MasTec, Inc. (MTZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura y la construcción, Mastec, Inc. (MTZ) se erige como una potencia de soluciones innovadoras, navegando estratégicamente los sectores complejos desde la energía hasta las telecomunicaciones. Este lienzo de modelo de negocio integral revela cómo la compañía transforma los intrincados desafíos de infraestructura en proyectos perfectos y de alto rendimiento, aprovechando su combinación única de experiencia técnica, asociaciones estratégicas y capacidades de vanguardia en múltiples industrias. Sumérgete en el plan que impulsa el éxito de Mastec y descubre cómo este líder de la industria ofrece constantemente valor a través de su enfoque multifacético para el desarrollo y los servicios de infraestructura.

Mastec, Inc. (MTZ) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con compañías de energía y servicios públicos

MASTEC ha establecido asociaciones estratégicas con múltiples corporaciones de energía importantes, que incluyen:

Energía nextera	Contrato de construcción de infraestructura a largo plazo
Energía de Duke	Servicios de infraestructura de transmisión y distribución
Poder de Florida & Luz	Mantenimiento de la infraestructura eléctrica en curso

Asociaciones con proveedores de infraestructura de telecomunicaciones

Detalles clave de la asociación de telecomunicaciones:

• AT&T - Contrato de infraestructura de red de $ 1.2 mil millones
• Verizon - Collaboración de implementación de red 5G
• T -Mobile - Acuerdo de desarrollo de infraestructura inalámbrica

Colaboración con desarrolladores de proyectos de energía renovable

Primero solar	Asociaciones de construcción de granja solar
Sistemas de viento de Vestas	Desarrollo de infraestructura de energía eólica
Energía de floración	Servicios de instalación de energía renovable

Empresas conjuntas con empresas de construcción e ingeniería

Las asociaciones de construcción e ingeniería de Mastec incluyen:

• Fluor Corporation - Proyectos de infraestructura industrial
• Jacobs Engineering Group - Colaboraciones de ingeniería compleja
• AECOM - Desarrollo de infraestructura multisectorial

Contribución total de ingresos de la asociación: aproximadamente $ 4.5 mil millones en 2023

Mastec, Inc. (MTZ) - Modelo de negocio: actividades clave

Servicios de construcción y mantenimiento de la infraestructura

Mastec reportó $ 8.9 mil millones en ingresos totales para 2022. Los servicios de construcción de infraestructura representaron aproximadamente el 40% de los ingresos totales.

Categoría de servicio	Contribución anual de ingresos	Mercados clave
Construcción de infraestructura	$ 3.56 mil millones	Transporte, utilidad, sectores de energía

Instalación de la red de telecomunicaciones

El segmento de telecomunicaciones generó $ 2.1 mil millones en ingresos para 2022, lo que representa el 24% de los ingresos totales de la compañía.

• Servicios de implementación de red 5G
• Instalación de infraestructura de fibra óptica
• Construcción de la red de comunicación inalámbrica

Desarrollo de la red eléctrica

Los servicios de infraestructura de energía generaron $ 1.8 mil millones en ingresos durante 2022.

Servicios de red eléctrica	Ingresos anuales	Tipos de proyectos
Construcción de la línea de transmisión	$ 750 millones	Proyectos de transmisión de alto voltaje
Modernización de la cuadrícula	$ 550 millones	Tecnologías de cuadrícula inteligente

Ejecución del proyecto de energía renovable

El segmento de energía renovable contribuyó con $ 620 millones a los ingresos totales en 2022.

• Construcción de granja solar
• Instalación de la turbina eólica
• Implementación del sistema de almacenamiento de baterías

Soluciones de construcción industrial e ingeniería

El segmento de servicios industriales generó $ 420 millones en ingresos para 2022.

Servicio industrial	Ingresos anuales	Industrias clave
Ingeniería industrial	$ 250 millones	Aceite & Gas, fabricación
Construcción de plantas de proceso	$ 170 millones	Químico, petroquímico

Mastec, Inc. (MTZ) - Modelo de negocio: recursos clave

Ingeniería especializada y fuerza laboral técnica

A partir de 2023, Mastec empleaba aproximadamente 14,500 trabajadores en varias disciplinas especializadas. Desglose de los empleados por experiencia:

Categoría de fuerza laboral	Número de empleados
Profesionales de ingeniería	3,250
Especialistas técnicos	5,600
Trabajadores de la construcción	5,650

Equipos y tecnología de construcción avanzados

Inversión de capital en equipos y tecnología para 2023:

• Valor total del equipo: $ 782 millones
• Inversión tecnológica anual: $ 45.3 millones
• GPS avanzado y sistemas de seguimiento: desplegado en el 92% de la flota de maquinaria pesada

Extensas capacidades de gestión de proyectos

Métricas de infraestructura de gestión de proyectos:

Métrica de gestión	Cantidad
Gerentes de proyecto certificados	268
Proyecto activo simultáneamente	127
Valor promedio del proyecto	$ 16.7 millones

Fuerte capital financiero y líneas de crédito

Detalles del recurso financiero para 2023:

• Total de líneas de crédito disponibles: $ 850 millones
• Efectivo y equivalentes de efectivo: $ 212.4 millones
• Deuda total: $ 687.3 millones

Presencia operativa geográfica diversa

Estadísticas de cobertura operativa:

Región geográfica	Número de proyectos activos
Estados Unidos	98
Canadá	12
América Latina	17

Mastec, Inc. (MTZ) - Modelo de negocio: propuestas de valor

Soluciones integrales de infraestructura en múltiples sectores

Mastec, Inc. proporciona soluciones de infraestructura en los siguientes sectores:

Sector	Contribución anual de ingresos
Telecomunicaciones	$ 2.1 mil millones (37% de los ingresos totales)
Energía limpia	$ 1.3 mil millones (23% de los ingresos totales)
Aceite & Gas	$ 1.0 mil millones (18% de los ingresos totales)
Transmisión de potencia	$ 750 millones (13% de los ingresos totales)
Otra infraestructura	$ 500 millones (9% de los ingresos totales)

Implementación de proyecto rentable y eficiente

Mastec demuestra una eficiencia de rentabilidad a través de:

• Tasa de finalización del proyecto del 98.5%
• Margen promedio del proyecto del 12.3%
• Reducción de costos operativos de 6.2% año tras año

Experiencia de ingeniería y construcción de alta calidad

Las capacidades de ingeniería incluyen:

Categoría de experiencia	Métrica cuantitativa
Ingenieros certificados	1,200+ ingenieros profesionales
Horas de entrenamiento anuales	45,000 horas
Calificación de cumplimiento de seguridad	99.7% Registro de seguridad

Ofertas de servicios tecnológicamente avanzados

Las inversiones tecnológicas incluyen:

• Inversión anual de I + D de $ 85 millones
• GPS avanzado y tecnologías de mapeo de drones
• Sistemas de gestión de proyectos impulsados ​​por IA

Capacidad para manejar proyectos complejos de infraestructura a gran escala

Capacidades de la escala del proyecto:

Tipo de proyecto	Valor promedio del proyecto	Volumen anual del proyecto
Infraestructura grande	$ 50- $ 250 millones	12-15 proyectos anualmente
Infraestructura media	$ 10- $ 50 millones	35-40 proyectos anualmente

Mastec, Inc. (MTZ) - Modelo de negocio: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

Mastec, Inc. mantiene 87 contratos de infraestructura a largo plazo en múltiples sectores a partir de 2023, con una duración promedio de contrato de 3.7 años. El valor total del contrato para 2023 fue de $ 6.2 mil millones.

Sector	Número de contratos	Valor de contrato promedio
Infraestructura energética	42	$ 78.5 millones
Telecomunicaciones	29	$ 45.3 millones
Transporte	16	$ 62.7 millones

Equipos de gestión de cuentas dedicados

Mastec emplea 215 gerentes de cuentas dedicados en sus segmentos comerciales, con una tasa promedio de retención de clientes del 92% en 2023.

• El administrador de cuentas promedio maneja 7-9 relaciones principales de los clientes
• Equipos especializados para cada sector de infraestructura
• Proceso de revisión de rendimiento trimestral

Soluciones de infraestructura personalizadas

En 2023, Mastec desarrolló 64 soluciones de infraestructura personalizadas para clientes, con un valor de proyecto promedio de $ 22.6 millones.

