Cash flow generation is highly erratic, evidenced by a massive $536 million working capital inflow in 2025Q4 followed by a $398.2 million outflow in 2026Q1.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 411.78M | 429.37M | 515.26M | 314.34M | 289.84M | 517.32M | 244.59M | 356.73M | 323.52M | 337.2M | 180.03M | 206.22M | 213.6M | 120.94M | 115.16M | 96.86M | 138.44M | 30.63M | 56.57M | 51.19M | 15.7M | 74.09M | 47.07M | 55.05M | 58.36M | 38.38M | 4.1M | 27.9M | -7.1M | 17.3M | 3.1M |
| Operating CF Margin % | - | 7.91% | 9.71% | 6.41% | 6.26% | 12.16% | 7.07% | 12.36% | 13.52% | 13.76% | 7.49% | 9.82% | 12.56% | 9.08% | 10.97% | 10.42% | 16.64% | 4.27% | 7.59% | 6.93% | 2.24% | 11.44% | 7.8% | 9.86% | 11.25% | 7.88% | 1.03% | 8.73% | -3.04% | 13.53% | 3.01% |
| Operating CF Growth % | 242.88% | -16.67% | 63.92% | 8.45% | -43.97% | 111.5% | -31.43% | 10.26% | -4.06% | 87.31% | -12.7% | -3.46% | 76.62% | 5.02% | 18.89% | -30.04% | 351.93% | -45.85% | 10.52% | 226.13% | -78.82% | 57.4% | -14.49% | -5.68% | 52.06% | 835.21% | -85.29% | 492.96% | -141.04% | 458.06% | - |
| Net Income | 373.27M | 319.03M | 306.91M | 161.79M | 203.83M | 291.2M | 214.51M | 240.5M | 220.82M | 212.18M | 180.16M | 160.05M | 145.4M | 117.13M | -34K | 974K | 69.4M | 54.58M | 6.68M | -8.26M | 2.46M | 36.07M | 38.77M | 35.35M | 40.35M | 36.25M | 30.47M | 27.6M | 14.5M | 8.6M | 11.6M |
| Depreciation & Amortization | 135.6M | 133.72M | 125.53M | 149.32M | 132.79M | 90.72M | 100.16M | 85.46M | 62.19M | 67.98M | 71.78M | 56.2M | 48.67M | 35.82M | 26.46M | 22.84M | 18.34M | 12.23M | 12.53M | 20.97M | 17.64M | 15.14M | 13.15M | 11.23M | 7.28M | 10.08M | 6.22M | 2.7M | 2.4M | 400K | 300K |
| Stock-Based Compensation | 28.63M | 41.18M | 35.35M | 29.52M | 30.48M | 28.55M | 23.71M | 20.77M | 20.24M | 21.36M | 18.75M | 17.24M | 17.28M | 14.55M | 12.08M | 9.48M | 7.92M | 7.31M | 9.12M | 3.83M | 6.58M | 1.37M | 1.04M | 939K | 342K | 851K | 528K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 51.66M | -16.72M | -36.02M | 1.55M | 10.2M | -6.58M | -19.14M | 12.66M | 6.72M | 4.76M | 5.65M | 807K | 2.9M | 2.4M | -3.27M | 1.76M | -7.09M | 26.72M | -28.85M | -12.6M | -9.4M | 4.81M | 13.36M | -2.31M | 2.66M | 525K | 1.92M | -2.8M | -2.5M | -900K | 0 |
| Other Non-Cash Items | 10.98M | 42.33M | 4.55M | 3.72M | -8.03M | 9.37M | -1.72M | 0 | 113.46M | -650K | -6.88M | 114.42M | 1.69M | -619K | 76.13M | 80.44M | -2.27M | -3.2M | 30.04M | -451K | 17.11M | 2.96M | 3.88M | 1.76M | 1.83M | 6.66M | -360K | 100K | 100K | -200K | 0 |
| Working Capital Changes | -188.36M | -90.17M | 78.94M | -31.56M | -79.43M | 104.05M | -72.92M | -2.66M | 13.56M | 31.56M | -89.44M | -28.07M | -640K | -48.34M | 3.8M | -18.64M | 52.15M | -67.01M | 27.06M | 47.7M | -18.69M | 13.75M | -23.13M | 8.09M | 5.9M | -15.98M | -34.67M | 300K | -22.2M | 3.7M | -8.8M |
