Maximus, Inc. (MMS)
Maximus, Inc. operates as a provider of government services worldwide. The company operates through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. The U.S. Federal Services segment offers business process services, eligibility and enrollment, outreach, and other services for federal health and human services programs; clinical services; and technology solutions, such as application development and modernization services, enterprise business solutions, advanced analytics and emerging technologies, cybersecurity services, data management, and infrastructure and engineering solutions. The U.S. Services segment offers program eligibility support and enrollment; centralized multilingual customer contact centers, multichannel, and digital self-service options for enrollment; application assistance and independent health plan choice counseling; beneficiary outreach, education, eligibility, enrollment, and redeterminations; subsidized telephone services; and person-centered independent assessment services. This segment also provides employment services, such as eligibility support, case management, job-readiness preparation, job search and employer outreach, job retention and career advancement, and educational and training services; technology solutions; and system implementation project management services. The Outside the U.S. segment offers BPS and technology solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and technologies for modernization. Maximus, Inc. was founded in 1975 and is headquartered in McLean, Virginia.
- Symbol
- MMS
- Exchange
- NYSE
- Sector
- Industrials
- Industry
- Specialty Business Services
- Market cap
- $2.89B
- 52 week range
- 52.73 - 100
Valuation
- Share price
- $53.79 (close of 2026-09-23)
- P/E (TTM)
- 8.14x
- Price to book
- 1.66x
- Price to free cash flow
- 6.67x
- Enterprise value
- $4.56B
- Book value per share
- $33.24
Price performance
| Period | Change |
|---|
| 1 day | -3.89% |
| 5 days | -7.55% |
| 1 month | -7.61% |
| 3 months | -3.81% |
| 6 months | -21.50% |
| Year to date | -37.69% |
| 1 year | -38.56% |
| 3 years | -29.59% |
| 5 years | -35.11% |
| 10 years | -6.52% |
| All time | +1095.33% |
Profitability and growth
- Return on equity
- 19.06%
- Return on invested capital
- 13.90%
- Return on assets
- 7.84%
- Return on capital employed
- 15.99%
- Gross margin
- 24.55%
- Net margin
- 5.87%
- EBITDA margin
- 10.49%
- Revenue growth
- 2.36%
- Net income growth
- 3.95%
- Free cash flow growth
- -8.70%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 15.00%
- Current ratio
- 2.42x
- Net debt to EBITDA
- 2.34x
Latest reported year
- Period end
- 2025-09-30
- Fiscal year
- 2025
- Revenue
- $5.43B
- Cost of revenue
- $4.10B
- Gross profit
- $1.33B
- EBITDA
- $569.96M
- Net income
- $319.03M
- Earnings per share
- $5.56
- Shares outstanding
- 57.41M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-09-30 | $5.43B | $1.33B | $319.03M | $5.56 |
| 2024-09-30 | $5.31B | $1.25B | $306.91M | $5.03 |
| 2023-09-30 | $4.90B | $1.03B | $161.79M | $2.65 |
| 2022-09-30 | $4.63B | $939.81M | $203.83M | $3.30 |
| 2021-09-30 | $4.25B | $946.98M | $291.20M | $4.69 |
| 2020-09-30 | $3.46B | $711.00M | $214.51M | $3.40 |
| 2019-09-30 | $2.89B | $671.18M | $240.82M | $3.73 |
| 2018-09-30 | $2.39B | $594.38M | $220.75M | $3.37 |
| 2017-09-30 | $2.45B | $611.90M | $209.43M | $3.19 |
| 2016-09-30 | $2.40B | $562.19M | $178.36M | $2.71 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-09-30 | 24.55% | 5.87% | 19.06% | 13.90% |
| 2024-09-30 | 23.59% | 5.78% | 16.65% | 13.24% |
| 2023-09-30 | 20.97% | 3.30% | 9.70% | 8.12% |
| 2022-09-30 | 20.29% | 4.40% | 13.16% | 8.38% |
| 2021-09-30 | 22.26% | 6.84% | 19.67% | 10.35% |
| 2020-09-30 | 20.54% | 6.20% | 17.27% | 15.59% |
| 2019-09-30 | 23.25% | 8.34% | 19.29% | 17.58% |
| 2018-09-30 | 24.85% | 9.23% | 20.32% | 30.28% |
| 2017-09-30 | 24.97% | 8.54% | 22.14% | 27.10% |
| 2016-09-30 | 23.39% | 7.42% | 23.68% | 21.21% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-09-30 | $222.35M | $1.28B |
| 2024-09-30 | $183.12M | $1.09B |
| 2023-09-30 | $65.41M | $1.16B |
| 2022-09-30 | $40.66M | $1.29B |
| 2021-09-30 | $135.06M | $1.43B |
| 2020-09-30 | $71.74M | $18.02M |
| 2019-09-30 | $105.56M | $231.00K |
| 2018-09-30 | $369.51M | - |
| 2017-09-30 | $166.25M | $527.00K |
| 2016-09-30 | $66.20M | $165.34M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-09-30 | $366.16M | $41.18M |
| 2024-09-30 | $401.07M | $35.35M |
| 2023-09-30 | $223.65M | $29.52M |
| 2022-09-30 | $233.69M | $30.48M |
| 2021-09-30 | $480.76M | $28.55M |
| 2020-09-30 | $203.88M | $23.71M |
| 2019-09-30 | $289.88M | $20.77M |
| 2018-09-30 | $290.25M | $20.24M |
| 2017-09-30 | $336.42M | $21.36M |
| 2016-09-30 | $180.03M | $18.75M |
Dividend history
- Most recent payment
- 2026-08-14
- Paid in the last twelve months
- $1.29
| Payment date | Dividend per share |
|---|
| 2026-08-14 | $0.33 |
| 2026-05-15 | $0.33 |
| 2026-02-13 | $0.33 |
| 2025-11-14 | $0.30 |
| 2025-08-15 | $0.30 |
| 2025-05-15 | $0.30 |
| 2025-02-14 | $0.30 |
| 2024-11-15 | $0.30 |
Investor relations
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-06 | Jun/2026 | $2.20 |
| 2026-05-07 | - | - |
| 2026-02-05 | - | - |
| 2025-11-20 | - | - |
| 2025-08-07 | - | - |
| 2025-05-08 | - | - |
| 2025-02-06 | - | - |
| 2024-11-20 | - | - |
Filings and sources
- Company website
- maximus.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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