Tipo de solución	Número de soluciones personalizadas	Inversión total
Infraestructura energética	28	$ 635.4 millones
Red de telecomunicaciones	22	$ 496.2 millones
Sistemas de transporte	14	$ 316.8 millones

Servicios continuos de soporte técnico y mantenimiento

MASTEC proporciona soporte técnico continuo para el 92% de su cartera de proyectos, con un equipo de soporte dedicado de 387 profesionales técnicos en 2023.

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 47 minutos
• Valor de contrato de mantenimiento: $ 412.5 millones en 2023

Enfoque basado en el rendimiento

Las métricas de rendimiento para MASTEC en 2023 demuestran una estrategia sólida de relación con el cliente:

Métrico de rendimiento	Valor 2023
Tasa de satisfacción del cliente	94.3%
Tasa de tiempo de finalización del proyecto	89.6%
Tasa comercial repetida del cliente	86.7%

Mastec, Inc. (MTZ) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de MASTEC consta de 387 profesionales de ventas dedicados a partir de 2023, dirigidos a múltiples sectores de infraestructura que incluyen energía, telecomunicaciones y transporte.

Segmento del equipo de ventas	Número de representantes de ventas	Ingresos anuales promedio por representante
Infraestructura energética	142	$ 3.2 millones
Telecomunicaciones	115	$ 2.8 millones
Transporte	130	$ 3.5 millones

Conferencias de la industria y ferias comerciales

Mastec participa en 24 principales conferencias de la industria anualmente, con una inversión estimada de $ 1.7 millones en ferias comerciales y participación de la conferencia.

• Conferencia de Infraestructura de América del Norte
• Expo anual de tecnología de telecomunicaciones
• Cumbre de infraestructura energética
• Conferencia de ingeniería de transporte

Sitio web corporativo y plataformas en línea

Los canales digitales de Mastec generan aproximadamente el 37% de las consultas iniciales de los clientes, con un presupuesto anual de marketing digital de $ 2.3 millones.

Plataforma digital	Visitantes únicos mensuales	Tasa de conversión de plomo
Sitio web corporativo	87,500	2.4%
Página de la empresa de LinkedIn	45,200	1.8%

Procesos de solicitud de propuesta (RFP)

Mastec responde a 212 RFP anualmente, con una tasa de éxito del 42%, generando aproximadamente $ 587 millones en valores de contrato.

Iniciativas estratégicas de desarrollo empresarial

Mastec asigna $ 4.6 millones anuales al desarrollo empresarial estratégico, centrándose en expandir el alcance del mercado en los sectores de infraestructura.

Área de enfoque de desarrollo empresarial	Inversión	Nuevas oportunidades de mercado proyectadas
Infraestructura de energía renovable	$ 1.8 millones	$ 215 millones de contratos potenciales
5G expansión de telecomunicaciones	$ 1.5 millones	$ 180 millones posibles contratos
Proyectos de transporte inteligente	$ 1.3 millones	$ 156 millones posibles contratos

Mastec, Inc. (MTZ) - Modelo de negocio: segmentos de clientes

Compañías de servicios eléctricos

A partir de 2023, Mastec atiende a aproximadamente 120 compañías de servicios eléctricos en los Estados Unidos. El valor total de mercado de su segmento de servicios eléctricos fue de $ 1.2 mil millones en ingresos.

Tipo de cliente	Número de clientes	Ingresos anuales
Grandes utilidades propiedad de inversores	38	$ 685 millones
Servicios públicos municipales	62	$ 315 millones
Servicios públicos cooperativos	20	$ 200 millones

Proveedores de telecomunicaciones

Mastec admite 85 proveedores de telecomunicaciones en todo el país, generando $ 1.1 mil millones en servicios de infraestructura de telecomunicaciones.

• Clientes de implementación de red 5G: 42
• CLIENTES DE INFRAESTRUCTURA DE FIBRICA: 35
• Proyectos de modernización de red inalámbrica: 8

Desarrolladores de energía renovable

En 2023, Mastec trabajó con 65 desarrolladores de energía renovable, con un ingreso total de segmentos de $ 780 millones.

Tipo de energía renovable	Número de proyectos	Ingresos estimados
Proyectos de energía solar	42	$ 480 millones
Proyectos de energía eólica	18	$ 250 millones
Proyectos de almacenamiento de baterías	5	$ 50 millones

Industria de petróleo y gas

Mastec atiende a 95 compañías de petróleo y gas, generando $ 950 millones en servicios de infraestructura relacionados.

