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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
Electrical contractors with utility relationships now control hyperscale data center timing; MasTec bought execution capacity, not revenue.
$1.65 billion
in cash and stock
100 to 300 megawatts
of electrical demand per facility
20 gigawatts annually
while AI-driven data center demand is growing at
30 gigawatts per year
through 2027 according to grid operator projections
MasTec announced Tuesday it will acquire Superior Group for $1.65 billion in cash and stock, securing one of the few electrical contractors with scale to wire hyperscale data centers. The infrastructure engineering firm is buying execution capacity, not revenue multiples.
Superior Group specializes in high-voltage electrical work for mission-critical facilities. MasTec already holds contracts with Amazon Web Services, Microsoft, and Meta for site preparation and civil work. This acquisition moves the firm upstream into the electrical systems that determine whether a data center can actually draw power from the grid. Without guaranteed electrical capacity, land is decorative.
The timing reflects a structural problem in hyperscale construction. Data center permits now routinely specify 100 to 300 megawatts of electrical demand per facility. U.S. utilities are adding generation capacity at roughly 20 gigawatts annually, while AI-driven data center demand is growing at 30 gigawatts per year through 2027 according to grid operator projections. Electrical contractors who can navigate utility interconnection queues and deliver substation work are now the bottleneck, not the concrete or steel. MasTec is buying a contractor that already has relationships with regional utilities and a backlog of approved interconnection projects. Superior's existing pipeline becomes MasTec's competitive moat.
The deal structure matters. Cash-and-stock signals MasTec expects Superior's management to stay and execute through the integration. Electrical contracting is a relationship business with municipal utilities and regional grid operators. Acquiring the Rolodex without the team accomplishes nothing. The stock component aligns incentives through the 18-to-24 month utility approval cycles that govern when these projects can actually energize.
Allocators should watch three follow-on signals. First, MasTec's next earnings call in late October will clarify how much of Superior's backlog is tied to signed hyperscaler contracts versus speculative builds. Second, competing electrical contractors—EMCOR, Quanta Services—will face pressure to consolidate or risk losing access to the hyperscaler RFP shortlists. Third, utility interconnection wait times in Northern Virginia, Phoenix, and Dallas—the three largest U.S. data center markets—are now averaging 36 months. Any contractor who can compress that timeline by six months commands pricing power.
MasTec's acquisition cost works out to roughly 8.5x trailing EBITDA if Superior's margins match peer electrical contractors. That multiple makes sense only if MasTec believes it can redeploy Superior's crews across its own hyperscaler contracts and bill at integrated-services rates instead of subcontractor rates. The arbitrage is in the margin expansion, not the revenue growth.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch grid-capacity plays; electrical contractors who navigate utility queues now set AI infrastructure timelines and command premium valuations.
For the operator
Track EMCOR and Quanta Services for defensive M&A; contractors without scale lose hyperscaler RFP access within eighteen months.
For the house
Long MasTec through Q4 2025 close; short regional electrical contractors without utility relationships or backlog visibility in top-three markets.
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