Maximus, Inc. (MMS) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Specialty Business Services
EV/EBITDA
↓
5.69
↓-50% vs avg
5yr avg: 11.29
30Y Low6.0·High36.1
P/FCF
↑
8.00
↓-47% vs avg
5yr avg: 15.08
30Y Low9.6·High102.5
P/B Ratio
↓
1.93
↓-35% vs avg
5yr avg: 2.97
30Y Low1.4·High6.6
ROE
↓
18.1%
↓+13% vs avg
5yr avg: 16.1%
30Y Low-2%·High126%
Debt/EBITDA
↓
2.00
↓-27% vs avg
5yr avg: 2.75
30Y Low0.0·High3.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MMS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Maximus, Inc. trades at 10.1x earnings, 49% below its 5-year average of 19.8x, sitting at the 0th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 60%. On a free-cash-flow basis, the stock trades at 8.0x P/FCF, 47% below the 5-year average of 15.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $5.3B | $5.7B | $4.6B | $3.6B | $5.2B | $4.3B | $5.0B | $4.3B | $4.3B | $3.7B |
| Enterprise Value | $4.1B | $6.5B | $6.8B | $5.9B | $5.0B | $6.7B | $4.5B | $4.9B | $3.9B | $4.1B | $3.8B |
| P/E Ratio → | 10.12 | 16.58 | 18.67 | 28.40 | 17.59 | 17.82 | 20.18 | 20.77 | 19.42 | 20.35 | 21.03 |
| P/S Ratio | 0.54 | 0.97 | 1.08 | 0.94 | 0.77 | 1.22 | 1.25 | 1.73 | 1.79 | 1.74 | 1.56 |
| P/B Ratio | 1.93 | 3.16 | 3.11 | 2.75 | 2.31 | 3.51 | 3.49 | 4.01 | 3.95 | 4.51 | 4.97 |
| P/FCF | 8.00 | 14.45 | 14.28 | 20.52 | 15.35 | 10.79 | 21.25 | 17.28 | 14.44 | 13.61 | 28.03 |
| P/OCF | 6.82 | 12.33 | 11.12 | 14.60 | 12.37 | 10.03 | 17.71 | 14.04 | 13.26 | 12.64 | 20.81 |
P/E links to full P/E history page with 30-year chart
MMS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Maximus, Inc.'s enterprise value stands at 5.7x EBITDA, 50% below its 5-year average of 11.3x. The Industrials sector median is 13.8x, placing the stock at a 59% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.19 | 1.28 | 1.20 | 1.07 | 1.58 | 1.29 | 1.70 | 1.64 | 1.67 | 1.59 |
| EV / EBITDA | 5.69 | 8.96 | 10.80 | 12.89 | 10.93 | 12.87 | 11.19 | 12.09 | 10.87 | 10.65 | 10.81 |
| EV / EBIT | 7.13 | 12.24 | 13.84 | 20.03 | 15.34 | 16.92 | 15.42 | 15.30 | 13.10 | 12.90 | 13.21 |
| EV / FCF | — | 17.69 | 16.88 | 26.36 | 21.20 | 14.02 | 21.86 | 16.91 | 13.24 | 13.04 | 28.67 |
MMS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Maximus, Inc. earns an operating margin of 10.6%, above the Industrials sector average of 4.3%. Operating margins have expanded from 6.0% to 10.6% over the past 3 years, signaling improving operational efficiency. ROE of 18.1% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 15.1% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 21.9% | 19.0% | 18.3% | 21.2% | 19.5% | 20.5% | 24.4% | 24.5% | 22.8% |
| Operating Margin | 10.6% | 10.6% | 9.3% | 6.0% | 6.7% | 9.9% | 8.4% | 11.1% | 12.5% | 12.9% | 11.8% |
| Net Profit Margin | 5.9% | 5.9% | 5.8% | 3.3% | 4.4% | 6.8% | 6.2% | 8.3% | 9.2% | 8.5% | 7.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.1% | 18.1% | 17.5% | 10.1% | 13.5% | 21.4% | 17.2% | 20.6% | 21.7% | 24.7% | 26.0% |
| ROA | 7.8% | 7.8% | 7.6% | 4.1% | 5.0% | 9.5% | 11.4% | 15.0% | 15.7% | 15.5% | 13.6% |
| ROIC | 15.1% | 15.1% | 12.6% | 7.5% | 7.9% | 14.3% | 17.4% | 25.6% | 30.0% | 29.5% | 26.9% |
| ROCE | 17.4% | 17.4% | 14.9% | 9.1% | 9.5% | 17.5% | 20.5% | 24.9% | 27.0% | 30.9% | 29.3% |
MMS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Maximus, Inc. carries a Debt/EBITDA ratio of 2.0x, which is manageable (38% below the sector average of 3.2x). Net debt stands at $1.2B ($1.4B total debt minus $260M cash). Interest coverage of 6.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.69 | 0.86 | 0.97 | 1.15 | 0.17 | 0.01 | 0.00 | 0.00 | 0.22 |
| Debt / EBITDA | 2.00 | 2.00 | 2.04 | 3.12 | 3.32 | 3.26 | 0.54 | 0.02 | 0.00 | 0.00 | 0.47 |
| Net Debt / Equity | — | 0.71 | 0.57 | 0.78 | 0.88 | 1.05 | 0.10 | -0.09 | -0.33 | -0.19 | 0.11 |
