Maximus Inc. (MMS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.21	$2.22	+0.5%	—	—	—
Q4 26	$1.97	$2.07	+5.1%	—	—	—
Q3 26	$1.82	$1.85	+1.6%	—	—	—
Q2 26	$1.67	$1.62	-3.0%	—	—	—
Q1 26	$1.54	$2.16	+40.3%	—	—	—
Q4 25	$1.38	$2.01	+45.7%	—	—	—
Q3 25	$1.37	$1.61	+17.5%	—	—	—
Q2 25	$1.48	$1.46	-1.4%	—	—	—
Q1 25	$1.52	$1.74	+14.5%	—	—	—
Q4 24	$1.3	$1.57	+20.8%	—	—	—
Q3 24	$1.28	$1.34	+4.7%	—	—	—
Q2 24	$1.03	$0.96	-6.8%	—	—	—
Q1 24	$0.64	$0.5	-21.9%	—	—	—
Q4 23	$0.69	$0.52	-24.6%	—	—	—
Q3 23	$0.76	$0.65	-14.5%	—	—	—
Q2 23	$0.7	$1.13	+61.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.56	—	—	$5.4B	—
FY24	—	$5.03	—	—	$5.3B	—
FY23	—	$2.65	—	—	$4.9B	—
FY22	—	$3.3	—	—	$4.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.4B	$2.5B	$2.4B	$2.9B	$3.5B	$4.3B	$4.6B	$4.9B	$5.3B	$5.4B
YoY change	+14.5%	+1.98%	-2.4%	+20.7%	+19.9%	+22.9%	+8.85%	+5.91%	+8.19%	+2.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.4B	2.5B	2.4B	2.9B	3.5B	4.3B	4.6B	4.9B	5.3B	5.4B
Cost of revenue	1.8B	1.8B	1.8B	2.2B	2.8B	3.3B	3.7B	3.9B	4.1B	4.1B
Gross profit	562.2M	611.9M	594.4M	671.2M	711M	947M	939.8M	1B	1.3B	1.3B
Gross margin	23.4%	25%	24.8%	23.2%	20.5%	22.3%	20.3%	21%	23.6%	24.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	269.1M	284.6M	285.2M	321M	387.1M	494.1M	534.5M	639.2M	671.6M	713.1M
Operating expenses	269.1M	284.6M	285.2M	321M	387.1M	494.1M	534.5M	639.2M	671.6M	713.1M
Operating income	279.7M	315.1M	298.8M	317.1M	288.3M	408.5M	314.9M	294.8M	488.5M	528.3M
Operating margin	11.6%	12.9%	12.5%	11%	8.33%	9.6%	6.8%	6.01%	9.21%	9.73%
Non-operating income, net	10.4M	1.3M	1.4M	3.2M	843K	-10.1M	8.2M	-363K	450K	640K
Pretax income	286M	314.2M	299.2M	317.3M	287.1M	383.7M	277.1M	210.3M	406.5M	444.8M
Income tax	105.8M	102.1M	78.4M	76.8M	72.6M	92.5M	73.3M	48.5M	99.6M	125.8M
Net income	180.2M	212.2M	220.8M	240.5M	214.5M	291.2M	203.8M	161.8M	306.9M	319M
Net margin	7.5%	8.66%	9.23%	8.33%	6.2%	6.84%	4.4%	3.3%	5.78%	5.87%
EBITDA	355M	386M	365.8M	405.7M	389.3M	489.1M	444.8M	443.7M	614.5M	662.6M
EPS	2.71	3.19	3.37	3.73	3.4	4.69	3.3	2.65	5.03	5.56
Diluted EPS	2.69	3.17	3.35	3.72	3.39	4.67	3.29	2.63	4.99	5.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	969.1M	1B	1B	982.6M	1B	1.1B	1B	988.9M	984.9M	1B	963.7M	930.2M
Gross profit	290.9M	300.1M	317.6M	332.3M	301.7M	301.6M	338.8M	359.5M	333.6M	318.7M	342.3M	348.8M
Gross margin	23.1%	22.6%	23.6%	25.3%	22.9%	21.5%	24.9%	26.7%	25.3%	23.7%	26.2%	27.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	167.8M	169.2M	168.5M	167M	166.9M	191.7M	162.9M	170.8M	187.7M	152.2M	173.5M	167.2M
Operating expenses	167.8M	169.2M	168.5M	167M	166.9M	191.7M	162.9M	170.8M	187.7M	152.2M	173.5M	167.2M
Operating income	99.1M	107.5M	127.5M	141.7M	111.8M	86.8M	153M	165.7M	122.9M	146.2M	148.5M	161.4M
Operating margin	7.87%	8.1%	9.46%	10.8%	8.49%	6.19%	11.2%	12.3%	9.32%	10.9%	11.4%	12.6%
Non-operating income, net	-442K	-488K	822K	-809K	925K	-312K	963K	-48K	37K	873K	158K	608K
Pretax income	78.2M	85.5M	108M	120.4M	92.7M	69M	132.5M	143M	100.5M	126.3M	126.5M	138.2M
Income tax	19M	21.4M	27.4M	30.6M	20.2M	27.8M	35.9M	37M	25.2M	32.3M	28.5M	34.6M
Net income	59.1M	64.1M	80.5M	89.8M	72.5M	41.2M	96.6M	106M	75.3M	93.9M	98.1M	103.6M
Net margin	4.69%	4.83%	5.97%	6.83%	5.51%	2.94%	7.09%	7.86%	5.71%	6.98%	7.51%	8.1%
EBITDA	140.3M	138.8M	158.2M	172M	145.5M	118M	186.4M	198.2M	160.1M	180.3M	181.3M	194.1M
EPS	0.97	1.05	1.31	1.47	1.2	0.69	1.7	1.87	1.34	1.71	1.81	1.96
Diluted EPS	0.96	1.04	1.31	1.46	1.19	0.69	1.69	1.86	1.32	1.7	1.8	1.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.7B	4.2B	4.3B	5B	4.3B	5.2B	3.6B	4.6B	5.7B	5.2B	2.7B
Enterprise value	3.8B	4.1B	3.9B	4.9B	4.5B	6.7B	5B	5.9B	6.8B	6.5B	4.4B
Shares outstanding	65.8M	65.6M	65.5M	64.5M	63.1M	62.1M	61.8M	61.1M	61M	57.4M	57.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.7	20	19.3	20.7	20.1	17.7	17.5	28.2	18.5	16.4	7.71
P/S	1.55	1.73	1.78	1.73	1.25	1.21	0.77	0.93	1.07	0.97	0.52
P/B	4.94	4.48	3.92	3.99	3.47	3.49	2.31	2.74	3.09	3.13	1.57
EV/EBITDA	10.8	10.5	10.6	12	11.4	13.8	11.3	13.4	11	9.76	6.4
EV/Sales	1.59	1.66	1.63	1.69	1.29	1.58	1.09	1.21	1.28	1.19	0.84
Earnings yield	4.84%	5.01%	5.18%	4.83%	4.97%	5.64%	5.7%	3.54%	5.4%	6.08%	13%
FCF yield	3.59%	7.38%	6.81%	5.82%	4.73%	9.31%	6.54%	4.9%	7.05%	6.98%	13%
PEG	—	—	—	—	—	—	—	—	—	—	1.6

