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Maximus, Inc.(MMS)Earnings, Financials & Key Ratios
MMS•NYSE
$63.95
$3.49B mkt cap·11.6× P/E·Price updated May 6, 2026
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 Margin23.01%+5.3%
- EBITDA Margin13.3%+12.6%
- Operating Margin10.62%+14.6%
- Net Margin5.87%+1.6%
- ROE18.14%+3.8%
- ROIC15.07%+19.7%
- Debt/Equity0.86+24.5%
- Interest Coverage6.86+15.0%
MMS Key Insights
Maximus, Inc. (MMS) fundamental analysis — strengths, weaknesses & financial health based on 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
- ✓Efficient asset utilization: 1.3x turnover
✗Weaknesses
- ✗Weak momentum: RS Rating 20 (bottom 20%)
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
MMS Price & Volume
Maximus, Inc. (MMS) stock price & volume — 10-year historical chart
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MMS Growth Metrics
Maximus, Inc. (MMS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years9.97%
5 Years9.43%
3 Years5.46%
TTM-0.15%
Profit CAGR
10 Years7.3%
5 Years8.26%
3 Years16.11%
TTM30.93%
EPS CAGR
10 Years8.9%
5 Years10.2%
3 Years18.75%
TTM41.29%
Return on Capital
10 Years20.1%
5 Years13.69%
3 Years13.82%
Last Year17.4%
MMS Recent Earnings
Maximus, Inc. (MMS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)
Q1 2026Latest
Feb 5, 2026EPS
$1.85
Est $1.84
+0.5%
Revenue
$1.3B
Est $1.4B
-2.2%
Q4 2025
Nov 20, 2025EPS
$1.62
Est $1.67
-3.0%
Revenue
$1.3B
Est $1.3B
-1.7%
Q3 2025
Aug 7, 2025EPS
$2.16
Est $1.39
+55.4%
Revenue
$1.3B
Est $1.3B
+0.5%
Q2 2025
May 8, 2025EPS
$2.01
Est $1.37
+46.7%
Revenue
$1.4B
Est $1.3B
+5.5%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 5, 2026 | $1.85vs $1.84+0.5% | $1.3Bvs $1.4B-2.2% |
| Q4 2025 | Nov 20, 2025 | $1.62vs $1.67-3.0% | $1.3Bvs $1.3B-1.7% |
| Q3 2025 | Aug 7, 2025 | $2.16vs $1.39+55.4% | $1.3Bvs $1.3B+0.5% |
| Q2 2025 | May 8, 2025 | $2.01vs $1.37+46.7% | $1.4Bvs $1.3B+5.5% |
Based on last 12 quarters of dataView full earnings history →
MMS Peer Comparison
Maximus, Inc. (MMS) competitors in Government Program and Health Outsourcing — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CACI | 11.03B | 499.42 | 22.38 | 12.64% | 5.86% | 13.15% | 0.86 | |
 SAIC | 4.25B | 94.36 | 12.25 | -2.9% | 4.93% | 23.73% | 0.14 | |
 LDOS | 16.99B | 134.90 | 12.12 | 3.07% | 8.2% | 28.87% | 1.19 | |
 BAH | 12.91B | 76.28 | 10.52 | 12.36% | 7.33% | 81.63% | 4.21 | |
 CNXC | 1.67B | 23.72 | -1.17 | 2.15% | -13.02% | -33.22% | 1.69 | |
 TTEC | 144.71M | 2.98 | -0.75 | -3.2% | -9.01% | -147.21% | 7.65 | |
 HQY | 7.08B | 83.25 | 33.84 | 9.47% | 16.38% | 10.11% | 0.02 | |
 CXW | 2.09B | 21.17 | 19.60 | 12.72% | 5.27% | 8% | 0.87 |
Compare MMS vs Peers
Maximus, Inc. (MMS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MMS Income Statement
Maximus, Inc. (MMS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 2.45B | 2.39B | 2.89B | 3.46B | 4.25B | 4.63B | 4.9B | 5.31B | 5.43B | 5.37B |