| Change in Receivables | -19.64M | -31.85M | -50.56M | -23.4M | 14.13M | 38.58M | -141.84M | -60.31M | 34.03M | 53.02M | -51.99M | -103.77M | -144K | -93.09M | -5M | -1.52M | 2.42M | -7.65M | -16M | 20.44M | -28.92M | -12.64M | 3.16M | -8.35M | 12.79M | -16.21M | -2.06M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 859K | 0 | -26.9M | -79.93M | -47.58M | 9.87M | 2.61M | -7.62M | -7.39M | -484K | -12.4M | -1.78M | -8.9M | 16.48M | -26.62M | 1.25M | -813K | 398K | -232.63M | -261.67M | -194.84M | -190.34M | -214.26M | -159.88M | 0 | 0 | 0 | 0 |
| Change in Payables | -27.67M | -7.49M | 18.27M | 17.73M | -32.72M | 26.9M | 79.93M | 47.58M | -7.72M | -28.31M | -2.37M | 44.35M | -2.93M | 31.68M | 6.49M | 7.31M | -407K | 1.85M | 3.01M | 434K | 16.33M | 10.68M | 5.87M | 9.96M | -2.52M | 24K | -535K | 0 | 0 | 0 | 0 |
| Cash from Investing | -22.51M | -60.26M | -129.1M | -80.96M | -54.01M | -1.84B | -44.14M | -483.88M | -46.3M | -25.22M | -87.1M | -393.87M | -49.39M | -129.83M | -86.61M | -26.9M | -32.4M | -27.04M | 148.46M | -24.85M | -24.15M | -97.41M | -68.22M | -25.71M | -35.41M | -13.08M | -24.27M | -45.1M | 25.4M | -40.3M | -1.3M |
| Capital Expenditures | -39.79M | -63.21M | -114.19M | -90.69M | -56.15M | -36.56M | -40.71M | -66.85M | -26.52M | -24.15M | -46.39M | -105.15M | -47.15M | -62.18M | -23.15M | -26.11M | -22.61M | -26.58M | -15.45M | -17.83M | -26.12M | -13.34M | -6.48M | -6.83M | -7.85M | -5.07M | -5M | -21.8M | -1M | -500K | -300K |
| CapEx % of Revenue | 0.75% | 1.16% | 2.15% | 1.85% | 1.21% | 0.86% | 1.18% | 2.32% | 1.11% | 0.99% | 1.93% | 5.01% | 2.77% | 4.67% | 2.2% | 2.81% | 2.72% | 3.71% | 2.07% | 2.41% | 3.73% | 2.06% | 1.07% | 1.22% | 1.51% | 1.04% | 1.25% | 6.82% | 0.43% | 0.39% | 0.29% |
| Acquisitions | 17.28M | 0 | 3.08M | 9.73M | -14.29M | -1.8B | -3.82M | -437.49M | -157K | -1.64M | -41.14M | -289.21M | -2.67M | -68.06M | -63.76M | -1.02M | -10.26M | -406K | -3.15M | 1.87M | 0 | -1.95M | -6.61M | -14.71M | -23.71M | -780K | -53.32M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 2.95M | -18M | 0 | 16.43M | 0 | 385K | 20.45M | 369K | 575K | 424K | 489K | 429K | 398K | 237K | 237K | 473K | -48K | 6.17M | -8.89M | 144K | -10.48M | -7.84M | -4.14M | -4.95M | -7.5M | 21.15M | -100K | -1.4M | 100K | 0 |
| Cash from Financing | -300.93M | -343.88M | -275.65M | -250.8M | -248.27M | 1.39B | -230.09M | -110.86M | -91.88M | -215.43M | -96.84M | 111.11M | -127.14M | -41.86M | -17.77M | -50.59M | -42.4M | -35.57M | -154.88M | 4.59M | -11.07M | -9.46M | -4.37M | -6.93M | -42.09M | 51.83M | -4.5M | 59.3M | -9.9M | 31.7M | -1.9M |
| Debt Issued (Net) | 40M | 199.7M | -112.04M | -108.67M | -155.66M | 1.49B | 18.6M | 9.52M | -137K | -164.98M | -45.38M | 207.94M | -162K | -172K | -44K | 304K | 526K | -417K | -1.63M | -1.69M | -1.37M | -1.65M | -1.2M | -155K | -251K | -744K | -6.77M | -1.8M | -2.5M | 500K | 400K |
| Equity Issued (Net) | -296.05M | -447.48M | -73.07M | -8.47M | -96.12M | -3.36M | -166.96M | -47.45M | -66.92M | -27.94M | -32.79M | -81.92M | -109.78M | -33.29M | -12.98M | -56.54M | -40.22M | -27.75M | -164.47M | 12.95M | -2.44M | -1.41M | -3.17M | -6.77M | -41.84M | 52.58M | 2.26M | 61.9M | 100K | 52.6M | -700K |
