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Quanta vs. MasTec: Which Infrastructure Stock Is the Better Buy?
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Key Takeaways
Quanta delivered 20% revenue growth in 2025, with a record backlog of about $44B.
MasTec posted 16% revenue growth and expects around 19% growth in 2026 with rising backlog.
MTZ trades at a lower P/E than Quanta, with a stronger EPS growth outlook and momentum.
The U.S. infrastructure space is entering a multi-year expansion cycle, driven by grid modernization, renewable energy investments, data center buildouts and rising electrification demand. Against this backdrop, Quanta Services, Inc. (PWR - Free Report) and MasTec, Inc. (MTZ - Free Report) stand out as two of the most prominent engineering and construction players, both benefiting from strong project pipelines and growing backlog visibility.
Quanta is a leading provider of electric power and utility infrastructure solutions, with a strong focus on transmission, distribution and large-scale energy projects. MasTec, meanwhile, operates across a broader mix of end markets, including communications, pipeline infrastructure, clean energy and power delivery. While both companies are exposed to similar secular tailwinds, their execution strategies, segment mix and growth trajectories differ meaningfully.
The comparison becomes timely for investors looking to position within the infrastructure theme. Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.
The Case for Quanta Stock
Quanta continues to position itself at the center of the energy transition and grid modernization cycle. The company delivered another strong year in 2025, with revenues reaching $28.5 billion, up 20% year over year, alongside record adjusted EBITDA and earnings per share. These results highlight Quanta’s consistent execution and ability to compound growth over time.
A key strength lies in its diversified, solutions-based model and deep integration across the value chain. The company has built a strong “total solutions” platform that combines engineering, procurement and construction with self-perform capabilities. This allows Quanta to execute large, complex projects with greater certainty, a critical advantage in an environment where customers prioritize reliability and timelines.
Demand visibility remains a major tailwind. Quanta ended 2025 with a record backlog of about $44 billion, reflecting strong customer demand across electric infrastructure and underground utility segments. Management expects this momentum to continue into 2026, supported by accelerating electricity demand, data center expansion and renewable integration.
The company is also investing in vertical integration, particularly in transformer manufacturing and supply-chain capabilities, which could enhance margins and reduce project execution risks over time. Strategic acquisitions completed in 2025 expanded Quanta’s capabilities in high-growth areas such as data centers, semiconductor infrastructure and utility transmission.
Quanta’s 2026 outlook remains robust. The company expects revenues between $33.25 billion and $33.75 billion and adjusted EPS in the range of $12.65-$13.35, implying continued double-digit growth. This guidance reflects strong backlog conversion and sustained infrastructure spending.
However, Quanta is not without challenges. Its large exposure to utility and energy infrastructure makes it sensitive to regulatory approvals, permitting delays and project timing issues. Elevated valuation levels and execution risks on large-scale projects could limit near-term upside.
The Case for MasTec Stock
MasTec offers a more diversified infrastructure exposure, spanning communications, pipeline infrastructure, clean energy and power delivery. This multi-segment model allows the company to capture growth across several end markets, reducing reliance on any single vertical.
The company delivered strong financial performance in 2025, with full-year revenues reaching $14.3 billion, up 16% year over year, and adjusted EPS rising sharply. Growth was broad-based, with contributions from communications, pipeline and power delivery segments, highlighting the strength of its diversified portfolio.
One of MasTec’s most compelling strengths is its accelerating growth profile. The company expects approximately 19% revenue growth and 26% adjusted EBITDA growth in 2026, driven by strong demand across energy, communications and infrastructure markets. This reflects a favorable project mix and improving operating leverage.
Backlog visibility is also improving significantly. MasTec ended 2025 with a record 18-month backlog of $19 billion, up 33% year over year, indicating strong demand across all business segments. Backlog growth has been particularly strong in pipeline infrastructure and clean energy, which are expected to drive future earnings.
MasTec is also expanding into newer growth areas such as data center construction and water infrastructure through acquisitions. Management highlighted nearly $1 billion of data center-related work in backlog, signaling increasing exposure to one of the fastest-growing infrastructure segments.
Despite these positives, MasTec faces some challenges. Margin variability across segments, especially in pipeline infrastructure, can create earnings volatility. The company is also more exposed to commodity cycles and project mix fluctuations compared to Quanta, which could impact profitability in certain periods.
Six-Month Stock Performance Review: PWR vs. MTZ
Both stocks have delivered strong momentum, significantly outperforming broader markets. Quanta shares have gained 42.6% over the past six months, while MasTec has rallied even more sharply, up 55% during the same period. In comparison, the broader Zacks Construction sector declined 1%, and the S&P 500 remained largely flat.
MasTec’s stronger recent rally reflects improving sentiment around its growth acceleration and backlog expansion. However, Quanta’s performance underscores steady investor confidence in its long-term infrastructure positioning.
