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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. 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%
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 (at or above 1.5: strong)
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%) (below 0%: weak)
Next 5Y EPS Growth 8.46%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

Maximus, Inc. (MMS) Latest News

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