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Maximus, Inc. (MMS) 10-Year Financial Performance & Capital Metrics

MMS • • Industrial / General
IndustrialsBusiness ServicesSpecialized Business Process OutsourcingGovernment & Healthcare BPO
AboutMaximus, Inc. provides business process services (BPS) to government health and human services programs. It operates through three segments: U.S. Services, U.S. Federal Services, and Outside the U.S. The U.S. Services segment offers various BPS solutions, such as program administration, appeals and assessments, and related consulting works for U.S. state and local government programs, including the Affordable Care Act, Medicaid, the Children's Health Insurance Program, Temporary Assistance to Needy Families, child support programs, Preadmission Screening and Resident Reviews, and Independent Developmental Disability assessments. This segment also provides 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; person-centered independent disability, long-term sick, and other health assessments; and specialized consulting services. The U.S. Federal Services segment offers centralized citizen engagement centers and support services; document and record management; case management, citizen support, and consumer education; independent medical reviews and worker's compensation benefit appeals; Medicare and Medicaid appeals; and federal marketplace eligibility appeals. This segment also provides modernization of systems and information technology infrastructure; infrastructure operations and support services; software development, operations, and management services; and data analytics services. The Outside the U.S. segment offers BPS solutions for governments and commercial clients outside the United States, including health and disability assessments, program administration for employment services, and other job seeker-related services. The company was incorporated in 1975 and is headquartered in Tysons, Virginia.Show more
  • Revenue $5.43B +2.4%
  • EBITDA $723M +15.2%
  • Net Income $319M +3.9%
  • EPS (Diluted) 5.51 +10.4%
  • Gross Margin 23.01% +5.3%
  • EBITDA Margin 13.3% +12.6%
  • Operating Margin 10.62% +14.6%
  • Net Margin 5.87% +1.6%
  • ROE 18.14% +3.8%
  • ROIC 15.07% +19.7%
  • Debt/Equity 0.86 +24.5%
  • Interest Coverage 6.86 +15.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Good 3Y average ROE of 15.2%
  • ✓Share count reduced 5.8% through buybacks
  • ✓Trading near 52-week high
  • ✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.97%
5Y9.43%
3Y5.46%
TTM2.36%

Profit (Net Income) CAGR

10Y7.3%
5Y8.26%
3Y16.11%
TTM3.95%

EPS CAGR

10Y8.9%
5Y10.2%
3Y18.75%
TTM11.2%

ROCE

10Y Avg20.1%
5Y Avg13.69%
3Y Avg13.82%
Latest17.4%

Peer Comparison

Government & Healthcare BPO
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MMSMaximus, Inc.5.36B98.4217.862.36%5.87%19.06%6.83%0.86
DLHCDLH Holdings Corp.84.35M5.8211.415.34%1.27%4.03%31.45%1.50

