4.00%, offering slightly more immediate value. Treating book value as the NAV premium/discount, both hold steep premiums. For dividend yield & payout/coverage, neither stock pays a yield. Quality vs price note: MYR’s high P/E is justified by its pristine balance sheet, whereas MasTec's multiple requires aggressive future earnings beats to sustain. Better value today: MYR Group, because buying a debt-free, higher-margin company at a 46.56x P/E is mathematically safer than paying 62.80x for a leveraged one. Verdict: Winner: MasTec, Inc. (MTZ) over MYR Group (MYRG)... Direct head-to-head comparison shows that while MYR Group is a fantastic, debt-free operator with a slightly better 5.10% operating margin, MasTec ultimately wins due to its massive $15.30B scale, diversified end-markets, and an overwhelming $19.00B backlog that guarantees years of future revenue. MYR Group's primary weakness is its uncomfortably small $2.84B backlog, which leaves it highly vulnerable to short-term commercial construction slowdowns. While MasTec carries risks like a stretched 62.80x P/E and thinner net margins, its ability to win massive, multi-billion dollar national infrastructure projects gives it a structural growth advantage that MYR Group's smaller regional footprint simply cannot match.

Overall Comparison: APi Group is a highly unique competitor that focuses primarily on life safety, fire protection, and specialty facility services. Compared to MasTec's heavy exterior infrastructure work, APi Group operates almost entirely inside the buildings, focusing on legally mandated inspections and services. For retail investors, APi Group represents the holy grail of contracting: high-margin, recurring revenue. MasTec, on the other hand, relies heavily on massive, one-off project contracts. APi Group’s primary weakness is a slightly heavier debt load from its own aggressive M&A spree, but its core strength of generating predictable, sticky service revenue makes it structurally superior to MasTec's cyclical pipeline business. Business & Moat: In Business & Moat, APi Group has built a fortress. For brand (market dominance), APi Group holds the #1 market rank globally in life safety services. Switching costs (customer retention) heavily favor APi Group; because fire safety inspections are legally mandated, they boast an MSA renewal rate acting as an incredible ~95.00% tenant retention with very wide renewal spreads, completely crushing MasTec's 85.00%. In scale (total size), APi's $8.17B revenue is smaller than MasTec's $15.30B, but vastly more profitable. Network effects are massive for APi, as their 500+ global branches create unparalleled service density. Regulatory barriers (like strict fire codes and permitted sites) legally force customers to buy APi's services. For other moats, statutory compliance is the ultimate moat. Overall Business & Moat winner: APi Group, because legally mandated, recurring safety inspections create a much stickier, safer business than bidding on cyclical construction projects. Financial Statement Analysis: APi Group's financial profile is built for cash generation. Revenue growth (speed of sales expansion) is 14.55% for APi, closely mirroring MasTec's 16.20%. However, for profitability, APi's gross/operating/net margin (profits kept after costs; higher is better) sits at a phenomenal 31.40% / 13.90% (EBITDA) / 4.50%, absolutely obliterating MasTec's 14.00% / 3.60% / 2.94%. In ROE/ROIC (return on invested capital), APi's ~9.00% beats MasTec's 6.00%. Both share good liquidity. On net debt/EBITDA (years needed to pay off debt; under 3.00x is healthy), APi's 1.60x is incredibly safe and slightly better than MasTec's 1.70x. Interest coverage favors APi due to high cash flow. For FCF/AFFO (free cash flow), APi generates a staggering 80.00% cash conversion rate, far outperforming MasTec. Finally, payout/coverage is not applicable as neither pays meaningful dividends. Overall Financials winner: APi Group, because its 31.40% gross margins and massive cash conversion rates are fundamentally superior to heavy construction metrics. Past Performance: APi Group has delivered consistent, market-beating returns. Over a 1/3/5y period, APi posted an EPS CAGR (annual profit growth) of ~20.00%, outperforming MasTec's ~10.00% historical average. The margin trend (bps change) shows APi continually expanding its EBITDA margins by ~70 bps to 90 bps recently, while MasTec is only just recovering its margins. For shareholders, TSR incl. dividends (total return) was an exceptional ~150.00% over the recent long-term horizon, rivaling MasTec's 129.00% 1-year surge. In terms of risk metrics, APi experienced much shallower max drawdowns during market panics because its service revenue is non-cyclical, and its volatility/beta of 1.25 is comparable to MasTec's 1.12. Positive rating moves continuously follow APi's margin targets. Overall Past Performance winner: APi Group, because its recurring revenue model prevented the severe stock crashes MasTec experienced during project downturns. Future Growth: APi Group is aggressively pivoting toward its most profitable segments. The TAM/demand signals (total market size) are permanent for APi, as buildings will always require fire safety. For pipeline & pre-leasing (contract backlog), APi intentionally runs a smaller $5.00B backlog because its daily service work doesn't sit in a multi-year project queue like MasTec's $19.00B backlog. The yield on cost (return on new projects) heavily favors APi's asset-light service vans. Pricing power (ability to raise prices) is total for APi—customers cannot legally refuse fire inspections. Both have aggressive cost programs, with APi targeting a 16%+ margin by 2028. Regarding the refinancing/maturity wall, both are safe. Both enjoy ESG/regulatory tailwinds related to life safety and digital tracking. Overall Growth outlook winner: APi Group, because absolute pricing power on legally required services is the most predictable growth engine in the market. Fair Value: APi Group's valuation reflects its high-quality business model. APi trades at a P/E (price-to-earnings ratio; lower means cheaper) of ~45.00x, which is significantly cheaper than MasTec's highly speculative 62.80x. Their EV/EBITDA (valuing the whole company including debt) is ~18.00x versus MasTec's 25.00x. Using P/AFFO (price-to-cash-flow proxy), APi is much cheaper due to its massive 80% free cash flow conversion. The implied cap rate (EBITDA yield) is ~5.50% for APi versus MasTec's ~4.00%. Treating book value as the NAV premium/discount, both hold massive premiums. For dividend yield & payout/coverage, APi pays 0.00%, reinvesting entirely into bolt-on M&A. Quality vs price note: APi’s multiple is highly justified by its recurring, high-margin service revenue, making MasTec's higher P/E look structurally flawed. Better value today: APi Group, because investors pay less for a company with vastly superior margins and predictable cash flows. Verdict: Winner: APi Group (APG) over MasTec, Inc. (MTZ)... Direct head-to-head comparison shows that APi Group holds insurmountable strengths in its statutory, recurring service model, its massive 31.40% gross margins, and a highly efficient 80.00% free cash flow conversion rate, totally offsetting the optical weakness of having a smaller project backlog. Conversely, MasTec suffers from the primary risks of cyclical project reliance, thin 2.94% net margins, and an overextended 62.80x P/E valuation. APi Group’s numbers conclusively prove it is a far more profitable, less risky, and better-valued business. This verdict is well-supported by the fact that legally mandated life-safety inspections provide a defensive, high-margin moat that heavy pipeline and site-prep construction can never replicate.

MasTec, Inc. (MTZ) Competitive Analysis

Executive Summary

Comprehensive Analysis

Competitor Details

Quanta Services, Inc.

EMCOR Group, Inc.

Dycom Industries, Inc.

Primoris Services Corporation

MYR Group Inc.

APi Group Corporation