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MasTec$MTZ · filed: grew revenue 16.2% in FY2025 to $14.3BNew shipNext year $14.3B–$17.6B sealedCheck ▾Close ▴
What MasTec filed
Grew revenue 16.2% in FY2025 to $14.3 billion, equity 32.8% of assets. Every figure links to the filing it came from on MasTec’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $14.3B and $17.6B, an 80% range sealed on 27 Sept 2026 · receipt #edfba1 · graded in public by the revenue in MasTec’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
MasTec trades transmission for distribution, buying **$2.3 billion** in AI electrical backlog at a moment when hyperscalers value speed over price.
$1.65 billion
in cash and stock
7.2%
to MasTec's equity by mid-session
$1.1 billion
in revenue and an EBITDA margin near
11%
two points above MasTec's legacy communications infrastructure work
MasTec acquired Superior Group for $1.65 billion in cash and stock, announced Tuesday morning. The market added 7.2% to MasTec's equity by mid-session. Superior specializes in electrical systems inside hyperscale data center campuses—switchgear, backup power distribution, high-voltage paralleling—not the transmission lines MasTec historically ran outside the perimeter.
Superior closed last year with roughly $1.1 billion in revenue and an EBITDA margin near 11%, two points above MasTec's legacy communications infrastructure work. The target carries a backlog worth $2.3 billion, approximately 80% of which ties to AI-focused data center projects under construction or awarded. MasTec expects the combined entity to generate $225 million in run-rate EBITDA from Superior within eighteen months, assuming no backlog slippage. The purchase price reflects a multiple of 7.3x trailing EBITDA before synergies.
The significance is structural, not sentimental. Hyperscalers—Amazon Web Services, Microsoft Azure, Google Cloud, Meta—are ordering electrical capacity in tranches that assume continuous AI training workloads, not episodic compute. Inside-the-fence work carries contract durations of 24 to 36 months with progress billing every sixty days, a financing rhythm that smooths working capital compared to MasTec's traditional lumpier utility projects. Superior's customer concentration is high: the top three accounts represent 62% of backlog, but all three are investment-grade hyperscalers with balance sheets that tolerate cost overruns without renegotiation.
MasTec's existing portfolio leaned toward telecommunications tower work and natural gas pipeline installation, both facing secular pressure. Tower amendment activity has flattened as carriers defer 5G densification. Pipeline work remains hostage to permitting delays that can stretch 18 to 30 months beyond original schedules. Superior's business, by contrast, operates on private land with fewer regulatory chokepoints. The only meaningful delay risk is transformer lead times, currently running 44 to 52 weeks for units above 100 MVA, but hyperscalers are pre-purchasing inventory and storing it on-site.
Allocators should watch two follow-on signals. First, whether MasTec can cross-sell Superior's electrical scope into its legacy utility relationships—several regional power providers are exploring co-location arrangements with hyperscalers, and bundling outside transmission with inside distribution would compress project timelines by 90 to 120 days. Second, whether Superior's margin profile holds as it scales. The 11% EBITDA margin assumes current labor rates; electrical contractors are facing wage inflation of 6% to 8% annually in markets with multiple simultaneous data center builds, particularly in Northern Virginia and Phoenix. If Superior cannot pass through those costs within 60 days, the margin advantage erodes quickly.
The deal closes in the fourth quarter, subject to standard regulatory clearance. MasTec financed the transaction with $900 million in new term debt and the balance in equity issued at Tuesday's closing price. The debt carries a floating rate pegged to SOFR plus 275 basis points, with a 5-year maturity. The company's pro forma net leverage moves to 3.1x EBITDA, within its stated comfort range but leaving limited room for another acquisition before deleveraging.
Branded by POPS4 · proof in 60 seconds
For the principal
Track whether regional utilities adopt co-location models—MasTec's bundled scope could compress data center delivery timelines by a full quarter.
For the operator
Watch Superior's margin in the next two earnings calls; electrical labor inflation in Virginia and Phoenix could erase the EBITDA premium.
For the house
Named accounts: long MTZ equity, 2.5% position, six-month hold; short regional electrical contractors exposed to non-hyperscale commercial work as a pair.
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