NYSE : MMS
Maximus, Inc. — Financial statements
Industrials · Specialty Business Services · United States
Last price 62.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.29B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Maximus, Inc. (MMS) reported revenue of 5.25B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.25B | 5.43B | 5.31B | 4.90B | 4.63B | 4.25B |
| Cost of Revenue | 3.91B | 4.10B | 4.05B | 3.88B | 3.69B | 3.31B |
| Gross Profit | 1.34B | 1.33B | 1.25B | 1.03B | 939.81M | 946.98M |
| Selling, General & Admin | 680.51M | 713.11M | 671.58M | 639.22M | 534.49M | 484.59M |
| Amortization of Goodwill & Intangibles | 83.79M | 92.05M | 91.57M | 94.59M | 90.47M | 44.36M |
| Operating Expenses | 764.30M | 805.15M | 763.15M | 733.81M | 624.96M | 528.95M |
| Operating Income | 578.99M | 528.29M | 488.50M | 294.79M | 314.85M | 418.03M |
| Interest Expense | -89.24M | -84.08M | -82.44M | -84.14M | -45.97M | -14.74M |
| Other Non Operating Income (Expenses) | 1.36M | 640.00K | 450.00K | -363.00K | -2.83M | -1.60M |
| EBT Excluding Unusual Items | 491.43M | 444.85M | 406.51M | 210.29M | 266.05M | 401.69M |
| Merger & Restructuring Charges | -9.50M | |||||
| Gain (Loss) on Sale of Assets | 11.05M | |||||
| Other Unusual Items | -8.51M | |||||
| Pretax Income | 491.43M | 444.85M | 406.51M | 210.29M | 277.10M | 383.68M |
| Income Tax Expense | 120.54M | 125.81M | 99.59M | 48.50M | 73.27M | 92.48M |
| Earnings From Continuing Operations | 370.89M | 319.03M | 306.91M | 161.79M | 203.83M | 291.20M |
| Net Income | 370.89M | 319.03M | 306.91M | 161.79M | 203.83M | 291.20M |
| Net Income to Common | 370.89M | 319.03M | 306.91M | 161.79M | 203.83M | 291.20M |
| Shares Outstanding (Basic) | 54.56M | 57.41M | 61.05M | 61.12M | 61.77M | 62.07M |
| Shares Outstanding (Diluted) | 55.03M | 57.92M | 61.48M | 61.45M | 61.97M | 62.37M |
| EPS (Basic) | 6.80 | 5.56 | 5.03 | 2.65 | 3.30 | 4.69 |
| EPS (Diluted) | 6.74 | 5.51 | 4.99 | 2.63 | 3.29 | 4.67 |
| Free Cash Flow | 433.23M | 366.16M | 383.07M | 223.65M | 233.69M | 480.76M |
| Free Cash Flow Per Share | 7.87 | 6.32 | 6.23 | 3.64 | 3.77 | 7.71 |
| Dividend Per Share | 1.26 | 1.20 | 1.20 | 1.12 | 1.12 | 1.12 |
| Gross Margin | 25.59% | 24.55% | 23.59% | 20.97% | 20.29% | 22.26% |
| Operating Margin | 11.03% | 9.73% | 9.21% | 6.01% | 6.80% | 9.83% |
| Profit Margin | 7.07% | 5.87% | 5.78% | 3.30% | 4.40% | 6.84% |
| Free Cash Flow Margin | 8.25% | 6.74% | 7.22% | 4.56% | 5.05% | 11.30% |
| EBITDA | 691.84M | 639.80M | 599.23M | 417.81M | 433.55M | 496.45M |
| EBITDA Margin | 13.18% | 11.78% | 11.29% | 8.52% | 9.36% | 11.67% |
| D&A For EBITDA | 112.85M | 111.52M | 110.73M | 123.02M | 118.69M | 78.42M |
| EBIT | 578.99M | 528.29M | 488.50M | 294.79M | 314.85M | 418.03M |
| EBIT Margin | 11.03% | 9.73% | 9.21% | 6.01% | 6.80% | 9.83% |
| Effective Tax Rate | 24.53% | 28.28% | 24.50% | 23.06% | 26.44% | 24.10% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 56.95M | 222.35M | 183.12M | 65.41M | 40.66M | 135.06M |