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+2.4B2.45B2.39B2.89B3.46B4.25B4.63B4.9B5.31B5.43B
Revenue Growth %0.14%0.02%-0.02%0.21%0.2%0.23%0.09%0.06%0.08%0.02%
Cost of Goods Sold+1.85B1.85B1.81B2.29B2.79B3.35B3.78B3.97B4.15B4.19B
COGS % of Revenue0.77%0.76%0.76%0.79%0.8%0.79%0.82%0.81%0.78%0.77%
Gross Profit+548.81M599.7M584.08M592.93M675.37M902.62M849.35M934.02M1.16B1.25B
Gross Margin %0.23%0.24%0.24%0.21%0.2%0.21%0.18%0.19%0.22%0.23%
Gross Profit Growth %0.09%0.09%-0.03%0.02%0.14%0.34%-0.06%0.1%0.24%0.08%
Operating Expenses+266.06M284.51M284.29M273.12M384.19M483.27M537.56M638.65M668.37M673.13M
OpEx % of Revenue0.11%0.12%0.12%0.09%0.11%0.11%0.12%0.13%0.13%0.12%
Selling, General & Admin266.06M284.51M284.29M273.12M384.19M483.27M537.56M638.65M668.37M673.13M
SG&A % of Revenue0.11%0.12%0.12%0.09%0.11%0.11%0.12%0.13%0.13%0.12%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses0000000000
Operating Income+282.75M315.19M299.78M319.81M291.18M419.35M311.78M295.37M491.72M576.75M
Operating Margin %0.12%0.13%0.13%0.11%0.08%0.1%0.07%0.06%0.09%0.11%
Operating Income Growth %0.07%0.11%-0.05%0.07%-0.09%0.44%-0.26%-0.05%0.66%0.17%
EBITDA+354.54M383.16M361.98M405.26M398.14M523.67M453.48M457.38M627.04M722.57M
EBITDA Margin %0.15%0.16%0.15%0.14%0.12%0.12%0.1%0.09%0.12%0.13%
EBITDA Growth %0.11%0.08%-0.06%0.12%-0.02%0.32%-0.13%0.01%0.37%0.15%
D&A (Non-Cash Add-back)71.78M67.98M62.19M85.46M106.96M104.32M141.69M162.02M135.33M145.82M
EBIT290.1M316.4M300.21M320.28M289.12M398.43M323.06M294.43M488.95M528.93M
Net Interest Income+-4.13M-2.16M-1M-2.96M-2.06M-14.74M-45.97M-84.14M-82.44M-84.08M
Interest Income0000000000
Interest Expense4.13M2.16M1M2.96M2.06M14.74M45.97M84.14M82.44M84.08M
Other Income/Expense3.21M-952K-574K-2.49M-4.12M-35.67M-34.69M-85.08M-85.21M-131.9M
Pretax Income+285.97M314.24M299.21M317.32M287.06M383.68M277.1M210.29M406.51M444.85M
Pretax Margin %0.12%0.13%0.13%0.11%0.08%0.09%0.06%0.04%0.08%0.08%
Income Tax+105.81M102.05M78.39M76.83M72.55M92.48M73.27M48.5M99.59M125.81M
Effective Tax Rate %0.62%0.67%0.74%0.76%0.75%0.76%0.74%0.77%0.75%0.72%
Net Income+178.36M209.43M220.75M240.82M214.51M291.2M203.83M161.79M306.91M319.03M
Net Margin %0.07%0.09%0.09%0.08%0.06%0.07%0.04%0.03%0.06%0.06%
Net Income Growth %0.13%0.17%0.05%0.09%-0.11%0.36%-0.3%-0.21%0.9%0.04%
Net Income (Continuing)180.16M212.18M220.82M240.5M214.51M291.2M203.83M161.79M306.91M319.03M
Discontinued Operations0000000000
Minority Interest4.06M5.68M2.55M409K000000
EPS (Diluted)+2.693.173.353.723.394.673.292.634.995.51
EPS Growth %0.14%0.18%0.06%0.11%-0.09%0.38%-0.3%-0.2%0.9%0.1%
EPS (Basic)2.713.193.373.733.404.693.302.655.035.56
Diluted Shares Outstanding66.23M66.06M65.93M64.82M63.32M62.37M61.97M61.45M61.48M57.92M
Basic Shares Outstanding65.82M65.63M65.5M64.5M63.06M62.07M61.77M61.13M61.05M57.41M
Dividend Payout Ratio0.07%0.06%0.05%0.27%0.33%0.24%0.34%0.42%0.24%0.22%

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+620.98M657.24M808.63M789.42M932.56M1.08B1.03B1.06B1.2B1.25B
Cash & Short-Term Investments80.3M179.75M376.81M116.49M88.56M156.57M136.79M122.09M235.76M260.46M
Cash Only80.3M179.75M356.55M116.49M88.56M156.57M136.79M122.09M235.76M260.46M
Short-Term Investments0020.26M0000000
Accounts Receivable498.06M435.34M395.13M621.38M788.28M840.23M809.27M843.43M884.8M902M
Days Sales Outstanding75.6464.8360.2978.5783.1272.0863.7862.7760.8660.62
Inventory0000000000
Days Inventory Outstanding----------
Other Current Assets42.62M42.15M36.7M51.55M55.72M82.69M86.25M89.95M79.98M90.47M
Total Non-Current Assets+727.84M693.42M653.37M956.31M1.09B3.04B2.96B2.93B2.93B2.82B
Property, Plant & Equipment131.57M101.65M77.54M99.59M243.88M241.98M185.14M202.76M172.57M131.49M
Fixed Asset Turnover18.27x24.11x30.85x28.99x14.19x17.58x25.01x24.19x30.75x41.31x
Goodwill397.56M402.98M399.88M584.47M593.13M1.77B1.78B1.78B1.78B1.78B
Intangible Assets139.17M125.52M110.46M211.62M183.93M922.04M863.64M811.46M818.25M752.53M
Long-Term Investments00000031.4M31.4M12.6M5.5M
Other Non-Current Assets50.9M55.59M58.64M60.44M69.29M100.06M95.83M103.04M129.88M133.62M
Total Assets+1.35B1.35B1.46B1.75B2.02B4.12B3.99B3.99B4.13B4.07B
Asset Turnover1.78x1.81x1.64x1.65x1.71x1.03x1.16x1.23x1.28x1.33x
Asset Growth %0.05%0%0.08%0.19%0.16%1.03%-0.03%-0%0.04%-0.01%
Total Current Liabilities+340.76M316.27M277.45M364.24M561.17M789.43M774.45M723.01M807.53M765.16M
Accounts Payable150.71M122.08M114.38M177.79M253.34M305.56M264.55M282.08M303.32M296.89M
Days Payables Outstanding29.6624.0723.0928.2933.1933.2725.5325.9326.725.86
Short-Term Debt277K141K09.66M91.63M156.63M127.46M136.7M87.8M91.28M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities11.62M11.95M11.9M12.71M22.07M35.06M116.37M49.06M69.52M68.94M
Current Ratio1.82x2.08x2.91x2.17x1.66x1.37x1.33x1.46x1.49x1.64x
Quick Ratio1.82x2.08x2.91x2.17x1.66x1.37x1.33x1.46x1.49x1.64x
Cash Conversion Cycle----------
Total Non-Current Liabilities+254.92M88.63M98.13M133.29M221.72M1.85B1.67B1.59B1.48B1.63B
Long-Term Debt165.34M527K0231K18.02M1.43B1.29B1.16B1.09B1.28B
Capital Lease Obligations0000104.01M121.77M86.17M129.37M97.22M71.29M
Deferred Tax Liabilities16.81M20.11M26.38M46.56M24.74M194.64M206.1M203.9M169.12M149.02M
Other Non-Current Liabilities32.77M39.81M51.36M54.39M47.64M67.72M62.72M59.68M77.79M84.78M
Total Liabilities595.68M404.89M375.58M497.53M782.88M2.64B2.44B2.32B2.29B2.4B
Total Debt+165.62M668K136K9.89M213.65M1.71B1.51B1.43B1.28B1.44B
Net Debt85.32M-179.08M-356.55M-106.83M125.09M1.55B1.37B1.31B1.04B1.18B
Debt / Equity0.22x0.00x0.00x0.01x0.17x1.15x0.97x0.86x0.69x0.86x
Debt / EBITDA0.47x0.00x0.00x0.02x0.54x3.26x3.32x3.12x2.04x2.00x
Net Debt / EBITDA0.24x-0.47x-0.98x-0.26x0.31x2.96x3.02x2.86x1.66x1.64x
Interest Coverage68.40x145.78x299.78x108.15x141.42x28.44x6.78x3.51x5.96x6.86x
Total Equity+753.14M945.77M1.09B1.25B1.24B1.48B1.55B1.67B1.84B1.67B
Equity Growth %0.22%0.26%0.15%0.15%-0.01%0.19%0.05%0.08%0.1%-0.09%
Book Value per Share11.3714.3216.4819.2619.6123.7425.0027.1429.9728.90
Total Shareholders' Equity749.08M940.09M1.08B1.25B1.24B1.48B1.55B1.67B1.84B1.67B
Common Stock461.68M475.59M487.54M498.43M513.96M532.41M557.98M577.9M598.3M628.12M
Retained Earnings323.57M492.11M633.28M794.74M770.5M987.83M1.03B1.12B1.28B1.06B
Treasury Stock0000000000
Accumulated OCI-36.17M-27.62M-36.95M-45.38M-42.64M-39.91M-33.96M-27.61M-32.46M-17.87M
Minority Interest4.06M5.68M2.55M409K000000

