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Maximus, Inc. (MMS) stock

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NYSE: MMS NYSE Data Processing & Outsourced Services Next results ~November 20, 2026

C+ Fundamentals grade

Maximus, Inc. is a US-listed company in the data processing & outsourced services industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$49

Cash-flow model

Base case. Range ~$29–$76 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 35% above our base value.

Price used: $66.55, November 2, 2026

Maximus, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 2 selling6 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds186 adding, 186 cuttingOf 50 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Maximus files

Where Maximus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.25bn, down 3.3% on a year earlier, a steeper fall than the 1.4% decline a quarter earlier. Free-cash-flow margin rose to 8.3% from -2.6% a year earlier. The diluted share count is down 6.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $48.61 a share, against a share price of $63.55.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 20, 2026 (estimated)

Maximus, Inc.'s trailing-twelve-month revenue fell 3.3% year on year, with a free-cash-flow margin of 8.3%. Where it stands out: change in share count of -6.3% ranks 1 of 10 data processing & outsourced services companies we cover. Where it lags: gross margin of 25.6% ranks 6 of 6 data processing & outsourced services companies we cover.

Our discounted-cash-flow model values the business at ~$49 per share in the base case (~$29–$76 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.3% (-1.9pp vs the prior quarter), the 8th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 6.3% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $66.55 is 26% above our value per share of $49.
  • Revenue shrinking. Revenue fell 3.3% over the last 12 months.
  • Below peers: gross margin. Gross margin of 25.6% ranks 6 of 6 data processing & outsourced services companies we cover (median 34.1%).
  • Below peers: days sales outstanding. Days sales outstanding of 96 days ranks 8 of 9 data processing & outsourced services companies we cover (median 71 days).
  • Heavily shorted. 11.6% of the shares available to trade are sold short (4.8 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 7.8% over 90 days.

Latest results: FY2026 Q3

Filed August 6, 2026
Earnings per share
$2.22 against an average estimate of $2.21: beat by 0.7%
Revenue
$1.28bn, down 5.1% on a year earlier
Share reaction
+1.2% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Next report
November 20, 2026; average EPS estimate $1.85

Maximus' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.4%
  • 1 week+4.8%
  • 1 month+26.4%
  • This year-21.7%
  • 1 year-18.3%
  • 5 years-15.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.2B
Operating margin
11.0%
Net margin
7.1%
EPS (TTM, diluted)
$6.73

Growth

Revenue growth
−3.3%
Change in growth rate
−1.9 pts
Share count change
−6.3%

Cash

Free cash flow (TTM)
$433M
FCF margin
8.3%
Stock pay % of revenue
0.7%

Earnings

Last results
October 20, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Deal
  3. Dividend
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Maximus, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 5.1% a year of cash-flow growth for five years.That is close to the 4.3% a year revenue growth Maximus has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in5.1%
  • Last 12 months-3.3%
  • 3 years a year2.9%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($64.91, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$49
Price used
$64.91close November 3, 2026
Implied change
▼ 24%
Uncertainty
High

How we got here: a discounted-cash-flow model of Maximus, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($252M, FY2026 Q3 TTM), growing 1.8% and 2.2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$29–~$76 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Maximus, Inc.'s free cash flow after stock-based pay ( $252M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Maximus, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$49 ~$29–$76 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$76 ~$54–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$79 ~$66–$96 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$63 ~$49–$79 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Maximus, Inc. with Data Processing & Outsourced Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$64$97$140$196$269
8.5% $23$41$64$95$135$187
10% $13$27$45$69$99$139