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.4%	25%	24.8%	23.2%	20.5%	22.3%	20.3%	21%	23.6%	24.6%	27.3%
Operating margin	11.6%	12.9%	12.5%	11%	8.33%	9.6%	6.8%	6.01%	9.21%	9.73%	12.6%
Net margin	7.5%	8.66%	9.23%	8.33%	6.2%	6.84%	4.4%	3.3%	5.78%	5.87%	7.07%
ROE	23.9%	22.4%	20.3%	19.3%	17.3%	19.7%	13.2%	9.7%	16.7%	19.1%	21.1%
ROA	13.4%	15.7%	15.1%	13.8%	10.6%	7.07%	5.1%	4.06%	7.43%	7.84%	8.2%
ROIC	20.7%	27.3%	30.8%	20.9%	15.6%	10.2%	7.68%	7.48%	12.6%	13.1%	12.8%
Return on tangible assets	65.4%	72.3%	50%	156.6%	45.6%	-22.9%	-15.8%	-13.5%	-28.7%	-31.9%	-67.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.82	2.08	2.91	2.17	1.66	1.37	1.33	1.46	1.49	1.64	2.42
Quick ratio	1.82	2.08	2.91	2.17	1.66	1.37	1.33	1.46	1.49	1.64	2.42
Debt / equity	0.22	0	0	0.01	0.17	1.15	0.97	0.86	0.69	0.86	1
Debt / assets	0.12	0	0	0.01	0.11	0.41	0.38	0.36	0.31	0.35	0.4
Net debt / EBITDA	0.28	-0.43	-1.01	-0.24	0.36	3.21	3.29	3.07	1.78	1.84	2.34
Interest coverage	70.2	146.3	300.2	108.3	140.4	27	7.03	3.5	5.93	6.29	6.51
Effective tax rate	37%	32.5%	26.2%	24.2%	25.3%	24.1%	26.4%	23.1%	24.5%	28.3%	24.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	36.5	37.3	36.5	44.8	54.9	68.5	75	80.2	86.9	94.6	96.2
EPS (basic)	2.71	3.19	3.37	3.73	3.4	4.69	3.3	2.65	5.03	5.56	5.56
EPS (diluted)	2.69	3.17	3.35	3.72	3.39	4.67	3.29	2.63	4.99	5.51	6.76
Book value per share	11.4	14.4	16.6	19.4	19.7	23.8	25.1	27.3	30.2	29.2	33.2
FCF per share	2.03	4.76	4.43	4.49	3.23	7.75	3.78	3.66	6.57	6.38	8.17
Cash per share	1.01	2.53	5.64	1.64	1.14	2.18	0.66	1.07	3	3.87	1.09
Capex per share	0.7	0.37	0.4	1.04	0.65	0.59	0.64	1.48	1.87	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.93%	0.99%	1.11%	2.32%	1.18%	0.86%	0.86%	1.85%	2.15%	—	—
Capex / operating cash flow	24.2%	6.66%	8.3%	20.6%	23.1%	7.21%	13%	30.2%	24.5%	—	—
Payout ratio	6.49%	5.5%	5.29%	26.6%	32.7%	23.6%	33.7%	42.1%	23.8%	21.5%	18.6%
Dividend yield	0.31%	0.28%	0.27%	1.28%	1.63%	1.33%	1.92%	1.49%	1.28%	1.31%	2.53%

