MTZ vs PWR

Key Takeaways

• MasTec and Quanta Services are both premier infrastructure services providers benefiting from secular tailwinds in grid modernization, renewable energy, and communications buildouts.
• PWR is the significantly larger enterprise, with full-year 2025 revenue of $28.48 billion compared to MTZ's $14.3 billion, and carries a record total backlog of $43.98 billion versus MTZ's $18.96 billion.
• Both companies delivered double-digit revenue and earnings growth in fiscal 2025, but PWR generated substantially stronger free cash flow ($1.67 billion) while MTZ saw its free cash flow compress to $342 million amid heavy growth investment.
• MTZ has greater direct exposure to the rebounding pipeline infrastructure and communications segments, while PWR is more heavily weighted toward electric power transmission and large-scale generation projects.
• Both management teams issued upbeat 2026 guidance calling for double-digit growth, reflecting sustained demand across all infrastructure end markets.
• From an AI-driven trend perspective, PWR has exhibited more consistent earnings growth, stronger cash generation, and a larger backlog runway — factors that quantitative models tend to reward.

Introduction

MasTec, Inc. (MTZ) and Quanta Services, Inc. (PWR) represent two of the largest and most strategically positioned infrastructure services companies in the United States. Both operate across overlapping end markets — including electric power delivery, renewable energy construction, and communications infrastructure — yet each brings distinct business mixes, scale advantages, and growth trajectories to the table. For investors evaluating the infrastructure sector, understanding how these two companies compare across revenue scale, profitability, backlog strength, and risk exposure is essential. This comparison draws on the most recent financial filings, market data, and observable business trends to provide a clear, fact-based picture of where MTZ and PWR stand relative to one another in the current market environment.

MTZ Overview and Recent Performance

MasTec, Inc. (MTZ), headquartered in Coral Gables, Florida, is a leading infrastructure construction company operating across four primary segments: Communications, Clean Energy and Infrastructure, Power Delivery, and Pipeline Infrastructure. The company serves a diversified customer base spanning telecommunications, electric utilities, renewable energy developers, and oil and gas midstream operators.

In recent market activity, MTZ has benefited from robust demand across nearly all end markets. For full-year 2025, the company reported record revenue of $14.3 billion — a 16% increase year-over-year — alongside adjusted diluted earnings per share (EPS) of $6.55, which represented a 66% surge from the prior year. The company's 18-month backlog reached a record $19.0 billion, up 33% year-over-year, driven by double-digit growth contributions from all four operating segments. The Pipeline Infrastructure segment stood out with a 90% backlog increase, signaling a pronounced recovery in midstream project awards.

Sentiment around MTZ has been shaped by both strong top-line momentum and margin-related questions. While revenue growth and backlog expansion have been impressive, free cash flow contracted meaningfully in 2025 — falling to $342 million from $1.04 billion in 2024 — as the company deployed working capital to support large-scale project ramp-ups. Management's 2026 guidance calls for approximately $17 billion in revenue and adjusted EPS of $8.40, reflecting confidence that growth investments will begin yielding returns.

PWR Overview and Recent Performance

Quanta Services, Inc. (PWR), based in Houston, Texas, is the largest specialty infrastructure contractor in North America, providing engineering, procurement, and construction services primarily through its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. The company is a dominant force in electric transmission, substation, renewable generation, and large-load interconnection projects.

PWR closed fiscal 2025 with consolidated revenues of $28.48 billion and adjusted diluted EPS of $10.75, both representing record full-year figures. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached $2.88 billion. The company's total backlog surged to an all-time high of $43.98 billion, with the Electric Infrastructure Solutions segment backlog setting its own record — a reflection of accelerating utility and large-load customer demand. Fourth-quarter 2025 alone delivered $7.84 billion in revenue and $1.13 billion in cash flow from operations.

In recent weeks, PWR has continued to expand through strategic acquisitions, including Tri-City, Wilson Construction, and Billings Flying Service during the fourth quarter of 2025 for aggregate upfront consideration of approximately $1.73 billion. These deals broaden the company's electrical infrastructure and aviation-service capabilities. The company also secured a landmark engagement with NiSource to design and construct approximately 3 gigawatts of power generation and grid infrastructure for a large-load customer. Management's 2026 guidance projects revenue between $33.25 billion and $33.75 billion, with adjusted EPS of $12.65 to $13.35, signaling continued double-digit growth.

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Head-to-Head Comparison

While MTZ and PWR share significant common ground as infrastructure services leaders, the differences between them are consequential for portfolio positioning.

Scale and Revenue Base. PWR is roughly twice the size of MTZ by revenue, giving it deeper financial resources, broader geographic reach, and greater capacity to pursue large-scale, multi-billion-dollar projects. PWR's $43.98 billion backlog dwarfs MTZ's $18.96 billion, though it is worth noting that the two companies define and report backlog somewhat differently — PWR includes total backlog encompassing longer-duration contracts.

Segment Diversification. MTZ's four-segment structure provides exposure to communications infrastructure — a growth area tied to broadband expansion and fiber deployments — as well as a recovering pipeline business. PWR, by contrast, is more heavily concentrated in electric power infrastructure, which now accounts for the dominant share of its revenue and backlog. This gives PWR concentrated leverage to the grid modernization and electrification mega-themes but somewhat less diversification into adjacent infrastructure verticals.

Cash Flow and Financial Flexibility. The cash flow profiles of the two companies diverged notably in 2025. PWR generated $2.23 billion in operating cash flow and $1.67 billion in free cash flow, providing ample capacity for acquisitions and share repurchases. MTZ saw operating cash flow decline to $546 million and free cash flow to $342 million, as heavy project ramp-ups consumed working capital. While this is partly a function of MTZ's growth phase, it introduces a near-term liquidity consideration that PWR does not face to the same degree.

Growth Trajectory and Catalysts. Both companies guided for double-digit growth in 2026. MTZ is targeting 19% revenue growth and 26% adjusted EBITDA growth, which is a faster organic rate than PWR's roughly 17%–19% expected revenue expansion. However, PWR's growth is layered on top of a much larger base, and its $0.40–$0.50 anticipated EPS contribution from recent acquisitions adds a visible inorganic tailwind.

Risk Considerations. MTZ faces project-specific permitting risks — exemplified by delays on the Greenlink transmission project — and margin pressure from the cost of scaling new geographies. PWR's risks center more on execution across a rapidly expanding project portfolio and integration of multiple acquisitions closed in a compressed timeframe.

Tickeron AI Verdict

Based on observable factors — including trend consistency, earnings momentum, cash flow quality, backlog depth, and relative market positioning — Tickeron's AI-driven analytical framework would likely favor Quanta Services (PWR) in the current environment. PWR demonstrates a more consistent track record of converting revenue growth into robust free cash flow, maintains a backlog that provides exceptional forward revenue visibility, and has demonstrated an ability to execute on both organic project wins and strategic M&A (Mergers and Acquisitions) simultaneously. While MTZ offers compelling growth at a potentially attractive entry point — particularly given the pipeline segment recovery and communications expansion — its near-term cash flow compression and project-execution variables introduce a degree of uncertainty that quantitative models typically penalize. The probabilistic assessment tilts toward PWR for its superior combination of growth, profitability, and financial resilience in the current infrastructure spending cycle.

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