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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 traded **$1.65 billion** in cash for inside-the-fence electrical work, betting hyperscalers will pay premium margins to escape utility bottlenecks.
$1.65 billion
acquisition of Superior Electric
$225 million
in EBITDA over the next twelve months
400 to 600 basis points
higher than traditional utility construction
7.3 times
trailing EBITDA
MasTec closed a $1.65 billion acquisition of Superior Electric, a contractor specializing in electrical systems for hyperscale data centers. The deal moves MasTec from outside-the-fence utility infrastructure—transmission lines, substations—to the higher-margin interior work: switchgear, power distribution units, emergency backup systems. Superior is projected to contribute approximately $225 million in EBITDA over the next twelve months, according to company guidance.
The transaction reflects a calculated pivot. MasTec has spent two decades building natural gas pipelines and utility-scale transmission networks. Superior's client base skews toward hyperscalers—Amazon Web Services, Microsoft Azure, Google Cloud—who are deploying GPU clusters at rates that outpace local grid capacity. Inside-the-fence work carries installation timelines measured in quarters, not years, and margins that run 400 to 600 basis points higher than traditional utility construction. MasTec paid roughly 7.3 times trailing EBITDA, a modest premium in a sector where specialized electrical contractors have recently traded north of 9 times.
The timing aligns with three structural tailwinds. First, U.S. data center construction spending is tracking toward $47 billion in 2026, up 34 percent year-over-year, driven almost entirely by AI training and inference workloads. Second, electrical infrastructure has emerged as the primary bottleneck: hyperscalers are securing power purchase agreements for 500-megawatt facilities before breaking ground, then waiting 18 to 24 months for utility interconnection. Superior's backlog sits at approximately $1.1 billion, with 68 percent tied to projects already under construction. Third, MasTec's existing utility relationships—particularly with investor-owned utilities in Texas, Virginia, and the Carolinas—provide early visibility into where hyperscale load is landing. The company can now bid the full stack: substation to server rack.
Allocators should track three follow-on indicators. First, watch MasTec's backlog composition in the September quarter; if Superior's $1.1 billion grows by more than 15 percent sequentially, it signals the company is winning second-wave hyperscale contracts beyond the existing pipeline. Second, monitor whether MasTec deploys additional capital to acquire specialized cooling or modular power contractors in the next six to nine months; the company's balance sheet can support another $800 million to $1 billion in M&A without materially affecting its leverage ratio. Third, observe pricing behavior: if Superior's gross margins expand past 14 percent in the back half of 2026, the company is extracting scarcity premium from clients facing GPU delivery schedules they cannot miss.
The deal assumes hyperscalers continue to prioritize speed over cost, a reasonable assumption when a three-month delay in bringing a training cluster online can mean forfeiting $40 million in compute revenue. MasTec now owns the contractor hyperscalers call when the utility says the substation will not be ready until next year.
Branded by POPS4 · proof in 60 seconds
For the principal
Consider direct co-investment in specialized data center electrical contractors; MasTec's valuation multiple suggests the market has not fully priced scarcity.
For the operator
Track MasTec's September backlog disclosure for evidence of second-wave hyperscale contract wins; margin expansion past 14 percent confirms pricing power.
For the house
Long MTZ equity in the Infrastructure Transition book; size to 1.2 percent of AUM, stop at 8 percent drawdown from entry.
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