Yield

2.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.33

ex-dividend Aug 14, 2026

Payout ratio

19%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.33
May 15, 2026	$0.33
Feb 13, 2026	$0.33

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.4B	$1.4B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	+7.05%	+6.23%	+11.7%	+10.6%	+4.44%	+5.7%	+1%	+2.55%	+0.19%	-4.11%	-4.1%	-5.15%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	66.2M	166.3M	369.5M	105.6M	71.7M	135.1M	40.7M	65.4M	183.1M	222.4M
Receivables	444.4M	394.3M	357.6M	476.7M	628.9M	718.7M	724M	692.7M	734.8M	720.5M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	621M	657.2M	808.6M	789.4M	932.6M	1.1B	1B	1.1B	1.2B	1.3B
Property, plant & equipment	119.8M	89.9M	65.5M	87.5M	232M	230M	185.1M	202.8M	172.6M	131.5M
Goodwill & intangibles	1.1B	1.1B	1B	1.6B	1.6B	5.4B	5.3B	5.2B	5.2B	5.1B
Total assets	1.3B	1.4B	1.5B	1.7B	2B	4.1B	4B	4B	4.1B	4.1B
Accounts payable	150.7M	122.1M	114.4M	177.8M	253.3M	305.6M	264.6M	282.1M	303.3M	296.9M
Short-term debt	277K	141K	136K	9.7M	91.6M	156.6M	127.5M	136.7M	87.8M	91.3M
Total current liabilities	340.8M	316.3M	277.4M	364.2M	561.2M	789.4M	774.4M	723M	807.5M	765.2M
Long-term debt	165.3M	527K	—	231K	122M	1.6B	1.4B	1.3B	1.2B	1.4B
Total liabilities	595.7M	404.9M	375.6M	497.5M	782.9M	2.6B	2.4B	2.3B	2.3B	2.4B
Shareholders' equity	753.1M	945.8M	1.1B	1.2B	1.2B	1.5B	1.5B	1.7B	1.8B	1.7B
Total debt	165.6M	668K	136K	9.9M	213.7M	1.7B	1.5B	1.4B	1.3B	1.4B
Net debt	99.4M	-165.6M	-349.1M	-95.7M	141.9M	1.6B	1.5B	1.4B	1.1B	1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	65.4M	104.2M	77.4M	102.8M	183.1M	72.7M	108.1M	59.8M	222.4M	137.6M	157.5M	57M
Receivables	692.7M	708.1M	776.9M	613.4M	734.8M	672.3M	738.9M	1B	720.5M	952.1M	868.1M	1.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.3B	1.6B	—	—	1.5B	1.6B
Property, plant & equipment	202.8M	189.9M	183.8M	173.8M	172.6M	156.7M	153.2M	150M	131.5M	121.8M	111.3M	116.8M
Goodwill & intangibles	5.2B	5.2B	5.2B	5.2B	5.2B	5.2B	5.2B	5.1B	5.1B	5B	5B	4.9B
Total assets	4B	4B	4B	4B	4.1B	4.1B	4.2B	4.5B	2.8B	2.8B	4.2B	4.4B
Accounts payable	282.1M	267.6M	276.2M	280.8M	303.3M	286.4M	306.4M	282M	296.9M	263.3M	282M	263.2M
Short-term debt	136.7M	138.9M	137M	87.9M	87.8M	73M	85.8M	88.1M	91.3M	95.8M	99.3M	109.9M
Total current liabilities	723M	658.4M	728.7M	680M	807.5M	678.9M	721.2M	706.2M	765.2M	608M	681.7M	678.1M
Long-term debt	1.3B	1.3B	1.2B	1.2B	1.2B	1.4B	1.5B	1.7B	1.4B	1.6B	1.5B	1.6B
Total liabilities	2.3B	2.3B	2.3B	2.2B	2.3B	2.4B	2.5B	2.7B	2.4B	2.5B	2.5B	2.6B
