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Maximus

MMS NYSE Data Processing & Outsourced Services Financials FY2016–FY2025

Maximus' revenue rose 2.4% to $5.4 billion in fiscal 2025. Its operating margin was 9.7%, up from 9.2% a year earlier. Free cash flow was $366 million, down 8.7%. It paid out $516 million in dividends and buybacks, 141% of free cash flow. The diluted share count fell 5.8%.

Last close · Oct 23, 2026

$63.02

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$5.4B
2.4% vs prior year
Operating margin Operating income as a share of revenue.
9.7%
0.5 pts
Net income Profit after all expenses, interest and tax.
$319M
3.9%
Free cash flow Cash from operations minus capital spending.
$366M
8.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.6%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.3x
On $6.76 EPS (TTM)

What Maximus does

No business description yet.

Legal name
Maximus, Inc.
Fiscal year ends
September 30, 2025
Latest annual report
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Accession · CIK
0001032220-25-000053
0001032220

Revenue and margins

Maximus had $5.4B of revenue in fiscal 2025, up 2.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $366M in fiscal 2025, 6.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Maximus returned $516M to shareholders in fiscal 2025, 141% of free cash flow. The diluted share count fell 5.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Maximus yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.1B and divides by 57.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.3x · peers 19.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Maximus can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $135M$40.7M$65.4M$183M$222M
Debt incl. finance leases $1.5B$1.4B$1.3B$1.1B$1.3B
Net debt / EBITDA 3.0x3.6x3.4x1.8x2.0x
Debt / equity 1.0x0.9x0.8x0.6x0.8x
Interest coverage 27.7x7.1x3.5x5.9x6.3x
Current ratio 1.4x1.3x1.5x1.5x1.6x
Quick ratio 1.4x1.3x1.5x1.5x1.6x
Total assets $4.1B$4.0B$4.0B$4.1B$4.1B
Total liabilities $2.6B$2.4B$2.3B$2.3B$2.4B
Shareholders' equity $1.5B$1.5B$1.7B$1.8B$1.7B
Net debt (− = net cash) $1.4B$1.3B$1.2B$949M$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.3M

4 insiders

Sold, 12 months

$0.4M

2 insiders

Of sales under plans

100%

$0.4M

DateInsiderTradeSharesPriceValueFiling
Mar 17, 2026 Jan MadsenDirector Sold plan 742 $72.25 $0.1M Form 4
Feb 10, 2026 Bruce CaswellCEO & President, Director Bought 3,175 $78.45 $0.2M Form 4
Feb 9, 2026 David MutrynChief Financial Officer Bought 1,000 $75.63 $0.1M Form 4
Dec 3, 2025 Michelle F. LinkChief of Human Resources Sold plan 4,039 $86.84 $0.4M Form 4
Nov 28, 2025 Gayathri RajanDirector Bought 42 $86.11 $0.0M Form 4
Nov 28, 2025 Michael J. WarrenDirector Bought 14 $86.11 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 98 / 97 / 9
Accruals ratio −3.8%−5.1%−2.7%
Altman Z'' 2.713.273.24