| Dividends Paid | -67.91M | -68.71M | -72.9M | -68.07M | -68.72M | -68.84M | -70.16M | -63.89M | -11.69M | -11.67M | -11.7M | -11.93M | -12.19M | -12.27M | -12.18M | -10.33M | -8.38M | -8.05M | -7.8M | -8.75M | -8.59M | -6.4M | 0 | 0 | 0 | 0 | 0 | -800K | -7.4M | -21.7M | -2.2M |
| Share Repurchases | -296.05M | -447.48M | -73.07M | -8.47M | -96.12M | -3.36M | -166.96M | -47.45M | -66.92M | -28.86M | -33.34M | -82.79M | -111.14M | -33.29M | -12.98M | -56.54M | -40.22M | -30.05M | -164.47M | 0 | -10.14M | -16.06M | -25.66M | -21.94M | -50.84M | 0 | 0 | 0 | 0 | -1.2M | -900K |
| Other Financing | 23.03M | -27.39M | -17.64M | -65.58M | 72.22M | -35.75M | -11.58M | -9.05M | -13.13M | -10.84M | -6.97M | -2.98M | -5.02M | 3.87M | 7.44M | 15.98M | 5.66M | 651K | 19.01M | 2.08M | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | -100K | 0 |
| Net Change in Cash | 50.65M | 24.7M | 113.67M | -14.7M | -19.77M | 68.01M | -27.93M | -240.07M | 182.99M | 100.05M | -8.47M | -83.44M | 32.49M | -63.7M | 16.36M | 17.63M | 67.51M | -31.79M | 50.16M | 30.93M | -19.53M | -32.78M | -25.52M | 22.41M | -19.14M | 77.13M | -24.67M | 42.2M | 8.4M | 8.7M | -100K |
| Free Cash Flow | 371.99M | 366.16M | 401.07M | 223.65M | 233.69M | 480.76M | 203.88M | 289.88M | 297M | 313.05M | 133.63M | 101.07M | 166.45M | 58.76M | 92.01M | 70.75M | 115.83M | 4.05M | 41.12M | 33.36M | -10.43M | 60.76M | 40.6M | 48.22M | 50.51M | 33.31M | -900K | 6.1M | -8.1M | 16.8M | 2.8M |
| FCF Margin % | 7% | 6.74% | 7.56% | 4.56% | 5.05% | 11.3% | 5.89% | 10.04% | 12.42% | 12.77% | 5.56% | 4.81% | 9.79% | 4.41% | 8.76% | 7.61% | 13.93% | 0.56% | 5.52% | 4.52% | -1.49% | 9.38% | 6.72% | 8.64% | 9.74% | 6.84% | -0.23% | 1.91% | -3.47% | 13.14% | 2.72% |
| FCF Growth % | 69.83% | -8.7% | 79.33% | -4.3% | -51.39% | 135.8% | -29.67% | -2.4% | -5.12% | 134.25% | 32.22% | -39.28% | 183.26% | -36.14% | 30.06% | -38.92% | 2759.37% | -90.15% | 23.27% | 420% | -117.16% | 49.66% | -15.81% | -4.54% | 51.64% | 3801.33% | -114.75% | 175.31% | -148.21% | 500% | - |
| FCF per Share | 6.77 | 6.32 | 6.52 | 3.64 | 3.77 | 7.71 | 3.22 | 4.47 | 4.50 | 4.74 | 2.02 | 1.50 | 2.41 | 0.84 | 1.32 | 1.00 | 1.61 | 0.06 | 0.53 | 0.38 | -0.12 | 0.70 | 0.46 | 0.57 | 0.54 | 0.37 | -0.01 | 0.07 | -0.11 | 0.29 | 0.09 |
| FCF Conversion (FCF/Net Income) | 1.00x | 1.35x | 1.68x | 1.94x | 1.42x | 1.78x | 1.14x | 1.48x | 1.47x | 1.61x | 1.01x | 1.31x | 1.47x | 1.04x | 1.51x | 1.19x | 1.97x | 0.66x | 8.47x | -6.20x | 6.38x | 2.05x | 1.21x | 1.56x | 1.45x | 1.06x | 0.13x | 1.01x | -0.49x | 2.01x | 0.27x |