| Revenue Growth % | 1.98% | -2.4% | 20.67% | 19.91% | 22.91% | 8.85% | 5.91% | 8.19% | 2.36% | -0.15% |
| Cost of Goods Sold | 1.85B | 1.81B | 2.29B | 2.79B | 3.35B | 3.78B | 3.97B | 4.15B | 4.19B | 4.09B |
| COGS % of Revenue | 75.53% | 75.58% | 79.46% | 80.49% | 78.78% | 81.66% | 80.96% | 78.14% | 77.14% | - |
| Gross Profit | 599.7M▲ 0% | 584.08M▼ 2.6% | 592.93M▲ 1.5% | 675.37M▲ 13.9% | 902.62M▲ 33.6% | 849.35M▼ 5.9% | 934.02M▲ 10.0% | 1.16B▲ 24.2% | 1.25B▲ 7.7% | 1.28B▲ 0% |
| Gross Margin % | 24.47% | 24.42% | 20.54% | 19.51% | 21.22% | 18.34% | 19.04% | 21.86% | 23.01% | 23.85% |
| Gross Profit Growth % | 9.27% | -2.6% | 1.52% | 13.9% | 33.65% | -5.9% | 9.97% | 24.2% | 7.74% | - |
| Operating Expenses | 284.51M | 284.29M | 273.12M | 384.19M | 483.27M | 537.56M | 638.65M | 668.37M | 673.13M | 681.75M |
| OpEx % of Revenue | 11.61% | 11.88% | 9.46% | 11.1% | 11.36% | 11.61% | 13.02% | 12.6% | 12.39% | - |
| Selling, General & Admin | 284.51M | 284.29M | 273.12M | 384.19M | 483.27M | 537.56M | 638.65M | 668.37M | 673.13M | 672.78M |
| SG&A % of Revenue | 11.61% | 11.88% | 9.46% | 11.1% | 11.36% | 11.61% | 13.02% | 12.6% | 12.39% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
| Operating Income | 315.19M▲ 0% | 299.78M▼ 4.9% | 319.81M▲ 6.7% | 291.18M▼ 9.0% | 419.35M▲ 44.0% | 311.78M▼ 25.7% | 295.37M▼ 5.3% | 491.72M▲ 66.5% | 576.75M▲ 17.3% | 579.49M▲ 0% |
| Operating Margin % | 12.86% | 12.53% | 11.08% | 8.41% | 9.86% | 6.73% | 6.02% | 9.27% | 10.62% | 10.78% |
| Operating Income Growth % | 11.47% | -4.89% | 6.68% | -8.95% | 44.02% | -25.65% | -5.26% | 66.48% | 17.29% | - |
| EBITDA | 383.16M | 361.98M | 405.26M | 398.14M | 523.67M | 453.48M | 457.38M | 627.04M | 722.57M | 714.9M |
| EBITDA Margin % | 15.63% | 15.13% | 14.04% | 11.5% | 12.31% | 9.79% | 9.33% | 11.82% | 13.3% | 13.3% |
| EBITDA Growth % | 8.07% | -5.53% | 11.96% | -1.76% | 31.53% | -13.4% | 0.86% | 37.09% | 15.23% | 12.94% |
| D&A (Non-Cash Add-back) | 67.98M | 62.19M | 85.46M | 106.96M | 104.32M | 141.69M | 162.02M | 135.33M | 145.82M | 135.41M |
| EBIT | 316.4M | 300.21M | 320.28M | 289.12M | 398.43M | 323.06M | 294.43M | 488.95M | 528.93M | 596.83M |
| Net Interest Income | -2.16M | -1M | -2.96M | -2.06M | -14.74M | -45.97M | -84.14M | -82.44M | -84.08M | -85.69M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 1M | 2.96M | 2.06M | 14.74M | 45.97M | 84.14M | 82.44M | 84.08M | 85.69M |
| Other Income/Expense | -952K | -574K | -2.49M | -4.12M | -35.67M | -34.69M | -85.08M | -85.21M | -131.9M | -77.33M |
| Pretax Income | 314.24M▲ 0% | 299.21M▼ 4.8% | 317.32M▲ 6.1% | 287.06M▼ 9.5% | 383.68M▲ 33.7% | 277.1M▼ 27.8% | 210.29M▼ 24.1% | 406.51M▲ 93.3% | 444.85M▲ 9.4% | 502.16M▲ 0% |
| Pretax Margin % | 12.82% | 12.51% | 10.99% | 8.29% | 9.02% | 5.98% | 4.29% | 7.66% | 8.19% | 9.34% |
| Income Tax | 102.05M | 78.39M | 76.83M | 72.55M | 92.48M | 73.27M | 48.5M | 99.59M | 125.81M | 130.38M |
| Effective Tax Rate % | 32.48% | 26.2% | 24.21% | 25.27% | 24.1% | 26.44% | 23.06% | 24.5% | 28.28% | 25.96% |
