Conduent vs Maximus
Maximus is the larger business, with $5.43bn of revenue in fiscal 2025 against $3.04bn for Conduent (1.8 times as much). Maximus grew faster (2.4% against -9.4%). Maximus kept more of each dollar of sales as profit: a net margin of 5.9% against -5.6%. Maximus carries less debt relative to equity (80.5% against 100.9%).
| Latest fiscal year | ConduentCNDT, 2025 | MaximusMMS, 2025 |
|---|---|---|
| Revenue | $3.04bn | $5.43bn |
| Revenue growth | -9.4% | 2.4% |
| Net income | −$170m | $319m |
| Operating margin | — | 9.7% |
| Net margin | -5.6% | 5.9% |
| Return on equity | -22.3% | 18.1% |
| Free cash flow | −$132m | $366m |
| Cash | $233m | $222m |
| Total debt | $691m | $1.35bn |
| Debt to equity | 100.9% | 80.5% |
| Dividend per share | — | $1.20 |
| Dividend yield | — | 2.0% |
| Share buybacks | $25.0m | $447m |
| Employees | 51,000 | 37,200 |
| Market value | $233m | $3.45bn |
| Price vs our value range | — | Within our value range |
| Moat score | 44 (Weak) | 54 (Moderate) |
| Insider trades, 12 months | 5 buys, 0 sales | 6 buys, 3 sales |