PWR & MTZ Price Performance
Image Source: Zacks Investment Research
PWR or MTZ: Which Stock Looks More Expensive?
Valuation remains a key differentiator between the two stocks.
Quanta currently trades at a forward 12-month P/E multiple of 43.2, reflecting a premium valuation supported by its consistent execution, strong backlog and high-quality earnings profile. This premium also captures its leadership in electric infrastructure and positioning in long-duration projects.
MasTec, in contrast, trades at a lower forward P/E of 35.21X. This relative discount suggests that investors may be pricing in higher execution risk or earnings variability. However, it offers a more attractive entry point, particularly given the company’s stronger near-term growth outlook.
PWR vs. MTZ Valuation
Image Source: Zacks Investment Research
How Are Earnings Expectations Shifting for PWR & MTZ?
Both companies have seen positive estimate revisions, indicating improved earnings visibility. For Quanta, the Zacks Consensus Estimate for 2026 EPS has increased to $12.84 from $12.44 over the past 60 days, implying 19.4% growth. Revenues are expected to rise 16.9%, suggesting steady backlog conversion and continued infrastructure demand.
PWR EPS Estimate
Image Source: Zacks Investment Research
MasTec has witnessed even stronger upward revisions. The 2026 EPS estimate has increased to $8.61 from $8.25, implying robust 31.5% growth. Revenues are expected to grow 19.2%, supported by strong segment momentum and backlog expansion.
The sharper earnings growth outlook gives MasTec a clear edge in near-term earnings momentum.
MTZ EPS Estimate
Image Source: Zacks Investment Research
Final Verdict: Which Stock Is the Better Buy?
Both Quanta and MasTec are well-positioned to benefit from the ongoing infrastructure investment cycle, supported by a strong backlog, favorable demand trends and solid execution.
Quanta stands out for its consistency, execution certainty and leadership in electric infrastructure. Its integrated solutions model, strong backlog and disciplined capital deployment make it a high-quality long-term compounder. However, its premium valuation may limit upside in the near term.
MasTec, on the other hand, offers stronger near-term growth, supported by its accelerating backlog, expanding end-market exposure and improving earnings momentum. Its lower valuation relative to Quanta further enhances its appeal from a risk-reward perspective.
Given these factors, MasTec appears to hold slightly better upside potential at current levels, driven by higher earnings growth and more attractive valuation. However, Quanta remains a more stable, lower-risk choice for investors seeking consistent long-term exposure to infrastructure growth.
With both stocks carrying a Zacks Rank #3 (Hold), the choice ultimately depends on investor preference — growth-oriented investors may lean toward MasTec, while those prioritizing stability and execution may prefer Quanta. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Quanta vs. MasTec: Which Infrastructure Stock Is the Better Buy?
Key Takeaways
The U.S. infrastructure space is entering a multi-year expansion cycle, driven by grid modernization, renewable energy investments, data center buildouts and rising electrification demand. Against this backdrop, Quanta Services, Inc. (PWR - Free Report) and MasTec, Inc. (MTZ - Free Report) stand out as two of the most prominent engineering and construction players, both benefiting from strong project pipelines and growing backlog visibility.
Quanta is a leading provider of electric power and utility infrastructure solutions, with a strong focus on transmission, distribution and large-scale energy projects. MasTec, meanwhile, operates across a broader mix of end markets, including communications, pipeline infrastructure, clean energy and power delivery. While both companies are exposed to similar secular tailwinds, their execution strategies, segment mix and growth trajectories differ meaningfully.
The comparison becomes timely for investors looking to position within the infrastructure theme. Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.
The Case for Quanta Stock
Quanta continues to position itself at the center of the energy transition and grid modernization cycle. The company delivered another strong year in 2025, with revenues reaching $28.5 billion, up 20% year over year, alongside record adjusted EBITDA and earnings per share. These results highlight Quanta’s consistent execution and ability to compound growth over time.
A key strength lies in its diversified, solutions-based model and deep integration across the value chain. The company has built a strong “total solutions” platform that combines engineering, procurement and construction with self-perform capabilities. This allows Quanta to execute large, complex projects with greater certainty, a critical advantage in an environment where customers prioritize reliability and timelines.
Demand visibility remains a major tailwind. Quanta ended 2025 with a record backlog of about $44 billion, reflecting strong customer demand across electric infrastructure and underground utility segments. Management expects this momentum to continue into 2026, supported by accelerating electricity demand, data center expansion and renewable integration.
The company is also investing in vertical integration, particularly in transformer manufacturing and supply-chain capabilities, which could enhance margins and reduce project execution risks over time. Strategic acquisitions completed in 2025 expanded Quanta’s capabilities in high-growth areas such as data centers, semiconductor infrastructure and utility transmission.
Quanta’s 2026 outlook remains robust. The company expects revenues between $33.25 billion and $33.75 billion and adjusted EPS in the range of $12.65-$13.35, implying continued double-digit growth. This guidance reflects strong backlog conversion and sustained infrastructure spending.