| Net Income | 209.43M▲ 0% | 220.75M▲ 5.4% | 240.82M▲ 9.1% | 214.51M▼ 10.9% | 291.2M▲ 35.8% | 203.83M▼ 30.0% | 161.79M▼ 20.6% | 306.91M▲ 89.7% | 319.03M▲ 3.9% | 371.78M▲ 0% |
| Net Margin % | 8.54% | 9.23% | 8.34% | 6.2% | 6.84% | 4.4% | 3.3% | 5.78% | 5.87% | 6.92% |
| Net Income Growth % | 17.42% | 5.41% | 9.09% | -10.93% | 35.75% | -30% | -20.62% | 89.7% | 3.95% | 30.93% |
| Net Income (Continuing) | 212.18M | 220.82M | 240.5M | 214.51M | 291.2M | 203.83M | 161.79M | 306.91M | 319.03M | 371.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.68M | 2.55M | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.17▲ 0% | 3.35▲ 5.7% | 3.72▲ 11.0% | 3.39▼ 8.9% | 4.67▲ 37.8% | 3.29▼ 29.6% | 2.63▼ 20.1% | 4.99▲ 89.7% | 5.51▲ 10.4% | 6.72▲ 0% |
| EPS Growth % | 17.84% | 5.68% | 11.04% | -8.87% | 37.76% | -29.55% | -20.06% | 89.73% | 10.42% | 41.29% |
| EPS (Basic) | 3.19 | 3.37 | 3.73 | 3.40 | 4.69 | 3.30 | 2.65 | 5.03 | 5.56 | - |
| Diluted Shares Outstanding | 66.06M | 65.93M | 64.82M | 63.32M | 62.37M | 61.97M | 61.45M | 61.48M | 57.92M | 55.3M |
| Basic Shares Outstanding | 65.63M | 65.5M | 64.5M | 63.06M | 62.07M | 61.77M | 61.13M | 61.05M | 57.41M | 54.84M |
| Dividend Payout Ratio | 5.57% | 5.3% | 26.53% | 32.7% | 23.64% | 33.71% | 42.07% | 23.75% | 21.54% | - |
MMS Balance Sheet
Maximus, Inc. (MMS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 657.24M | 808.63M | 789.42M | 932.56M | 1.08B | 1.03B | 1.06B | 1.2B | 1.25B | 1.42B |
| Cash & Short-Term Investments | 179.75M | 376.81M | 116.49M | 88.56M | 156.57M | 136.79M | 122.09M | 235.76M | 260.46M | 137.59M |
| Cash Only | 179.75M | 356.55M | 116.49M | 88.56M | 156.57M | 136.79M | 122.09M | 235.76M | 260.46M | 137.59M |
| Short-Term Investments | 0 | 20.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 435.34M | 395.13M | 621.38M | 788.28M | 840.23M | 809.27M | 843.43M | 884.8M | 902M | 1.15B |
| Days Sales Outstanding | 64.83 | 60.29 | 78.57 | 83.12 | 72.08 | 63.78 | 62.77 | 60.86 | 60.62 | 77.75 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 42.15M | 36.7M | 51.55M | 55.72M | 0 | 86.25M | 89.95M | 79.98M | 90.47M | 137.87M |
| Total Non-Current Assets | 693.42M | 653.37M | 956.31M | 1.09B | 3.04B | 2.96B | 2.93B | 2.93B | 2.82B | 2.79B |
| Property, Plant & Equipment | 101.65M | 77.54M | 99.59M | 243.88M | 241.98M | 185.14M | 202.76M | 172.57M | 131.49M | 159.32M |
| Fixed Asset Turnover | 24.11x | 30.85x | 28.99x | 14.19x | 17.58x | 25.01x | 24.19x | 30.75x | 41.31x | 36.19x |
| Goodwill | 402.98M | 399.88M | 584.47M | 593.13M | 1.77B | 1.78B | 1.78B | 1.78B | 1.78B | 1.78B |
| Intangible Assets | 125.52M | 110.46M | 211.62M | 183.93M | 922.04M | 863.64M | 811.46M | 818.25M | 752.53M | 517.92M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 31.4M | 31.4M | 12.6M | 5.5M | 27.1M |
| Other Non-Current Assets | 55.59M | 58.64M | 60.44M | 69.29M | 100.06M | 95.83M | 103.04M | 129.88M | 133.62M | 693.71M |
