MMS · Maximus, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · MMS

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$5.43B	$5.31B	$4.90B	$4.63B	$4.25B	$3.46B
Cost of Revenue	$4.10B	$4.05B	$3.88B	$3.69B	$3.31B	$2.75B
Gross Profit	$1.33B	$1.25B	$1.03B	$939.81M	$946.98M	$711.00M
R&D	-	-	-	-	-	-
SG&A	$713.11M	$671.58M	$639.22M	$534.49M	$494.09M	$387.09M
Total Operating Expenses	-	-	-	-	-	-
D&A	$41.67M	$33.96M	$54.73M	$42.33M	$46.36M	$64.53M
Operating Income	$528.29M	$488.50M	$294.79M	$325.90M	$408.53M	$288.28M
Interest Expense	$84.08M	$82.44M	-	-	-	$2.06M
Income Tax	$125.81M	$99.59M	$48.50M	$73.27M	$92.48M	$72.55M
Net Income	$319.03M	$306.91M	$161.79M	$203.83M	$291.20M	$214.51M
EPS - Basic	$5.56	$5.03	$2.65	$3.30	$4.69	$3.40
EPS - Diluted	$5.51	$4.99	$2.63	$3.29	$4.67	$3.39

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$222.35M	$183.12M	$65.41M	$40.66M	$135.06M	$71.74M
Accounts Receivable	$898.10M	$879.51M	$826.87M	$807.11M	$834.82M	$622.87M
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	$1.25B	$1.20B	$1.06B	$1.03B	$1.08B	$932.56M
Total Assets	$4.07B	$4.13B	$3.99B	$3.99B	$4.12B	$2.02B
Current Liabilities	$765.16M	$807.53M	$723.01M	$774.45M	$789.43M	$561.17M
Long-term Debt	$1.28B	$1.09B	$1.16B	$1.29B	$1.43B	$18.02M
Total Liabilities	$2.40B	$2.29B	$2.32B	$2.44B	$2.64B	$782.88M
Stockholders' Equity	$1.67B	$1.84B	$1.67B	$1.55B	$1.48B	$1.24B
Retained Earnings	$1.06B	$1.28B	$1.12B	$1.03B	$987.83M	$770.50M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$429.37M	$515.26M	$314.34M	$289.84M	$517.32M	$244.59M
Investing Cash Flow	($60.26M)	($129.10M)	($80.96M)	($54.01M)	($1.84B)	($44.14M)
Financing Cash Flow	($343.88M)	($275.65M)	($250.80M)	($248.27M)	$1.39B	($230.09M)
CapEx	$63.21M	$114.19M	$90.69M	$56.15M	$36.56M	$40.71M
Free Cash Flow	$366.16M	$401.07M	$223.65M	$233.69M	$480.76M	$203.88M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	24.6%	23.6%	21.0%	20.3%	22.3%	20.5%
Operating margin	9.7%	9.2%	6.0%	7.0%	9.6%	8.3%
EBITDA margin	10.5%	9.8%	7.1%	8.0%	10.7%	10.2%
Net margin	5.9%	5.8%	3.3%	4.4%	6.8%	6.2%
Free cash flow margin	6.7%	7.6%	4.6%	5.0%	11.3%	5.9%
FCF / Net income	1.15	1.31	1.38	1.15	1.65	0.95
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	13.1%	12.7%	13.0%	11.5%	11.6%	11.2%
Effective tax rate	28.3%	24.5%	23.1%	26.4%	24.1%	25.3%
Return on assets	7.8%	7.4%	4.1%	5.1%	7.1%	10.6%
Return on equity	19.1%	16.7%	9.7%	13.2%	19.7%	17.3%
Return on invested capital	12.8%	12.6%	8.0%	8.4%	10.7%	17.1%
Liquidity
Current ratio	1.64	1.49	1.46	1.33	1.37	1.66
Quick ratio	1.64	1.49	1.46	1.33	1.37	1.66
Cash ratio	0.29	0.23	0.09	0.05	0.17	0.13
Leverage
Debt / Equity	0.77	0.59	0.70	0.83	0.97	0.01
Debt / Assets	0.31	0.26	0.29	0.32	0.35	0.01
Debt / EBITDA	2.25	2.09	3.33	3.51	3.14	0.05
Interest coverage	6.3x	5.9x	-	-	-	140.0x
Equity multiplier	2.43	2.24	2.39	2.58	2.78	1.63
Liabilities / Assets	0.59	0.55	0.58	0.61	0.64	0.39
Efficiency
Asset turnover	1.33	1.28	1.23	1.16	1.03	1.71
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	60d	60d	62d	64d	72d	66d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	16.6x	18.7x	28.4x	17.6x	17.8x	20.2x
P / B	3.2x	3.1x	2.8x	2.3x	3.5x	3.5x
P / S	1.0x	1.1x	0.9x	0.8x	1.2x	1.3x
EV / EBITDA	11.1x	12.7x	16.3x	13.1x	14.3x	12.1x
Growth
Revenue growth (YoY)	2.4%	8.2%	5.9%	8.9%	22.9%	41.2%
Revenue CAGR (3y)	5.5%	7.6%	12.3%	23.6%	21.2%	12.2%
Revenue CAGR (5y)	9.4%	16.7%	15.4%	13.6%	12.1%	10.5%
Gross profit growth (YoY)	6.5%	21.7%	9.4%	-0.8%	33.2%	5.9%
Operating income growth (YoY)	8.1%	65.7%	-9.5%	-20.2%	41.7%	-9.1%
Net income growth (YoY)	3.9%	89.7%	-20.6%	-30.0%	35.8%	-10.9%
EPS growth (YoY)	10.4%	89.7%	-20.1%	-29.6%	37.8%	-8.9%
EPS CAGR (3y)	18.8%	2.2%	-8.1%	-4.0%	11.7%	2.3%
EPS CAGR (5y)	10.2%	6.1%	-4.7%	0.7%	11.7%	7.6%
FCF growth (YoY)	-8.7%	79.3%	-4.3%	-51.4%	135.8%	-
FCF CAGR (5y)	12.4%	-	-	-	-	13.7%
Book value growth (YoY)	-9.2%	10.5%	7.6%	4.7%	19.2%	-0.5%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-09-30.

