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MasTec vs. Fluor: Which Infrastructure Stock Has More Upside Now?
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Key Takeaways
MasTec is seeing strong demand across energy, communications and clean energy infrastructure markets.
MTZ reported an $18.96B backlog, up 33% year over year, with growth across all segments.
Fluor holds a $25.5B backlog, with 81% tied to reimbursable contracts for better cost visibility.
Ongoing investment across energy, power and digital infrastructure continues to drive strong demand for large-scale project execution across the United States, with MasTec, Inc. (MTZ - Free Report) and Fluor Corporation (FLR - Free Report) emerging as key players within this landscape. From grid modernization and pipeline development to data center buildouts and advanced industrial facilities, customers are increasingly prioritizing partners that can deliver complex projects with scale, flexibility and disciplined execution. At the same time, improving visibility into long-term project pipelines and evolving client investment plans are reinforcing confidence in sustained infrastructure activity.
Within this backdrop, MasTec emphasizes a broad service offering across communications, power delivery and clean energy infrastructure, supported by strong backlog visibility and customer-driven solutions. Fluor, on the other hand, leverages its integrated EPC model, disciplined project execution and diversified exposure across energy, urban infrastructure and mission-critical markets.
Let’s dive deep and closely compare the fundamentals of these two stocks to determine which one is a better investment now.
The Case for MasTec Stock
This Florida-based infrastructure construction company is witnessing strong momentum driven by rising investments across energy, communications and clean energy markets. MasTec continues to benefit from steady demand for grid upgrades, pipeline development, renewable projects and expanding data center activity. Growing telecom connectivity needs and digital infrastructure investments are supporting higher project wins, while a strong backlog is enhancing overall revenue visibility.
As of Dec. 31, 2025, the company reported an 18-month backlog of about $18.96 billion, which increased 33% year over year and 13% sequentially. Growth was broad-based across all operating segments, led by strong expansion in Pipeline Infrastructure and Clean Energy and Infrastructure. Pipeline backlog improved as energy projects progressed, while clean energy benefited from increased renewable and infrastructure-related awards. The company also secured nearly $1 billion of data center-related work during the fourth quarter of 2025, marking a key step in expanding its presence in digital infrastructure.
However, margin performance remains under pressure due to business mix and continued investments in new growth areas. Start-up costs tied to scaling operations and new programs are weighing on profitability, while permitting delays and project timing issues are impacting execution. Increased exposure to lower-margin construction management work in data center projects is also affecting overall margins.
Looking ahead, the company is strengthening its long-term positioning through strategic acquisitions that expand capabilities in construction management and water infrastructure. Supported by strong demand across key end markets and improved project visibility, MasTec remains well positioned to capitalize on long-term infrastructure and digital investment trends.
The Case for Fluor Stock
This Texas-based engineering, procurement, construction and maintenance services provider’s prospects are supported by robust demand across infrastructure markets, including data centers, semiconductors, pharmaceuticals, energy transition, fuel production and mining. The company benefits from a diversified service portfolio, which helps reduce exposure to cyclicality across end markets, while its disciplined capital allocation strategy and refined business approach are expected to support long-term value creation.
At the end of 2025, the company maintained a strong backlog of $25.5 billion, providing clear visibility into future revenues. The backlog remains well diversified, with about 81% tied to reimbursable contracts, improving cost visibility and lowering execution risk. New awards totaled $12 billion in 2025, with a significant portion coming from reimbursable work, reflecting a more selective and disciplined project approach that supports margin stability and consistent execution.
However, execution consistency and project-related risks continue to weigh on sentiment. Ongoing challenges tied to project delivery and legacy contract issues have created pressure on overall performance, highlighting the importance of maintaining disciplined execution and risk management across large-scale EPC projects.
Looking ahead, Fluor remains well positioned to capitalize on opportunities across diverse end markets, supported by a steady pipeline of projects and increasing adoption of AI-driven tools to enhance planning, efficiency and execution. These initiatives, along with improving client confidence and a balanced project mix, are expected to support more stable growth and stronger operational performance over time.