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$49.66$56.82$57.47$69.22$62.25$76.76$54.24$71.04$89.92$89.59$66.55
Market value$3.3bn$3.8bn$3.8bn$4.5bn$3.9bn$4.8bn$3.4bn$4.4bn$5.5bn$5.2bn$3.7bn
+ Net debt (− = net cash)$99m−$166m−$349m−$96m−$43m$1.4bn$1.3bn$1.2bn$963m$1.1bn$1.6bn
Enterprise value$3.4bn$3.6bn$3.4bn$4.4bn$3.9bn$6.2bn$4.7bn$5.6bn$6.5bn$6.3bn$5.3bn
Multiples
Price / sales 1.4x1.5x1.6x1.6x1.1x1.1x0.7x0.9x1.0x1.0x0.7x
Price / earnings 18.4x17.9x17.2x18.6x18.4x16.4x16.5x27.0x18.0x16.3x9.9x
Price / free cash flow ——13.1x15.5x19.3x10.0x14.4x19.5x13.8x14.2x8.5x
EV / EBITDA 9.8x9.7x9.9x11.9x11.1x13.6x12.7x15.9x12.4x11.1x8.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Maximus's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 12.8% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 23.7%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 10.0%; its worst year was 6.1%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.5% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (69 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 20, 2026, before the open. Analysts expect revenue of $1.3bn and EPS of $1.85 (range $1.75 to $1.95) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.01 +9% $5.2bn −4%
Next $8.36 +4% $5.4bn +3%

Next year's EPS estimate has moved −7.8% in 90 days, across 2 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.21 $2.22 +0.7%
Mar 2026 $1.97 $2.07 +5.3%
Dec 2025 $1.82 $1.85 +1.7%
Sept 2025 $1.67 $1.62 −3.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026

No numeric guidance in Maximus, Inc.'s latest earnings release (filed October 20, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Maximus, Inc.'s revenue by +1.8% next year and +2.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.7%, weight 56%) and the company's own record (+2.0%, weight 44%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202622
  2. Sep 202622

Counts of recommendations published by analysts covering Maximus, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.6%
of tradable shares
Days to cover
4.8
at average volume
Short interest, 1 month
+6%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
37,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −18.3%

$81.50 on October 31, 2025 to $66.55

ThenNowEffect
Revenue (last 12 months) $5.4bn $5.2bn −3.3%
Net margin 5.8% 7.1% +21.3%
P/E multiple 15.2x 9.9x −34.8%
Share count 59m 55m +6.7%

Biggest factor: p/e multiple.

