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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's **$1.65 billion** Superior acquisition consolidates scarce electrical talent and locks in **$5.3 billion** of hyperscale backlog through 2027.
$1.65 billion
marking the largest bet yet by a Tier 1…
100-megawatt-plus
campus builds from civil work through energization
$780 million
in trailing revenue across
47 active projects
concentrated in Northern Virginia
MasTec announced the acquisition of Superior Group for $1.65 billion, marking the largest bet yet by a Tier 1 contractor on the data center construction cycle. The deal, structured as cash and stock, closes in Q2 2025 and immediately positions MasTec as one of three firms capable of executing 100-megawatt-plus campus builds from civil work through energization.
Superior Group generated $780 million in trailing revenue across 47 active projects, concentrated in Northern Virginia, Phoenix, and the Dallas-Fort Worth corridor. The portfolio skews 68% toward hyperscale clients—Meta, Microsoft, AWS—who have collectively announced $210 billion in 2025 capex, most of it earmarked for compute infrastructure. MasTec's existing $4.2 billion backlog now absorbs Superior's $1.1 billion in contracted work, pushing the combined order book past $5.3 billion and extending visibility into 2027.
The premium tells the story. MasTec paid 2.1x trailing revenue, well above the 1.4x median for recent infrastructure M&A, reflecting two realities. First, the specialized labor pool for high-voltage electrical work and liquid cooling integration is tight—Superior employs 340 master electricians with security clearances, a qualification bottleneck that has delayed $18 billion worth of announced data center projects in the past eighteen months. Second, the window for scale is narrow. Utility interconnection queues in key markets now stretch 36 to 48 months, and clients are pre-qualifying contractors who can self-perform electrical, mechanical, and controls work to compress schedules.
The deal reshapes competitive dynamics. MasTec now controls roughly 12% of the addressable U.S. hyperscale construction market, up from 7%, and operates at a margin structure Superior's standalone business could not sustain. Superior's gross margin ran 11.8% in 2024; MasTec's infrastructure segment printed 14.2%, benefiting from procurement leverage on switchgear and generator sets where lead times have compressed prices. The integration playbook is straightforward: consolidate back-office functions, cross-sell MasTec's fiber and utility experience into Superior's customer base, and redeploy Superior's crews onto MasTec's pipeline of 23 pending awards worth a combined $3.7 billion.
Operators should track three follow-on events. First, watch for MasTec's April earnings call, where management will detail the $85 million in projected annual synergies and clarify whether the deal includes earnout provisions tied to Superior's 2026 EBITDA. Second, monitor Quanta Services and AECOM for countermoves—both firms have flagged data center exposure as a growth priority and sit on $2.1 billion and $890 million in dry powder, respectively. Third, observe whether MasTec accelerates its own capex to add fabrication capacity for electrical skids, a move that would signal confidence in multi-year hyperscale demand and tighten control over margin-accretive scope.
The timing locks in a cycle that has already run eighteen months but shows no credit fatigue. Hyperscalers are pre-leasing power allocations 24 months ahead of construction starts, and MasTec just bought the picks and shovels.
Branded by POPS4 · proof in 60 seconds
For the principal
Consider exposure to Quanta Services or private electrical contractors; MasTec just validated 2x revenue multiples in a capacity-constrained sector.
For the operator
Watch MasTec's April guidance on $85M synergies and whether the deal includes earnouts—signals confidence in multi-year hyperscale capex durability.
For the house
Flag for infrastructure book—named account holds 18,200 shares MTZ; acquisition de-risks backlog quality, consider adding on integration clarity post-close.
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