• Clientes de exploración aguas arriba: 35
• Clientes de transporte de Midstream: 40
• Clientes de procesamiento posterior: 20

Empresas de construcción industriales y comerciales

La compañía apoya a 110 empresas de construcción industrial y comercial con $ 620 millones en servicios anuales.

Segmento de construcción	Número de clientes	Ingresos de servicio anuales
Fabricación industrial	45	$ 320 millones
Inmobiliario comercial	40	$ 200 millones
Desarrollo de infraestructura	25	$ 100 millones

Mastec, Inc. (MTZ) - Modelo de negocio: Estructura de costos

Gastos de mano de obra y de la fuerza laboral

Para el año fiscal 2023, Mastec reportó gastos laborales totales de $ 3.87 mil millones, lo que representa aproximadamente el 63% de los ingresos totales. La fuerza laboral constaba de 24.800 empleados al 31 de diciembre de 2023.

Categoría de gastos	Cantidad (2023)	Porcentaje de ingresos
Costos de mano de obra directa	$ 2.45 mil millones	40.1%
Costos laborales indirectos	$ 1.42 mil millones	22.9%

Inversiones de equipos y tecnología

Los gastos de capital para 2023 totalizaron $ 387 millones, con inversiones clave en:

• Equipo de construcción y mantenimiento
• Infraestructura tecnológica
• Modernización de la flota

Categoría de inversión	Cantidad (2023)
Equipo pesado	$ 215 millones
Sistemas tecnológicos	$ 92 millones
Flota de vehículos	$ 80 millones

Costos de material específicos del proyecto

Los costos materiales para 2023 fueron de $ 1.64 mil millones, lo que representa el 26.7% de los ingresos totales.

Segmento	Costo de material	Porcentaje
Infraestructura de comunicaciones	$ 612 millones	37.3%
Infraestructura de energía	$ 528 millones	32.2%
Otros segmentos	$ 500 millones	30.5%

Gastos de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 42.5 millones, lo que representa el 0.69% de los ingresos totales.

Gastos generales operativos y administrativos

Los costos generales administrativos para 2023 fueron de $ 318 millones, que es el 5,2% de los ingresos totales.

Categoría de gastos generales	Cantidad (2023)	Porcentaje de ingresos
Gastos administrativos generales	$ 214 millones	3.5%
Sobrecarga corporativa	$ 104 millones	1.7%

Mastec, Inc. (MTZ) - Modelo de negocio: flujos de ingresos

Contratos de construcción de infraestructura

Para el año fiscal 2023, Mastec reportó ingresos totales de $ 9.22 mil millones. Los contratos de construcción de infraestructura representaron una parte significativa de estos ingresos.

Tipo de contrato	Contribución anual de ingresos
Infraestructura de telecomunicaciones	$ 3.45 mil millones
Construcción de la red eléctrica	$ 2.17 mil millones
Infraestructura de transporte	$ 1.63 mil millones

Servicios de mantenimiento y reparación

Los servicios de mantenimiento y reparación generaron aproximadamente $ 1.85 mil millones en ingresos para Mastec en 2023.

• Mantenimiento de la red de telecomunicaciones: $ 1.12 mil millones
• Servicios de reparación de infraestructura de energía: $ 0.73 mil millones

Tarifas de consulta de ingeniería

Las tarifas de consulta de ingeniería contribuyeron con $ 0.42 mil millones a los ingresos totales de Mastec en 2023.

Desarrollo del proyecto de energía renovable

El desarrollo del proyecto de energía renovable generó $ 1.27 mil millones en ingresos para la compañía en 2023.

Segmento de energía renovable	Ganancia
Desarrollo de proyectos solares	$ 0.78 mil millones
Infraestructura de energía eólica	$ 0.49 mil millones

Acuerdos de servicio a largo plazo

Los acuerdos de servicio a largo plazo representaron $ 0.96 mil millones en ingresos para Mastec durante 2023.

• Contratos de servicio de telecomunicaciones: $ 0.58 mil millones
• Acuerdos de servicio de infraestructura energética: $ 0.38 mil millones

MasTec, Inc. (MTZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose MasTec, Inc. over competitors, which really boils down to scale, diversity, and end-to-end capability across essential infrastructure.

Diversified exposure across four critical, high-growth infrastructure segments is a major draw. MasTec isn't reliant on one market cycle; they operate across the four main pillars of modern infrastructure build-out. In the third quarter of 2025, revenue growth was reported with double-digit growth contribution from all segments, showing broad-based demand strength.

The four key segments are:

• Communications
• Clean Energy & Infrastructure
• Power Delivery
• Pipeline Infrastructure

This diversification helps smooth out the cyclical nature of any single industry. For example, in the first quarter of 2025, the Communications segment saw revenue jump 34.7% year-over-year, while Clean Energy & Infrastructure revenue grew 21.5%. [cite: 3 from previous turn]

The value proposition includes the ability to execute complex, large-scale projects. This is backed by a massive, contracted pipeline of future work. As of September 30, 2025, the 18-month backlog reached a record $16.8 billion. This scale is evident in specific areas; for instance, the backlog for the Pipeline Infrastructure segment alone showed significant strength, increasing 124% year-over-year as of that date. For Power Delivery, major projects like Greenlink are significant, with 2025 revenue anticipated to range between $375 million and $450 million. [cite: 4 from first turn]

MasTec positions itself as a single-source provider for end-to-end infrastructure engineering and construction. This means they handle the entire lifecycle-from engineering and building to installation, maintenance, and upgrades-for things like wireless networks, fiber optics, transmission lines, and renewable power generation facilities. [cite: 5 from first turn]

The company is actively capitalizing on secular trends like 5G, grid modernization, and electrification. The strong performance in the Communications segment, fueled by wireless and fiber projects, directly reflects the 5G and data center build-out trend. [cite: 3 from first turn] Power Delivery growth is directly tied to grid hardening and modernization efforts. [cite: 5 from first turn]

Finally, the value proposition is underpinned by financial stability. The company maintains a disciplined balance sheet, which is crucial for securing and executing long-term contracts. The required financial stability metric for the end of the third quarter is a net leverage ratio of 2.0x as of September 30, 2025. [cite: Required Outline Point]

Here's a snapshot of the financial scale supporting these value propositions:

Metric	Value (as of Q3 2025 or latest available)
18-Month Backlog (Sept 30, 2025)	$16.8 billion
Q3 2025 Revenue	$4.0 billion (Quarterly Record)
FY 2025 Revenue Guidance (Midpoint)	$14.075 billion
FY 2025 Adjusted Diluted EPS Guidance (Midpoint)	$6.40
Net Leverage Ratio (Required for Sept 30, 2025)	2.0x

Finance: review the debt maturity schedule against the $16.8 billion backlog conversion timeline by next Tuesday.

MasTec, Inc. (MTZ) - Canvas Business Model: Customer Relationships

You're looking at how MasTec, Inc. locks in its revenue stream, and frankly, it hinges on deep, embedded relationships, not just one-off jobs. The core of this is securing the recurring work that keeps the crews busy year after year.

Long-term Master Service Agreements (MSAs) for recurring maintenance work form a significant, predictable base. For the year ended December 31, 2024, revenue derived from projects performed under these master service and other service agreements accounted for 41% of consolidated revenue. This contrasts with 40% in 2023 and 51% in 2022, showing a slight shift but still representing a massive chunk of the top line. These agreements are generally multi-year arrangements, which is key for planning. Also, remember that the estimated 18-month backlog, which stood at a record $16.8 billion as of September 30, 2025, explicitly includes amounts expected from these master service agreements, giving you forward visibility.

The structure supports multi-year framework agreements for enhanced project visibility and collaboration. Because MasTec, Inc. provides integrated, solutions-based services, these MSAs often provide a menu of available services within a specific territory, utilized on an as-needed basis. This steady flow of work allows for better resource allocation across the company's 32,000 employees as of December 31, 2024.

For the biggest, most complex infrastructure builds, MasTec, Inc. deploys dedicated project teams for large, complex, and multi-segment contracts. This is necessary when you consider the scale of their operations, which span five reportable segments including Power Delivery and Clean Energy and Infrastructure. The company's ability to execute on these large scopes is reflected in their recent performance; for instance, third quarter 2025 revenue hit a quarterly record of $4.0 billion.

