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.

Ticker
MMS
Exchange
NYSE
Sector
Industrials
Industry
Specialty Business Services
Market cap
$3.43B
52-week range
$51.04 - $100.00

Valuation

Share price
$65.50 (close of Nov 6, 2026)
P/E (TTM)
9.61x
Price to book
1.97x
Price to free cash flow
7.92x
Enterprise value
$5.10B
Book value per share
$33.24

Price performance

PeriodChange
1 day-5.37%
5 days+2.79%
1 month+19.79%
3 months+12.29%
6 months+2.42%
Year to date-24.12%
1 year-21.12%
3 years-14.91%
5 years-24.08%
10 years+24.71%
All time+1,355.56%

Short interest

As of
Oct 15, 2026
Short % of float
11.94%
Shares short
3.50M
Days to cover
4.62
Change since prior report
+2.72%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
19.06%
Return on invested capital
12.91%
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)
12.63%
Current ratio
2.42x
Net debt to EBITDA
2.34x

Latest reported year

Period end
Sep 30, 2025
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
Interest expense
$84.08M
Shares outstanding
57.41M

Income statement by year

Period endRevenueGross profitNet incomeEPS
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 endGross marginNet marginReturn on equityReturn on capital
2025-09-3024.55%5.87%19.06%12.91%
2024-09-3023.59%5.78%16.65%12.47%
2023-09-3020.97%3.30%9.70%7.95%
2022-09-3020.29%4.40%13.16%8.27%
2021-09-3022.26%6.84%19.67%9.91%
2020-09-3020.54%6.20%17.27%14.82%
2019-09-3023.25%8.34%19.29%16.32%
2018-09-3024.85%9.23%20.32%19.98%
2017-09-3024.97%8.54%22.14%22.34%
2016-09-3023.39%7.42%23.68%19.68%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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
Aug 14, 2026
Paid in the last twelve months
$1.29
Payment dateDividend 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

Next earnings report

Next confirmed report
Nov 19, 2026
Consensus EPS estimate
$1.88

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-06Jun 2026$2.20
2026-05-07Mar 2026$1.98
2026-02-05Dec 2025$1.84
2025-11-20Sep 2025$1.63
2025-08-07Jun 2025$1.39
2025-05-08Mar 2025$1.37
2025-02-06Dec 2024$1.39
2024-11-20Sep 2024$1.47

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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