MAXIMUS, INC. MMS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5.56 | 5.03 | 2.65 | 3.30 | 4.69 | 3.40 | 3.73 | 3.37 | 3.19 | 2.71 |
| EPS, diluted | 5.51 | 4.99 | 2.63 | 3.29 | 4.67 | 3.39 | 3.72 | 3.35 | 3.17 | 2.69 |
| Shares, diluted (wtd. avg.) | $57.9M | $61.5M | $61.5M | $62.0M | $62.4M | $63.3M | $64.8M | $65.9M | $66.1M | $66.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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