| Cash & Short-Term Investments | 56.95M | 222.35M | 183.12M | 65.41M | 40.66M | 135.06M |
| Accounts Receivable | 1.38B | 898.10M | 879.51M | 826.87M | 807.11M | 834.82M |
| Other Receivables | 31.02M | 3.90M | 5.28M | 16.56M | 2.16M | 5.41M |
| Receivables | 1.41B | 902.00M | 884.80M | 843.43M | 809.27M | 840.23M |
| Prepaid Expenses | 75.08M | 90.47M | 79.98M | 89.95M | 86.25M | 82.69M |
| Restricted Cash | 96.30M | 38.11M | 52.64M | 56.69M | 96.14M | 21.51M |
| Total Current Assets | 1.64B | 1.25B | 1.20B | 1.06B | 1.03B | 1.08B |
| Property, Plant & Equipment | 116.79M | 131.49M | 172.57M | 202.76M | 185.14M | 241.98M |
| Long-Term Investments | 3.90M | 5.54M | 12.60M | 31.00M | 31.40M | |
| Goodwill | 1.78B | 1.78B | 1.78B | 1.78B | 1.78B | 1.77B |
| Other Intangible Assets | 678.40M | 752.53M | 818.25M | 811.46M | 863.64M | 922.04M |
| Long-Term Deferred Tax Assets | 8.05M | 11.49M | 14.80M | 2.46M | 4.97M | 990.00K |
| Long-Term Deferred Charges | 60.20M | 63.33M | 59.43M | 45.37M | 47.73M | 36.49M |
| Other Long-Term Assets | 77.53M | 70.24M | 70.44M | 58.07M | 48.10M | 63.58M |
| Total Assets | 4.37B | 4.07B | 4.13B | 3.99B | 3.99B | 4.12B |
| Accounts Payable | 263.22M | 296.89M | 303.32M | 282.08M | 264.55M | 305.56M |
| Accrued Expenses | 146.06M | 236.95M | 237.12M | 194.25M | 178.20M | 186.81M |
| Current Portion of Long-Term Debt | 71.60M | 52.68M | 40.14M | 86.84M | 63.46M | 80.56M |
| Current Portion of Leases | 38.28M | 38.60M | 47.66M | 49.85M | 64.00M | 76.08M |
| Current Income Taxes Payable | 1.14M | 17.32M | 26.54M | 451.00K | 718.00K | 6.78M |
| Current Unearned Revenue | 36.63M | 53.78M | 83.24M | 60.48M | 87.15M | 98.59M |
| Other Current Liabilities | 121.14M | 68.94M | 69.52M | 49.06M | 116.37M | 35.06M |
| Total Current Liabilities | 678.07M | 765.16M | 807.53M | 723.01M | 774.45M | 789.43M |
| Long-Term Debt | 1.57B | 1.28B | 1.10B | 1.16B | 1.29B | 1.43B |
| Long-Term Leases | 56.60M | 71.29M | 97.22M | 129.37M | 86.17M | 121.77M |
| Long-Term Unearned Revenue | 35.86M | 43.76M | 45.08M | 38.85M | 21.41M | 35.93M |
| Long-Term Deferred Tax Liabilities | 199.89M | 149.02M | 169.12M | 203.90M | 206.10M | 194.64M |
| Other Long-Term Liabilities | 89.64M | 83.08M | 74.39M | 59.69M | 62.73M | 67.72M |
| Total Liabilities | 2.63B | 2.40B | 2.29B | 2.32B | 2.44B | 2.64B |
| Common Stock | 647.14M | 628.12M | 598.30M | 577.90M | 557.98M | 532.41M |
| Retained Earnings | 1.11B | 1.06B | 1.28B | 1.12B | 1.03B | 987.83M |
| Comprehensive Income & Other | -20.72M | -17.87M | -32.46M | -27.61M | -33.96M | -39.91M |
| Total Common Equity | 1.74B | 1.67B | 1.84B | 1.67B | 1.55B | 1.48B |
| Shareholders' Equity | 1.74B | 1.67B | 1.84B | 1.67B | 1.55B | 1.48B |
| Total Liabilities & Equity | 4.37B | 4.07B | 4.13B | 3.99B | 3.99B | 4.12B |
| Total Debt | 1.73B | 1.45B | 1.28B | 1.43B | 1.51B | 1.71B |
| Net Cash (Debt) | -1.68B | -1.22B | -1.10B | -1.36B | -1.47B | -1.57B |
