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) Piotroski F-score
Maximus, Inc.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, down from 9 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | (1.00) |
| FY2024 | 9 | 1.00 |
| FY2023 | 8 | 3.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | 0.00 |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | (2.00) |
| FY2018 | 7 | (1.00) |
| FY2017 | 8 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.78% | 7.56% | Pass | 1 |
| Positive operating cash flow | 429.37m | 515.26m | Pass | 1 |
| Rising return on assets | 7.78% | 7.56% | Pass | 1 |
| Cash flow above net income | 110.34m | 208.34m | Pass | 1 |
| Falling long-term leverage | 0.31 | 0.27 | Fail | 0 |
| Rising current ratio | 1.64 | 1.49 | Pass | 1 |
| No new shares issued | 57,413,000 | 61,049,000 | Pass | 1 |
| Rising gross margin | 24.55% | 23.59% | Pass | 1 |
| Rising asset turnover | 1.32 | 1.31 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CBZ CBIZ, Inc. compare | 8 |
| MMS Maximus, Inc. | 8 |
| CMPR Cimpress plc compare | 8 |
| AZZ AZZ Inc. compare | 7 |
| AMTM Amentum Holdings, Inc. compare | 7 |
| ABM ABM Industries Incorporated compare | 7 |
| UNF Unifirst Corporation compare | 6 |
| FA First Advantage Corporation compare | 6 |
| TIC Acuren Corporation compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover