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Maximus, Inc.

MMS Industrials Specialty Business Services

Maximus, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $5.4 billion, up 2.36% from fiscal 2024.

Revenue
−5.15%
EPS
+4.81%
Free cash flow
+30.9%
Total debt
−1.23%

Quarter to June 2026, against a year earlier

64.91 4.31 −6.23%
Market cap
$3.6B
P/E
10.2×
Fwd P/E
9.1×
Dividend yield
1.86%
F-score
8/9
Altman Z
3.59
Beneish M
−2.66
Dividend safety
85/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.32
Sold, $m 0.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 — — — — — — — — —
Sell 1 — — 1 — — — — — — 1 —
Insider Ownership 2.96%

Capital & Financial Ratios $m

Size
Market Cap 3,620.00
Revenue ttm 5,248.40
Net income ttm 370.89
Free cash flow ttm 433.23
Net debt Q 1,579.98
Valuation
P/E 10.17
Forward P/E 9.10
Price / sales 0.70
Forward P/S Powerpack
Price / FCF 8.74
Price / book 2.11
Financial health
Current ratio Q 2.42 (at or above 1.5: strong)
Debt / equity Q 0.94
Interest coverage Q 6.76
Growth
Revenue growth Q −5.15% (below 0%: shrinking)
Operating income growth Q −2.56% (below 0%: shrinking)
EPS, this year +8.83%
EPS, next year A +4.37%
Revenue, next year A −3.78% (below 0%: weak)
EPS, past 5 yrs +10.20%
EPS, next 5 yrs A +8.46%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.4×; over the ten years it ranged from 0.8× in 2026 to 1.9× in 2019.
P/E against its own 10 years 5.61%
10-year low 10-year high
P/S against its own 10 years 5.72%
10-year low 10-year high
P/B against its own 10 years 5.32%
10-year low 10-year high
EV/Sales against its own 10 years 8.36%
10-year low 10-year high
EV/FCF against its own 10 years 4.60%
10-year low 10-year high

Dividends

Yield
1.86%
Annual rate
1.29
Payout ratio
19.1%
Growth, 2018–26
+16.7%/yr
  1. 0.39 ’18
  2. 1.03 ’19 +168
  3. 1.12 ’20 +9
  4. 1.12 ’21 +0
  5. 1.12 ’22 +0
  6. 1.14 ’23 +2
  7. 1.20 ’24 +5
  8. 1.20 ’25 +0
  9. 1.32 ’26 +10
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 65 183 222 57
Receivables 843 885 902 1,413
Inventory — — — —
Other — — — —
1,055 1,201 1,253 1,641
2023 2024 2025 Q'26
Payables 282 303 297 263
ST’ Debt 87 40 53 72
Other 49 70 69 121
723 808 765 678

Compound Annual Growth %

10y 5y 3y
Sales 9.97% 9.43% 5.46%
Cash Flow 7.61% 11.91% 14.00%
Earnings 7.30% 8.26% 16.11%
Book Value 10.52% 6.16% 2.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.20 Actual 2.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.63 1.62 Miss by 0.01
Q1 FY26 1.84 1.85 Beat by 0.01
Q2 FY26 1.98 2.07 Beat by 0.09
Q3 FY26 2.20 2.22 Beat by 0.02
Q4 FY26 1.88 — Reports 19 November 2026