| Net Cash Per Share | -30.45 | -21.12 | -17.85 | -22.19 | -23.65 | -25.21 |
| Filing Date Shares Outstanding | 52.36M | 54.46M | 60.30M | 61.00M | 60.77M | 61.95M |
| Total Common Shares Outstanding | 52.36M | 54.80M | 60.35M | 61.00M | 60.77M | 61.95M |
| Working Capital | 963.29M | 487.76M | 393.01M | 332.45M | 257.87M | 290.06M |
| Book Value Per Share | 33.24 | 30.55 | 30.53 | 27.34 | 25.49 | 23.89 |
| Tangible Book Value | -718.40M | -860.59M | -758.30M | -922.84M | -1.09B | -1.22B |
| Tangible Book Value Per Share | -13.72 | -15.70 | -12.56 | -15.13 | -18.00 | -19.63 |
| Land | 1.74M | |||||
| Buildings | 11.98M | |||||
| Machinery | 108.92M | 123.03M | 134.91M | 209.26M | 254.10M | |
| Leasehold Improvements | 65.94M | 78.89M | 78.52M | 78.73M | 79.94M | |
| Order Backlog | 15.33B | 16.17B | 11.21B |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 370.89M | 319.03M | 306.91M | 161.79M | 203.83M | 291.20M |
| Depreciation & Amortization | 112.85M | 111.52M | 110.73M | 123.02M | 118.69M | 78.42M |
| Other Amortization | 25.25M | 24.98M | 18.33M | 29.14M | 17.11M | 13.16M |
| Loss (Gain) From Sale of Assets | -9.94M | 39.55M | 1.02M | 883.00K | -11.05M | |
| Stock-Based Compensation | 35.13M | 41.18M | 35.35M | 29.52M | 30.48M | 28.55M |
| Other Operating Activities | 43.53M | -16.72M | -36.02M | 1.55M | 10.20M | 1.93M |
| Change in Accounts Receivable | 32.04M | -31.85M | -50.56M | -23.40M | 14.13M | 38.58M |
| Change in Accounts Payable | -19.03M | -7.49M | 18.27M | 17.73M | -32.72M | 26.90M |
| Change in Unearned Revenue | -45.97M | -29.99M | 28.53M | -12.12M | -19.34M | 53.65M |
| Change in Income Taxes | -53.64M | -7.51M | 32.30M | -16.96M | -13.51M | -2.73M |
| Change in Other Net Operating Assets | -28.51M | -13.33M | 50.39M | 3.19M | -27.99M | -12.35M |
| Operating Cash Flow | 469.51M | 429.37M | 515.26M | 314.34M | 289.84M | 517.32M |
| Capital Expenditures | -36.28M | -63.21M | -132.19M | -90.69M | -56.15M | -36.56M |
| Sale of Property, Plant & Equipment | 16.43M | |||||
| Cash Acquisitions | -14.29M | -1.80B | ||||
| Divestitures | 21.22M | 5.12M | 3.08M | 9.73M | ||
| Other Investing Activities | -2.50M | -2.17M | ||||
| Investing Cash Flow | -17.56M | -60.26M | -129.10M | -80.96M | -54.01M | -1.84B |
| Long-Term Debt Issued | 1.50B | 1.10B | 844.30M | 615.00M | 2.32B | |
| Long-Term Debt Repaid | -1.30B | -1.21B | -952.97M | -770.66M | -824.48M | |
| Net Debt Issued (Repaid) | -20.93M | 201.36M | -112.04M | -108.67M | -155.66M | 1.49B |
| Repurchase of Common Stock | -363.28M | -463.93M | -86.52M | -8.47M | -105.79M | -13.18M |
| Common Dividends Paid | -68.28M | -68.71M | -72.90M | -68.07M | -68.72M | -68.84M |
| Other Financing Activities | 49.34M | -12.60M | -4.18M | -65.58M | 81.89M | -25.93M |
| Financing Cash Flow | -403.16M | -343.88M | -275.65M | -250.80M | -248.27M | 1.39B |
| Foreign Exchange Rate Adjustments | -917.00K | -538.00K | 3.16M | 2.72M | -7.33M | 474.00K |