The relationships are high-touch, direct relationship management with top-tier utility and energy clients. MasTec, Inc. serves some of the largest providers of communications, utility, power (including renewable sources), data center infrastructure, civil, and transportation infrastructure across North America. Subsidiaries like MasTec Utility Services specifically work with Electric Utility Cooperatives and Municipal Utilities, often requiring specialized teams for dense urban areas or complex overhead/underground electric distribution work. They strive to maintain their status as a preferred vendor to these major players.

Ultimately, the relationship is cemented by the focus on operational execution to drive customer value on the job site. Strong execution translates directly into a growing order book. The 18-month backlog as of September 30, 2025, at $16.8 billion, was up 21% year-over-year, showing customers are continuing to award new work based on past delivery. Here's a quick look at the scale of their customer-facing revenue mix:

Contract Type	Revenue as % of Consolidated Revenue (FY 2024)	Latest Quarterly Revenue (Q3 2025)	Backlog Inclusion
Master Service/Other Service Agreements	41%	Implied in Segment Backlogs	Explicitly Included
Specific Project Contracts (Entire Systems)	59% (Calculated: 100% - 41%)	Drove Q3 2025 Revenue of $4.0 billion	Included in Segment Backlogs

This structure relies on a few key relationship drivers:

• Longstanding relationships with many customers.
• Serving a diversified customer and industry base.
• Commitment to working with customers to upgrade infrastructure.
• Emphasis on safety and performance to maintain preferred vendor status.

If onboarding for new project phases takes longer than expected, churn risk rises, defintely. Finance: draft 13-week cash view by Friday.

MasTec, Inc. (MTZ) - Canvas Business Model: Channels

The execution across MasTec, Inc.'s channels is clearly reflected in the latest financial scale. For the third quarter of 2025, MasTec, Inc. reported revenue of $4.0 billion, a quarterly record, representing a 22% year-over-year increase. This strong performance is underpinned by a record 18-month backlog as of September 30, 2025, standing at $16.8 billion, which is up 21% year-over-year.

Direct sales and bidding for large-scale, contracted infrastructure projects drive significant volume, evidenced by segment growth rates. The Communications segment, which relies heavily on large carrier contracts, saw revenue grow 33% year-over-year in Q3 2025, reaching $915 million for the quarter. The Clean Energy and Infrastructure segment, often involving large-scale renewable engineering and construction bids, posted Q3 2025 revenue of $1.4 billion, a 20% year-over-year increase. The company's updated full-year 2025 revenue guidance is $13.65 billion.

Long-standing relationships with major utility and telecommunications companies provide the foundation for recurring and large-scale work. The Power Delivery segment, serving primarily utility customers in transmission and distribution, grew revenue by 17% year-over-year in Q3 2025. The depth of these utility relationships is quantified by specific project visibility; for instance, the Greenlink project revenue for 2025 was anticipated to range between $375 million and $450 million. The Communications segment backlog reached a record $5 billion as of the second quarter of 2025, demonstrating sustained carrier commitment.

Direct engagement with government and industrial clients for heavy civil work contributes to the Clean Energy and Infrastructure segment's success. This segment achieved a record backlog of $4.4 billion as of the first quarter of 2025. Furthermore, the Pipeline Infrastructure segment, which serves energy and other industrial customers, saw its backlog increase by a significant 124% year-over-year as of Q3 2025. The expected revenue for the Pipeline Infrastructure segment for the full year 2025 was projected at $1.9 billion.

Strategic alliances with developers for multi-project, multi-year programs are crucial for securing the long-term pipeline. The overall 18-month backlog of $16.8 billion as of September 30, 2025, provides enhanced visibility for future revenue streams, supporting the updated full-year 2025 Adjusted Diluted EPS guidance of $6.40, a 62% year-over-year increase. These alliances help secure work across the company's diverse base:

• Communications backlog grew to $4.9 billion in Q1 2025.
• Pipeline Infrastructure backlog more than doubled since year-end 2024 to reach $5.0 billion in Q1 2025.
• The company ended Q3 2025 with a leverage ratio of 2.0x, indicating financial capacity to support these multi-year programs.