Stock Performance & Valuation
As witnessed from the chart below, in the past three months, MasTec’s share price performance stands above Fluor’s and the broader Construction sector.
Image Source: Zacks Investment Research
Considering valuation, MasTec is trading above Fluor on a forward 12-month price-to-earnings (P/E) ratio basis.
Image Source: Zacks Investment Research
Comparing EPS Estimate Trends: MTZ vs. FLR
The Zacks Consensus Estimate for MTZ’s 2026 and 2027 earnings estimates has moved upward in the past 30 days. The revised estimates for 2026 and 2027 imply year-over-year growth of 31% and 26.6%, respectively.
EPS Trend of MTZ
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FLR’s 2026 and 2027 earnings estimates have remained unchanged in the past 30 days. The estimates for 2026 and 2027 imply year-over-year growth of 25.6% and 16.6%, respectively.
EPS Trend of FLR
Image Source: Zacks Investment Research
Should You Invest in MTZ Stock or FLR Stock?
MasTec and Fluor are both benefiting from strong infrastructure demand across energy, power and digital markets, supported by rising investments in grid modernization, data centers and industrial development. Fluor offers a diversified EPC platform with a strong backlog and disciplined project selection, while MasTec provides broader exposure across communications, clean energy and pipeline infrastructure, supported by strong execution and expanding opportunities.
MasTec appears to have stronger momentum, supported by accelerating earnings estimates and better near-term share price performance. Earnings estimates for MasTec have moved upward, reflecting improving growth visibility, while Fluor’s estimates have remained largely unchanged, indicating a more stable but less dynamic outlook. Although MasTec trades at a premium valuation, this is supported by stronger growth expectations and broader exposure to high-demand end markets.
With both MasTec and Fluor carrying a Zacks Rank #3 (Hold), the former appears to be the relatively better stock at this time, supported by stronger earnings momentum, favorable estimate revisions and better stock performance trends.
View the Zacks #1 Rank List
Image: Bigstock
MasTec vs. Fluor: Which Infrastructure Stock Has More Upside Now?
Key Takeaways
Ongoing investment across energy, power and digital infrastructure continues to drive strong demand for large-scale project execution across the United States, with MasTec, Inc. (MTZ - Free Report) and Fluor Corporation (FLR - Free Report) emerging as key players within this landscape. From grid modernization and pipeline development to data center buildouts and advanced industrial facilities, customers are increasingly prioritizing partners that can deliver complex projects with scale, flexibility and disciplined execution. At the same time, improving visibility into long-term project pipelines and evolving client investment plans are reinforcing confidence in sustained infrastructure activity.
Within this backdrop, MasTec emphasizes a broad service offering across communications, power delivery and clean energy infrastructure, supported by strong backlog visibility and customer-driven solutions. Fluor, on the other hand, leverages its integrated EPC model, disciplined project execution and diversified exposure across energy, urban infrastructure and mission-critical markets.
Let’s dive deep and closely compare the fundamentals of these two stocks to determine which one is a better investment now.
The Case for MasTec Stock
This Florida-based infrastructure construction company is witnessing strong momentum driven by rising investments across energy, communications and clean energy markets. MasTec continues to benefit from steady demand for grid upgrades, pipeline development, renewable projects and expanding data center activity. Growing telecom connectivity needs and digital infrastructure investments are supporting higher project wins, while a strong backlog is enhancing overall revenue visibility.
As of Dec. 31, 2025, the company reported an 18-month backlog of about $18.96 billion, which increased 33% year over year and 13% sequentially. Growth was broad-based across all operating segments, led by strong expansion in Pipeline Infrastructure and Clean Energy and Infrastructure. Pipeline backlog improved as energy projects progressed, while clean energy benefited from increased renewable and infrastructure-related awards. The company also secured nearly $1 billion of data center-related work during the fourth quarter of 2025, marking a key step in expanding its presence in digital infrastructure.
However, margin performance remains under pressure due to business mix and continued investments in new growth areas. Start-up costs tied to scaling operations and new programs are weighing on profitability, while permitting delays and project timing issues are impacting execution. Increased exposure to lower-margin construction management work in data center projects is also affecting overall margins.
Looking ahead, the company is strengthening its long-term positioning through strategic acquisitions that expand capabilities in construction management and water infrastructure. Supported by strong demand across key end markets and improved project visibility, MasTec remains well positioned to capitalize on long-term infrastructure and digital investment trends.
The Case for Fluor Stock
This Texas-based engineering, procurement, construction and maintenance services provider’s prospects are supported by robust demand across infrastructure markets, including data centers, semiconductors, pharmaceuticals, energy transition, fuel production and mining. The company benefits from a diversified service portfolio, which helps reduce exposure to cyclicality across end markets, while its disciplined capital allocation strategy and refined business approach are expected to support long-term value creation.
At the end of 2025, the company maintained a strong backlog of $25.5 billion, providing clear visibility into future revenues. The backlog remains well diversified, with about 81% tied to reimbursable contracts, improving cost visibility and lowering execution risk. New awards totaled $12 billion in 2025, with a significant portion coming from reimbursable work, reflecting a more selective and disciplined project approach that supports margin stability and consistent execution.
However, execution consistency and project-related risks continue to weigh on sentiment. Ongoing challenges tied to project delivery and legacy contract issues have created pressure on overall performance, highlighting the importance of maintaining disciplined execution and risk management across large-scale EPC projects.
Looking ahead, Fluor remains well positioned to capitalize on opportunities across diverse end markets, supported by a steady pipeline of projects and increasing adoption of AI-driven tools to enhance planning, efficiency and execution. These initiatives, along with improving client confidence and a balanced project mix, are expected to support more stable growth and stronger operational performance over time.
Stock Performance & Valuation
As witnessed from the chart below, in the past three months, MasTec’s share price performance stands above Fluor’s and the broader Construction sector.
Image Source: Zacks Investment Research
Considering valuation, MasTec is trading above Fluor on a forward 12-month price-to-earnings (P/E) ratio basis.
Image Source: Zacks Investment Research
Comparing EPS Estimate Trends: MTZ vs. FLR
The Zacks Consensus Estimate for MTZ’s 2026 and 2027 earnings estimates has moved upward in the past 30 days. The revised estimates for 2026 and 2027 imply year-over-year growth of 31% and 26.6%, respectively.
EPS Trend of MTZ
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FLR’s 2026 and 2027 earnings estimates have remained unchanged in the past 30 days. The estimates for 2026 and 2027 imply year-over-year growth of 25.6% and 16.6%, respectively.
EPS Trend of FLR
Image Source: Zacks Investment Research
Should You Invest in MTZ Stock or FLR Stock?
MasTec and Fluor are both benefiting from strong infrastructure demand across energy, power and digital markets, supported by rising investments in grid modernization, data centers and industrial development. Fluor offers a diversified EPC platform with a strong backlog and disciplined project selection, while MasTec provides broader exposure across communications, clean energy and pipeline infrastructure, supported by strong execution and expanding opportunities.
MasTec appears to have stronger momentum, supported by accelerating earnings estimates and better near-term share price performance. Earnings estimates for MasTec have moved upward, reflecting improving growth visibility, while Fluor’s estimates have remained largely unchanged, indicating a more stable but less dynamic outlook. Although MasTec trades at a premium valuation, this is supported by stronger growth expectations and broader exposure to high-demand end markets.
With both MasTec and Fluor carrying a Zacks Rank #3 (Hold), the former appears to be the relatively better stock at this time, supported by stronger earnings momentum, favorable estimate revisions and better stock performance trends.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.