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+180.03M337.2M323.52M356.73M244.59M517.32M289.84M314.34M515.26M429.37M
Operating CF Margin %0.07%0.14%0.14%0.12%0.07%0.12%0.06%0.06%0.1%0.08%
Operating CF Growth %-0.13%0.87%-0.04%0.1%-0.31%1.12%-0.44%0.08%0.64%-0.17%
Net Income180.16M212.18M220.82M240.5M214.51M291.2M203.83M161.79M306.91M319.03M
Depreciation & Amortization71.78M67.98M62.19M85.46M100.16M90.72M132.79M149.32M125.53M133.72M
Stock-Based Compensation18.75M21.36M20.24M20.77M23.71M28.55M30.48M29.52M35.35M41.18M
Deferred Taxes5.65M4.76M6.72M12.66M-19.14M-6.58M10.2M1.55M-36.02M-16.72M
Other Non-Cash Items-6.88M-650K113.46M0-1.72M9.37M-8.03M3.72M4.55M42.33M
Working Capital Changes-89.44M31.56M13.56M-2.66M-72.92M104.05M-79.43M-31.56M78.94M-90.17M
Change in Receivables-51.99M53.02M34.03M-60.31M-141.84M38.58M14.13M-23.4M-50.56M-31.85M
Change in Inventory-7.62M2.61M9.87M-47.58M-79.93M-26.9M0859K00
Change in Payables-2.37M-28.31M-7.72M47.58M79.93M26.9M-32.72M17.73M18.27M-7.49M
Cash from Investing+-87.1M-25.22M-46.3M-483.88M-44.14M-1.84B-54.01M-80.96M-129.1M-60.26M
Capital Expenditures-46.39M-24.15M-26.52M-66.85M-40.71M-36.56M-56.15M-90.69M-114.19M-63.21M
CapEx % of Revenue0.02%0.01%0.01%0.02%0.01%0.01%0.01%0.02%0.02%0.01%
Acquisitions----------
Investments----------
Other Investing424K575K369K20.45M385K016.43M0-18M2.95M
Cash from Financing+-96.84M-215.43M-91.88M-110.86M-230.09M1.39B-248.27M-250.8M-275.65M-343.88M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-11.7M-11.67M-11.69M-63.89M-70.16M-68.84M-68.72M-68.07M-72.9M-68.71M
Share Repurchases----------
Other Financing-6.97M-10.84M-13.13M-9.05M-11.58M-35.75M72.22M-65.58M-17.64M-27.39M
Net Change in Cash----------
Free Cash Flow+133.63M313.05M297M289.88M203.88M480.76M233.69M223.65M401.07M366.16M
FCF Margin %0.06%0.13%0.12%0.1%0.06%0.11%0.05%0.05%0.08%0.07%
FCF Growth %0.32%1.34%-0.05%-0.02%-0.3%1.36%-0.51%-0.04%0.79%-0.09%
FCF per Share2.024.744.504.473.227.713.773.646.526.32
FCF Conversion (FCF/Net Income)1.01x1.61x1.47x1.48x1.14x1.78x1.42x1.94x1.68x1.35x
Interest Paid0000014.54M43.09M81.1M78.95M0
Taxes Paid0000099.9M76.04M61.05M99.69M0

