A Business at a Glance
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MAXIMUS, INC.
MMS
$3.5B
Mkt Cap
$59.67
+3.94%
MAXIMUS, INC. (MMS) has a current P/E ratio of 9.2, compared to its historical median P/E of 18.1. The stock is currently considered Cheap based on its historical valuation range.
MAXIMUS, INC. (MMS) has a 5-year average return on invested capital (ROIC) of 11.8%. This indicates solid capital allocation.
MAXIMUS, INC. (MMS) has a market capitalization of $3.2B. It is classified as a mid-cap stock.
Yes, MAXIMUS, INC. (MMS) pays a dividend with a trailing twelve-month yield of 2.14%. The company also returns capital through share buybacks, with a buyback yield of 9.34%.
Based on historical P/E analysis, MAXIMUS, INC. (MMS) appears cheap. The current P/E of 9.2 is 49% below its historical median of 18.1. The estimated fair value CAGR (P/E method) is 3.5%.
MAXIMUS, INC. (MMS) operates in the Services-Business Services, Nec industry, within the Industrials sector.
MAXIMUS, INC. (MMS) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Maximus is a leading provider of tech-enabled services to government agencies across the United States, the United Kingdom, Canada, and the Middle East, serving more than 100 million American citizens. The company operates through three segments—U.S. Federal Services (56% of fiscal 2025 revenue), U.S. Services, and Outside the U.S.—delivering solutions that span program operations and management, clinical services, and advanced technology solutions. In program operations, Maximus manages large health insurance eligibility and enrollment programs, including the Centers for Medicare and Medicaid Services Contact Center Operations supporting the federal marketplace under the Affordable Care Act and 1-800-MEDICARE, as well as student loan servicing for the Department of Education and Federal Employees Health Benefits support. Clinical services include assessments, appeals, and independent medical reviews, with expanding capabilities leveraging machine learning and AI. The company's business model translates public policy into operating models that achieve outcomes at scale, with revenue generated through a combination of digitally enabled contact centers, mail-room operations, and web-based platforms. Maximus differentiates itself through its ability to rapidly implement complex public policy, deploy technology-enabled solutions including its FedRAMP-secure Total Experience Management platform, and apply business intelligence and predictive analytics to improve government service delivery. The company serves primarily U.S. federal and state customers in a resilient sector of government spending focused on essential services, with unit economics characterized by operating leverage from technology investments that decouple labor costs from volume processing capacity.
【Technology-driven margin expansion】 Management is executing on strategic priorities centered on tech-enabled customer service, health services modernization, and technological advancement, with technology investments and AI initiatives already contributing to bottom-line returns and margin durability. The company is deploying AI across contact center operations—from call deflection and summarization to intelligent document processing and fraud detection—and expects these capabilities to scale from pilots to high-value use cases, with proprietary techniques developed through R&D investments and venture partnerships. On the federal side, momentum is building following a period of delayed awards and increased protests, with management expecting positive organic growth in the U.S. Federal Services segment by the fourth quarter of fiscal 2026 and anticipating consequential outcomes for fiscal 2027 and beyond from defense and national security opportunities. State customers are prioritizing solutions for emerging Medicaid and SNAP program requirements, including work requirements and semi-annual eligibility determinations, with management expecting pipeline opportunities to accelerate following finalization of regulations and positioning Maximus to capture mid-single-digit organic growth in the U.S. Services segment in Q4 with improvement possible as implementation activities progress.
| Metric | Target | Period |
|---|---|---|
| Revenue | $5.2 billion to $5.35 billion | FY2026 |
| Adjusted EBITDA margin | approximately 14.2% | FY2026 |
| Adjusted EPS | $8.25 to $8.55 per share | FY2026 |
| Free cash flow | $450 million to $500 million | FY2026 |
| U.S. Federal Services segment operating margin | approximately 17.5% | FY2026 |
| U.S. Services segment operating margin | approximately 10.0% | FY2026 |
| Outside the U.S. segment operating margin | roughly break even | FY2026 |
| Adjusted EBITDA margin target range | 12% to 15% | Near-term |
Revenue (FY2026): “we expect that fiscal year 2026 revenue will range between $5.2 billion and $5.35 billion”
Adjusted EBITDA margin (FY2026): “Our full year Adjusted EBITDA margin guidance for fiscal year 2026 is now approximately 14.2%, which is a 20 basis point improvement from prior guidance.”
