MAXIMUS, INC. MMS

Industrials SIC 7389 - Services-Business Services, NEC NAICS Administrative and Support and Waste Management and Remediation Services › Administrative and Support Services derived NYSE

Maximus, a Virginia corporation established in 1975 and celebrating its 50th anniversary this year, is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens, as well as citizens in the U.K., Canada, and the Middle East, amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that improve government's effectiveness in serving its citizens.

We create value for our customers through our ability to translate public policy into operating models that achieve outcomes for governments at scale. Our work covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. These services benefit from an industry with increasing demand, constrained government budgets, and an increased focus on technology as governments prioritize modernization. We also demonstrate the ability to move quickly, ranging from digitally enabled contact center support services for natural disaster response to swift establishments of public health and safety initiatives.

Last close 63.02 2026-10-23
Market cap $3.30B 2026-06-30 share count
52-week range 51.04 - 100.00

Valuation FY2025 figures against the last close

P/S0.6x
P/E11.4x
P/FCF9.0x
EV/EBITDA8.1x
Dividend yield—
Diluted EPS5.51

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.43B$5.31B$4.90B$4.63B$4.25B$3.46B$2.89B$2.39B$2.45B$2.40B
Cost of revenue $4.10B$4.05B$3.88B$3.69B$3.31B$2.75B$2.22B$1.80B$1.84B$1.84B
Gross profit $1.33B$1.25B$1.03B$939.8M$947.0M$711.0M$671.2M$594.4M$611.9M$562.2M
SG&A $713.1M$671.6M$639.2M$534.5M$494.1M$387.1M$321.0M$285.2M$284.6M$269.1M
Operating income $528.3M$488.5M$294.8M$325.9M$408.5M$288.3M$317.1M$295.5M$313.5M$286.6M
Interest expense $84.1M$82.4M$84.1M$46.0M—$2.1M$3.0M$1.0M$2.2M$4.1M
Pre-tax income $444.8M$406.5M$210.3M$277.1M$383.7M$287.1M$317.3M$299.2M$314.2M$286.0M
Income tax $125.8M$99.6M$48.5M$73.3M$92.5M$72.6M$76.8M$78.4M$102.1M$105.8M
Net income $319.0M$306.9M$161.8M$203.8M$291.2M$214.5M$240.8M$220.8M$209.4M$178.4M
EPS, basic 5.565.032.653.304.693.403.733.373.192.71
EPS, diluted 5.514.992.633.294.673.393.723.353.172.69
Shares, diluted (wtd. avg.) 57.9M61.5M61.5M62.0M62.4M63.3M64.8M65.9M66.1M66.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $222.4M$183.1M$122.1M$136.8M$156.6M$88.6M$116.5M$356.6M$166.3M$66.2M
Short-term investments ——————$0$20.3M$0—
Receivables $898.1M$879.5M$826.9M$807.1M$834.8M$786.2M$476.7M$357.6M$394.3M$444.4M
Total current assets $1.25B$1.20B$1.06B$1.03B$1.08B$932.6M$789.4M$808.6M$657.2M$621.0M
Property, plant and equipment $31.0M$39.0M$38.8M$52.3M$62.6M$66.7M$99.6M$77.5M$101.7M$131.6M
Goodwill $1.78B$1.78B$1.78B$1.78B$1.77B$593.1M$584.5M$399.9M$403.0M$397.6M
Other intangibles $538.3M$630.6M$703.6M$804.9M$879.2M$145.9M$179.2M$88.0M$98.8M$109.0M
Total assets $4.07B$4.13B$3.99B$3.99B$4.12B$2.02B$1.75B$1.46B$1.35B$1.35B
Accounts payable $296.9M$303.3M$282.1M$264.6M$305.6M$253.3M$177.8M$114.4M$122.1M$150.7M
Short-term debt $52.7M$40.1M$86.8M$63.5M$80.6M$10.9M$9.7M$136.0K$141.0K$277.0K
Total current liabilities $765.2M$807.5M$723.0M$774.4M$789.4M$561.2M$364.2M$277.4M$316.3M$340.8M
Long-term debt $1.28B$1.09B$1.16B$1.29B$1.43B$18.0M$231.0K—$527.0K$165.3M
Total liabilities $2.40B$2.29B$2.32B$2.44B$2.64B$782.9M$497.5M$375.6M$404.9M$595.7M
Retained earnings $1.06B$1.28B$1.12B$1.03B$987.8M$770.5M$794.7M$633.3M$492.1M$323.6M
Total equity $1.67B$1.84B$1.67B$1.55B$1.48B$1.24B$1.25B$1.09B$945.8M$753.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $429.4M$515.3M$314.3M$289.8M$517.3M$244.6M$356.7M$316.8M$336.4M$180.0M
Depreciation and amortisation $19.5M$19.2M$28.4M$28.3M$34.1M$54.9M$45.2M$40.7M$45.2M$49.2M
Stock-based compensation $41.2M$35.3M$29.5M$30.5M$28.6M$23.7M$20.8M$20.2M$21.4M$18.8M
Capital expenditure $63.2M$114.2M$90.7M$56.1M$36.6M$40.7M$66.8M$26.5M——
Investing cash flow -$60.3M-$129.1M-$81.0M-$54.0M-$1.84B-$44.1M-$483.9M-$45.2M-$25.2M-$87.1M
Financing cash flow -$343.9M-$275.6M-$250.8M-$248.3M$1.39B-$230.1M-$110.9M-$91.9M-$215.4M-$96.8M
Buybacks $447.5M$73.1M$0$96.1M$3.4M$167.0M$47.4M$66.9M$28.9M$33.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001032220-25-000053.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 2.4B Gross profit, FY2016: 562.2M Net income, FY2016: 178.4M Revenue, FY2017: 2.5B Gross profit, FY2017: 611.9M Net income, FY2017: 209.4M Revenue, FY2018: 2.4B Gross profit, FY2018: 594.4M Net income, FY2018: 220.8M Revenue, FY2019: 2.9B Gross profit, FY2019: 671.2M Net income, FY2019: 240.8M Revenue, FY2020: 3.5B Gross profit, FY2020: 711M Net income, FY2020: 214.5M Revenue, FY2021: 4.3B Gross profit, FY2021: 947M Net income, FY2021: 291.2M Revenue, FY2022: 4.6B Gross profit, FY2022: 939.8M Net income, FY2022: 203.8M Revenue, FY2023: 4.9B Gross profit, FY2023: 1B Net income, FY2023: 161.8M Revenue, FY2024: 5.3B Gross profit, FY2024: 1.3B Net income, FY2024: 306.9M Revenue, FY2025: 5.4B Gross profit, FY2025: 1.3B Net income, FY2025: 319M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.40B $2.45B $2.39B $2.89B $3.46B $4.25B $4.63B $4.90B $5.31B $5.43B
Gross profit $562.2M $611.9M $594.4M $671.2M $711.0M $947.0M $939.8M $1.03B $1.25B $1.33B
Net income $178.4M $209.4M $220.8M $240.8M $214.5M $291.2M $203.8M $161.8M $306.9M $319.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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