Infrastructure investment across power delivery, communications, renewable energy, natural gas generation and civil construction continues to create opportunities for contractors with broad technical capabilities and strong execution. Growing electricity demand from AI and data center development, grid modernization, transmission expansion, broadband deployment and the need for more reliable energy infrastructure are supporting a healthy pipeline of large and complex projects. Within this backdrop, MasTec, Inc. MTZ and Primoris Services Corporation PRIM have emerged as two well-positioned infrastructure contractors serving many of the same end markets.
MasTec and Primoris provide engineering, procurement, construction and maintenance services across energy, utility and transportation infrastructure while executing turnkey solutions for complex projects. Both companies continue to emphasize long-term customer relationships, disciplined project selection and expanding opportunities across power, communications and mission-critical infrastructure, positioning each to benefit from the ongoing infrastructure investment cycle.
The Case for MasTec Stock
This Florida-based infrastructure construction company is benefiting from rising investment across grid modernization, renewable generation, communications networks and AI-driven data center infrastructure. Strong customer activity and healthy bidding opportunities continue to support project awards across multiple end markets. As of March 31, 2026, MasTec reported a record 18-month backlog of approximately $20.3 billion, up 28% year over year and 7% sequentially, supported by broad-based demand across the Clean Energy and Infrastructure and Power Delivery segments. Total company book-to-bill reached 1.4x in the first quarter, reinforcing long-term revenue visibility.
Power infrastructure remains another important growth driver as utilities expand transmission networks and modernize the electric grid to meet rising electricity demand. In the first quarter of 2026, the Power Delivery segment’s revenues increased 16% year over year, while EBITDA grew 40%. At the same time, growing investment in AI infrastructure is creating opportunities across turnkey data centers, fiber connectivity, telecommunications infrastructure and power delivery, allowing MasTec to provide integrated solutions across multiple operating segments.
Renewable energy is also contributing to the company's growth outlook. In the first quarter of 2026, renewable revenues increased more than 60% year over year, while backlog expanded for an 11th consecutive quarter. Strong bookings, ongoing customer development activity and increasing demand for additional power generation capacity continue to strengthen project visibility across the Clean Energy and Infrastructure business.
Looking ahead, MasTec appears well positioned to capitalize on favorable investment trends across power infrastructure, renewable energy and AI-driven digital infrastructure. Healthy bidding activity, expanding customer demand and the company's diversified infrastructure platform, together with its record backlog, provide a strong foundation for long-term revenue visibility and sustained project growth.
The Case for Primoris Stock
This Texas-based specialty infrastructure contractor is benefiting from rising investment across utility infrastructure, natural gas generation, communications networks and data center development. Strong customer demand continues to support project activity across its core end markets. As of March 31, 2026, Primoris reported a backlog of $11.6 billion, while Utilities backlog increased $476 million from year-end, supported by continued growth in master service agreement work and expanding utility capital programs focused on grid reliability and capacity expansion. These trends provide greater visibility into future revenue opportunities and reinforce the company's long-term growth outlook.
Utilities remains the company's primary growth driver as increasing transmission, substation and gas infrastructure work supports higher activity levels. In the first quarter of 2026, Utilities revenues increased 12.3% year over year, while gross margin improved to 9.8% from 9.2% in the prior-year period. Growing investment in data center infrastructure is also creating opportunities across communications, electrical and power delivery services. The PayneCrest acquisition further strengthens Primoris' electrical capabilities, broadening its ability to support data centers, industrial facilities, power infrastructure and other complex construction projects.
However, Primoris continues to address execution challenges on a limited number of renewable energy projects, which weighed on first-quarter profitability. Labor constraints, project redesigns and weather-related disruptions affected project execution, while the timing of certain project awards shifted some expected activity later into the year.
Even so, Primoris expects improving revenues, margins and backlog as project activity accelerates across its core markets. Continued investment in utility infrastructure, natural gas generation, communications networks and data center development, together with expanding electrical capabilities through PayneCrest, positions the company to benefit from long-term infrastructure spending trends.
MasTec Outpaces Infrastructure Peers
Both MasTec and Primoris operate in the infrastructure construction space, but their stock performance has diverged sharply in the year-to-date (“YTD”) period. MasTec’s shares have gained 56.8%, significantly outperforming both the Zacks Building Products - Heavy Construction industry, which has advanced 28.7%, and the Zacks Construction sector, up 11%.
In contrast, Primoris’ shares have declined 29.1% over the same period, reflecting a much weaker performance despite favorable long-term infrastructure spending trends. The sharp difference in returns suggests investors have shown greater confidence in MasTec's execution, backlog strength and exposure to high-growth infrastructure markets.
MTZ vs PRIM Price Performance (YTD)
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Considering valuation, MasTec is trading above Primoris on a forward 12-month price-to-earnings (P/E) ratio basis.
MTZ vs PRIM Valuation (P/E F12M)
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Comparing EPS Estimate Trends: MTZ vs. PRIM
The Zacks Consensus Estimate for MasTec’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 46.3% and 52.7%, respectively.
EPS Trend of MTZ
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The Zacks Consensus Estimate for Primoris’ 2026 and 2027 earnings has declined in the past 30 days. The 2026 earnings estimate implies a year-over-year decline of 60%, whereas the same for 2027 indicates year-over-year growth of 145.2%.
EPS Trend of PRIM
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Which Infrastructure Stock Is the Better Buy Now?
MasTec and Primoris are both positioned to benefit from long-term investment across power infrastructure, communications, renewable energy and data center development. MTZ stands out with a record backlog, strong momentum in its Power Delivery business and expanding opportunities tied to AI-driven infrastructure. Primoris also has a favorable long-term outlook, supported by growth in Utilities and communications, though near-term execution challenges in the Renewables business and weaker earnings estimate revisions may limit its upside.
With MasTec sporting a Zacks Rank #1 (Strong Buy) and Primoris carrying a Zacks Rank #3 (Hold), the former appears to be the better investment at this stage. The company's record backlog, improving earnings outlook, diversified infrastructure platform and stronger exposure to power delivery, renewable energy and AI-related infrastructure provide greater revenue visibility and position it to capitalize on favorable infrastructure spending trends. 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).