| Total Assets | 1.35B▲ 0% | 1.46B▲ 8.2% | 1.75B▲ 19.4% | 2.02B▲ 16.0% | 4.12B▲ 103.4% | 3.99B▼ 3.1% | 3.99B▼ 0.2% | 4.13B▲ 3.7% | 4.07B▼ 1.5% | 4.21B▲ 0% |
| Asset Turnover | 1.81x | 1.64x | 1.65x | 1.71x | 1.03x | 1.16x | 1.23x | 1.28x | 1.33x | 1.27x |
| Asset Growth % | 0.14% | 8.24% | 19.41% | 15.98% | 103.44% | -3.07% | -0.17% | 3.66% | -1.5% | 17.68% |
| Total Current Liabilities | 316.27M | 277.45M | 364.24M | 561.17M | 789.43M | 774.45M | 723.01M | 807.53M | 765.16M | 608.05M |
| Accounts Payable | 122.08M | 114.38M | 177.79M | 253.34M | 305.56M | 264.55M | 282.08M | 303.32M | 296.89M | 263.28M |
| Days Payables Outstanding | 24.07 | 23.09 | 28.29 | 33.19 | 33.27 | 25.53 | 25.93 | 26.7 | 25.86 | 25.61 |
| Short-Term Debt | 141K | 0 | 9.66M | 91.63M | 156.63M | 127.46M | 136.7M | 87.8M | 91.28M | 95.79M |
| Deferred Revenue (Current) | 71.72M | 51.18M | 43.34M | 51.66M | 98.59M | 87.15M | 60.48M | 83.24M | 53.78M | 249.99M |
| Other Current Liabilities | 11.95M | 11.9M | 12.71M | 22.07M | -41.02M | 52.38M | -794K | 21.86M | 68.94M | 184.66M |
| Current Ratio | 2.08x | 2.91x | 2.17x | 1.66x | 1.37x | 1.33x | 1.46x | 1.49x | 1.64x | 1.64x |
| Quick Ratio | 2.08x | 2.91x | 2.17x | 1.66x | 1.37x | 1.33x | 1.46x | 1.49x | 1.64x | 1.64x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | 52.14 |
| Total Non-Current Liabilities | 88.63M | 98.13M | 133.29M | 221.72M | 1.85B | 1.67B | 1.59B | 1.48B | 1.63B | 1.88B |
| Long-Term Debt | 527K | 0 | 231K | 18.02M | 1.43B | 1.29B | 1.16B | 1.09B | 1.28B | 1.57B |
| Capital Lease Obligations | 0 | 0 | 0 | 104.01M | 121.77M | 86.17M | 129.37M | 97.22M | 71.29M | 308.43M |
| Deferred Tax Liabilities | 20.11M | 26.38M | 46.56M | 24.74M | 194.64M | 206.1M | 203.9M | 169.12M | 149.02M | 653.6M |
| Other Non-Current Liabilities | 39.81M | 51.36M | 54.39M | 47.64M | 67.72M | 62.72M | 59.68M | 77.79M | 84.78M | 263.09M |
| Total Liabilities | 404.89M | 375.58M | 497.53M | 782.88M | 2.64B | 2.44B | 2.32B | 2.29B | 2.4B | 2.49B |
| Total Debt | 668K | 136K | 9.89M | 213.65M | 1.71B | 1.51B | 1.43B | 1.28B | 1.44B | 1.74B |
| Net Debt | -179.08M | -356.55M | -106.83M | 125.09M | 1.55B | 1.37B | 1.31B | 1.04B | 1.18B | 1.6B |
| Debt / Equity | 0.00x | 0.00x | 0.01x | 0.17x | 1.15x | 0.97x | 0.86x | 0.69x | 0.86x | 0.86x |
| Debt / EBITDA | 0.00x | 0.00x | 0.02x | 0.54x | 3.26x | 3.32x | 3.12x | 2.04x | 2.00x | 2.43x |
| Net Debt / EBITDA | -0.47x | -0.98x | -0.26x | 0.31x | 2.96x | 3.02x | 2.86x | 1.66x | 1.64x | 1.64x |
| Interest Coverage | 145.78x | 299.78x | 108.15x | 141.42x | 28.44x | 6.78x | 3.51x | 5.96x | 6.86x | 6.97x |
| Total Equity | 945.77M▲ 0% | 1.09B▲ 14.9% | 1.25B▲ 14.9% | 1.24B▼ 0.5% | 1.48B▲ 19.2% | 1.55B▲ 4.7% | 1.67B▲ 7.6% | 1.84B▲ 10.5% | 1.67B▼ 9.2% | 1.72B▲ 0% |
| Equity Growth % | 25.58% | 14.87% | 14.89% | -0.51% | 19.21% | 4.66% | 7.65% | 10.49% | -9.16% | -14.04% |
| Book Value per Share | 14.32 | 16.48 | 19.26 | 19.61 | 23.74 | 25.00 | 27.14 | 29.97 | 28.90 | 31.10 |