Business segments

$5.43B total

U.S.Federal Services$3.07B · 56.5%

USServices$1.76B · 32.5%

Outside The United States$599.89M · 11.0%

Product / service

$5.43B total

Program Operations$2.65B · 48.8%

Clinical Services$2.10B · 38.7%

Employment And Other$354.83M · 6.5%

Advanced Technology Solutions$324.73M · 6.0%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

2.34

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

8/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✓Current ratio improved
✓No share dilution
✓Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Services-Business Services, NEC

Company	Revenue (last FY)	Net margin	ROE
ACN	-	-	-
DASH	$13.72B	6.8%	9.3%
RBA	$4.59B	9.3%	7.7%
AKAM	-	-	9.1%
UBER	$52.02B	19.3%	37.2%

Comparing MAXIMUS against the 5 most active filers in the same SIC group.

Dividends

$1.26/share trailing 12 months · +5.0% YoY

Ex-date	Per share
May 15, 2026	$0.3300
Feb 13, 2026	$0.3300
Nov 14, 2025	$0.3000
Aug 15, 2025	$0.3000
May 15, 2025	$0.3000
Feb 14, 2025	$0.3000
Nov 15, 2024	$0.3000
Aug 15, 2024	$0.3000
May 14, 2024	$0.3000
Feb 14, 2024	$0.3000
Nov 14, 2023	$0.3000
Aug 14, 2023	$0.2800
May 12, 2023	$0.2800
Feb 14, 2023	$0.2800
Nov 14, 2022	$0.2800
Aug 12, 2022	$0.2800
May 12, 2022	$0.2800
Feb 14, 2022	$0.2800
Nov 12, 2021	$0.2800
Aug 12, 2021	$0.2800
May 13, 2021	$0.2800
Feb 11, 2021	$0.2800
Nov 12, 2020	$0.2800
Aug 13, 2020	$0.2800