Maximus

MMS · NYSE · Industrials · Financials, fiscal 2016 to 2025

MMS · Last close · October 26, 2026

$63.50

Maximus' revenue rose 2.4% to $5.4 billion in fiscal 2025. Its operating margin was 9.7%, up from 9.2% a year earlier. Free cash flow was $366 million, down 8.7%. It paid out $516 million in dividends and buybacks, 141% of free cash flow. The diluted share count fell 5.8%.

Maximus, Inc. Latest fiscal year ended September 30, 2025 10-K filed November 20, 2025 · 0001032220-25-000053 Updated October 16, 2026

Revenue

$5.4B

2.4%

Operating margin

9.7%

0.5 pts

Net income

$319M

4.0%

Free cash flow

$366M

8.7%

Return on capital

13.6%

0.5 pts

Market cap

$3.4B

Oct 26 close

P/E

9.4x

On $6.76 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.3% a year and net income 6.7% a year, as buybacks cut the share count by 13%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Maximus yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Maximus' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Maximus' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 1.5 times depreciation, which holds its free cash flow down) of $388M, net cash of −$1.1B at September 30, 2025 and 58 million diluted shares, from its filings. The scenarios are fitted to Maximus: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Data Processing & Outsourced Services), plus 1 point as a smaller company, worth $3.4B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Maximus's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 11% discount rate. Base: growth of 5.5% then 4% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 8% then 5.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $63.50
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Maximus' P/E today, 9.4×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Maximus' earnings per share of $6.76 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 18.9×, the middle of Maximus' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Genpact, Broadridge Financial Solutions, EXL.

Earnings growth in the years ahead (% a year) Starts at Maximus' revenue growth over the last 3 years, 5.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $63.50
Value at this multiple, against the last close: —
Maximus' P/E at the last close: 9.4×

Company	Last close	Earnings per share	P/E today
EXLEXLS	$41.77	$1.56	26.8×
Broadridge Financial SolutionsBR	$181.09	$9.60	18.9×
GenpactG	$40.48	$3.37	12.0×
MaximusMMS	$63.50	$6.76	9.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	135	41	65	183	222
Debt incl. finance leases	1,510	1,356	1,250	1,132	1,334
Net debt (negative means net cash)	1,375	1,315	1,185	949	1,112
Net debt to EBITDA	3.0x	3.6x	3.4x	1.8x	1.9x
Debt to equity	1.0x	0.9x	0.8x	0.6x	0.8x
Interest coverage	27.7x	7.1x	3.5x	5.9x	6.3x
Current ratio	1.4x	1.3x	1.5x	1.5x	1.6x
Quick ratio	1.4x	1.3x	1.5x	1.5x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $329,593 of Maximus shares on the open market, and 2 insiders sold $404,357, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Mar 17, 2026	Jan MadsenDirector	Sold plan	742	$72.25	$53,610	Form 4
Feb 10, 2026	Bruce CaswellCEO & President, Director	Bought	3,175	$78.45	$249,081	Form 4
Feb 9, 2026	David MutrynChief Financial Officer	Bought	1,000	$75.63	$75,630	Form 4
Dec 3, 2025	Michelle F. LinkChief of Human Resources	Sold plan	4,039	$86.84	$350,747	Form 4
Nov 28, 2025	Gayathri RajanDirector	Bought	42	$86.11	$3,642	Form 4
Nov 28, 2025	Michael J. WarrenDirector	Bought	14	$86.11	$1,240	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 9	8 of 9	7 of 9
Accruals ratio	−3.8%	−5.1%	−2.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Maximus side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Maximus	FY25	2.4%	9.7%	6.7%	13.6%	1.9x	7
Genpact	FY25	6.6%	14.8%	14.5%	19.4%	0.4x	7	Compare
Broadridge Financial Solutions	FY26	8.5%	17.4%	17.1%	18.3%	2.0x	9	Compare
EXL	FY25	13.6%	15.0%	14.3%	28.4%	−0.1x	8	Compare
Terex	FY25	5.7%	8.8%	5.9%	9.0%	2.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,403	2,451	2,392	2,887	3,462	4,254	4,631	4,905	5,306	5,431
Revenue growth	14.5%	2.0%	−2.4%	20.7%	19.9%	22.9%	8.8%	5.9%	8.2%	2.4%
Gross profit	562	612	594	671	711	947	940	1,029	1,252	1,333
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	287	314	296	317	288	408	326	295	488	528
Net income	178	209	221	241	214	291	204	162	307	319
Diluted EPS (US$)	2.69	3.17	3.35	3.72	3.39	4.67	3.29	2.63	4.99	5.51
Diluted shares (millions)	66	66	66	65	63	62	62	61	62	58
Cash flow
Cash from operations	180	336	317	357	245	517	290	314	515	429
Capital expenditure	—	—	26	67	41	37	56	91	114	63
Free cash flow	—	—	290	290	204	481	234	224	401	366
Dividends paid	12	12	12	64	70	69	69	68	73	69
Share buybacks	33	29	67	47	167	3	96	0	73	448
Acquisitions	47	3	0	437	7	1,799	14	0	0	0
Stock-based compensation	19	21	20	21	24	29	30	30	35	41
Balance sheet at fiscal year end
Cash and short-term investments	66	166	370	106	72	135	41	65	183	222
Debt incl. finance leases	166	1	—	10	29	1,510	1,356	1,250	1,132	1,334
Total assets	1,349	1,351	1,462	1,746	2,025	4,119	3,993	3,986	4,132	4,070
Total liabilities	596	405	376	498	783	2,639	2,443	2,318	2,289	2,396
Shareholders' equity	749	940	1,084	1,248	1,242	1,480	1,549	1,668	1,843	1,674
Margins and ratios
Gross margin	23.4%	25.0%	24.9%	23.2%	20.5%	22.3%	20.3%	21.0%	23.6%	24.6%
Operating margin	11.9%	12.8%	12.3%	11.0%	8.3%	9.6%	7.0%	6.0%	9.2%	9.7%
Net margin	7.4%	8.5%	9.2%	8.3%	6.2%	6.8%	4.4%	3.3%	5.8%	5.9%
Free cash flow margin	—	—	12.1%	10.0%	5.9%	11.3%	5.0%	4.6%	7.6%	6.7%
Return on capital	22.5%	25.9%	—	—	18.3%	15.3%	8.4%	7.9%	13.1%	13.6%
Return on equity	26.2%	24.8%	21.8%	20.7%	17.2%	21.4%	13.5%	10.1%	17.5%	18.1%
Return on assets	13.6%	15.5%	15.7%	15.0%	11.4%	9.5%	5.0%	4.1%	7.6%	7.8%
Net debt to EBITDA	0.3x	−0.5x	—	−0.3x	−0.1x	3.0x	3.6x	3.4x	1.8x	1.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Maximus' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Maximus.