MasTec's Backlog Up by $4.7B: Sign of Sustained Infrastructure Demand?

MasTec, Inc. MTZ is witnessing strong activity across clean energy and power delivery markets, which is supporting its backlog growth. As of Dec. 31, 2025, the company’s 18-month backlog stood at $18.96 billion, up 33% (or by $4.7 billion) year over year and 13% sequentially. The book-to-bill ratio of about 1.6x suggests the company is winning new contracts faster than it is completing projects, providing visibility into future revenue streams.

Importantly, backlog expansion was driven by strength across all segments. Pipeline Infrastructure and Clean Energy & Infrastructure posted especially strong gains (rose 90% and 53%, respectively, year over year), reflecting rising investment in energy, transportation, renewable generation and grid modernization. The company also added nearly $1 billion in data center-related work during the fourth quarter of 2025, positioning it to benefit from surging demand for AI-driven computing infrastructure. The Power Delivery segment also contributed to the backlog increase as utilities continued to invest in transmission and distribution infrastructure to support grid upgrades. The Communications segment (up 20% year over year) saw continued demand tied to broadband deployment and connectivity requirements.

Looking ahead, management expects the momentum to continue. MasTec projects $17 billion in revenues for 2026, implying roughly 19% growth, alongside adjusted EBITDA of about $1.45 billion. Clean Energy & Infrastructure is forecast to lead expansion, boosted by data center construction and renewables development.

Taken together, MasTec’s swelling backlog may be more than a short-term spike. Instead, it likely reflects a broader infrastructure investment cycle spanning energy, communications, utilities and digital infrastructure, trends that could support sustained growth in the years ahead.

Understanding MasTec’s Competitive Position

In the energy, power and infrastructure markets, MasTec faces substantial competition from renowned players, including EMCOR Group, Inc. EME and Quanta Services, Inc. PWR.

EMCOR competes through a vast mechanical and electrical services network, giving it regional reach in industrial, commercial and utility markets. Conversely, Quanta represents its strongest peer in electric power, with unmatched transmission and distribution depth and long-standing utility relationships.

It is known that accelerated renewable deployment, rising grid congestion, electrification of transport and industry, and federal incentives are expanding the opportunities across the sector. In this market, MasTec holds a competitive advantage in its ability to deliver large, multi-scope projects across power, energy and communications simultaneously compared with other peers like EMCOR and Quanta.

MTZ Stock’s Price Performance & Valuation Trend

Shares of this Florida-based infrastructure construction company have surged 67.1% 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 33.76, as shown in the chart below.

EPS Trend Favors MTZ

For 2026 and 2027, MTZ’s earnings estimates have trended upward in the past seven days. The revised estimated figures for 2026 and 2027 imply 31% and 25.4% year-over-year growth, respectively.

MasTec stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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