Shareholders' equity	1.7B	1.7B	1.8B	1.8B	1.8B	1.6B	1.7B	1.8B	1.7B	1.7B	1.7B	1.7B
Total debt	1.4B	1.5B	1.4B	1.3B	1.3B	1.5B	1.6B	1.8B	1.4B	1.7B	1.6B	1.7B
Net debt	1.4B	1.4B	1.3B	1.2B	1.1B	1.4B	1.5B	1.7B	1.2B	1.5B	1.5B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	180.2M	212.2M	220.8M	240.5M	214.5M	291.2M	203.8M	161.8M	306.9M	319M
Depreciation & amortization	71.8M	68M	62.2M	85.5M	100.2M	90.7M	132.8M	149.3M	125.5M	133.7M
Stock-based compensation	18.8M	21.4M	20.2M	20.8M	23.7M	28.6M	30.5M	29.5M	35.3M	41.2M
Change in working capital	-85M	56.5M	9.6M	-34.7M	-143M	93.9M	-76M	-45.1M	30.1M	-88.6M
Operating cash flow	191.3M	362.8M	319.5M	324.7M	176.2M	507.1M	304.3M	299.9M	465.4M	429.4M
Capital expenditure	-46.4M	-24.2M	-26.5M	-66.8M	-40.7M	-36.6M	-39.7M	-90.7M	-114.2M	—
Investing cash flow	-87.1M	-25.2M	-45.2M	-483.9M	-44.1M	-1.8B	-54M	-81M	-129.1M	3M
Dividends paid	-11.7M	-11.7M	-11.7M	-63.9M	-70.2M	-68.8M	-68.7M	-68.1M	-72.9M	-68.7M
Share repurchases	-33.3M	-28.9M	-66.9M	-47.4M	-167M	-3.4M	-96.1M	0	-73.1M	-447.5M
Financing cash flow	-97.4M	-216.4M	-91.9M	-110.9M	-230.1M	1.4B	-248.3M	-250.8M	-275.6M	-343.9M
Net change in cash	6.8M	121.2M	182.4M	-270M	-98M	57.4M	2.1M	-31.8M	60.7M	88.4M
Free cash flow	133.6M	312.3M	290.3M	289.9M	203.9M	480.8M	233.7M	223.6M	401.1M	366.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	59.1M	64.1M	80.5M	89.8M	72.5M	41.2M	96.6M	106M	75.3M	93.9M	98.1M	103.6M
Depreciation & amortization	41.6M	31.8M	29.8M	31.1M	32.8M	31.5M	32.4M	32.6M	37.2M	33.2M	32.6M	32.1M
Stock-based compensation	7.3M	9.4M	8.7M	9.5M	7.7M	7M	12.6M	10.7M	10.9M	7M	9.9M	7.4M
Change in working capital	56.2M	-25.8M	-69.5M	79.8M	31.8M	-105.2M	-215.4M	-250.8M	496.5M	-297.4M	-125M	-162.7M
Operating cash flow	164M	77.9M	44M	216.3M	113.3M	-22.8M	-75.9M	-182.7M	649.4M	-244.4M	189.5M	-125M
Capital expenditure	-31.8M	-22.2M	-25.3M	-34.7M	-32M	-23M	-17.2M	—	—	—	—	—
Investing cash flow	-31.2M	-20.4M	-24M	-34.7M	-31.9M	-22.3M	-17.2M	0	4.4M	12.9M	0	3.9M
Dividends paid	-17M	-18.3M	-18.3M	-18.2M	-18.1M	-18.1M	-16.9M	-16.9M	-16.8M	-16.3M	-17.8M	-17.3M
Share repurchases	0	—	—	-47.3M	-25.8M	-228.6M	-77.8M	0	-141M	-40.6M	-114.4M	-49.9M
Financing cash flow	-81.9M	28.4M	-122.9M	-135.3M	-45.8M	-8.3M	8.9M	146.1M	-490.7M	156.9M	-113.3M	43.9M
Net change in cash	50.8M	85.9M	-102.9M	46.3M	35.5M	-53.3M	-84.1M	-36.6M	163.1M	-74.6M	76.2M	-77.2M
Free cash flow	112.8M	-639K	105.2M	164.6M	131.9M	-103M	25.5M	-198.2M	641.8M	-250.7M	179M	-137M

Date	Ratio
Jul 1, 2013	2:1
Jul 1, 2011	2:1

Maximus Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history