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Maximus MMS $3.3B 2.4% 9.7% 6.7% 13.6% 9.3x 7
Genpact G $7.0B 6.6% 14.8% 14.5% 19.4% 12.1x 7 Compare →
Broadridge Financial Solutions BR $21.5B 8.5% 17.4% 17.1% 18.3% 19.1x 9 Compare →
EXL EXLS $6.6B 13.6% 15.0% 14.3% 28.4% 27.1x 8 Compare →
Terex TEX $5.9B 5.7% 8.8% 5.9% 9.0% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.4B $2.5B $2.4B $2.9B $3.5B $4.3B $4.6B $4.9B $5.3B $5.4B
Gross profit $562M $612M $594M $671M $711M $947M $940M $1.0B $1.3B $1.3B
Operating income $287M $314M $296M $317M $288M $409M $326M $295M $489M $528M
Interest expense $4.1M $2.2M $1.0M $3.0M $2.1M $14.7M $46.0M $84.1M $82.4M $84.1M
Pretax income $286M $314M $299M $317M $287M $384M $277M $210M $407M $445M
Income tax $106M $102M $78.4M $76.8M $72.6M $92.5M $73.3M $48.5M $99.6M $126M
Net income $178M $209M $221M $241M $215M $291M $204M $162M $307M $319M
Diluted EPS $2.69 $3.17 $3.35 $3.72 $3.39 $4.67 $3.29 $2.63 $4.99 $5.51
Diluted shares 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $180M $336M $317M $357M $245M $517M $290M $314M $515M $429M
Capital expenditure — — $26.5M $66.8M $40.7M $36.6M $56.1M $90.7M $114M $63.2M
Free cash flow — — $290M $290M $204M $481M $234M $224M $401M $366M
Depreciation and amortization $58.4M $55.8M $51.9M $52.4M $64.5M $46.4M $42.3M $54.7M $34.0M $41.7M
Stock-based compensation $18.8M $21.4M $20.2M $20.8M $23.7M $28.6M $30.5M $29.5M $35.3M $41.2M
Acquisitions $46.7M $2.7M $0.0M $437M $7.1M $1.8B $14.3M $0.0M $0.0M $0.0M
Share buybacks $33.3M $28.9M $66.9M $47.4M $167M $3.4M $96.1M $0.0M $73.1M $448M
Dividends paid $11.7M $11.7M $11.7M $63.9M $70.2M $68.8M $68.7M $68.1M $72.9M $68.7M
Dividends and buybacks $45.0M $40.5M $78.6M $111M $237M $72.2M $165M $68.1M $146M $516M
Balance sheet
Cash and short-term investments $66.2M $166M $370M $106M $71.7M $135M $40.7M $65.4M $183M $222M
Total debt $166M $0.7M — $9.9M $28.9M $1.5B $1.4B $1.3B $1.1B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $621M $657M $809M $789M $933M $1.1B $1.0B $1.1B $1.2B $1.3B
Current liabilities $341M $316M $277M $364M $561M $789M $774M $723M $808M $765M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $132M $102M $77.5M $99.6M $66.7M $62.6M $52.3M $38.8M $39.0M $31.0M
Total assets $1.3B $1.4B $1.5B $1.7B $2.0B $4.1B $4.0B $4.0B $4.1B $4.1B
Total liabilities $596M $405M $376M $498M $783M $2.6B $2.4B $2.3B $2.3B $2.4B
Shareholders' equity $749M $940M $1.1B $1.2B $1.2B $1.5B $1.5B $1.7B $1.8B $1.7B
Margins
Gross margin 23.4% 25.0% 24.9% 23.3% 20.5% 22.3% 20.3% 21.0% 23.6% 24.6%
Operating margin 11.9% 12.8% 12.4% 11.0% 8.3% 9.6% 7.0% 6.0% 9.2% 9.7%
EBITDA margin 14.4% 15.1% 14.5% 12.8% 10.2% 10.7% 8.0% 7.1% 9.9% 10.5%
Net margin 7.4% 8.5% 9.2% 8.3% 6.2% 6.8% 4.4% 3.3% 5.8% 5.9%
FCF margin — — 12.1% 10.0% 5.9% 11.3% 5.1% 4.6% 7.6% 6.7%
Returns
Return on capital 22.5% 25.9% — — 18.3% 15.3% 8.4% 7.9% 13.1% 13.6%
Return on capital employed 29.8% 30.7% 26.6% 24.7% 20.3% 17.1% 10.0% 9.1% 14.8% 15.9%
Return on equity 26.2% 24.8% 21.8% 20.7% 17.2% 21.4% 13.5% 10.1% 17.5% 18.1%
Return on assets 13.6% 15.5% 15.7% 15.0% 11.4% 9.5% 5.0% 4.1% 7.6% 7.8%
Growth
Revenue growth 14.5% 2.0% −2.4% 20.7% 19.9% 22.9% 8.9% 5.9% 8.2% 2.4%
Net income growth 13.1% 17.4% 5.4% 9.1% −10.9% 35.8% −30.0% −20.6% 89.7% 4.0%
EPS growth 14.5% 17.8% 5.7% 11.0% −8.9% 37.8% −29.6% −20.1% 89.7% 10.4%
FCF growth — — — −0.1% −29.7% 135.8% −51.4% −4.3% 79.3% −8.7%
Share count change −1.6% −0.3% −0.2% −1.7% −2.3% −1.5% −0.6% −0.8% 0.1% −5.8%
Financial health
Net debt / EBITDA 0.3x −0.5x — −0.3x −0.1x 3.0x 3.6x 3.4x 1.8x 2.0x
Debt / equity 0.2x 0.0x — 0.0x 0.0x 1.0x 0.9x 0.8x 0.6x 0.8x
Interest coverage 69.3x 145.0x 295.5x 107.2x 140.0x 27.7x 7.1x 3.5x 5.9x 6.3x
Current ratio 1.8x 2.1x 2.9x 2.2x 1.7x 1.4x 1.3x 1.5x 1.5x 1.6x
Quick ratio 1.8x 2.1x 2.9x 2.2x 1.7x 1.4x 1.3x 1.5x 1.5x 1.6x
Capital allocation
Capex / revenue — — 1.1% 2.3% 1.2% 0.9% 1.2% 1.9% 2.2% 1.2%
Stock comp / revenue 0.8% 0.9% 0.9% 0.7% 0.7% 0.7% 0.7% 0.6% 0.7% 0.8%
Payouts / FCF — — 27.1% 38.4% 116.3% 15.0% 70.5% 30.4% 36.4% 141.0%
Quality scores
Piotroski F-score 6.0 8.0 — — 5.0 7.0 5.0 8.0 8.0 7.0
Altman Z'' 4.9 6.9 8.2 6.9 5.1 2.5 2.5 2.7 3.3 3.2
Accruals ratio −0.1% −9.4% −6.8% −7.2% −1.6% −7.4% −2.1% −3.8% −5.1% −2.7%

Source: SEC EDGAR XBRL filings (CIK 0001032220). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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