| Interest Paid | -38.77M | 82.56M | 78.95M | 81.1M | 43.09M | 14.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -70.4M | 149.94M | 99.69M | 61.05M | 76.04M | 99.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to the provided cash flow statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -2.60 in 2026Q1 to 8.63 in 2025Q4, indicating that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme variance in the OCF/NI ratio suggests that accrual-based accounting adjustments, likely tied to the timing of government contract milestones, are creating significant noise in the bottom line. Investors should view net income as a poor proxy for immediate liquidity, as the company's cash conversion is heavily dependent on the timing of large-scale billing cycles.
As reported in recent financial filings, working capital changes have been a primary driver of cash flow volatility, evidenced by a massive $536 million inflow in 2025Q4 followed by a $398.2 million outflow in 2026Q1, highlighting the lumpy nature of the company's cash collection process.
These dramatic swings in working capital suggest that Maximus is highly susceptible to the payment schedules of its government clients, which can lead to sudden liquidity crunches. The inability to smooth these cash flows implies that the company's operational cash cycle remains vulnerable to administrative delays in contract settlements.
Based on the company's reported figures, capital expenditures have remained consistently low, with the CapEx/Revenue ratio peaking at only 3.2% in 2024Q2, which confirms that the business model is fundamentally service-oriented rather than asset-heavy, requiring minimal ongoing investment to maintain its existing service infrastructure.
The low capital intensity suggests that the company does not need to reinvest heavily in physical assets to sustain its current operations, which theoretically supports free cash flow generation. However, this also implies that the company's competitive moat is built on human capital and proprietary systems rather than physical barriers to entry.
Financial statements indicate that Maximus has prioritized share repurchases, with $114.4 million deployed in 2026Q2 alone, even as operating cash flows have shown significant quarter-to-quarter instability, suggesting a management preference for returning capital to shareholders over maintaining a large cash buffer for operational contingencies.
The decision to aggressively buy back shares during periods of cash flow volatility warrants further investigation into management's confidence regarding future contract renewals. Investors should monitor whether this capital allocation strategy limits the company's flexibility to pursue strategic acquisitions or respond to potential labor-related cost pressures.
Quick answers to the most common questions about buying MMS stock.
Maximus, Inc. (MMS) generated $429.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Maximus, Inc. (MMS) generated $366.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Maximus, Inc. (MMS) spent $63.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Maximus, Inc. (MMS) returned $68.7M to shareholders via cash dividends and spent $447.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.