EXL vs Maximus
Maximus reported revenue of $5.4 billion in fiscal 2025, 2.6 times EXL's $2.1 billion in fiscal 2025. EXL's revenue grew 13.6% in its latest year, and Maximus' grew 2.4%. EXL had an operating margin of 15.0%, against 9.7% at Maximus. Free cash flow was $298 million at EXL and $366 million at Maximus. Their fiscal years end in different months (December 31 and September 30), so the periods don't line up exactly.
Side by side
| EXL | Maximus | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Sep 30, 2025 |
| Revenue | $2.1B | $5.4B |
| Revenue growth | 13.6% | 2.4% |
| Revenue growth a year, last 5 years | 16.8% | 9.4% |
| Gross margin | 38.4% | 24.6% |
| Operating margin | 15.0% | 9.7% |
| Net margin | 12.0% | 5.9% |
| Free cash flow | $298M | $366M |
| Free cash flow margin | 14.3% | 6.7% |
| Return on capital | 28.4% | 13.6% |
| Net debt to EBITDA | −0.1x | 1.9x |
| Dividends and buybacks | $328M | $516M |
| Change in diluted share count | −1.1% | −5.8% |
| Last close | $41.77 | $63.50 |
| P/E at the last close | 26.8× | 9.4× |
| Insider trades, last 12 months | sold $2.7 million | bought $329,593, sold $404,357 |
| Piotroski F-score | 8 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
EXLMaximus
Operating margin
Percent of revenue
EXLMaximus
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
EXLMaximus