Brink's vs Maximus
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The short version
- Maximus is the larger business, with $5.4B of revenue in fiscal 2025 against $5.3B for Brink's.
- Brink's grew revenue faster (5.0%, against 2.4%).
- Brink's kept more of each dollar of sales as operating profit (11.1% operating margin, against 9.7%).
- Brink's turned more of its sales into free cash flow (8.3% FCF margin, against 6.7%).
- Maximus earned a higher return on the capital invested in it (13.6%, against 11.4%).
- Investors pay more for each dollar of Brink's’s earnings: a P/E of 25.8x against 9.3x for Maximus.
| Latest fiscal year | BCO · FY25 | MMS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.6B | $3.3B |
| Revenue | $5.3B | $5.4B |
| Free cash flow | $436M | $366M |
| Net income | $200M | $319M |
| Growth | ||
| Revenue growth | 5.0% | 2.4% |
| 5-year growth | 7.4% | 9.4% |
| Share count change | −5.1% | −5.8% |
| Profitability | ||
| Gross margin | 25.8% | 24.6% |
| Operating margin | 11.1% | 9.7% |
| Net margin | 3.8% | 5.9% |
| FCF margin | 8.3% | 6.7% |
| Return on capital | 11.4% | 13.6% |
| Return on equity | — | 18.1% |
| Balance sheet | ||
| Net debt | $2.7B | $1.1B |
| Net debt / EBITDA | 3.1x | 2.0x |
| Dividends and buybacks | $252M | $516M |
| Valuation & quality | ||
| P/E | 25.8x | 9.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BCO $3.0B
MMS $2.4B
FY17
BCO $3.3B
MMS $2.5B
FY18
BCO $3.5B
MMS $2.4B
FY19
BCO $3.7B
MMS $2.9B
FY20
BCO $3.7B
MMS $3.5B
FY21
BCO $4.2B
MMS $4.3B
FY22
BCO $4.5B
MMS $4.6B
FY23
BCO $4.9B
MMS $4.9B
FY24
BCO $5.0B
MMS $5.3B
FY25
BCO $5.3B
MMS $5.4B
BCO
MMS
Operating margin
FY16
BCO 6.1%
MMS 11.9%
FY17
BCO 8.2%
MMS 12.8%
FY18
BCO 7.9%
MMS 12.4%
FY19
BCO 6.4%
MMS 11.0%
FY20
BCO 5.8%
MMS 8.3%
FY21
BCO 8.4%
MMS 9.6%
FY22
BCO 8.0%
MMS 7.0%
FY23
BCO 8.7%
MMS 6.0%
FY24
BCO 9.0%
MMS 9.2%
FY25
BCO 11.1%
MMS 9.7%
BCO
MMS
Free cash flow
FY16
BCO $78.1M
MMS —
FY17
BCO $122M
MMS —
FY18
BCO $209M
MMS $290M
FY19
BCO $204M
MMS $290M
FY20
BCO $199M
MMS $204M
FY21
BCO $310M
MMS $481M
FY22
BCO $297M
MMS $234M
FY23
BCO $500M
MMS $224M
FY24
BCO $204M
MMS $401M
FY25
BCO $436M
MMS $366M
BCO
MMS
Return on capital
FY16
BCO 13.6%
MMS 22.5%
FY17
BCO 15.4%
MMS 25.9%
FY18
BCO 11.4%
MMS —
FY19
BCO 8.0%
MMS —
FY20
BCO 5.9%
MMS 18.3%
FY21
BCO 7.7%
MMS 15.3%
FY22
BCO 10.6%
MMS 8.4%
FY23
BCO 7.0%
MMS 7.9%
FY24
BCO 9.9%
MMS 13.1%
FY25
BCO 11.4%
MMS 13.6%
BCO
MMS
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.