Last 3 years −9.3%

$73.37 on November 3, 2023 to $66.55

ThenNowEffect
Revenue (last 12 months) $4.8bn $5.2bn +8.8%
Net margin 3.6% 7.1% +98.4%
P/E multiple 26.2x 9.9x −62.3%
Share count 61m 55m +11.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MMS+10%−6%+16%−10%+18%−22%
Industry peers (median)+6%−25%−4%−13%−29%−29%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MMS67%42%58%50%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MMS−21%−31%−17%−25%−19%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 47% from January 22, 2026 to September 28, 2026. Getting back needed a 87% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$52.10 – $97.37
From 52-week high
−31.7%
vs 50-day average
+14.6%
vs 200-day average
+3.7%
Volatility (1 year)
36%
Beta vs S&P 500
0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.2%
After a week
6 up, 6 down
typical move ±8.9%
After a month
5 up, 6 down
typical move ±8.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +1.2% +0.9% +1.9% —
August 6, 2026 −6.3% +0.5% −11.2% −8.2%
May 7, 2026 +0.5% +0.5% −6.3% −6.2%
February 5, 2026 −19.9% +0.6% −21.3% −17.1%
November 20, 2025 +9.1% −0.5% +10.7% +13.5%
August 7, 2025 +8.8% +0.7% +12.8% +18.4%
May 8, 2025 +12.2% +0.6% +12.6% +6.4%
February 6, 2025 −8.0% −0.6% −11.1% −7.3%
November 20, 2024 −6.1% +0.6% −9.2% −8.6%
August 7, 2024 −1.0% +1.6% −0.3% −0.9%
May 8, 2024 −0.7% +0.6% +3.7% +1.3%
February 7, 2024 +0.5% +0.9% +5.7% +9.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Maximus, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Maximus, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Maximus, Inc.
$4.8B $5B $5.2B $5.4B $5.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.9B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.3B Revenue (TTM), FY24 Q4: $5.3B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $5.4B Revenue (TTM), FY25 Q3: $5.4B Revenue (TTM), FY25 Q4: $5.4B Revenue (TTM), FY26 Q1: $5.4B Revenue (TTM), FY26 Q2: $5.3B Revenue (TTM), FY26 Q3: $5.2B $5.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.9B
FY24 Q1 $5B
FY24 Q2 $5.1B
FY24 Q3 $5.3B
FY24 Q4 $5.3B
FY25 Q1 $5.4B
FY25 Q2 $5.4B
FY25 Q3 $5.4B
FY25 Q4 $5.4B
FY26 Q1 $5.4B
FY26 Q2 $5.3B
FY26 Q3 $5.2B
Revenue growth, TTM YoY Maximus, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.9% Revenue growth, TTM YoY, FY24 Q1: 5.4% Revenue growth, TTM YoY, FY24 Q2: 7.7% Revenue growth, TTM YoY, FY24 Q3: 8.9% Revenue growth, TTM YoY, FY24 Q4: 8.2% Revenue growth, TTM YoY, FY25 Q1: 8.0% Revenue growth, TTM YoY, FY25 Q2: 5.3% Revenue growth, TTM YoY, FY25 Q3: 3.4% Revenue growth, TTM YoY, FY25 Q4: 2.4% Revenue growth, TTM YoY, FY26 Q1: -0.2% Revenue growth, TTM YoY, FY26 Q2: -1.4% Revenue growth, TTM YoY, FY26 Q3: -3.3% -3.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.9%
FY24 Q1 5.4%
FY24 Q2 7.7%
FY24 Q3 8.9%
FY24 Q4 8.2%
FY25 Q1 8.0%
FY25 Q2 5.3%
FY25 Q3 3.4%
FY25 Q4 2.4%
FY26 Q1 -0.2%
FY26 Q2 -1.4%
FY26 Q3 -3.3%
Operating margin (TTM) Maximus, Inc.
6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.0% Operating margin (TTM), FY24 Q1: 6.6% Operating margin (TTM), FY24 Q2: 7.7% Operating margin (TTM), FY24 Q3: 9.1% Operating margin (TTM), FY24 Q4: 9.2% Operating margin (TTM), FY25 Q1: 8.7% Operating margin (TTM), FY25 Q2: 9.1% Operating margin (TTM), FY25 Q3: 9.5% Operating margin (TTM), FY25 Q4: 9.7% Operating margin (TTM), FY26 Q1: 10.9% Operating margin (TTM), FY26 Q2: 11.0% Operating margin (TTM), FY26 Q3: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.0%
FY24 Q1 6.6%
FY24 Q2 7.7%
FY24 Q3 9.1%
FY24 Q4 9.2%
FY25 Q1 8.7%
FY25 Q2 9.1%
FY25 Q3 9.5%
FY25 Q4 9.7%
FY26 Q1 10.9%
FY26 Q2 11.0%
FY26 Q3 11.0%
FCF margin (TTM) Maximus, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.6% FCF margin (TTM), FY24 Q1: 7.5% FCF margin (TTM), FY24 Q2: 3.6% FCF margin (TTM), FY24 Q3: 7.3% FCF margin (TTM), FY24 Q4: 7.6% FCF margin (TTM), FY25 Q1: 5.6% FCF margin (TTM), FY25 Q2: 4.1% FCF margin (TTM), FY25 Q3: -2.6% FCF margin (TTM), FY25 Q4: 6.7% FCF margin (TTM), FY26 Q1: 4.1% FCF margin (TTM), FY26 Q2: 7.0% FCF margin (TTM), FY26 Q3: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.6%
FY24 Q1 7.5%
FY24 Q2 3.6%
FY24 Q3 7.3%
FY24 Q4 7.6%
FY25 Q1 5.6%
FY25 Q2 4.1%
FY25 Q3 -2.6%
FY25 Q4 6.7%
FY26 Q1 4.1%
FY26 Q2 7.0%
FY26 Q3 8.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Maximus took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $5.4B
  2. Cost of revenue $4.1B · 75.4%
  3. Gross profit $1.3B · 24.6%
  4. Selling, general and admin $713M · 13.1%
  5. Other operating costs $92M · 1.7%
  6. Operating income $528M · 9.7%
  7. Income tax $126M · 2.3%
  8. Interest and other $83.4M · 1.5%
  9. Net income $319M · 5.9%

