MasTec vs. Quanta: Which Infrastructure Stock Is a Better Buy?

MasTec, Inc. MTZ and Quanta Services, Inc. PWR are two major beneficiaries of North America’s infrastructure investment cycle. MasTec provides engineering and construction services across communications, power delivery, pipelines, clean energy and industrial infrastructure, while Quanta specializes in electric power, utility, renewable energy, communications and other critical infrastructure solutions. MasTec’s business spans transmission, grid modernization, renewables, pipelines and data centers.

The companies increasingly compete for opportunities created by grid modernization, rising electricity demand, AI-driven data centers and large-scale power infrastructure investment. Both recently strengthened their capabilities through acquisitions, making the comparison particularly relevant as infrastructure spending accelerates.

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 MasTec Stock

MasTec enters the second half of 2026 with strong operating momentum. Second-quarter revenues increased 23.4% year over year, while adjusted EBITDA rose 39.8% and adjusted earnings per share (EPS) advanced 48.8%. Its 18-month backlog reached a record $21.4 billion, up 30%, providing solid visibility into future activity.

Growth is broad-based. Clean Energy and Infrastructure revenues surged 43.4%, Power Delivery revenues rose 19.2% and Pipeline Infrastructure revenues increased 19.1%. Pipeline profitability was particularly strong, while Power Delivery is benefiting from utility spending on transmission, grid hardening and reliability. Management sees mission-critical development creating additional requirements for transmission lines, substations and system upgrades.

The acquisition of The Superior Group adds another compelling growth lever. Superior strengthens MasTec’s electrical capabilities and exposure to data center infrastructure, while creating opportunities to combine electrical services with MasTec’s civil, power and communications capabilities. Management believes the combination expands its addressable market and positions MasTec for infrastructure investment driven by AI, electrification and digital infrastructure.

MasTec consequently increased its 2026 adjusted EPS guidance to $9.30, implying 42% year-over-year growth.

However, Communications remains a near-term concern. Lower second-half wireless activity and wireline project deferrals are creating pressure, although management remains positive about longer-term fiber and hyperscaler connectivity opportunities. Superior also increases acquisition-integration and leverage considerations after MasTec funded much of the roughly $1.6-billion purchase with cash and borrowings.

The Case for Quanta Stock

Quanta is operating from an even stronger position. Second-quarter revenues reached $9.56 billion, rising 41.1% year over year, including 27.4% organic growth. Adjusted EPS increased 71% and adjusted EBITDA climbed 59.5%, while free cash flow reached $886 million.

The company’s record $53.4-billion backlog underscores exceptional demand visibility. Quanta is benefiting from the convergence of grid modernization, power generation and large-load infrastructure. Electric-grid spending is being supported by load growth, interconnections, substations and increasingly visible high-voltage transmission projects. Meanwhile, large multi-year data center programs are substantially expanding its addressable market.

Quanta has also strengthened its self-perform model through acquisitions including Phalcon, Enerfab, Percheron and PSD, expanding electrical, mechanical, fabrication and front-end capabilities. Management sharply raised 2026 expectations, forecasting revenues of $39.3-$39.7 billion and adjusted EPS of $16.45-$16.95. Free cash flow is expected to be in the range of $2-$2.5 billion.

Risks remain. Project timing can be affected by permitting, weather, regulation, supply-chain constraints and trade policy. Acquisitions also add integration risk. Nevertheless, Quanta’s scale, craft-skilled workforce, self-perform capabilities and diversified exposure give it considerable flexibility to allocate resources toward the strongest infrastructure markets.

Market Momentum Clearly Favors Quanta

Quanta has been the stronger stock in 2026. PWR has surged 56.9% YTD compared with MasTec’s 25% gain. Both have comfortably outperformed the Zacks Construction sector’s 8.8% rise and the S&P 500’s 12.2% advance.

MTZ vs PWR Price Performance (YTD)

Image Source: Zacks Investment Research

The performance also highlights strong investor enthusiasm for infrastructure contractors benefiting from electrification and data centers, including EMCOR Group EME and Sterling Infrastructure STRL. Between MTZ and PWR, however, Quanta’s substantially stronger YTD appreciation reflects greater confidence in its earnings momentum and infrastructure exposure.

MasTec Holds the Valuation Advantage

MasTec offers the more attractive valuation. MTZ trades at 23.74X forward 12-month earnings, well below Quanta’s 37.35X. Both command premiums to the Zacks Construction sector’s 19.99X multiple.

MTZ vs PWR Valuation (P/E F12M)

Image Source: Zacks Investment Research

The comparison with infrastructure peers such as EMCOR and Sterling reinforces the importance of balancing structural growth prospects against valuation. Quanta’s premium reflects its scale, execution, cash generation and strong positioning across grid and large-load markets. Yet MTZ provides exposure to many of the same secular themes at a considerably lower earnings multiple. Therefore, valuation is clearly MasTec’s strongest relative advantage.

Estimate Revisions Tilt Toward Quanta Stock

MasTec’s estimate trend is mixed. Over the past 30 days, the Zacks Consensus Estimate for 2026 EPS increased from $9.19 to $9.31, while the 2027 estimate declined from $12.91 to $12.77. The consensus mark implies 42.1% EPS growth and 27.1% revenue growth in 2026, followed by 37.2% EPS growth and 17.4% revenue growth in 2027.

MTZ EPS Estimate Revision Trend

Image Source: Zacks Investment Research

Quanta has stronger estimate momentum. Its 2026 consensus estimate for EPS climbed from $14.01 to $16.37, while the 2027 estimate increased from $16.43 to $18.96. The consensus estimate projects 52.3% EPS growth and 38.4% revenue growth in 2026, followed by 15.8% EPS growth and 14.9% revenue growth in 2027.

PWR EPS Estimate Revision Trend

Image Source: Zacks Investment Research

Which Stock Emerges as the Better Pick?

MasTec offers the cheaper valuation and substantial upside from Superior, data centers, power delivery and its record backlog. Its stronger projected 2027 EPS growth also suggests meaningful room for continued earnings expansion.

However, Quanta currently holds the edge. Its larger backlog, stronger cash generation, broader exposure to electric-grid and large-load investment, superior YTD stock performance and sharply positive EPS estimate revisions provide a stronger near-term investment setup. Quanta’s premium valuation is the principal drawback, but its execution and earnings visibility help support that premium.

With MasTec carrying a Zacks Rank #3 (Hold) and Quanta sporting a Zacks Rank #1 (Strong Buy), Quanta appears to offer the better upside potential at present, while MasTec remains an attractive infrastructure name to watch given its lower valuation and strengthening data center exposure. You can see the complete list of today’s Zacks #1 Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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