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Maximus, Inc. (MMS)

NYSE / Industrials / Specialty Business Services

Share price

60.24 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.15B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Nov 20, 2025
Ratios computed
Oct 15, 2026
Filed years
16, FY2009 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

13.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.83x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

10.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 2.40B USDFY2016 Net income: 178.4M USDFY2017 Revenue: 2.45B USDFY2017 Net income: 209.4M USDFY2018 Revenue: 2.39B USDFY2018 Net income: 220.8M USDFY2019 Revenue: 2.89B USDFY2019 Net income: 240.8M USDFY2020 Revenue: 3.46B USDFY2020 Net income: 214.5M USDFY2021 Revenue: 4.25B USDFY2021 Net income: 291.2M USDFY2022 Revenue: 4.63B USDFY2022 Net income: 203.8M USDFY2023 Revenue: 4.90B USDFY2023 Net income: 161.8M USDFY2024 Revenue: 5.31B USDFY2024 Net income: 306.9M USDFY2025 Revenue: 5.43B USDFY2025 Net income: 319.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
11 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.83x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Industrials sector (412 companies), 10.83x sits at the 18th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 13.1% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Industrials sector (316 companies), 13.1% sits at the 68th percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 6.28x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Maximus, Inc.'s return on invested capital stayed above the median of the Industrials sector, year by year. (FY2022 to FY2025, 4 fiscal years of Maximus, Inc. with a comparable figure)
The direction
Which way Maximus, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Maximus, Inc.)
What could explain it
What in Maximus, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Maximus, Inc. filed)
What to check next
What to check next on Maximus, Inc., and where in its filings. (3 questions for Maximus, Inc.)
In one paragraph
One paragraph on Maximus, Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for Maximus, Inc.)

These are MMS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MMSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Nov 20, 2025, accession 0001032220-25-000053.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Maximus, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax13.1% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Return on equity19.1% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Return on capital employed, pre-tax16.0% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Return on assets7.8% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Gross margin24.6% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Operating margin9.7% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Net margin5.9% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
MMS 5.9%
CBZ 4.2%ABM 1.9%UNF 6.1%ANDG -0.3%FA -2.2%
-2.2%6.1%
Net margin: MMS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Maximus, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.86 ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Current ratio1.64 ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Quick ratio1.64 ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Interest coverage6.28x ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Altman Z-score3.15 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Net debt1.22B ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Total assets 4.07BTotal liabilities 2.40BShareholders' equity 1.67BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Maximus, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Nov 20, 2025, 0001032220-25-000053).

Maximus, Inc: balance sheet position
Total assets4.07B FiledFY2025 10-K, filed Nov 20, 2025
Total liabilities2.40B FiledFY2025 10-K, filed Nov 20, 2025
Shareholders' equity1.67B FiledFY2025 10-K, filed Nov 20, 2025
Cash222.4M FiledFY2025 10-K, filed Nov 20, 2025
Total debt1.44B FiledFY2025 10-K, filed Nov 20, 2025
Net debt1.22B
Current ratio1.64
Debt to equity0.86

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Maximus, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.83x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
P/E on trailing twelve months8.96x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.08x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Price to sales0.64x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Enterprise value to EBIT8.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Enterprise value to EBITDA8.27x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Price to earnings over growth1.05 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Diluted earnings per share5.51 USD FiledFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Graham number60.13 USD ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053

We publish no fair value or price target of our own. Value MMS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Maximus, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Maximus, Inc: valuation
Share price60.24 USD
Market capitalisation3.15B USD
Enterprise value to EBITDA8.27x
Graham number60.13 USD
Diluted earnings per share, FY20255.51 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 7.75x, median 20.23x, high 33.03x, latest 8.96x. 2,523 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Maximus, Inc

  1. CBIZ, Inc. (CBZ)Market cap 3.01B USD
  2. ABM Industries Incorporated (ABM)Market cap 2.98B USD
  3. UniFirst Corporation (UNF)Market cap 4.79B USD
  4. Andersen (ANDG)Market cap 6.63B USD
  5. First Advantage Corporation (FA)Market cap 3.44B USD

Same industry (Specialty Business Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Maximus, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield10.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Free cash flow366.2M USD ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Free cash flow margin6.7% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Dividend yield2.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Payout ratio21.5% ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
FY2016 Net income: 178.4M USDFY2017 Net income: 209.4M USDFY2018 Free cash flow: 290.3M USDFY2018 Net income: 220.8M USDFY2019 Free cash flow: 289.9M USDFY2019 Net income: 240.8M USDFY2020 Free cash flow: 203.9M USDFY2020 Net income: 214.5M USDFY2021 Free cash flow: 480.8M USDFY2021 Net income: 291.2M USDFY2022 Free cash flow: 233.7M USDFY2022 Net income: 203.8M USDFY2023 Free cash flow: 223.6M USDFY2023 Net income: 161.8M USDFY2024 Free cash flow: 401.1M USDFY2024 Net income: 306.9M USDFY2025 Free cash flow: 366.2M USDFY2025 Net income: 319.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Maximus, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.83xFY2025Oct 15, 2026
2.08xFY2025Oct 15, 2026
8.92xFY2025Oct 15, 2026
10.5%FY2025Oct 15, 2026
13.1%FY2025Nov 20, 2025
2.1%FY2025Oct 15, 2026
0.86FY2025Nov 20, 2025
1.64FY2025Nov 20, 2025
0.64xFY2025Oct 15, 2026
1.05FY2025Oct 15, 2026
3.15FY2025Oct 15, 2026
-2.53FY2025Nov 20, 2025
8/9FY2025Nov 20, 2025

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Maximus, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Maximus, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20255.43B528.3M319.0M5.51366.2M9.7%19.1%10-K, Nov 20, 20250001032220-25-000053
FY20245.31B488.5M306.9M4.99401.1M9.2%16.6%10-K, Nov 21, 20240001032220-24-000094
FY20234.90B294.8M161.8M2.63223.6M6.0%9.7%10-K, Nov 16, 20230001032220-23-000096
FY20224.63B325.9M203.8M3.29233.7M7.0%13.2%10-K, Nov 22, 20220001032220-22-000074
FY20214.25B408.5M291.2M4.67480.8M9.6%19.7%10-K, Nov 18, 20210001628280-21-023790
FY20203.46B288.3M214.5M3.39203.9M8.3%17.3%10-K, Nov 19, 20200001032220-20-000102
FY20192.89B317.1M240.8M3.72289.9M11.0%19.3%10-K, Nov 26, 20190001032220-19-000105
FY20182.39B295.5M220.8M3.35290.3M12.3%20.4%10-K, Nov 20, 20180001032220-18-000090
FY20172.45B313.5M209.4M3.17n/a12.8%22.3%10-K, Nov 20, 20170001032220-17-000130
FY20162.40B286.6M178.4M2.69n/a11.9%23.8%10-K, Nov 21, 20160001032220-16-000249
  • Revenue, compound annual growth FY2016 to FY2025: 9.5%
  • Earnings, compound annual growth FY2016 to FY2025: 6.7%
  • Earnings per share, compound annual growth FY2016 to FY2025: 8.3%
  • Free cash flow, compound annual growth FY2018 to FY2025: 3.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Maximus, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.53 ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Piotroski F-score8/9 ComputedFY2025 10-K, filed Nov 20, 2025, 0001032220-25-000053
Named tests met11 of 30 Computed
Beta0.37 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 11 met, 19 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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