Saturday 17 October 2026
Export MMS’s income statement to Excel — free account
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. In the quarter to June 2026, revenue fell 5.15%, EPS grew 4.81%, free cash flow grew 30.9% and total debt fell 1.23%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.
61.47
1.23
+2.04%
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| Sep '16 | Sep '17 | Sep '18 | Sep '19 | Sep '20 | Sep '21 | Sep '22 | Sep '23 | Sep '24 | Sep '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | 8 | 7 | 5 | 5 | 5 | 5 | 8 | 9 | 8 |
P/E ratio |
20.95 | 20.51 | 18.96 | 20.71 | 20.06 | 17.74 | 17.48 | 28.13 | 18.52 | 16.32 |
P/S ratio |
1.55 | 1.75 | 1.74 | 1.73 | 1.25 | 1.21 | 0.77 | 0.93 | 1.07 | 0.97 |
Altman Z-Score |
6.82 | 9.67 | 10.15 | 9.19 | 6.24 | 2.95 | 2.74 | 3.15 | 3.71 | 3.59 |
P/FCF ratio |
31.15 | 14.40 | 15.11 | 18.07 | 22.73 | 0.00 | 15.15 | 21.67 | 14.70 | 14.90 |
Altman Z″-Score (non-manufacturers) |
4.90 | 6.86 | 8.19 | 6.94 | 5.07 | 2.50 | 2.48 | 2.71 | 3.27 | 3.24 |
P/Operating CF |
51.78 | 50.92 | 32.49 | 53.57 | 29.05 | (21.69) | 29.77 | 31.40 | 34.71 | 8.08 |
Beneish M-Score |
(2.30) | (2.96) | (2.86) | (2.22) | (2.38) | (2.82) | (2.56) | (2.64) | (2.72) | (2.66) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 85 |
P/B ratio |
4.94 | 4.54 | 3.84 | 3.99 | 3.47 | 3.49 | 2.31 | 2.72 | 3.09 | 3.13 |
Price to Tangible BV |
15.10 | 9.67 | 6.97 | 10.29 | 8.58 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
1.59 | 1.69 | 1.60 | 1.69 | 1.23 | 1.54 | 1.06 | 1.17 | 1.25 | 1.17 |
EV/EBITDA |
10.67 | 10.86 | 10.67 | 12.14 | 11.00 | 12.86 | 10.59 | 12.81 | 10.75 | 9.56 |
EV/Operating CF |
21.23 | 12.32 | 12.05 | 13.70 | 17.46 | 768.48 | 16.87 | 18.21 | 12.88 | 14.81 |
EV/FCF |
31.98 | 13.90 | 13.82 | 17.72 | 22.51 | (155.05) | 20.72 | 27.32 | 17.15 | 18.06 |
Quick Ratio |
1.66 | 1.90 | 2.76 | 2.00 | 1.53 | 1.24 | 1.10 | 1.26 | 1.32 | 1.47 |
Current Ratio |
1.82 | 2.08 | 2.91 | 2.17 | 1.66 | 1.37 | 1.33 | 1.46 | 1.49 | 1.64 |
Net Debt/EBITDA |
0.28 | (0.43) | (1.03) | (0.24) | (0.11) | 2.70 | 2.85 | 2.65 | 1.54 | 1.67 |
Debt/Assets |
12.28% | 0.07% | 0.01% | 0.57% | 1.43% | 36.65% | 33.96% | 31.36% | 27.40% | 32.79% |
Debt/Equity |
0.22 | 0.00 | 0.00 | 0.01 | 0.02 | 1.02 | 0.88 | 0.75 | 0.61 | 0.80 |
Asset Turnover |
1.83 | 1.82 | 1.70 | 1.80 | 1.84 | 1.39 | 1.14 | 1.23 | 1.31 | 1.32 |
Operating CF/Net income |
1.01 | 1.61 | 1.44 | 1.48 | 1.14 | 1.78 | 1.42 | 1.94 | 1.68 | 1.35 |
Capex/Depreciation |
(0.65) | (0.36) | (0.43) | (0.78) | (0.41) | (0.37) | (0.29) | (0.60) | (0.88) | (0.46) |
Interest Coverage |
69.33 | 145.01 | 295.48 | 107.24 | 140.01 | 27.71 | 7.09 | 3.50 | 5.93 | 6.28 |
| 26.06% | 24.65% | 21.73% | 20.63% | 17.23% | 21.39% | 13.46% | 10.06% | 17.48% | 18.14% | |
| 13.61% | 15.52% | 15.70% | 15.02% | 11.38% | 9.48% | 5.03% | 4.06% | 7.56% | 7.78% | |
ROIC |
21.01% | 25.10% | 25.76% | 17.20% | 15.03% | 8.94% | 7.11% | 6.46% | 10.94% | 11.85% |
Return on Tangible Assets |
43.31% | 47.31% | 36.26% | 45.89% | 48.96% | 82.57% | 65.72% | 43.58% | 71.05% | 61.50% |
Average Days of Receivables |
75.64 | 64.83 | 60.29 | 78.57 | 83.12 | 72.09 | 63.78 | 62.77 | 60.86 | 60.62 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
