MasTec Inc

MTZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MasTec Earnings: Strong Backlog Growth Drives Our Fair Value Estimate Higher, but Stock Expensive

Joshua Aguilar

May 1, 2026

MasTec had a strong first quarter, with revenue rising 34% year on year and adjusted EBITDA margin up 170 basis points. More importantly, the 18-month backlog rose a resounding 28% year on year, driving MasTec's stock price marginally higher on the trading date.

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MasTec Inc

MasTec Earnings: Strong Backlog Growth Drives Our Fair Value Estimate Higher, but Stock Expensive

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