EPS $

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
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 1,345 1,306 1,279 — —
’25 1,403 1,362 1,348 1,318 5,431
’24 1,327 1,348 1,315 1,316 5,306
’23 1,249 1,207 1,189 1,260 4,905
’22 1,151 1,177 1,126 1,177 4,631
’21 946 959 1,244 1,106 4,254
’20 818 818 901 924 3,462
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (244) 190 (125) — —
’25 (80) 43 (183) 649 429
’24 22 130 199 164 515
’23 (135) 310 (5) 145 314
’22 (3) 115 58 120 290
’21 98 182 (33) (238) 517
’20 87 22 (13) 149 245
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (251) 179 (137) — —
’25 (103) 26 (198) 642 366
’24 (1) 105 165 132 401
’23 (150) 292 (30) 113 224
’22 (9) 98 47 114 250
’21 89 167 (42) (243) 481
’20 77 13 (23) 136 204
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,403 2,451 2,392 2,887 3,462 4,254 4,631 4,905 5,306 5,431 5,248 +9.5% 5,226 5,378 5,834 +2.4%
Gross margin, % 23.39 24.97 24.85 23.25 20.54 22.26 20.29 20.97 23.59 24.55 25.59 +1.2 pt
EBT 286 314 299 317 287 384 277 210 407 445 491 +5.0%
EBT margin, % 11.90 12.82 12.51 10.99 8.29 9.02 5.98 4.29 7.66 8.19 9.36 (3.7) pt
Net income 180 212 221 240 215 291 204 162 307 319 371 +6.6%
Per share, $
Per share, $ Revenue 36.51 37.34 36.52 44.76 54.89 68.54 74.97 80.24 86.92 94.60 99.30 +11.2%
Earnings 2.71 3.19 3.37 3.73 3.40 4.69 3.30 2.65 5.03 5.56 6.82 +8.3%
Cash flow 2.74 5.13 4.84 5.53 3.88 8.33 4.69 5.14 8.44 7.48 8.88 +11.8%
Capex (0.70) (0.37) (0.40) (1.04) (0.65) (0.59) (0.64) (1.48) (1.87) (1.10) (0.69) +5.1%
Free cash flow 2.03 4.76 4.43 4.49 3.23 7.75 4.05 3.66 6.57 6.38 8.20 +13.6%
Book value 11.44 14.41 16.59 19.35 19.69 23.85 25.08 27.29 30.19 29.16 32.93 +11.0%
Shares, m 66 66 66 64 63 62 62 61 61 57 55 (1.5%)
Valuation, ×
Valuation, × P/E 20.95 20.51 18.96 20.71 20.06 17.74 17.48 28.13 18.52 16.32 10.17 19.9
P/S 1.55 1.75 1.74 1.73 1.25 1.21 0.77 0.93 1.07 0.97 0.70 1.3
P/B 4.94 4.54 3.84 3.99 3.47 3.49 2.31 2.72 3.09 3.13 2.11 3.6
EV/Sales 1.59 1.69 1.60 1.69 1.23 1.54 1.06 1.17 1.25 1.17 1.00 1.4
EV/FCF 31.98 13.90 13.82 17.72 22.51 (155.05) 20.72 27.32 17.15 18.06 12.51 2.8
Cash, $m
Cash, $m Operating cash flow 180 336 317 357 245 517 290 314 515 429 470 +10.1%
Capex (46) (24) (27) (67) (41) (37) (40) (91) (114) (63) (36) +3.5%
Free cash flow 134 312 290 290 204 481 250 224 401 366 433 +11.9%
Balance, $m
Balance, $m Working capital 280 341 531 425 371 290 258 332 393 488 963 +6.4%
Net debt 99 (165) (369) (96) (43) 1,375 1,315 1,185 949 1,112 1,580 +30.8%
Shareholders’ equity 753 946 1,086 1,248 1,242 1,480 1,549 1,668 1,843 1,674 1,741 +9.3%
Returns, %
Returns, % ROA 13.61 15.52 15.70 15.02 11.38 9.48 5.03 4.06 7.56 7.78 8.40 (5.8) pt
ROIC 21.01 25.10 25.76 17.20 15.03 8.94 7.11 6.46 10.94 11.85 10.90 (9.2) pt
ROE 26.06 24.65 21.73 20.63 17.23 21.39 13.46 10.06 17.48 18.14 21.11 (7.9) pt
People
People Employees 18,800 20,400 18,600 29,600 34,300 35,800 39,500 39,600 41,100 37,200 — +7.9%
Revenue/emp, $m 0.13 0.12 0.13 0.10 0.10 0.12 0.12 0.12 0.13 0.15 — +1.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Maximus, Inc. vs peers in Specialty Business Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DLB Dolby Laboratories $6.1B 27.2× 20.0× −3.34% (below 0%: shrinking) −37.50% (below 0%: shrinking) +157.37% (above 0%: growing) 86.78% 11.25% Compare
AMTM Amentum Holdings, Inc. $5.2B 25.6× 21.0× −1.99% (below 0%: shrinking) +575.00% (above 0%: growing) +35.00% (above 0%: growing) 10.32% 4.93% Compare
UNF Unifirst Corporation $4.2B 38.5× 40.0× +4.97% (above 0%: growing) −13.79% (below 0%: shrinking) −31.08% (below 0%: shrinking) 37.38% 6.46% Compare
FA First Advantage Corporation $4.0B 92.5× 74.9× +13.84% (above 0%: growing) +705.37% (above 0%: growing) −30.88% (below 0%: shrinking) 0.00% 12.90% Compare
AZZ AZZ Inc. $3.7B 21.9× 19.8× +16.68% (above 0%: growing) −34.34% (below 0%: shrinking) +115.52% (above 0%: growing) 25.08% 17.21% Compare
MMS Maximus, Inc. $3.6B 10.2× 9.1× −5.15% (below 0%: shrinking) +4.81% (above 0%: growing) +30.90% (above 0%: growing) 27.27% 12.62%
ABM ABM Industries Incorporated $3.2B 19.3× 15.7× +4.19% (above 0%: growing) +25.37% (above 0%: growing) −13.91% (below 0%: shrinking) 12.35% 3.95% Compare
TIC Acuren Corporation $2.1B — (loss-making) — (loss-making) +34.97% (above 0%: growing) n/m +186.55% (above 0%: growing) 35.38% 2.50% Compare
CMPR Cimpress plc $1.5B 17.6× 11.4× +8.20% (above 0%: growing) n/m +47.91% (above 0%: growing) 43.70% 2.79% Compare
Median of peers $3.8B 25.6× 20.0× +6.59% +5.79% +41.46% 30.23% 5.70%

All 45 Specialty Business Services stocks →

Pay and ownership Proxy statement filed 22 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.21m 16.78m 144.00
2024 10.18m 15.95m 144.00
2023 7.35m 9.43m 114.00
2022 6.29m 808.80k 87.00
2021 7.91m 10.68m 123.00

Ownership

Directors and executive officers, together 1.80%
FMR, LLC245 Summer St.Boston, Massachusetts 15.60%
BlackRock, Inc.50 Hudson YardsNew York, New York 13.60%
The Vanguard Group100 Vanguard BoulevardMalvern, Pennsylvania 11.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Maximus, Inc. (MMS) Latest News

23 Oct

Impact 3 · · StockStory

21 Oct

Impact 4 · · MarketBeat

19 Oct

Impact 4 · · Business Wire

9 Oct

Impact 4 · · Simply Wall St.

28 Sep

Impact 3 · · StockStory

22 Sep

Impact 4 · · Insider Monkey

12 Aug

Impact 4 ·
Impact 3 ·

8 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 · · Moby transcript

6 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

9 Jul

Impact 3 ·

26 Jun

Impact 3 ·

22 May

Impact 3 · · StockStory

19 May

Impact 4 · · Simply Wall St.

17 May

Impact 3 · · StockStory

12 May

Impact 4 · · StockStory
Impact 4 · · MarketBeat

9 May

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

7 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · StockStory

MMS metrics, ten years each

stockrow.com/MMS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com