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)26.01%24.65%21.73%20.63%17.23%21.39%13.46%10.06%17.48%18.14%
Return on Invested Capital (ROIC)26.85%29.45%30.04%25.63%17.41%14.3%7.86%7.52%12.59%15.07%
Gross Margin22.84%24.47%24.42%20.54%19.51%21.22%18.34%19.04%21.86%23.01%
Net Margin7.42%8.54%9.23%8.34%6.2%6.84%4.4%3.3%5.78%5.87%
Debt / Equity0.22x0.00x0.00x0.01x0.17x1.15x0.97x0.86x0.69x0.86x
Interest Coverage68.40x145.78x299.78x108.15x141.42x28.44x6.78x3.51x5.96x6.86x
FCF Conversion1.01x1.61x1.47x1.48x1.14x1.78x1.42x1.94x1.68x1.35x
Revenue Growth14.46%1.98%-2.4%20.67%19.91%22.91%8.85%5.91%8.19%2.36%

Revenue by Segment

2016201720182019202020212022202320242025
Clinical Services---------2.1B
Clinical Services Growth----------
Advanced Technology Solutions---------324.73M
Advanced Technology Solutions Growth----------
U.S. Federal Services591.73M545.57M478.91M1.11B1.63B1.89B2.26B2.4B2.74B-
U.S. Federal Services Growth--7.80%-12.22%132.03%46.99%15.92%19.36%6.37%13.88%-
US Services-----1.66B1.61B1.81B1.91B-
US Services Growth-------3.28%12.72%5.50%-
Outside The United States-----699.09M763.66M689.05M657.14M-
Outside The United States Growth------9.24%-9.77%-4.63%-
U.S. Services----1.33B-----
U.S. Services Growth----------
Outside the U.S.---599.13M498.93M-----
Outside the U.S. Growth-----16.72%-----
U.S. Health and Human Services---1.18B------
U.S. Health and Human Services Growth----------
Health Services1.3B1.38B1.4B-------
Health Services Growth-6.30%1.80%-------
Human Services513.33M525.24M508.37M-------
Human Services Growth-2.32%-3.21%-------

Revenue by Geography

2016201720182019202020212022202320242025
UNITED STATES1.72B1.77B1.69B2.29B2.96B3.56B3.87B---
UNITED STATES Growth-2.58%-4.13%35.14%29.50%20.01%8.77%---
UNITED KINGDOM---293.69M246.34M286.43M410.59M---
UNITED KINGDOM Growth-----16.13%16.28%43.35%---
World96.91M106.52M104.54M106.64M105.44M167.66M180M---
World Growth-9.92%-1.87%2.01%-1.13%59.02%7.36%---
AUSTRALIA200.54M232.43M247.85M198.79M147.16M245M173.08M---
AUSTRALIA Growth-15.90%6.63%-19.79%-25.98%66.49%-29.35%---

Frequently Asked Questions

Valuation & Price

Maximus, Inc. (MMS) has a price-to-earnings (P/E) ratio of 17.9x. This is roughly in line with market averages.

Growth & Financials

Maximus, Inc. (MMS) reported $5.43B in revenue for fiscal year 2025. This represents a 417% increase from $1.05B in 2012.

Maximus, Inc. (MMS) grew revenue by 2.4% over the past year. Growth has been modest.

Yes, Maximus, Inc. (MMS) is profitable, generating $319.0M in net income for fiscal year 2025 (5.9% net margin).

Dividend & Returns

Yes, Maximus, Inc. (MMS) pays a dividend with a yield of 1.21%. This makes it attractive for income-focused investors.

Maximus, Inc. (MMS) has a return on equity (ROE) of 18.1%. This is reasonable for most industries.

Maximus, Inc. (MMS) generated $366.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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