However, Quanta is not without challenges. Its large exposure to utility and energy infrastructure makes it sensitive to regulatory approvals, permitting delays and project timing issues. Elevated valuation levels and execution risks on large-scale projects could limit near-term upside.
The Case for MasTec Stock
MasTec offers a more diversified infrastructure exposure, spanning communications, pipeline infrastructure, clean energy and power delivery. This multi-segment model allows the company to capture growth across several end markets, reducing reliance on any single vertical.
The company delivered strong financial performance in 2025, with full-year revenues reaching $14.3 billion, up 16% year over year, and adjusted EPS rising sharply. Growth was broad-based, with contributions from communications, pipeline and power delivery segments, highlighting the strength of its diversified portfolio.
One of MasTec’s most compelling strengths is its accelerating growth profile. The company expects approximately 19% revenue growth and 26% adjusted EBITDA growth in 2026, driven by strong demand across energy, communications and infrastructure markets. This reflects a favorable project mix and improving operating leverage.
Backlog visibility is also improving significantly. MasTec ended 2025 with a record 18-month backlog of $19 billion, up 33% year over year, indicating strong demand across all business segments. Backlog growth has been particularly strong in pipeline infrastructure and clean energy, which are expected to drive future earnings.
MasTec is also expanding into newer growth areas such as data center construction and water infrastructure through acquisitions. Management highlighted nearly $1 billion of data center-related work in backlog, signaling increasing exposure to one of the fastest-growing infrastructure segments.
Despite these positives, MasTec faces some challenges. Margin variability across segments, especially in pipeline infrastructure, can create earnings volatility. The company is also more exposed to commodity cycles and project mix fluctuations compared to Quanta, which could impact profitability in certain periods.
Six-Month Stock Performance Review: PWR vs. MTZ
Both stocks have delivered strong momentum, significantly outperforming broader markets.
Quanta shares have gained 42.6% over the past six months, while MasTec has rallied even more sharply, up 55% during the same period. In comparison, the broader Zacks Construction sector declined 1%, and the S&P 500 remained largely flat.
MasTec’s stronger recent rally reflects improving sentiment around its growth acceleration and backlog expansion. However, Quanta’s performance underscores steady investor confidence in its long-term infrastructure positioning.
PWR & MTZ Price Performance
Image Source: Zacks Investment Research
PWR or MTZ: Which Stock Looks More Expensive?
Valuation remains a key differentiator between the two stocks.
Quanta currently trades at a forward 12-month P/E multiple of 43.2, reflecting a premium valuation supported by its consistent execution, strong backlog and high-quality earnings profile. This premium also captures its leadership in electric infrastructure and positioning in long-duration projects.
MasTec, in contrast, trades at a lower forward P/E of 35.21X. This relative discount suggests that investors may be pricing in higher execution risk or earnings variability. However, it offers a more attractive entry point, particularly given the company’s stronger near-term growth outlook.
PWR vs. MTZ Valuation
Image Source: Zacks Investment Research
How Are Earnings Expectations Shifting for PWR & MTZ?
Both companies have seen positive estimate revisions, indicating improved earnings visibility. For Quanta, the Zacks Consensus Estimate for 2026 EPS has increased to $12.84 from $12.44 over the past 60 days, implying 19.4% growth. Revenues are expected to rise 16.9%, suggesting steady backlog conversion and continued infrastructure demand.
PWR EPS Estimate
Image Source: Zacks Investment Research
MasTec has witnessed even stronger upward revisions. The 2026 EPS estimate has increased to $8.61 from $8.25, implying robust 31.5% growth. Revenues are expected to grow 19.2%, supported by strong segment momentum and backlog expansion.
The sharper earnings growth outlook gives MasTec a clear edge in near-term earnings momentum.
MTZ EPS Estimate
Image Source: Zacks Investment Research
Final Verdict: Which Stock Is the Better Buy?
Both Quanta and MasTec are well-positioned to benefit from the ongoing infrastructure investment cycle, supported by a strong backlog, favorable demand trends and solid execution.
Quanta stands out for its consistency, execution certainty and leadership in electric infrastructure. Its integrated solutions model, strong backlog and disciplined capital deployment make it a high-quality long-term compounder. However, its premium valuation may limit upside in the near term.
MasTec, on the other hand, offers stronger near-term growth, supported by its accelerating backlog, expanding end-market exposure and improving earnings momentum. Its lower valuation relative to Quanta further enhances its appeal from a risk-reward perspective.
Given these factors, MasTec appears to hold slightly better upside potential at current levels, driven by higher earnings growth and more attractive valuation. However, Quanta remains a more stable, lower-risk choice for investors seeking consistent long-term exposure to infrastructure growth.
With both stocks carrying a Zacks Rank #3 (Hold), the choice ultimately depends on investor preference — growth-oriented investors may lean toward MasTec, while those prioritizing stability and execution may prefer Quanta. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.