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MMS

Maximus, Inc.

MMS

Maximus, Inc. • NYSE
$86.09 ▼ -0.15% (-0.13)
Market Cap $4.85 B
52w High $92.50
52w Low $63.77
Dividend Yield 1.20%
P/E 15.62
Volume 266.97K
Outstanding Shares 56.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.318B ▼ $186.996M ▲ $75.288M ▼ 5.71% ▼ $1.34 ▼ $160.072M ▼
Q3-2025 $1.348B ▼ $170.762M ▲ $105.981M ▲ 7.86% ▲ $1.87 ▲ $198.241M ▲
Q2-2025 $1.362B ▼ $162.86M ▲ $96.569M ▲ 7.091% ▲ $1.7 ▲ $186.367M ▲
Q1-2025 $1.403B ▲ $153.273M ▼ $41.196M ▼ 2.937% ▼ $0.69 ▼ $117.965M ▼
Q4-2024 $1.316B $165.99M $72.504M 5.51% $1.2 $145.53M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $260.459M ▲ $4.07B ▼ $2.396B ▼ $1.674B ▼
Q3-2025 $105.376M ▼ $4.462B ▲ $2.689B ▲ $1.773B ▲
Q2-2025 $155.938M ▲ $4.2B ▲ $2.532B ▲ $1.667B ▲
Q1-2025 $122.87M ▼ $4.059B ▼ $2.412B ▲ $1.647B ▼
Q4-2024 $235.763M $4.132B $2.289B $1.843B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $75.288M ▼ $649.372M ▲ $-3.146M ▲ $-490.67M ▼ $116.975M ▲ $641.845M ▲
Q3-2025 $105.981M ▲ $-182.718M ▼ $-15.488M ▲ $146.116M ▲ $-50.562M ▼ $-198.206M ▼
Q2-2025 $96.569M ▲ $42.714M ▲ $-19.371M ▲ $8.934M ▲ $33.068M ▲ $25.508M ▲
Q1-2025 $41.196M ▼ $-79.996M ▼ $-22.256M ▲ $-8.257M ▲ $-112.893M ▼ $-102.988M ▼
Q4-2024 $72.504M $163.834M $-31.939M $-45.827M $87.962M $131.881M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Clinical Services
Clinical Services
 $470.00M ▲$500.00M ▲$560.00M ▲$570.00M ▲
Technology Solutions
Technology Solutions
 $90.00M ▲$90.00M ▲$80.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Maximus shows a clear pattern of steady growth in revenue over the last several years, with profit levels generally moving in the same direction. After a soft patch in profitability in the middle of the period, margins have improved again, suggesting better contract mix, cost control, and scale benefits. Earnings per share have recovered strongly from prior dips, which points to healthier operations rather than just financial engineering. Overall, the income statement reflects a mature business that has regained momentum and is converting more of its sales into bottom‑line profit than in the recent past.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and gradually strengthening. Total assets have stayed fairly stable, while shareholder equity has grown, indicating that the company is building value rather than consuming it. Debt has been edging down, which reduces financial risk, and cash on hand has increased from earlier low levels, giving more flexibility. The company still uses a meaningful amount of debt, but the overall trend is toward a more conservative, sturdier capital structure.

Cash Flow

Cash Flow Cash generation is a key positive. Operating cash flow has improved after a weaker period, aligning better with the recent rebound in earnings. Free cash flow has remained positive each year, even after ongoing investments in the business, which appear modest and disciplined. The pattern suggests an asset‑light model that can turn accounting profits into real, usable cash and still fund necessary technology and infrastructure upgrades without stretching the balance sheet.

Competitive Edge

Competitive Edge Maximus operates in a niche where scale, trust, and specialized know‑how matter a great deal. Its long history working with government agencies, deep understanding of complex social and health programs, and ability to manage large, multi‑year contracts create high barriers for new entrants. Governments face high switching costs and strong incentives to stay with proven providers, which supports high contract retention. The firm’s broad service portfolio and brand reputation as a reliable operator give it an edge against smaller or more narrowly focused rivals, though it still competes with large government contractors and consulting firms for major awards.

Innovation and R&D

Innovation and R&D Innovation at Maximus is less about lab research and more about applied technology in real government programs. The company is leaning heavily into artificial intelligence, automation, data analytics, cloud platforms, and cybersecurity to modernize citizen services. Flagship offerings such as its experience management platform, AI‑enabled case handling, and intelligent virtual assistants show that it is embedding digital tools into day‑to‑day operations, not just selling point solutions. A large pipeline of AI deployments, along with continued investment in federal and defense‑oriented capabilities, indicates that technology is central to its growth strategy and to maintaining its moat.

Summary

Maximus looks like a mature government services provider that has restored earnings momentum while steadily strengthening its balance sheet and cash generation. Its long‑standing relationships with public agencies, specialization in health and human services, and integrated technology‑plus‑operations model give it a defensible position. At the same time, the business remains exposed to government budget cycles, policy changes, contract renewals, and execution risk on large, performance‑based projects. The growing emphasis on AI, cloud, and cybersecurity, along with a sizable new‑work pipeline in federal and defense markets, offers meaningful growth potential if the company continues to execute well and manage contract and technology risks carefully.

NEWS

November 20, 2025 · 6:30 AM UTC

Maximus Reports Fourth Quarter and Full Year Results for Fiscal Year 2025

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November 5, 2025 · 6:30 AM UTC

Maximus Awarded $86 Million Contract to Advance Rapid Capability Development and Operational Readiness for Air Force Cyber Command and Control Systems

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October 15, 2025 · 4:00 PM UTC

Massachusetts Health Connector Awards New State-Based Marketplace Contract to Maximus

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October 9, 2025 · 9:00 AM UTC

Maximus Schedules Fiscal 2025 Fourth Quarter and Year End Conference Call

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October 6, 2025 · 6:30 AM UTC

Maximus Declares Quarterly Cash Dividend of $0.30 per Share

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