
Maximus, Inc.
NYSE•MMS
CEO: Mr. Bruce L. Caswell
Sector: Industrials
Industry: Specialty Business Services
Listing Date: 1997-06-13
Maximus, Inc. operates as a provider of government services in the United States and internationally. It operates through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. The U.S. Services segment offers program eligibility support and enrollment; centralized multilingual customer contact centers, multichannel, and digital self-service options for enrollment; application assistance and independent health plan choice counseling; beneficiary outreach, education, eligibility, enrollment, and redeterminations; and person-centered independent disability, long-term sick, and other health assessments. This segment also provides employment services, such as eligibility support, case management, job-readiness preparation, job search and employer outreach, job retention and career advancement, and educational and training services; technology solutions; system implementation project management services; and specialized consulting services. The U.S. Federal Services segment offers Business process services, eligibility and enrollment, outreach, and other services for federal health and human services programs; clinical services; and technology solutions, including application development and modernization services, enterprise business solutions, advanced analytics and emerging technologies, cybersecurity services, and infrastructure and engineering solutions. The Outside the U.S. segment offers BPS solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions, and other job seeker-related services. Maximus, Inc. was founded in 1975 and is headquartered in McLean, Virginia.
Contact Information
Market Cap
$4.90B
P/E (TTM)
15.4
34.6
Dividend Yield
1.4%
52W High
$92.50
52W Low
$63.77
52W Range
Rank23Top 6.9%
6.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024
Financial Dashboard
Q4 2025 Data
Revenue
$1.32B+0.19%
4-Quarter Trend
EPS
$1.34+11.67%
4-Quarter Trend
FCF
$641.85M+386.69%
4-Quarter Trend
2025 Annual Earnings Highlights
Key Highlights
Total Revenue Growth Total Revenue reached $5.43B USD, marking a 2.4% increase, driven primarily by organic growth across segments.
Federal Services Expansion U.S. Federal Services revenue grew 12.1% organically to $3.07B USD, benefiting from increased clinical assessment volumes.
Profitability Improvement Operating Margin improved to 9.7% in FY25, up from 9.2% in FY24, reflecting technology productivity gains.
Strong Cash Position Operating Cash Flow was $429.4M USD, supporting $456.6M utilized for common stock repurchases during the fiscal year.
Risk Factors
Government Contract Reliance Revenue heavily depends on top ten contracts (60% of revenue) and federal agencies (55% of total revenue).
Legislative/Budgetary Uncertainty Future operations face risks from government spending changes, potential shutdowns, and evolving regulatory directives.
Cybersecurity Incident Exposure Past material cybersecurity incident resulted in litigation; ongoing risk remains for data loss and reputational harm.
Competitive Landscape Facing competition from larger entities with substantially greater financial resources and technical staff capabilities.
Outlook
FY2026 Margin Guidance Anticipated operating margins for FY2026 range between 15.5% and 16.0% for the U.S. Federal Services segment.
International Streamlining Complete Divestitures in Australia and Korea finalized, providing a significant benefit to the segment operating margin profile.
Legislative Implementation Ahead Monitoring OBBBA changes impacting Medicaid eligibility and work requirements scheduled for effective date December 2026.
Debt Management Focus Overall leverage remains low; capital allocation prioritizes reducing debt balance using strong free cash flow generation.
Peer Comparison
Revenue (TTM)
MMS$5.43B
BCO$5.15B
TKR$4.54B
Gross Margin (Latest Quarter)
85.8%
OMAB75.7%
40.4%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| KEX | $6.27B | 20.2 | 9.1% | 20.7% |
| TKR | $6.01B | 20.3 | 9.9% | 32.5% |
| FCN | $5.94B | 20.8 | 13.2% | 21.1% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-2.0%
Flat Growth
4Q Net Income CAGR
22.3%
Profitability Improved
Cash Flow Stability
50%
Cash Flow Needs Attention
Research & Insights
Next earnings:Feb 5, 2026
EPS:$1.84
|Revenue:-
Reports
All Years
Form 10-K - FY 2025
Period End: Sep 30, 2025|Filed: Nov 20, 2025|Revenue: $5.43B+2.4%|EPS: $5.56+10.5%BeatForm 10-Q - Q3 2025
Period End: Jun 30, 2025|Filed: Aug 7, 2025|Revenue: $1.35B+2.5%|EPS: $1.87+27.2%BeatForm 10-Q - Q2 2025
Period End: Mar 31, 2025|Filed: May 8, 2025|Revenue: $1.36B+1.0%|EPS: $1.70+29.8%BeatForm 10-Q - Q1 2025
Period End: Dec 31, 2024|Filed: Feb 6, 2025|Revenue: $1.40B+5.7%|EPS: $0.69-34.3%MissForm 10-K - FY 2024
Period End: Sep 30, 2024|Filed: Nov 21, 2024|Revenue: $5.31B+8.2%|EPS: $5.03+89.8%BeatForm 10-Q - Q3 2024
Period End: Jun 30, 2024|Filed: Aug 8, 2024|Revenue: $1.31B+10.6%|EPS: $1.47+194.0%MissForm 10-Q - Q2 2024
Period End: Mar 31, 2024|Filed: May 9, 2024|Revenue: $1.35B+11.7%|EPS: $1.31+151.9%MeetForm 10-Q - Q1 2024
Period End: Dec 31, 2023|Filed: Feb 8, 2024|Revenue: $1.33B+6.2%|EPS: $1.05+61.5%Miss