Adjusted EPS (FY2026): “Our Adjusted EPS guidance increases by $0.20 and is now expected to range between $8.25 and $8.55 per share.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.3B | 5.4B | 5.3B | 4.9B | 4.6B | 4.3B |
| Net Income | 373M | 319M | 307M | 162M | 204M | 291M |
| EPS | $6.82 | $5.51 | $4.99 | $2.63 | $3.29 | $4.67 |
| Free Cash Flow | 372M | 366M | 401M | 224M | 234M | 481M |
| ROIC | 14.3% | 13.7% | 13.3% | 8.0% | 8.5% | 15.3% |
| Gross Margin | 25.5% | 24.6% | 23.6% | 21.0% | 20.3% | 22.3% |
| Debt/Equity | 0.90 | 0.80 | 0.61 | 0.75 | 0.88 | 1.02 |
| Dividends/Share | $1.28 | $1.20 | $1.20 | $1.12 | $1.12 | $1.12 |
| Operating Income | 583M | 528M | 488M | 295M | 326M | 409M |
| Operating Margin | 11.0% | 9.7% | 9.2% | 6.0% | 7.0% | 9.6% |
| ROE | 22.0% | 18.1% | 17.5% | 10.1% | 13.5% | 21.4% |
| Shares Outstanding | 53M | 58M | 62M | 62M | 62M | 62M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.7B | 2.1B | 2.4B | 2.5B | 2.4B | 2.9B | 3.5B | 4.3B | 4.6B | 4.9B | 5.3B | 5.4B | 5.3B |
| Gross Margin | 26.6% | 24.4% | 23.4% | 25.0% | 24.8% | 23.2% | 20.5% | 22.3% | 20.3% | 21.0% | 23.6% | 24.6% | 25.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 221M | 239M | 269M | 285M | 285M | 321M | 387M | 494M | 534M | 639M | 672M | 713M | 684M |
| EBIT | 225M | 260M | 287M | 314M | 295M | 317M | 288M | 409M | 326M | 295M | 488M | 528M | 583M |
| Op. Margin | 13.2% | 12.4% | 11.9% | 12.8% | 12.4% | 11.0% | 8.3% | 9.6% | 7.0% | 6.0% | 9.2% | 9.7% | 11.0% |
| Net Income | 145M | 158M | 178M | 209M | 221M | 241M | 215M | 291M | 204M | 162M | 307M | 319M | 373M |
| Net Margin | 8.6% | 7.5% | 7.4% | 8.5% | 9.2% | 8.3% | 6.2% | 6.8% | 4.4% | 3.3% | 5.8% | 5.9% | 7.0% |
| Non-Recurring | 0 | 0 | 6.9M | 2.9M | 3.4M | 0 | 1.7M | 0 | 0 | -883K | -1.0M | -40M | -40M |
| Returns on Capital | |||||||||||||
| ROIC | 33.6% | 27.2% | 21.5% | 23.4% | 27.2% | 25.5% | 18.4% | 15.3% | 8.5% | 8.0% | 13.3% | 13.7% | 14.3% |
| ROE | 26.8% | 27.0% | 26.2% | 24.8% | 21.8% | 20.7% | 17.2% | 21.4% | 13.5% | 10.1% | 17.5% | 18.1% | 22.0% |
| ROA | 16.5% | 14.5% | 13.6% | 15.5% | 15.7% | 15.0% | 11.4% | 9.5% | 5.0% | 4.1% | 7.6% | 7.8% | 8.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 214M | 206M | 180M | 336M | 317M | 357M | 245M | 517M | 290M | 314M | 515M | 429M | 412M |
| Free Cash Flow | 177M | 107M | 180M | 336M | 290M | 290M | 204M | 481M | 234M | 224M | 401M | 366M | 372M |
| Owner Earnings | 154M | 142M | 103M | 259M | 245M | 284M | 156M | 442M | 217M | 230M | 446M | 347M | 250M |
| CapEx | 36M | 99M | 0 | 0 | 27M | 67M | 41M | 37M | 56M | 91M | 114M | 63M | 40M |
| Maint. CapEx | 43M | 47M | 58M | 56M | 52M | 52M | 65M | 46M | 42M | 55M | 34M | 42M | 123M |
| Growth CapEx | 0 | 52M | N/A | N/A | 0 | 14M | 0 | 0 | 14M | 36M | 80M | 22M | 0 |
| D&A | 43M | 47M | 58M | 56M | 52M | 52M | 65M | 46M | 42M | 55M | 34M | 42M | 123M |
| CapEx/OCF | 17.0% | N/A | N/A | N/A | 8.4% | 18.7% | 16.6% | 7.1% | 19.4% | 28.9% | 22.2% | 14.7% | 9.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 12M | 12M | 12M | 12M | 12M | 64M | 70M | 69M | 69M | 68M | 73M | 69M | 68M |
| Dividend Yield | 0.5% | 0.3% | 0.4% | 0.3% | 0.3% | 1.5% | 1.7% | 1.4% | 1.6% | 1.5% | 1.5% | 1.6% | 2.1% |
| Share Buybacks | 111M | 83M | 33M | 29M | 67M | 47M | 167M | 3.4M | 96M | 0 | 73M | 447M | 296M |
| Buyback Yield | 4.5% | 2.4% | 1.0% | 0.8% | 1.7% | 1.0% | 4.2% | 0.1% | 2.8% | N/A | 1.3% | 8.8% | 9.3% |
| Stock-Based Comp | 17M | 17M | 19M | 21M | 20M | 21M | 24M | 29M | 30M | 30M | 35M | 41M | 39M |