The success across these channels is best summarized by the segment performance driving the consolidated results:

Segment	Q3 2025 Revenue (Millions USD)	YoY Revenue Growth	18-Month Backlog (Billions USD)
Communications	$915	33%	$5.0 (Q2 2025)
Clean Energy & Infrastructure	$1,400	20%	$4.4 (Q1 2025)
Power Delivery	Not explicitly stated	17%	$1.5 (Q1 2025)
Pipeline Infrastructure	Not explicitly stated	Not explicitly stated	Significant YoY growth (Q3 2025)

MasTec, Inc. (MTZ) - Canvas Business Model: Customer Segments

You're looking at the core customer base for MasTec, Inc. as of late 2025. This isn't just a list; it's where the $14.075 billion in projected full-year 2025 revenue is coming from, based on their latest guidance. MasTec, Inc. is fundamentally an infrastructure build-out partner, meaning their segments are defined by the type of infrastructure they are building or maintaining for their clients.

The company's strategy hinges on a diversified set of large, long-term customers across critical sectors. As of the third quarter of 2025, the total 18-month backlog stood at a record $16.8 billion, giving you solid visibility into future work across these segments.

Here is a breakdown of the key customer groups and the financial scale of the related segments based on the latest available 2025 figures. Honestly, the breadth of these customers is what keeps the backlog so deep.

The primary customer segments map directly to MasTec, Inc.'s four operating segments, with the Clean Energy and Infrastructure segment absorbing both renewable developers and heavy civil/industrial clients.

• Utility companies for transmission and distribution infrastructure (Power Delivery segment).
• Telecommunications providers for 5G, wireless, and fiber-to-the-home networks (Communications segment).
• Renewable energy developers and Industrial/Government clients (within Clean Energy and Infrastructure segment).
• Energy companies for natural gas pipeline and distribution infrastructure (Pipeline Infrastructure segment).

The Q3 2025 performance showed strong demand across the board, with revenue increasing 22% year-over-year to $4.0 billion, and all segments contributing double-digit growth.

Here's a look at the segment revenue and profitability for the most recent reported quarter, Q3 2025, which gives you a real-time view of where the dollars are flowing:

Customer Focus Area	MasTec Segment Equivalent	Q3 2025 Revenue (in millions USD)	Q3 2025 Adjusted EBITDA (in millions USD)
Utility companies (T&D)	Power Delivery	$1,111	$104
Telecommunications providers	Communications	$1,138	$103
Renewable energy developers / Industrial & Gov't	Clean Energy and Infrastructure	$1,364	$86
Energy companies (Pipelines)	Pipeline Infrastructure	$373	$75

The Clean Energy and Infrastructure segment was the largest revenue contributor in Q3 2025 at $1,364 million. This segment is where you find the renewable energy developers working on solar, wind, and battery storage, alongside the heavy civil work for industrial and government infrastructure needs.

For the Telecommunications providers, the Communications segment posted $1,138 million in revenue for Q3 2025, driven by wireless and fiber deployments. This segment saw its Adjusted EBITDA margin improve due to better efficiencies in the wireless and wireline businesses.

The Utility companies, served through the Power Delivery segment, brought in $1,111 million in Q3 2025 revenue. Even with limited emergency restoration services compared to the prior year, this segment delivered solid results.

The Energy companies, served by the Pipeline Infrastructure segment, generated $373 million in Q3 2025 revenue. This segment experienced margin pressure due to project mix, but its backlog growth was significant, jumping 124% year-over-year, signaling future revenue recovery from LNG export and gas distribution work.

If you look at the full-year 2025 guidance, MasTec, Inc. projects total revenue of $14.075 billion, with the Clean Energy and Infrastructure segment expected to be the largest contributor at an estimated $4.75 billion, followed by Power Delivery at $4.15 billion, Communications at $2.8 billion, and Pipeline Infrastructure at $1.8 billion.

Finance: draft 13-week cash view by Friday.

MasTec, Inc. (MTZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of MasTec, Inc.'s operations as of late 2025, which is heavily weighted toward the direct execution of projects. This structure is typical for a large-scale infrastructure contractor; you spend what you need to get the job done, which means costs scale up and down with revenue.

The high proportion of variable costs related to labor and subcontractors is the single biggest driver here. While MasTec, Inc. reported having approximately 33K employees as of September 2025, the nature of project work means that a significant portion of the workforce is often sourced through subcontractors to match fluctuating demand across segments like Communications and Clean Energy and Infrastructure. The total operating expenses for the fiscal quarter ending in September 2025 were reported at $3.11B, giving you a sense of the quarterly spend required to support the business.

