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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
**$1.65 billion** for wired capacity in a market where electrical labor and transformers are the binding constraints.
$1.65 billion
gaining a contractor specialized in electrical infrastructure for data…
14-16× trailing EBITDA
based on sector comparables
25-30%
premium to recent electrical contractor transactions
100+ megawatt
AI training clusters
MasTec signed a definitive agreement to acquire The Superior Group for $1.65 billion, gaining a contractor specialized in electrical infrastructure for data centers and mission-critical facilities. The deal values Superior at roughly 14-16× trailing EBITDA based on sector comparables, a 25-30% premium to recent electrical contractor transactions.
Superior Group operates across power distribution, switchgear installation, and emergency backup systems—the exact stack hyperscalers need to convert raw land into 100+ megawatt AI training clusters. The company reported approximately $1.1 billion in revenue for the trailing twelve months, with 80% concentrated in data-center work. MasTec expects the acquisition to close in Q2 2025, subject to regulatory approval and customary conditions. The purchase will be funded through a combination of debt and cash on hand.
The timing reflects capital allocation into physical infrastructure ahead of the third wave of AI buildouts. Hyperscalers announced $55 billion in incremental capex commitments this quarter, with $18-22 billion earmarked for U.S. data-center construction through 2026. Each 100-megawatt facility requires $400-550 million in electrical work alone—switchgear, transformers, cooling redundancy, backup generation. Superior's backlog stood at $780 million as of year-end 2024, with average contract durations of 18-24 months. MasTec acquires not just revenue but queue position on projects already permitted and financed.
This consolidation also signals margin compression risk in the broader contractor market. Electrical labor costs rose 11-14% year-over-year in metro markets with active hyperscaler projects, and transformer lead times stretched to 44-52 weeks. Acquiring a specialist with existing supplier relationships and trained crews allows MasTec to bypass the 12-18 month ramp required to staff a new data-center division organically. The purchase effectively converts $1.65 billion in capital into $780 million of locked revenue and established vendor terms on long-lead equipment.
Allocators should track MasTec's debt-to-EBITDA ratio post-close, likely reaching 3.2-3.6× depending on final purchase accounting. The company will need to refinance portions of its existing credit facility to accommodate the acquisition, with pricing expected in the SOFR + 200-225 basis point range given current contractor covenant packages. Watch for hyperscaler capex guidance revisions in May earnings—any pullback in the $220-240 billion aggregate buildout forecast would directly impact Superior's backlog conversion. Permitting delays in Northern Virginia, where 40% of U.S. data-center capacity is concentrated, remain the operational risk most likely to extend project timelines and defer revenue recognition into 2026.
Transformer manufacturers are already quoting 54-week lead times for the 50+ MVA units required for AI clusters, up from 38 weeks six months ago.
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For the principal
Consider electrical contractor exposure as a hedge against cloud-services multiples—physical infrastructure with 18-month revenue visibility and replacement-cost pricing power.
For the operator
Watch MasTec's post-close leverage and Superior's backlog burn rate—debt service above 3.5× EBITDA limits buyback capacity if hyperscaler spending slows mid-2026.
For the house
Short-dated call spreads on MTZ into Q2 close, hedged with puts on datacenter REITs—we capture the deal premium while protecting against permitting risk.
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