MasTec's Pipeline Infrastructure segment just hit a 15.4% EBITDA margin in Q3—up 390 basis points sequentially—after revenues jumped 20% YoY to $597.8M. Here's the thing: their 18-month backlog has been exploding (123.8% YoY growth in Q3), driven by grid upgrades, LNG expansion and energy transition spending.

The real signal? This isn't a one-quarter blip. Better project execution, smarter bidding, and a healthier backlog mix are the actual drivers. With government funding pumping into energy infrastructure, MTZ's cyclical business might genuinely be turning the corner.

Stock-wise, MTZ is up 13.5% in 3 months and trading at a 25x forward P/E premium vs peers. Earnings estimates just got bumped to $6.35 (2025) and $8.06 (2026)—that's 60.8% and 27% growth YoY. Zacks rates it a Hold, but if execution holds and midstream capex stays hot, that 15% margin could be the start of something bigger.