MasTec, Inc.

The numbers show a company whose revenue has grown over the period in the data, from $6.61 billion in 2017 to $12.3 billion in 2024, but whose profit has been uneven. Net income was $347.21 million in 2017, $392.33 million in 2019, $328.83 million in 2021, $33.35 million in 2022 and a loss of $49.95 million in 2023, before returning to $162.79 million in 2024. On the balance sheet, total assets declined from $9.37 billion at the end of 2023 to $8.98 billion at the end of 2024, and total liabilities fell from $6.65 billion to $5.99 billion. Subtracting liabilities from assets gives an implied equity of about $2.99 billion for 2024 versus about $2.72 billion for 2023. That is a simple calculation from the reported totals, not a figure stated in the filing. The company's risk factors describe exposure to electricity, fire and explosion hazards, to large damage claims that could substantially exceed the amount charged for the work, and to self-insured liabilities whose effects can remain unknown for years. The filing also references potential litigation under the Fair Labor Standards Act and state wage and hour laws, customer change-order disputes, and litigation accruals whose adequacy depends on management estimates. Forensic scores: no Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index is on file for this company in the data provided, so this synthesis gives no score values and draws no conclusion from them. Readers may want to look at the full Item 7 segment discussion and the notes on insurance reserves and contingencies, which are not in this excerpt, to test whether the 2024 recovery holds up.

Catalyst.The most recent annual results in the data are for fiscal 2024: revenues were $12.3 billion, up from $12 billion in 2023, roughly 2.5% growth, while net income moved to $162.79 million from a net loss of $49.95 million in 2023. The 10-K for the period ended December 31, 2025 was filed February 26, 2026, but the excerpt provided covers risk and accounting text rather than the segment-level MD&A results discussion, so the specific 2025 business drivers cannot be confirmed from this data. The risk factors tie demand to customers in communications, energy and utilities, and to federal programs such as the IIJA and IRA, which the company says fund many of the markets in which it operates.

Hidden risk.The most easily missed tension is between the improved 2024 profit and the self-insurance exposure described in the risk factors. The company says it is effectively self-insured for substantially all claims because most claims do not exceed its deductibles, and it manages some liabilities through a wholly-owned captive insurance company. Insurers have reduced wildfire coverage and raised its cost, which the filing says has increased reliance on self-insurance. Separately, the risk factors note that the July 2025 OBBBA accelerated the phaseout of clean energy credits for solar and wind, and that tariffs have raised costs of steel, concrete, copper and solar panels.