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Maximus, Inc. key statistics and ratios

In fiscal 2025, Maximus, Inc. had return on equity of 18.1%, an operating margin of 9.7%, debt equal to 80.5% of equity and a current ratio of 1.64. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin26.6%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%
Operating margin12.3%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 margin6.5%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 margin1.5%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%
Return on equity15.7%22.1%22.8%18.4%23.8%26.8%27.0%26.2%24.8%21.8%20.7%17.2%21.4%13.5%10.1%17.5%18.1%21.7%
Return on assets10.7%14.7%14.9%12.1%15.0%16.5%14.5%13.6%15.5%15.7%15.0%11.4%9.5%5.0%4.1%7.6%7.8%8.8%
Asset turnover1.661.731.701.671.711.931.931.831.821.701.801.841.391.141.231.311.321.24
Current ratio—2.162.392.401.872.011.581.822.082.912.171.661.371.331.461.491.642.42
Debt to equity0.0%0.4%0.5%0.4%0.3%0.2%34.5%22.1%0.1%0.0%0.8%2.3%102.9%88.2%75.4%62.2%80.5%95.0%
Interest cover (operating income ÷ interest)——————185.9x69.3x145.0x—107.2x140.0x—7.1x3.5x5.9x6.3x6.5x
Effective tax rate39.3%35.9%34.8%42.3%37.9%36.1%38.4%37.0%32.5%26.2%24.2%25.3%24.1%26.4%23.1%24.5%28.3%24.5%
SG&A as % of revenue14.9%14.3%14.2%15.3%14.6%13.0%11.4%11.2%11.6%11.9%11.1%11.2%11.6%11.5%13.0%12.7%13.1%13.0%
Capital spending as % of revenue2.7%1.7%2.0%1.7%3.3%2.1%4.7%——1.1%2.3%1.2%0.9%1.2%1.8%2.2%1.2%0.7%
Free cash flow ÷ net income23.5%176.8%96.5%127.1%66.3%121.9%68.0%——131.5%120.4%95.0%165.1%114.7%138.2%130.7%114.8%116.8%
Dividends ÷ net income17.3%11.9%12.7%16.0%10.5%8.4%7.5%6.6%5.6%5.3%26.5%32.7%23.6%33.7%42.1%23.8%21.5%18.4%
Dividends and buybacks ÷ free cash flow348.3%39.0%85.3%26.0%58.9%69.5%88.3%——27.1%38.4%116.3%15.0%70.5%30.4%36.4%141.0%95.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Maximus, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Maximus, Inc.