| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 2 | — | — | 2 | — | — | — | — | — | — | — |
| Sell | — | — | 1 | — | — | 1 | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.99 |
—
—
—
|
| 2025 | 1.20 |
—
—
—
—
|
| 2024 | 1.20 |
—
—
—
—
|
| 2023 | 1.14 |
—
—
—
—
|
| 2022 | 1.12 |
—
—
—
—
|
| 2021 | 1.12 |
—
—
—
—
|
| 2020 | 1.12 |
—
—
—
—
|
| 2019 | 1.03 |
—
—
—
—
|
| 2018 | 0.39 |
—
—
—
—
|
| 2017 | 0.18 |
—
—
—
—
|
| 2016 | 0.23 |
—
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 65.41 | 183.12 | 222.35 | 56.95 |
| Receivables | 843.43 | 884.80 | 902.00 | 1,413.03 |
| Inventory | — | — | — | — |
| Other | 90.00 | — | — | — |
| 1,055.47 | 1,200.54 | 1,252.92 | 1,641.36 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 282.08 | 303.32 | 296.89 | 263.22 |
| ST’ Debt | 86.84 | 40.14 | 52.68 | 71.60 |
| Other | 49.06 | 69.52 | 68.94 | 121.14 |
| 723.01 | 807.53 | 765.16 | 678.07 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 1,345.05 | 1,305.97 | 1,278.97 | — |
—
|
| ’25 | 1,402.68 | 1,361.79 | 1,348.40 | 1,318.42 |
5,431.28
|
| ’24 | 1,327.04 | 1,348.36 | 1,314.93 | 1,315.87 |
5,306.20
|
| ’23 | 1,249.25 | 1,206.85 | 1,188.68 | 1,259.95 |
4,904.73
|
| ’22 | 1,150.88 | 1,177.33 | 1,125.79 | 1,177.03 |
4,631.02
|
| ’21 | 945.55 | 959.28 | 1,243.52 | 1,106.13 |
4,254.49
|
| ’20 | 818.23 | 818.14 | 901.34 | 923.84 |
3,461.54
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (244.40) | 189.53 | (124.99) | — |
—
|
| ’25 | (80.00) | 42.71 | (182.72) | 649.37 |
429.37
|
| ’24 | 21.61 | 130.49 | 199.33 | 163.83 |
515.26
|
| ’23 | (134.66) | 309.70 | (5.29) | 144.59 |
314.34
|
| ’22 | (2.92) | 114.78 | 57.92 | 120.06 |
289.84
|
| ’21 | 98.12 | 181.58 | (33.04) | (238.15) |
517.32
|
| ’20 | 87.27 | 22.01 | (13.19) | 148.51 |
244.59
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (250.66) | 179.02 | (136.97) | — |
—
|
| ’25 | (102.99) | 25.51 | (198.21) | 641.85 |
366.16
|
| ’24 | (0.64) | 105.19 | 164.64 | 131.88 |
401.07
|
| ’23 | (150.36) | 291.64 | (30.40) | 112.76 |
223.65
|
| ’22 | (9.25) | 98.21 | 46.88 | 114.29 |
250.13
|
| ’21 | 89.02 | 167.09 | (41.59) | (242.58) |
480.76
|
| ’20 | 76.78 | 13.37 | (22.50) | 136.24 |
203.89
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 1.70 | 1.80 | 1.95 | — |
—
|
| ’25 | 0.69 | 1.69 | 1.86 | 1.32 |
5.51
|
| ’24 | 1.04 | 1.31 | 1.46 | 1.19 |
4.99
|
| ’23 | 0.65 | 0.52 | 0.50 | 0.96 |
2.63
|
| ’22 | 0.85 | 0.80 | 0.51 | 1.13 |
3.29
|
| ’21 | 1.03 | 1.29 | 1.51 | 0.83 |
4.67
|
| ’20 | 0.91 | 0.43 | 1.04 | 1.02 |
3.39
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.46 | 70.86 | 69.72 | 63.77 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 81.76 | 89.69 | 93.97 | 92.50 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39,500 | 39,600 | 41,100 | 37,200 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.12 | 0.12 | 0.13 | 0.15 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,631.02 | 4,904.73 | 5,306.20 | 5,431.28 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.29% | 20.97% | 23.59% | 24.55% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 277.10 | 210.29 | 406.51 | 444.85 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.98% | 4.29% | 7.66% | 8.19% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 203.83 | 161.79 | 306.91 | 319.03 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 135.81 | 152.15 | 129.06 | 136.50 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 74.97 | 80.24 | 86.92 | 94.60 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 3.30 | 2.65 | 5.03 | 5.56 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.69 | 5.14 | 8.44 | 7.48 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.64) | (1.48) | (1.87) | (1.10) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.05 | 3.66 | 6.57 | 6.38 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.08 | 27.29 | 30.19 | 29.16 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 61.77 | 61.13 | 61.05 | 57.41 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.48 | 28.13 | 18.52 | 16.32 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.77 | 0.93 | 1.07 | 0.97 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.31 | 2.72 | 3.09 | 3.13 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.06 | 1.17 | 1.25 | 1.17 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.72 | 27.32 | 17.15 | 18.06 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 289.84 | 314.34 | 515.26 | 429.37 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (39.71) | (90.69) | (114.19) | (63.21) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 250.13 | 223.65 | 401.07 | 366.16 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 257.87 | 332.45 | 393.02 | 487.76 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,355.94 | 1,249.99 | 1,132.09 | 1,334.27 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,315.28 | 1,184.59 | 948.97 | 1,111.92 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,549.37 | 1,667.84 | 1,842.82 | 1,674.04 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.03% | 4.06% | 7.56% | 7.78% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.11% | 6.46% | 10.94% | 11.85% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.46% | 10.06% | 17.48% | 18.14% | — | — | — |
ROE
|
Maximus, Inc. (MMS) has delivered explosive revenue growth, surging 121% since 2016 to $5.3 billion in 2024, propelled by COVID-era government contracts, acquisitions, and rising revenue per employee to $146,000 projected for 2025. Profitability has been erratic—net income swinging from a $291 million peak in 2021 to a $162 million trough in 2023 before rebounding—yet analysts forecast EPS leaping 36% to $7.53 in 2026 amid margin recovery and share buybacks. Trading at deeply discounted valuations (9.9x forward 2026 PE, ~1x PS), with mean analyst targets implying 47% upside (highs at 67%), MMS appears as a potential bargain in the government services space.
However, beneath the surface lurk leverage risks, with net debt climbing back toward $1.1 billion, mixed insider signals (recent exec buys amid heavier prior selling), and feast-or-famine dependence on federal contracts vulnerable to election-year budget cuts and fiscal austerity. Cash flows remain resilient at $6+ FCF/share, but stock volatility has mirrored profit cycles, dipping to 2022-23 lows during margin squeezes. Is MMS a undervalued recovery play or a value trap? Dive into the full analysis for the contrarian breakdown.
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