Shares of revenue. Source: Maximus's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 720 832 930 1,050 1,331 1,701 2,100 2,403 2,451 2,392 2,887 3,462 4,254 4,631 4,905 5,306 5,431 5,248
Gross profit 191 221 254 288 386 452 513 562 612 594 671 711 947 940 1,029 1,252 1,333 1,343
EBITDA 101 126 145 154 216 268 307 345 369 347 370 353 455 368 350 522 570 630
Operating income 89 107 122 127 185 225 260 287 314 295 317 288 409 326 295 488 528 579
Net income 47 70 81 76 117 145 158 178 209 221 241 215 291 204 162 307 319 371
Diluted EPS $0.65 $0.98 $1.14 $1.09 $1.67 $2.11 $2.35 $2.69 $3.17 $3.35 $3.72 $3.39 $4.67 $3.29 $2.63 $4.99 $5.51 $6.73
Growth (year on year)
Revenue — +15.5% +11.8% +13.0% +26.8% +27.8% +23.5% +14.5% +2.0% −2.4% +20.7% +19.9% +22.9% +8.9% +5.9% +8.2% +2.4% −3.3%
EBITDA — +24.7% +15.5% +5.9% +40.5% +24.1% +14.4% +12.5% +7.0% −5.9% +6.4% −4.5% +28.9% −19.1% −5.1% +49.5% +9.1% —
Operating income — +21.2% +14.0% +4.0% +45.4% +21.7% +15.3% +10.3% +9.4% −5.8% +7.3% −9.1% +41.7% −20.2% −9.5% +65.7% +8.1% +12.0%
Net income — +51.3% +15.3% −6.2% +53.3% +24.6% +8.5% +13.1% +17.4% +5.4% +9.1% −10.9% +35.8% −30.0% −20.6% +89.7% +3.9% +17.3%
Diluted EPS — +50.8% +16.3% −4.4% +53.2% +26.3% +11.4% +14.5% +17.8% +5.7% +11.0% −8.9% +37.8% −29.6% −20.1% +89.7% +10.4% +25.2%
Margins
Gross margin 26.6% 26.6% 27.3% 27.4% 29.0% 26.6% 24.4% 23.4% 25.0% 24.8% 23.3% 20.5% 22.3% 20.3% 21.0% 23.6% 24.6% 25.6%
EBITDA margin 14.0% 15.1% 15.6% 14.6% 16.2% 15.8% 14.6% 14.4% 15.1% 14.5% 12.8% 10.2% 10.7% 8.0% 7.1% 9.8% 10.5% 12.0%
Operating margin 12.3% 12.9% 13.2% 12.1% 13.9% 13.2% 12.4% 11.9% 12.8% 12.4% 11.0% 8.3% 9.6% 7.0% 6.0% 9.2% 9.7% 11.0%
Net margin 6.5% 8.5% 8.7% 7.2% 8.8% 8.6% 7.5% 7.4% 8.5% 9.2% 8.3% 6.2% 6.8% 4.4% 3.3% 5.8% 5.9% 7.1%
Free-cash-flow margin 1.5% 15.0% 8.4% 9.2% 5.8% 10.4% 5.1% — — 12.1% 10.0% 5.9% 11.3% 5.0% 4.6% 7.6% 6.7% 8.3%
Cash flow
Cash from operations 31 138 97 115 121 214 206 180 336 317 357 245 517 290 314 515 429 470
Capital spending 20 14 19 18 44 36 99 — — 27 67 41 37 56 91 114 63 36
Free cash flow 11 125 78 97 77 177 107 — — 290 290 204 481 234 224 401 366 433
Stock-based pay 7 8 9 12 15 17 17 19 21 20 21 24 29 30 30 35 41 35
Free cash flow after stock pay 4 117 69 85 63 160 90 — — 270 269 180 452 203 194 366 325 398
Balance sheet
Cash 88 155 173 189 126 158 75 66 166 349 106 72 135 41 65 183 222 57
Total debt 0 1 2 2 1 1 211 166 1 0 10 29 1,524 1,366 1,258 1,146 1,347 1,654
Net debt (negative = net cash) −88 −154 −171 −188 −124 −157 136 99 −166 −349 −96 −43 1,388 1,326 1,192 963 1,125 1,597
Diluted shares 72m 72m 71m 70m 70m 69m 67m 66m 66m 66m 65m 63m 62m 62m 61m 61m 58m 55m
Returned to shareholders
Dividends 8 8 10 12 12 12 12 12 12 12 64 70 69 69 68 73 69 68
Buybacks 30 40 57 13 33 111 83 33 29 67 47 167 3 96 0 73 447 346
Total returned 38 49 67 25 46 123 95 45 41 79 111 237 72 165 68 146 516 414

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $4.4bn
Short-term assets $1.6bnLonger-term assets $2.7bn
What it owes, and who funded it · $4.4bn
Short-term liabilities $678mLonger-term liabilities $1.9bnShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $678m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.6bn short-term assets against $1.9bn of longer-dated liabilities.
  • More cash than debt $57m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 94% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 99% to 94% over five years.
  • A year's operating cash flow covers at least 20% of debt $470m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $579m against $89m of interest.