11.20% | 11.61% | 11.92% | 11.12% | 11.18% | 11.61% | 11.54% | 13.03% | 12.66% | 13.13% |
Intangible Assets out of Total Assets |
0.38 | 0.37 | 0.33 | 0.44 | 0.37 | 0.64 | 0.65 | 0.62 | 0.58 | 0.57 |
Share Based Compensation of Revenue |
0.78% | 0.87% | 0.85% | 0.72% | 0.68% | 0.67% | 0.66% | 0.60% | 0.67% | 0.76% |
Graham Net Nets |
0.01 | 0.06 | 0.10 | 0.06 | 0.03 | (0.30) | (0.39) | (0.28) | (0.19) | (0.22) |
Graham Number |
26.36 | 32.16 | 35.41 | 40.30 | 38.87 | 50.17 | 43.22 | 40.26 | 58.45 | 60.61 |
Earnings Yield |
4.77% | 4.88% | 5.27% | 4.83% | 4.98% | 5.64% | 5.72% | 3.55% | 5.40% | 6.13% |
Free Cash Flow Yield |
3.21% | 6.94% | 6.62% | 5.53% | 4.40% | (0.82%) | 6.60% | 4.62% | 6.80% | 6.71% |
Revenue per Share |
36.51 | 37.34 | 36.52 | 44.76 | 54.89 | 68.54 | 74.97 | 80.24 | 86.92 | 94.60 |
Operating CF per Share |
2.74 | 5.13 | 4.84 | 5.53 | 3.88 | 8.33 | 4.69 | 5.14 | 8.44 | 7.48 |
Capex per Share |
(0.70) | (0.37) | (0.40) | (1.04) | (0.65) | (0.59) | (0.64) | (1.48) | (1.87) | (1.10) |
Free Cash Flow per Share |
2.03 | 4.76 | 4.43 | 4.49 | 3.23 | 7.75 | 4.05 | 3.66 | 6.57 | 6.38 |
Cash per Share |
1.01 | 2.53 | 5.64 | 1.64 | 1.14 | 2.18 | 0.66 | 1.07 | 3.00 | 3.87 |
Shareholders Equity per Share |
11.44 | 14.41 | 16.59 | 19.35 | 19.69 | 23.85 | 25.08 | 27.29 | 30.19 | 29.16 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
11.44 | 14.41 | 16.59 | 19.35 | 19.69 | 23.85 | 25.08 | 27.29 | 30.19 | 29.16 |
Free Cash Flow |
133.64 | 312.27 | 290.25 | 289.88 | 203.89 | 480.76 | 250.13 | 223.65 | 401.07 | 366.16 |
Working Capital |
280.22 | 340.98 | 531.18 | 425.19 | 371.39 | 290.06 | 257.87 | 332.45 | 393.02 | 487.76 |
Capital Expenditures |
(46.39) | (24.15) | (26.52) | (66.85) | (40.71) | (36.56) | (39.71) | (90.69) | (114.19) | (63.21) |
Net Current Asset Value |
25.30 | 252.35 | 433.05 | 291.89 | 149.68 | (1,559.14) | (1,411.03) | (1,262.50) | (1,088.15) | (1,142.68) |
EV/EBIT |
13.34 | 13.22 | 12.92 | 15.41 | 14.82 | 16.01 | 15.01 | 19.42 | 13.59 | 12.03 |
Capex to Sales |
0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 |
Price to Operating Income |
12.99 | 13.70 | 14.13 | 15.71 | 14.97 | 12.64 | 10.97 | 15.40 | 11.64 | 9.93 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.55 | 0.67 | 0.80 | 0.86 | 1.50 | 1.60 | 2.60 | 3.92 | 3.31 | 4.41 |
Cash ROIC |
13.57% | 28.06% | 19.93% | 21.26% | 15.19% | 15.38% | 8.49% | 7.50% | 12.70% | 11.33% |
Accounts Receivable Turnover |
5.15 | 5.25 | 5.76 | 5.68 | 4.91 | 5.23 | 5.62 | 5.94 | 6.14 | 6.08 |
Accounts Payable Turnover |
12.03 | 13.48 | 15.21 | 15.17 | 12.76 | 11.84 | 12.95 | 14.18 | 13.85 | 13.65 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
29.88 | 24.23 | 23.22 | 29.29 | 33.62 | 33.72 | 26.16 | 26.56 | 27.31 | 26.44 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
466.24 | 466.70 | 415.23 | 508.25 | 704.83 | 814.26 | 824.75 | 826.35 | 864.11 | 893.40 |
Average Payables |
153.06 | 136.40 | 118.23 | 146.08 | 215.56 | 279.45 | 285.06 | 273.32 | 292.70 | 300.10 |
Average Assets |
1,310.19 | 1,349.74 | 1,406.33 | 1,603.87 | 1,885.22 | 3,071.83 | 4,055.84 | 3,989.26 | 4,058.65 | 4,100.57 |
Average Common Equity |
684.42 | 849.45 | 1,016.09 | 1,167.31 | 1,245.01 | 1,361.07 | 1,514.85 | 1,608.60 | 1,755.33 | 1,758.43 |
Columns are period end dates