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.
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Maximus, Inc. (MMS) Altman Z-score
Maximus, Inc.'s Altman Z-score for fiscal 2025 is 3.59, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.59 | (0.13) |
| FY2024 | 3.71 | 0.56 |
| FY2023 | 3.15 | 0.40 |
| FY2022 | 2.74 | (0.21) |
| FY2021 | 2.95 | (3.28) |
| FY2020 | 6.24 | (2.95) |
| FY2019 | 9.19 | (0.96) |
| FY2018 | 10.15 | 0.49 |
| FY2017 | 9.67 | 2.85 |
| FY2016 | 6.82 | 0.46 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | 0.26 | — | 0.37 | |
| EBIT / total assets | 0.13 | — | 0.43 | |
| Market value of equity / total liabilities | 2.19 | — | 1.31 | |
| Sales / total assets | 1.33 | — | 1.33 | |
| Altman Z-score | Safe zone | 3.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.24 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UNF Unifirst Corporation compare | 5.7× |
| AZZ AZZ Inc. compare | 4.6× |
| MMS Maximus, Inc. | 3.6× |
| ABM ABM Industries Incorporated compare | 2.8× |
| CMPR Cimpress plc compare | 2.7× |
| AMTM Amentum Holdings, Inc. compare | 1.9× |
| CBZ CBIZ, Inc. compare | 1.9× |
| FA First Advantage Corporation compare | 1.2× |
| TIC Acuren Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets