Maximus vs Terex
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The short version
- Maximus is the larger business, with $5.4B of revenue in fiscal 2025 against $5.4B for Terex.
- Terex grew revenue faster (5.7%, against 2.4%).
- Maximus kept more of each dollar of sales as operating profit (9.7% operating margin, against 8.8%).
- Maximus turned more of its sales into free cash flow (6.7% FCF margin, against 5.9%).
- Maximus earned a higher return on the capital invested in it (13.6%, against 9.0%).
| Latest fiscal year | MMS · FY25 | TEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.3B | $5.9B |
| Revenue | $5.4B | $5.4B |
| Free cash flow | $366M | $322M |
| Net income | $319M | $221M |
| Growth | ||
| Revenue growth | 2.4% | 5.7% |
| 5-year growth | 9.4% | 12.0% |
| Share count change | −5.8% | −1.9% |
| Profitability | ||
| Gross margin | 24.6% | 19.4% |
| Operating margin | 9.7% | 8.8% |
| Net margin | 5.9% | 4.1% |
| FCF margin | 6.7% | 5.9% |
| Return on capital | 13.6% | 9.0% |
| Return on equity | 18.1% | 11.3% |
| Balance sheet | ||
| Net debt | $1.1B | $1.8B |
| Net debt / EBITDA | 2.0x | 2.9x |
| Dividends and buybacks | $516M | $101M |
| Valuation & quality | ||
| P/E | 9.3x | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
MMS $2.4B
TEX $4.4B
FY17
MMS $2.5B
TEX $3.8B
FY18
MMS $2.4B
TEX $4.5B
FY19
MMS $2.9B
TEX $4.4B
FY20
MMS $3.5B
TEX $3.1B
FY21
MMS $4.3B
TEX $3.9B
FY22
MMS $4.6B
TEX $4.4B
FY23
MMS $4.9B
TEX $5.2B
FY24
MMS $5.3B
TEX $5.1B
FY25
MMS $5.4B
TEX $5.4B
MMS
TEX
Operating margin
FY16
MMS 11.9%
TEX −3.2%
FY17
MMS 12.8%
TEX 6.0%
FY18
MMS 12.4%
TEX 9.1%
FY19
MMS 11.0%
TEX 7.7%
FY20
MMS 8.3%
TEX 2.2%
FY21
MMS 9.6%
TEX 8.4%
FY22
MMS 7.0%
TEX 9.5%
FY23
MMS 6.0%
TEX 12.4%
FY24
MMS 9.2%
TEX 10.3%
FY25
MMS 9.7%
TEX 8.8%
MMS
TEX
Free cash flow
FY16
MMS —
TEX $319M
FY17
MMS —
TEX $121M
FY18
MMS $290M
TEX $3.2M
FY19
MMS $290M
TEX $67.9M
FY20
MMS $204M
TEX $161M
FY21
MMS $481M
TEX $234M
FY22
MMS $234M
TEX $151M
FY23
MMS $224M
TEX $332M
FY24
MMS $401M
TEX $189M
FY25
MMS $366M
TEX $322M
MMS
TEX
Return on capital
FY16
MMS 22.5%
TEX −3.7%
FY17
MMS 25.9%
TEX 7.2%
FY18
MMS —
TEX 20.6%
FY19
MMS —
TEX 17.2%
FY20
MMS 18.3%
TEX 3.7%
FY21
MMS 15.3%
TEX 18.4%
FY22
MMS 8.4%
TEX 21.6%
FY23
MMS 7.9%
TEX 31.8%
FY24
MMS 13.1%
TEX 14.5%
FY25
MMS 13.6%
TEX 9.0%
MMS
TEX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.