From Maximus, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$346M
Dividends (TTM)
$68.3M
Returned to shareholders
96%
of free cash flow
Buybacks, last 3 fiscal years
$521M
Diluted share count
−6.3%
year over year
Total shareholder yield
11.9%
dividends 2.0% + buybacks 9.9% of market value
Dividend payout ratio
18%
of net income paid out
Sales & admin spending
13.0%
of revenue
Days sales outstanding
96 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in data processing & outsourced services
Last 12 months unless stated MMS BR CNXC ALIT TTEC TASK Median
Revenue, last 12 months $5.2bn $7.5bn $10.0bn $2.2bn $2.0bn $1.2bn $1.2bn
Revenue growth, last 12 months −3.3% 8.5% 2.6% −3.5% −4.8% 11.4% 6.3%
Revenue growth, 3-year average 2.9% 7.2% 15.2% 5.2% −6.3% 9.3% 7.2%
Revenue growth, latest quarter −5.1% 7.5% −1.2% −3.2% −11.3% 5.0% 5.0%
Gross margin 25.6% 31.8% 34.1% 32.1% — — 33.1%
Operating margin 11.0% 17.4% −20.9% −95.7% −6.4% 11.7% −1.6%
Operating margin, 3-year average 9.9% 16.8% −2.6% −47.9% −3.3% 10.9% −3.0%
Net margin 7.1% 15.0% −24.0% −90.9% −10.2% 8.8% −7.9%
Cash from operations / revenue 8.9% 18.0% 7.9% 15.8% 4.2% 14.1% 10.9%
Free-cash-flow margin 8.3% 17.1% 5.8% 11.2% 2.0% 9.8% 8.3%
Free-cash-flow margin, 3-year average 4.3% 16.3% 5.0% 9.4% 0.1% 9.0% 5.7%
Stock pay / revenue 0.7% 1.3% 0.9% 0.9% 0.6% 1.9% 1.3%
Change in share count −6.3% −1.0% −3.8% 0.0% 1.3% −0.1% −0.0%

Median of all 11 companies we cover in data processing & outsourced services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 data processing & outsourced services companies
Measure Company Peer median Rank
Revenue growth Growth -3.3% 6.3% 9 of 11
Change in growth rate Growth -1.9pp -1.3pp 8 of 11
Gross margin Profitability 25.6% 34.1% 6 of 6
Operating margin Profitability 11.0% 3.3% 3 of 10
Net margin Profitability 7.1% -7.9% 4 of 11
Free-cash-flow margin Cash generation 8.3% 8.3% 6 of 11
Stock pay as % of revenue Cash generation 0.7% 1.9% 2 of 10
Long-term debt as % of assets Balance sheet 35.8% 42.4% 2 of 7
Change in share count Balance sheet -6.3% 0.0% 1 of 10
Days sales outstanding Balance sheet 96 days 71 days 8 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Program Operations $2.7B 48.8% ▲ 3.1%
Clinical Services $2.1B 38.7% ▲ 11.1%
Employment and Other $355M 6.5% ▼ 24.4%
Advanced Technology Solutions $325M 6.0% ▼ 13.4%

From Maximus, Inc.'s 10-K filed November 20, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3B
Institutions reporting
350
Shares held vs prior quarter
▼ 1.2%
Positions opened / closed
45 / 71