| Net Cash Flow | 47.87M | 24.70M | 113.67M | -14.70M | -19.77M | 68.01M |
| Free Cash Flow | 433.23M | 366.16M | 383.07M | 223.65M | 233.69M | 480.76M |
| Free Cash Flow Margin | 8.25% | 6.74% | 7.22% | 4.56% | 5.05% | 11.30% |
| Free Cash Flow Per Share | 7.87 | 6.32 | 6.23 | 3.64 | 3.77 | 7.71 |
| Levered Free Cash Flow | 354.07M | 333.09M | 392.06M | 163.56M | 245.16M | 415.27M |
| Unlevered Free Cash Flow | 406.80M | 382.86M | 440.05M | 213.31M | 270.88M | 423.62M |
| Cash Interest Paid | 86.28M | 82.56M | 78.95M | 81.10M | 43.09M | 14.54M |
| Cash Income Tax Paid | 130.53M | 149.94M | 99.69M | 61.05M | 76.04M | 99.90M |
| Change in Working Capital | -115.11M | -90.17M | 78.94M | -31.56M | -79.43M | 104.05M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.48B | 5.15B | 5.61B | 4.54B | 3.50B | 5.11B |
| Enterprise Value | 5.16B | 6.87B | 6.79B | 5.99B | 5.03B | 6.91B |
| Last Close Price | 66.55 | 89.59 | 89.92 | 71.04 | 54.24 | 76.76 |
| PE Ratio | 9.88 | 16.14 | 18.27 | 28.06 | 17.19 | 17.56 |
| Forward PE | 8.03 | 12.36 | 15.72 | 14.13 | 13.40 | 20.58 |
| PS Ratio | 0.66 | 0.95 | 1.06 | 0.93 | 0.76 | 1.20 |
| PB Ratio | 2.00 | 3.08 | 3.04 | 2.72 | 2.26 | 3.46 |
| P/FCF Ratio | 8.04 | 14.06 | 14.63 | 20.30 | 14.99 | 10.64 |
| P/OCF Ratio | 7.42 | 11.99 | 10.88 | 14.44 | 12.09 | 9.89 |
| PEG Ratio | 0.64 | 1.65 | 1.26 | 1.13 | 1.79 | 2.74 |
| EV/Sales Ratio | 0.98 | 1.26 | 1.28 | 1.22 | 1.09 | 1.62 |
| EV/EBITDA Ratio | 7.46 | 10.74 | 11.34 | 14.33 | 11.61 | 13.93 |
| EV/EBIT Ratio | 8.91 | 13.01 | 13.91 | 20.31 | 15.98 | 16.54 |
| EV/FCF Ratio | 11.91 | 18.76 | 17.73 | 26.78 | 21.53 | 14.38 |
| Debt / Equity Ratio | 0.99 | 0.86 | 0.69 | 0.86 | 0.97 | 1.15 |
| Debt / EBITDA Ratio | 2.30 | 2.03 | 1.86 | 2.78 | 2.75 | 2.73 |
| Debt / FCF Ratio | 4.00 | 3.95 | 3.34 | 6.39 | 6.45 | 3.55 |
| Net Debt / Equity Ratio | 0.96 | 0.73 | 0.59 | 0.82 | 0.95 | 1.06 |
| Net Debt / EBITDA Ratio | 2.42 | 1.91 | 1.83 | 3.26 | 3.38 | 3.17 |
| Net Debt / FCF Ratio | 3.87 | 3.34 | 2.86 | 6.10 | 6.27 | 3.27 |
| Asset Turnover | 1.19 | 1.32 | 1.31 | 1.23 | 1.14 | 1.39 |
| Quick Ratio | 2.17 | 1.47 | 1.32 | 1.26 | 1.10 | 1.24 |
| Current Ratio | 2.42 | 1.64 | 1.49 | 1.46 | 1.33 | 1.37 |
| Return on Equity (ROE) | 21.11% | 18.14% | 17.48% | 10.06% | 13.46% | 21.39% |
| Return on Assets (ROA) | 8.20% | 8.05% | 7.52% | 4.62% | 4.85% | 8.51% |
| Return on Invested Capital (ROIC) | 13.27% | 12.98% | 12.35% | 7.50% | 7.63% | 14.30% |
| Return on Capital Employed (ROCE) | 15.70% | 16.00% | 14.70% | 9.00% | 9.80% | 12.60% |
| Earnings Yield | 10.12% | 6.20% | 5.47% | 3.56% | 5.82% | 5.69% |
| FCF Yield | 12.43% | 7.11% | 6.83% | 4.93% | 6.67% | 9.40% |
| Dividend Yield | 1.98% | 1.28% | 1.29% | 1.50% | 1.94% | 1.36% |
| Payout Ratio | 19.59% | 21.54% | 23.75% | 42.07% | 33.71% | 23.64% |
| Buyback Yield / Dilution | 6.63% | 5.79% | -0.06% | 0.84% | 0.64% | 1.51% |
| Total Shareholder Return | 8.62% | 7.07% | 1.24% | 2.34% | 2.58% | 2.87% |