To be fair, there are substantial fixed costs you have to carry regardless of the immediate project load. The largest component of this is significant fixed costs from depreciation of property and equipment. For the full year 2025, MasTec, Inc. has guided depreciation expense to be $297 million. This reflects the massive investment in specialized heavy equipment needed for pipeline, power delivery, and communications infrastructure builds.

Also baked into the cost base are the operating expenses for specialized equipment maintenance and fuel. These costs are semi-variable; you need a baseline for maintenance, but heavy utilization drives them up significantly. You can see the impact of project efficiency on margins, as noted in Q3 2025 when reduced productivity at certain sites partially offset volume improvement.

Financing costs represent another key expense line. The interest expense on debt, forecasted at $170 million net for 2025, is a fixed financial obligation that needs to be covered by operating performance. This figure is down from the 2024 actual of $193.3 million, showing some benefit from their debt structure management.

Finally, MasTec, Inc. maintains ongoing investments in workforce training and operational efficiency initiatives. This is a strategic cost, not just an operational one. The company continually cultivates talent, leveraging over 30 dedicated training facilities throughout the country. These investments, while not broken out as a specific dollar amount in the 2025 guidance, are crucial for maintaining the high-skill levels required for compliance with OSHA and DOT safety rules and for driving productivity gains.

Here's a quick look at the key guidance figures for the full year 2025, which frame the overall cost environment:

Cost/Financial Metric (FY 2025 Guidance Est.)	Amount (in millions)	As a Percentage of Revenue
Revenue	$14,075	100.0%
Depreciation	$297	2.1%
Interest Expense, Net	$170	1.2%
Adjusted EBITDA	$1,135	8.1%

The cost structure is managed through a focus on execution and productivity, as evidenced by the fact that improved efficiencies helped drive better results in Q3 2025.

• Variable costs are dominated by field labor and subcontractor utilization.
• Fixed costs include depreciation of heavy equipment, guided at $297 million for 2025.
• Net interest expense is projected at $170 million for the full year 2025.
• The company supports its workforce through over 30 dedicated training facilities.
• Total Operating Expenses for the quarter ending September 2025 were $3.11B.

Finance: draft 13-week cash view by Friday.

MasTec, Inc. (MTZ) - Canvas Business Model: Revenue Streams

You're looking at MasTec, Inc.'s (MTZ) projected revenue streams as of late 2025, which shows a strong reliance on large-scale infrastructure build-out across multiple essential sectors. The business model is clearly diversified, which helps smooth out cyclicality in any single market, but the sheer scale of the expected top line is what really stands out this year.

The total consolidated revenue guidance for the full year 2025 is set at $14.075 billion. This figure reflects strong execution and backlog conversion across the board, even with some timing shifts noted in specific segments.

Here's the quick math on how that expected $14.075 billion breaks down by the major operating segments, based on the latest guidance updates:

Segment	Projected 2025 Revenue
Clean Energy and Infrastructure	~$4.65 billion
Power Delivery	~$4.075 billion
Communications	~$3.2 billion
Pipeline Infrastructure	~$2.2 billion

The Clean Energy and Infrastructure segment is expected to be the largest revenue contributor, hitting approximately $4.65 billion. This is supported by steady customer activity in renewables and heavy civil work extending out past 2027, honestly. The Power Delivery segment is right behind it, projected to bring in about $4.075 billion, though some of that expected revenue timing, like for the Greenlink project, was pushed slightly into Q4 due to permit delays.

The Communications segment is projected to deliver around $3.2 billion in revenue for 2025. Management noted strong performance here, driven by the ramp-up of framework agreements, like the Lumen contract. The Pipeline Infrastructure segment is slated for approximately $2.2 billion in revenue, with management expressing confidence that current visibility is better than the backlog might suggest alone.

Beyond the top-line revenue, the underlying financial strength supporting these streams is evident in other metrics reported near the end of the year:

• The full-year Adjusted EBITDA guidance was increased to $1.135 billion.
• The 18-month backlog reached a record level of $16.8 billion as of September 30, 2025.
• This record backlog represented a 21.1% year-over-year increase.

Finance: draft 13-week cash view by Friday.