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Mastec Inc

MTZAbove valueExpectations · demanding

Held by 4 superinvestors.

Price$248.73
Holders4
Total value$683.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+16.2%
Net margin
2.8%
ROE
12.2%
FCF margin
2.0%
Revenue $6.32B → $14.30B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$38/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$249
cheaperpricier

Zero-growth floor

$26

Central IV

$38

Optimistic top

$45

Mastec Inc (MTZ): A conservative value band $26–$45 / sh (zero-growth floor to growth-capped optimistic top); central read about $38. Today’s price sits above that band (price $249 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 13.1% · Zero-growth downside $26

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $27.48 – $44.54 · Greenwald zero-growth $30.73 · zero-growth base $30.73 · reproduction $4.91

Moat Commodity-like · terminal value 39% of present value · owner-earnings yield 1% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

Buffett owner-earnings value$26.19 – $30.73 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 11.5–13.5% band (9–11% base + 2.5pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 2.5pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 8.1 years of owner earnings, adding 2.5pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $387.36M = $4.91 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 8.1 years of owner earnings → +2.5pp cost-of-equity premium → effective 11.5%–13.5%.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 11.70%–14.54% (DGS10 +4.5% to a 12% strict end, each +2.54pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 17.3% a year.

The market wants it well ahead of its own track record.

Roughly, the price needs its historical revenue growth to run about 28 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

4 holders · $683.6M combined · this quarter +1 opened / -1 exited

This quarter1 opened3 trimmed1 exited
Holders 1 → 4 · last 8q
Exited this quarter (1)
Ronald Muhlenkamp

SEC 13F · notes

Written summary

Mastec Inc (MTZ) is held by 4 of the superinvestors tracked on Compounder, with a combined $683.6M in reported 13F value. The largest position belongs to Stephen Mandel, where it makes up 3.4% of the portfolio.

Other notable holders by value include Daniel Loeb (2.6% of its book), Ray Dalio (0.0% of its book) and Jeremy Grantham (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in MTZ, 0 added to existing ones, 3 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Mastec Inc (MTZ) also commonly hold →

MTZ's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-18

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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