| Total Shareholders' Equity | 940.09M | 1.08B | 1.25B | 1.24B | 1.48B | 1.55B | 1.67B | 1.84B | 1.67B | 1.72B |
| Common Stock | 475.59M | 487.54M | 498.43M | 513.96M | 532.41M | 557.98M | 577.9M | 598.3M | 628.12M | 628.87M |
| Retained Earnings | 492.11M | 633.28M | 794.74M | 770.5M | 987.83M | 1.03B | 1.12B | 1.28B | 1.06B | 1.11B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -27.62M | -36.95M | -45.38M | -42.64M | -39.91M | -33.96M | -27.61M | -32.46M | -17.87M | -19.03M |
| Minority Interest | 5.68M | 2.55M | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
MMS Cash Flow Statement
Maximus, Inc. (MMS) cash flow — operating, investing & free cash flow history
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 337.2M | 323.52M | 356.73M | 244.59M | 517.32M | 289.84M | 314.34M | 515.26M | 429.37M | 429.37M |
| Operating CF Margin % | 13.76% | 13.52% | 12.36% | 7.07% | 12.16% | 6.26% | 6.41% | 9.71% | 7.91% | - |
| Operating CF Growth % | 87.31% | -4.06% | 10.26% | -31.43% | 111.5% | -43.97% | 8.45% | 63.92% | -16.67% | -168.09% |
| Net Income | 212.18M | 220.82M | 240.5M | 214.51M | 291.2M | 203.83M | 161.79M | 306.91M | 319.03M | 371.78M |
| Depreciation & Amortization | 67.98M | 62.19M | 85.46M | 100.16M | 90.72M | 132.79M | 149.32M | 125.53M | 133.72M | 135.41M |
| Stock-Based Compensation | 21.36M | 20.24M | 20.77M | 23.71M | 28.55M | 30.48M | 29.52M | 35.35M | 41.18M | 41.25M |
| Deferred Taxes | 4.76M | 6.72M | 12.66M | -19.14M | -6.58M | 10.2M | 1.55M | -36.02M | -16.72M | 8.99M |
| Other Non-Cash Items | -650K | 113.46M | 0 | -1.72M | 9.37M | -8.03M | 3.72M | 4.55M | 42.33M | -4.9M |
| Working Capital Changes | 31.56M | 13.56M | -2.66M | -72.92M | 104.05M | -79.43M | -31.56M | 78.94M | -90.17M | -287.57M |
| Change in Receivables | 53.02M | 34.03M | -60.31M | -141.84M | 38.58M | 14.13M | -23.4M | -50.56M | -31.85M | -181.77M |
| Change in Inventory | 2.61M | 9.87M | -47.58M | -79.93M | -26.9M | 0 | 859K | 0 | 0 | 0 |
| Change in Payables | -28.31M | -7.72M | 47.58M | 79.93M | 26.9M | -32.72M | 17.73M | 18.27M | -7.49M | -33.15M |
| Cash from Investing | -25.22M | -46.3M | -483.88M | -44.14M | -1.84B | -54.01M | -80.96M | -129.1M | -60.26M | -31.37M |
| Capital Expenditures | -24.15M | -26.52M | -66.85M | -40.71M | -36.56M | -56.15M | -90.69M | -114.19M | -63.21M | -46.48M |
| CapEx % of Revenue | 0.99% | 1.11% | 2.32% | 1.18% | 0.86% | 1.21% | 1.85% | 2.15% | 1.16% | - |
| Acquisitions | -1.64M | -157K | -437.49M | -3.82M | -1.8B | -14.29M | 9.73M | 3.08M | 0 | 17.28M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 575K | 369K | 20.45M | 385K | 0 | 16.43M | 0 | -18M | 2.95M | -2.17M |
| Cash from Financing | -215.43M | -91.88M | -110.86M | -230.09M | 1.39B | -248.27M | -250.8M | -275.65M | -343.88M | -178.72M |
| Debt Issued (Net) | -164.98M | -137K | 9.52M | 18.6M | 1.49B | -155.66M | -108.67M | -112.04M | 199.7M | 178.13M |
| Equity Issued (Net) | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -3.01M |
