MTZMASTEC INC
Water, Sewer, Pipeline, Comm & Power Line Construction
- Revenue
- $14.3B
- 16% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $14.9B
- Employees
- 36,000
- $397K revenue each
- Net debt / EBITDA
- —
- $3.5B net debt
- AI in 10-K
- 1.9
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo137% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo14% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo21% of assetsOver 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$397K · 38th pctBottom quartile of its SIC industry
- Quiet on AINo1.9 per 10K words · 54th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$14.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8.0B | $9.8B | $12.0B | $12.3B | $14.3B | 16% |
| Net income | $329M | $33M | −$50M | $163M | $399M | 145% |
| Operating cash flow | $793M | $352M | $687M | $1.1B | $546M | 51% |
| Capex | $170M | $263M | $193M | $149M | $260M | 75% |
| Stock-based comp | $25M | $27M | $33M | $33M | $34M | 4.1% |
| Buybacks | $0 | $81M | $0 | $0 | $77M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 13, 2026 | MAS JOSE RAMON | SCHEDULE 13D/A | 7.7% | Passive |
| Aug 13, 2026 | MAS JORGE | SCHEDULE 13D/A | 14.8% | Passive |
| Aug 22, 2025 | MAS JOSE RAMON | SCHEDULE 13D/A | 7.8% | Passive |
| Aug 22, 2025 | MAS JORGE | SCHEDULE 13D/A | 15.0% | Passive |
| Sep 10, 2024 | MAS JOSE RAMON | SC 13D/A | 7.8% | Passive |
| Sep 10, 2024 | MAS JORGE | SC 13D/A | 14.9% | Passive |
| Jan 13, 2023 | MAS JORGE | SC 13D/A | 14.9% | Passive |
| Jan 13, 2023 | MAS JOSE RAMON | SC 13D/A | 7.7% | Passive |
| Nov 20, 2019 | MAS JOSE RAMON | SC 13D/A | 7.4% | Passive |
| Nov 20, 2019 | MAS JORGE | SC 13D/A | 13.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 5
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $26M | 319 | 356 |
| FY2024 | $11M | $25M | 200 | 269 |
| FY2023 | $10M | $7M | 111 | 184 |
| FY2022 | $10M | $6M | 125 | 145 |
| FY2021 | $9M | $18M | 135 | 137 |