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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Market cap: $3.2B
P/E: 9.0×
Fwd P/E: 8.1×
Dividend yield: 2.10%
F-score: 8/9
Altman Z: 3.59
Beneish M: −2.66
Dividend safety: 85/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.33

Total sells 0.58

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	2	—	—	2	—	—	—	—	—	—	—	—
Sell	—	1	—	—	1	—	—	—	—	—	—	1

Insider Ownership 2.96%

Capital & Financial Ratios $m

Market Cap 3,150.00

Revenue 5,248.40

Net Income 370.89

Free Cash Flow 433.23

Net Debt 1,579.98

Current Ratio 2.42

Debt/Equity 0.94

P/E ratio 9.01

Fwd P/E 8.14

P/S ratio 0.62

P/B ratio 1.87

Past 5Y EPS Growth 10.20%

This Y EPS Growth 8.83%

Next Y EPS Growth 4.37%

Next Y revenue growth (3.76%)

Next 5Y EPS Growth 8.46%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 3.32%

10-year low 10-year high

P/S against its own 10 years 3.32%

10-year low 10-year high

P/B against its own 10 years 2.91%

10-year low 10-year high

EV/Sales against its own 10 years 4.17%

10-year low 10-year high

EV/FCF against its own 10 years 3.17%

10-year low 10-year high

Dividends

Payout Ratio 0.19

Annual Dividend Rate 1.29

Annual Dividend Yield 2.10%

	total	individual payouts
2026	0.99	0.33 0.33 0.33
2025	1.20	0.30 0.30 0.30 0.30
2024	1.20	0.30 0.30 0.30 0.30
2023	1.14	0.28 0.28 0.28 0.30
2022	1.12	0.28 0.28 0.28 0.28
2021	1.12	0.28 0.28 0.28 0.28
2020	1.12	0.28 0.28 0.28 0.28
2019	1.03	0.25 0.25 0.25 0.28
2018	0.39	0.05 0.05 0.05 0.25
2017	0.18	0.05 0.05 0.05 0.05
2016	0.23	0.05 0.05 0.05 0.05 0.05

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	43.69	51.74	60.00	64.07	46.42	72.05	54.46	70.86	69.72	63.77	Analyst estimates 2026–2028 Powerpack
	High	61.68	72.54	72.71	82.02	80.50	96.05	81.76	89.69	93.97	92.50
People
People	Employees	18,800	20,400	18,600	29,600	34,300	35,800	39,500	39,600	41,100	37,200
	Revenue/emp, $m	0.13	0.12	0.13	0.10	0.10	0.12	0.12	0.12	0.13	0.15
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
	Gross margin, %	23.39	24.97	24.85	23.25	20.54	22.26	20.29	20.97	23.59	24.55
	EBT	286	314	299	317	287	384	277	210	407	445
	EBT margin, %	11.90	12.82	12.51	10.99	8.29	9.02	5.98	4.29	7.66	8.19
	Net income	180	212	221	240	215	291	204	162	307	319
	Depreciation	72	68	62	85	100	100	136	152	129	136
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
	Earnings	2.71	3.19	3.37	3.73	3.40	4.69	3.30	2.65	5.03	5.56
	Cash flow	2.74	5.13	4.84	5.53	3.88	8.33	4.69	5.14	8.44	7.48
	Capex	(0.70)	(0.37)	(0.40)	(1.04)	(0.65)	(0.59)	(0.64)	(1.48)	(1.87)	(1.10)
	Free cash flow	2.03	4.76	4.43	4.49	3.23	7.75	4.05	3.66	6.57	6.38
	Book value	11.44	14.41	16.59	19.35	19.69	23.85	25.08	27.29	30.19	29.16
	Shares, m	66	66	66	64	63	62	62	61	61	57
Valuation, ×
Valuation, ×	P/E	20.95	20.51	18.96	20.71	20.06	17.74	17.48	28.13	18.52	16.32
	P/S	1.55	1.75	1.74	1.73	1.25	1.21	0.77	0.93	1.07	0.97
	P/B	4.94	4.54	3.84	3.99	3.47	3.49	2.31	2.72	3.09	3.13
	EV/Sales	1.59	1.69	1.60	1.69	1.23	1.54	1.06	1.17	1.25	1.17
	EV/FCF	31.98	13.90	13.82	17.72	22.51	(155.05)	20.72	27.32	17.15	18.06
Cash, $m
Cash, $m	Operating cash flow	180	336	317	357	245	517	290	314	515	429
	Capex	(46)	(24)	(27)	(67)	(41)	(37)	(40)	(91)	(114)	(63)
	Free cash flow	134	312	290	290	204	481	250	224	401	366
Balance, $m
Balance, $m	Working capital	280	341	531	425	371	290	258	332	393	488
	Total debt	166	1	0	10	29	1,510	1,356	1,250	1,132	1,334
	Net debt	99	(165)	(369)	(96)	(43)	1,375	1,315	1,185	949	1,112
	Shareholders’ equity	753	946	1,086	1,248	1,242	1,480	1,549	1,668	1,843	1,674
Returns, %
Returns, %	ROA	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
	ROE	26.06	24.65	21.73	20.63	17.23	21.39	13.46	10.06	17.48	18.14