| Dividends Paid | -11.67M | -11.69M | -63.89M | -70.16M | -68.84M | -68.72M | -68.07M | -72.9M | -68.71M | -66.99M |
| Share Repurchases | -28.86M | -66.92M | -47.45M | -166.96M | -3.36M | -96.12M | -8.47M | -73.07M | -447.48M | -259.46M |
| Other Financing | -10.84M | -13.13M | -9.05M | -11.58M | -35.75M | 72.22M | -65.58M | -17.64M | -27.39M | -30.4M |
| Net Change in Cash | 100.05M▲ 0% | 182.99M▲ 82.9% | -240.07M▼ 231.2% | -27.93M▲ 88.4% | 68.01M▲ 343.5% | -19.77M▼ 129.1% | -14.7M▲ 25.6% | 113.67M▲ 873.1% | 24.7M▼ 78.3% | 18.55M▲ 0% |
| Free Cash Flow | 313.05M▲ 0% | 297M▼ 5.1% | 289.88M▼ 2.4% | 203.88M▼ 29.7% | 480.76M▲ 135.8% | 233.69M▼ 51.4% | 223.65M▼ 4.3% | 401.07M▲ 79.3% | 366.16M▼ 8.7% | 218.48M▲ 0% |
| FCF Margin % | 12.77% | 12.42% | 10.04% | 5.89% | 11.3% | 5.05% | 4.56% | 7.56% | 6.74% | 4.07% |
| FCF Growth % | 134.25% | -5.12% | -2.4% | -29.67% | 135.8% | -51.39% | -4.3% | 79.33% | -8.7% | -22.17% |
| FCF per Share | 4.74 | 4.50 | 4.47 | 3.22 | 7.71 | 3.77 | 3.64 | 6.52 | 6.32 | 6.32 |
| FCF Conversion (FCF/Net Income) | 1.61x | 1.47x | 1.48x | 1.14x | 1.78x | 1.42x | 1.94x | 1.68x | 1.35x | 0.59x |
| Interest Paid | 0 | 0 | 0 | 0 | 14.54M | 43.09M | 81.1M | 78.95M | 82.56M | -17.56M |
| Taxes Paid | 0 | 0 | 0 | 0 | 99.9M | 76.04M | 61.05M | 99.69M | 149.94M | -12.42M |
MMS Key Ratios
Maximus, Inc. (MMS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 24.65% | 21.73% | 20.63% | 17.23% | 21.39% | 13.46% | 10.06% | 17.48% | 18.14% | 21.62% |
| Return on Invested Capital (ROIC) | 29.45% | 30.04% | 25.63% | 17.41% | 14.3% | 7.86% | 7.52% | 12.59% | 15.07% | 15.07% |
| Gross Margin | 24.47% | 24.42% | 20.54% | 19.51% | 21.22% | 18.34% | 19.04% | 21.86% | 23.01% | 23.85% |
| Net Margin | 8.54% | 9.23% | 8.34% | 6.2% | 6.84% | 4.4% | 3.3% | 5.78% | 5.87% | 6.92% |
| Debt / Equity | 0.00x | 0.00x | 0.01x | 0.17x | 1.15x | 0.97x | 0.86x | 0.69x | 0.86x | 0.86x |
| Interest Coverage | 145.78x | 299.78x | 108.15x | 141.42x | 28.44x | 6.78x | 3.51x | 5.96x | 6.86x | 6.97x |
| FCF Conversion | 1.61x | 1.47x | 1.48x | 1.14x | 1.78x | 1.42x | 1.94x | 1.68x | 1.35x | 0.59x |
| Revenue Growth | 1.98% | -2.4% | 20.67% | 19.91% | 22.91% | 8.85% | 5.91% | 8.19% | 2.36% | -0.15% |
MMS SEC Filings & Documents
Maximus, Inc. (MMS) SEC filings — annual & quarterly reports (10-K, 10-Q)
MMS Frequently Asked Questions
Maximus, Inc. (MMS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Maximus, Inc. (MMS) reported $5.37B in revenue for fiscal year 2025. This represents a 5112% increase from $103.1M in 1996.
Maximus, Inc. (MMS) grew revenue by 2.4% over the past year. Growth has been modest.
Yes, Maximus, Inc. (MMS) is profitable, generating $371.8M in net income for fiscal year 2025 (5.9% net margin).
Dividend & Returns
Yes, Maximus, Inc. (MMS) pays a dividend with a yield of 1.85%. 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 $218.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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