MasTec, Inc. MTZ

The business

MasTec builds infrastructure. Five segments: Communications lays fibre and builds wireless and data centre interconnection; Clean Energy and Infrastructure builds renewable generation and heavy civil works; Power Delivery builds transmission lines, substations and data centre power; Pipeline Infrastructure builds gas and water pipelines; and a small remainder.

It is a contractor, so the economics are backlog, execution and margin, in that order. Contractors do not control price and rarely control schedule; what they control is which jobs they bid and how well they run them, which is why the margin line matters more than the revenue line.