| Net Debt / EBITDA | 1.64 | 1.64 | 1.66 | 2.86 | 3.02 | 2.96 | 0.31 | -0.26 | -0.98 | -0.47 | 0.24 |
| Debt / FCF | — | 3.23 | 2.60 | 5.84 | 5.86 | 3.23 | 0.61 | -0.37 | -1.20 | -0.57 | 0.64 |
| Interest Coverage | 6.29 | 6.29 | 5.93 | 3.50 | 7.03 | 27.02 | 140.42 | 108.31 | 300.21 | 146.34 | 70.17 |
MMS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.64x means Maximus, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.46x to 1.64x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 1.49 | 1.46 | 1.33 | 1.37 | 1.66 | 2.17 | 2.91 | 2.08 | 1.82 |
| Quick Ratio | 1.64 | 1.64 | 1.49 | 1.46 | 1.33 | 1.37 | 1.66 | 2.17 | 2.91 | 2.08 | 1.82 |
| Cash Ratio | 0.34 | 0.34 | 0.29 | 0.17 | 0.18 | 0.20 | 0.16 | 0.32 | 1.36 | 0.57 | 0.24 |
| Asset Turnover | — | 1.33 | 1.28 | 1.23 | 1.16 | 1.03 | 1.71 | 1.65 | 1.64 | 1.81 | 1.78 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 60.62 | 60.86 | 62.77 | 63.78 | 72.08 | 83.12 | 78.57 | 60.29 | 64.83 | 75.64 |
MMS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Maximus, Inc. returns 17.4% to shareholders annually — split between a 2.1% dividend yield and 15.3% buyback yield. The payout ratio of 21.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.3% | 1.3% | 1.5% | 1.9% | 1.3% | 1.6% | 1.3% | 0.3% | 0.3% | 0.3% |
| Payout Ratio | 21.5% | 21.5% | 23.8% | 42.1% | 33.7% | 23.6% | 32.7% | 26.5% | 5.3% | 5.6% | 6.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 6.0% | 5.4% | 3.5% | 5.7% | 5.6% | 5.0% | 4.8% | 5.1% | 4.9% | 4.8% |
| FCF Yield | 12.5% | 6.9% | 7.0% | 4.9% | 6.5% | 9.3% | 4.7% | 5.8% | 6.9% | 7.3% | 3.6% |
| Buyback Yield | 15.3% | 8.5% | 1.3% | 0.2% | 2.7% | 0.1% | 3.9% | 0.9% | 1.6% | 0.7% | 0.9% |
| Total Shareholder Yield | 17.4% | 9.8% | 2.5% | 1.7% | 4.6% | 1.4% | 5.5% | 2.2% | 1.8% | 1.0% | 1.2% |
| Shares Outstanding | — | $58M | $61M | $61M | $62M | $62M | $63M | $65M | $66M | $66M | $66M |
Peer Comparison
Compare MMS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MMSYou | $3B | 10.1 | 5.7 | 8.0 | 23.0% | 10.6% | 18.1% | 15.1% | 2.0 |
 CACI | $10B | 20.9 | 14.1 | 21.4 | 8.9% | 8.9% | 13.5% | 9.2% | 3.5 |
 SAIC | $4B | 13.3 | 10.2 | 7.5 | 12.1% | 7.2% | 23.3% | 9.9% | 4.0 |
 LDOS | $13B | 9.6 | 7.6 | 8.3 | 17.7% | 12.3% | 30.9% | 17.1% | 2.5 |
 BAH | $8B | 9.6 | 9.0 | 8.4 | 20.9% | 9.8% | 80.7% | 18.6% | 3.3 |
 CNXC | $2B | -1.2 | 4.8 | 3.1 | 35.0% | 6.2% | -37.7% | 5.6% | 3.7 |
 TTEC | $104M | -0.5 | 5.5 | 1.3 | 21.8% | 4.5% | -101.0% | 6.3% | 5.4 |
 HQY | $7B | 34.6 | 24.2 | 15.7 | 69.5% | 24.6% | 10.2% | 8.5% | 3.1 |
 CXW | $3B | 26.8 | 8.3 | 53.0 | 23.5% | 15.8% | 8.0% | 10.7% | 2.6 |
 GEO | $4B | 16.1 | 14.3 | — | 25.2% | 9.8% | 17.9% | 6.2% | 4.4 |
 TDOC | $1B | -7.1 | 17.1 | 5.1 | 69.5% | -10.4% | -13.9% | -11.5% | 10.4 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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MMS — Frequently Asked Questions
Quick answers to the most common questions about buying MMS stock.
What is Maximus, Inc.'s P/E ratio?
Maximus, Inc.'s current P/E ratio is 10.1x. The historical average is 24.8x.
What is Maximus, Inc.'s EV/EBITDA?
Maximus, Inc.'s current EV/EBITDA is 5.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
What is Maximus, Inc.'s ROE?
Maximus, Inc.'s return on equity (ROE) is 18.1%. The historical average is 20.4%.
Is MMS stock overvalued?
Based on historical data, Maximus, Inc. is trading at a P/E of 10.1x. Compare with industry peers and growth rates for a complete picture.
What is Maximus, Inc.'s dividend yield?
Maximus, Inc.'s current dividend yield is 2.13% with a payout ratio of 21.5%.
What are Maximus, Inc.'s profit margins?
Maximus, Inc. has 23.0% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Maximus, Inc. have?
Maximus, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.