Quality Investor

Maximus, Inc.

Rank #215Capital Return

MMS · NYSE · Industrials

Maximus, Inc. (MMS) — Rank #215 by gross profitability (GP/assets 0.31) · ROE 18.3% · Piotroski F-Score 8 / 9.

As-of 2026-09-28 · CIK 0001032220 · all metrics point-in-time as of the filing date.

About

Maximus, Inc. operates as a provider of government services worldwide.

Show more

The company operates through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. The U.S. Federal Services segment offers business process services, eligibility and enrollment, outreach, and other services for federal health and human services programs; clinical services; and technology solutions, such as application development and modernization services, enterprise business solutions, advanced analytics and emerging technologies, cybersecurity services, data management, and infrastructure and engineering solutions. The U.S. Services segment offers program eligibility support and enrollment; centralized multilingual customer contact centers, multichannel, and digital self-service options for enrollment; application assistance and independent health plan choice counseling; beneficiary outreach, education, eligibility, enrollment, and redeterminations; subsidized telephone services; and person-centered independent assessment services. This segment also provides employment services, such as eligibility support, case management, job-readiness preparation, job search and employer outreach, job retention and career advancement, and educational and training services; technology solutions; and system implementation project management services. The Outside the U.S. segment offers BPS and technology solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and technologies for modernization. Maximus, Inc.

was founded in 1975 and is headquartered in McLean, Virginia.

Industry
Specialty Business Services
Sector
Industrials
State
VA
Filer Category
Large accelerated filer
Fiscal Year End
September 30

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

37,200

Industry

Specialty Business Services

Exchange

NYSE

Signal Flags

2 green1 yellow
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 3-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.31
Return on equity
18.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.57
Current ratio
2.42×
Net cash
-$1.58B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.8%

Growth

2/2 pass
Revenue growth
2.4%
Piotroski F-Score
8 / 9
Share dilution
-5.8%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.31

Primary signal (Novy-Marx).

7th of 10 SIC 7389 peers

Return on equity

18.3%

Gross margin

24.6%

9th of 10 SIC 7389 peers

Revenue growth (YoY)

2.4%

RPO growth (YoY)

-10.8%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

5.5%

Revenue CAGR (5Y)

9.4%

Earnings CAGR (3Y)

16.1%

FCF CAGR (3Y)

16.1%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.57

9th of 9 SIC 7389 peers (best = lowest)

Current ratio

2.42×

6th of 10 SIC 7389 peers

Quick ratio

2.12×

Net cash

-$1.58B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
19.9%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-2.4%Mild decline

Cash-flow health

Free cash flow

$366.16M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.15

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Capital Return
Hypergrowth
Value