Top buyers and sellers, Q2 2026: 186 institutions bought and 186 sold ; the biggest buyer was Reinhart Partners, Llc (+1.1M shares) and the biggest seller FMR LLC (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $400M 7.4M 13.3% ▼ 1.0%
FMR LLC $298M 5.5M 9.9% ▼ 32.2%
Vanguard Portfolio Management LLC $182M 3.4M 6.0% ▼ 2.4%
Fuller & Thaler Asset Management, Inc. $145M 2.7M 4.8% ▲ 29.8%
State Street Corp $138M 2.6M 4.6% ▲ 4.4%
Vanguard Capital Management LLC $127M 2.4M 4.2% ▼ 2.9%
Dimensional Fund Advisors LP $127M 2.4M 4.2% ▲ 11.7%
Reinhart Partners, Llc. $107M 2.0M 3.5% ▲ 131.8%
Geode Capital Management, LLC $84.8M 1.6M 2.8% ▲ 5.3%
Van Berkom & Associates Inc. $58.5M 1.1M 1.9% ▼ 53.6%
Allianz Asset Management Gmbh $55.3M 952K 1.8% ▲ 6.3%
Boston Partners $49.2M 910K 1.6% ▲ 36.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Maximus, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $329,593 6 trades by 4 insiders, last 12 months Insider sales History → $578,326 3 trades by 2 insiders · 100% under pre-set plans
Net ▼ $248,733 net selling
Insider Date Trade Shares Price Value
Link Michelle F. Chief of Human Resources October 1, 2026 Sell pre-set plan 3,208 $54.23 $173,970
Madsen Jan Director March 17, 2026 Sell pre-set plan 742 $72.25 $53,610
Caswell Bruce CEO & President February 10, 2026 Buy 1,691 $78.77 $133,200
Caswell Bruce CEO & President February 10, 2026 Buy 1,332 $78.22 $104,189
Caswell Bruce CEO & President February 10, 2026 Buy 152 $76.92 $11,692
Mutryn David Chief Financial Officer February 9, 2026 Buy 1,000 $75.63 $75,630
Link Michelle F. Chief of Human Resources December 3, 2025 Sell pre-set plan 4,039 $86.84 $350,747
Warren Michael J. Director November 28, 2025 Buy 14 $86.11 $1,240
Rajan Gayathri Director November 28, 2025 Buy 42 $86.11 $3,642

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Maximus, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Greg Gianforte(MT):Sale (full), $100,001 - $250,000, traded December 26, 2018, filed February 2, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • November 20, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Maximus, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Maximus, Inc. in brief

What does Maximus, Inc. do?
Maximus, Inc. is a US-listed company in the data processing & outsourced services industry. Its financial year ends in September.
What is Maximus, Inc.'s stock ticker?
Maximus, Inc. trades under the ticker MMS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Maximus, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Maximus, Inc. reported revenue of $5.2B, 3.3% lower than a year earlier, according to its SEC filings.
What is Maximus, Inc.'s free cash flow?
Maximus, Inc.'s free-cash-flow margin is 8.3% of revenue over the trailing twelve months, ranking 6 of the 11 data processing & outsourced services companies we cover.
What is Maximus, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Maximus, Inc.'s free cash flow after stock-based pay gives ~$49 per share in the base case, and ~$29–$76 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Maximus, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Maximus, Inc. buying back stock, and does it pay a dividend?
Maximus, Inc. spent $346M on share repurchases over the trailing twelve months, and its diluted share count fell 6.3% over the year.
What is Maximus, Inc.'s market cap?
On November 2, 2026, Maximus, Inc.'s market capitalisation was about $3.7B, with a price-to-earnings ratio of 9.9 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does Maximus, Inc. pay a dividend?
Yes: Maximus, Inc. paid $68.3M in dividends over the trailing twelve months, a dividend yield of 1.96% and a payout ratio of 18.4%.
How much debt does Maximus, Inc. have?
Maximus, Inc.'s debt-to-equity ratio is 94.0%, from its latest balance sheet (99.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Maximus, Inc.'s competitors?
In our Data Processing & Outsourced Services peer group, the companies closest to Maximus, Inc. are Broadridge Financial Solutions, Concentrix Corp, Alight, Inc. / Delaware, Ttec Holdings, Inc. and Taskus, Inc. The side-by-side comparison below sets their revenue, margins and growth against Maximus, Inc.'s.
Are insiders buying or selling Maximus, Inc. stock?
Over the last 12 months, Maximus, Inc.'s directors and officers reported 6 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Maximus, Inc.'s next earnings date?
Around November 20, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Maximus, Inc. announces its own schedule.