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
AMTM Amentum Holdings, Inc.	$4.7B	23.5×	21.9×	−1.99% (below 0%: shrinking)	+575.00% (above 0%: growing)	+35.00% (above 0%: growing)	10.32%	4.93%	Compare
UNF Unifirst Corporation	$4.6B	39.7×	39.4×	+3.87% (above 0%: growing)	−48.20% (below 0%: shrinking)	−21.68% (below 0%: shrinking)	37.00%	3.63%	Compare
AZZ AZZ Inc.	$3.9B	23.2×	22.1×	+16.68% (above 0%: growing)	−34.39% (below 0%: shrinking)	+115.52% (above 0%: growing)	25.08%	17.21%	Compare
FA First Advantage Corporation	$3.5B	132×	67.8×	+14.88% (above 0%: growing)	+5,455.56% (above 0%: growing)	+120.17% (above 0%: growing)	45.46%	12.71%	Compare
MMS Maximus, Inc.	$3.2B	9.0×	8.1×	−5.15% (below 0%: shrinking)	+4.81% (above 0%: growing)	+30.90% (above 0%: growing)	27.27%	12.62%
CBZ CBIZ, Inc.	$3.0B	25.6×	12.1×	−0.19% (below 0%: shrinking)	−53.03% (below 0%: shrinking)	+32.13% (above 0%: growing)	10.62%	4.99%	Compare
ABM ABM Industries Incorporated	$3.0B	18.4×	12.2×	+4.19% (above 0%: growing)	+25.37% (above 0%: growing)	−13.91% (below 0%: shrinking)	12.35%	3.95%	Compare
TIC Acuren Corporation	$1.9B	— (loss-making)	— (loss-making)	+86.14% (above 0%: growing)	n/m	−102.16% (below 0%: shrinking)	34.94%	1.86%	Compare
CMPR Cimpress plc	$1.9B	19.5×	18.4×	+8.68% (above 0%: growing)	n/m	−0.56% (below 0%: shrinking)	45.50%	6.86%	Compare
Median of peers	$3.2B	23.5×	21.9×	+6.44%	−4.51%	+15.79%	30.01%	4.96%

All 44 Specialty Business Services stocks →

Maximus, Inc. (MMS) key facts

Strength: Maximus, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $5.4 billion, up 2.36% from fiscal 2024.
Strength: Net income was $319.0 million, or $5.56 per share (basic), a net margin of 5.87%.
Maximus, Inc. (MMS) is a Specialty Business Services company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, MMS traded at $61.47, a market capitalization of $3.2 billion.
At that price the stock trades at 9.0× trailing-twelve-month earnings and 0.6× sales; its P/E is higher than 3% of its own readings over the past ten years.
Maximus, Inc. pays an annual dividend of $1.29 per share, a yield of 2.10%, with a payout ratio of 19.1%.
Return on equity was 18.1% and debt-to-equity 0.94.
Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 3.59 (safe zone) for fiscal 2025.