| Debt Repayment | 15M | 122M | 195M | 350M | 137M | 405M | 619M | 824M | 771M | 953M | 1.2B | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | -157M | 136M | 99M | -166M | -369M | -96M | -43M | 1.4B | 1.3B | 1.2B | 949M | 1.1B | 1.4B |
| Cash & Equiv. | 158M | 75M | 66M | 166M | 349M | 106M | 72M | 135M | 41M | 65M | 183M | 222M | 157M |
| Long-Term Debt | 1.1M | 211M | 165M | 527K | N/A | 231K | 18M | 1.4B | 1.3B | 1.2B | 1.1B | 1.3B | 1.5B |
| Debt/Equity | 0.00 | 0.34 | 0.22 | 0.00 | 0.00 | 0.01 | 0.02 | 1.02 | 0.88 | 0.75 | 0.61 | 0.80 | 0.90 |
| Interest Coverage | N/A | 185.9 | 69.3 | 145.0 | 295.5 | 107.2 | 140.0 | 27.7 | 7.1 | 3.5 | 5.9 | 6.3 | 6.6 |
| Equity | 556M | 612M | 749M | 940M | 1.1B | 1.2B | 1.2B | 1.5B | 1.5B | 1.7B | 1.8B | 1.7B | 1.7B |
| Total Assets | 901M | 1.3B | 1.3B | 1.4B | 1.5B | 1.7B | 2.0B | 4.1B | 4.0B | 4.0B | 4.1B | 4.1B | 4.2B |
| Total Liabilities | 345M | 656M | 596M | 405M | 376M | 498M | 783M | 2.6B | 2.4B | 2.3B | 2.3B | 2.4B | 2.5B |
| Intangibles | 39M | 102M | 109M | 99M | 88M | 179M | 146M | 879M | 805M | 704M | 631M | 538M | 497M |
| Retained Earnings | 126M | 189M | 324M | 492M | 633M | 795M | 770M | 988M | 1.0B | 1.1B | 1.3B | 1.1B | 1.1B |
| Working Capital | 267M | 206M | 280M | 341M | 531M | 425M | 371M | 290M | 258M | 332M | 393M | 488M | 827M |
| Current Assets | 532M | 562M | 621M | 657M | 809M | 789M | 933M | 1.1B | 1.0B | 1.1B | 1.2B | 1.3B | 1.5B |
| Current Liabilities | 265M | 356M | 341M | 316M | 277M | 364M | 561M | 789M | 774M | 723M | 808M | 765M | 682M |
| Per Share Data | |||||||||||||
| EPS | 2.11 | 2.35 | 2.69 | 3.17 | 3.35 | 3.72 | 3.39 | 4.67 | 3.29 | 2.63 | 4.99 | 5.51 | 6.82 |
| Owner EPS | 2.23 | 2.12 | 1.55 | 3.92 | 3.71 | 4.38 | 2.47 | 7.09 | 3.50 | 3.74 | 7.25 | 5.98 | 4.71 |
| Book Value | 8.07 | 9.12 | 11.30 | 14.23 | 16.45 | 19.27 | 19.63 | 23.74 | 25.01 | 27.11 | 29.96 | 28.91 | 31.95 |
| Cash Flow/Share | 3.10 | 3.07 | 2.72 | 5.09 | 4.81 | 5.51 | 3.87 | 8.30 | 4.68 | 5.11 | 8.38 | 7.42 | 9.35 |
| Dividends/Share | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 1.00 | 1.12 | 1.12 | 1.12 | 1.12 | 1.20 | 1.20 | 1.28 |
| Shares Out. | 68.9M | 67.1M | 66.3M | 66.1M | 65.9M | 64.7M | 63.3M | 62.4M | 62.0M | 61.5M | 61.5M | 57.9M | 53.1M |
| Valuation | |||||||||||||
| P/E Ratio | 17.0 | 22.2 | 18.8 | 18.1 | 17.4 | 18.8 | 18.7 | 16.7 | 16.8 | 27.4 | 18.1 | 15.9 | 8.7 |
| P/FCF | 13.9 | 32.6 | 18.6 | 11.3 | 13.2 | 15.6 | 19.6 | 10.1 | 14.7 | 19.8 | 13.9 | 13.8 | 8.5 |
| EV/EBIT | 9.6 | 13.7 | 11.8 | 11.6 | 11.7 | 13.7 | 13.5 | 15.1 | 14.6 | 19.1 | 13.0 | 11.4 | 7.8 |
| Price/Book | 4.4 | 5.7 | 4.5 | 4.0 | 3.5 | 3.6 | 3.2 | 3.3 | 2.2 | 2.7 | 3.0 | 3.0 | 1.9 |
| Price/Sales | 1.6 | 1.7 | 1.4 | 1.4 | 1.6 | 1.4 | 1.2 | 1.1 | 0.9 | 0.9 | 0.9 | 0.8 | 0.6 |
| FCF Yield | 7.2% | 3.1% | 5.4% | 8.9% | 7.6% | 6.4% | 5.1% | 9.9% | 6.8% | 5.0% | 7.2% | 7.2% | 11.7% |
| Market Cap | 2.5B | 3.5B | 3.4B | 3.8B | 3.8B | 4.5B | 4.0B | 4.9B | 3.4B | 4.4B | 5.6B | 5.1B | 3.2B |
| Avg. Price | 38.66 | 52.36 | 49.58 | 52.60 | 59.11 | 64.04 | 64.84 | 76.47 | 67.71 | 72.90 | 81.35 | 74.94 | 59.67 |
| Year-End Price | 35.85 | 52.10 | 50.56 | 57.35 | 58.14 | 70.04 | 63.28 | 77.98 | 55.29 | 72.12 | 90.51 | 87.40 | 59.67 |
MAXIMUS, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
MAXIMUS, INC. trades at 9.2x trailing earnings, compared to its 15-year median P/E of 18.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 14.9x vs a median of 14.3x. The company's 5-year average ROIC is 11.8% with a gross margin of 22.3%. Total shareholder yield (dividends + buybacks) is 11.5%. At current prices, the estimated annualized return to fair value is +0.1%.
MAXIMUS, INC. (MMS) has a net profit margin of 5.9%. This is a modest margin.
MAXIMUS, INC. (MMS) generated $366 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MAXIMUS, INC. (MMS) has a debt-to-equity ratio of 0.80. This indicates moderate leverage.
MAXIMUS, INC. (MMS) reported earnings per share (EPS) of $5.51 in its most recent fiscal year.
MAXIMUS, INC. (MMS) has a return on equity (ROE) of 18.1%. This indicates the company generates strong returns for shareholders.
MAXIMUS, INC. (MMS) has a 5-year average gross margin of 22.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for MAXIMUS, INC. (MMS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MAXIMUS, INC. (MMS) has a book value per share of $28.91, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing on strategic priorities centered on tech-enabled customer service, health services modernization, and technological advancement, with technology investments and AI initiatives already contributing to bottom-line returns and margin durability. The company is deploying AI across contact center operations—from call deflection and summarization to intelligent document processing and fraud detection—and expects these capabilities to scale from pilots to high-value use cases, with proprietary techniques developed through R&D investments and venture partnerships. On the federal side, momentum is building following a period of delayed awards and increased protests, with management expecting positive organic growth in the U.S. Federal Services segment by the fourth quarter of fiscal 2026 and anticipating consequential outcomes for fiscal 2027 and beyond from defense and national security opportunities. State customers are prioritizing solutions for emerging Medicaid and SNAP program requirements, including work requirements and semi-annual eligibility determinations, with management expecting pipeline opportunities to accelerate following finalization of regulations and positioning Maximus to capture mid-single-digit organic growth in the U.S. Services segment in Q4 with improvement possible as implementation activities progress.
Based on recent SEC filings and earnings calls, MAXIMUS, INC. (MMS) has provided the following forward guidance: Revenue: $5.2 billion to $5.35 billion (FY2026); Adjusted EBITDA margin: approximately 14.2% (FY2026); Adjusted EPS: $8.25 to $8.55 per share (FY2026); Free cash flow: $450 million to $500 million (FY2026); U.S. Federal Services segment operating margin: approximately 17.5% (FY2026), plus 3 additional metrics.
Free cash flow (FY2026): “free cash flow is expected to range between $450 million and $500 million”
U.S. Federal Services segment operating margin (FY2026): “We expect the U.S. Federal Services full year segment operating margin to be approximately 17.5%”
U.S. Services segment operating margin (FY2026): “the U.S. Services segment full year operating margin to be approximately 10.0%, with the update reflecting the $6.9 million non-cash charge this quarter”
Outside the U.S. segment operating margin (FY2026): “For Outside the U.S., we are expecting the segment to be roughly break even on a full year basis.”
Adjusted EBITDA margin target range (Near-term): “we are raising our near-term Adjusted EBITDA margin target range to 12%-15%”