(MMS) Maximus - NYSE
Sector: Industrials | Industry: Specialty Business Services | Exchange: NYSE (USA) | Market Cap: 3.120m USD | Total Return: -17% in 12m
Avg Turnover: 35.0M
EPS Trend: 95.2%
Qual. Beats: 0
Rev. Trend: 86.9%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 8.9 → Forward 19.1
Below Avwap Earnings
Tailwinds
No distinct edge detected
Maximus, Inc. is a U.S.-based provider of government services operating worldwide through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Its offerings span business process outsourcing, eligibility and enrollment support, clinical services, and technology solutions (including application development, advanced analytics, cybersecurity, and data management) for federal, state, and international government programs, particularly in health, human services, and employment. Founded in 1975 and headquartered in McLean, Virginia, the company is classified within the Data Processing & Outsourced Services sub-industry and is listed on the NYSE under the ticker MMS.
The government BPO and program administration sector is characterized by long-term, contract-driven revenue, with providers typically depending on a concentrated set of public-sector clients whose budgets are set through legislative cycles. Services like eligibility determination, enrollment support, and independent health assessments have historically been driven by major programs such as Medicaid, Medicare, unemployment insurance, and the Affordable Care Act marketplaces, making demand relatively resilient but also sensitive to policy and administration changes.
- Federal contract awards and renewals expand U.S. Services backlog
- Medicaid redetermination volumes drive enrollment services revenue
- UK employment services losses pressure international segment margins
| Net Income: 373.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 3.56 > 1.0 |
| NWC/Revenue: 15.55% < 20% (prev 11.25%; Δ 4.30% < -1%) |
| CFO/TA 0.10 > 3% & CFO 411.8m > Net Income 373.3m |
| Net Debt (1.48b) to EBITDA (719.9m): 2.05 < 3 |
| Current Ratio: 2.21 > 1.5 & < 3 |
| Outstanding Shares: last quarter (54.9m) vs 12m ago -3.74% < -2% |
| Gross Margin: 23.83% > 18% (prev 21.90%; Δ 1.93% > 0.5%) |
| Asset Turnover: 126.0% > 50% (prev 128.5%; Δ -2.43% > 0%) |
| Interest Coverage Ratio: 6.64 > 6 (EBIT TTM 584.3m / Interest Expense TTM 88.0m) |
| A: 0.20 (Total Current Assets 1.51b - Total Current Liabilities 681.7m) / Total Assets 4.24b |
| B: 0.25 (Retained Earnings 1.08b / Total Assets 4.24b) |
| C: 0.14 (EBIT TTM 584.3m / Avg Total Assets 4.22b) |
| D: 0.67 (Book Value of Equity 1.70b / Total Liabilities 2.54b) |
| Altman-Z'' = 3.74 = AA |
| DSRI: 1.09 (Receivables 1.18b/1.10b, Revenue 5.32b/5.40b) |
| GMI: 0.92 (GM 21.90% / 23.83%) |
| AQI: 0.95 (AQ_t 0.62 / AQ_t-1 0.65) |
| SGI: 0.99 (Revenue 5.32b / 5.40b) |
| TATA: -0.01 (NI 373.3m - CFO 411.8m) / TA 4.24b) |
| Beneish M = -3.07 (Cap -4..+1) = AA |
As of June 24, 2026, the stock is trading at USD 55.92 with a total of 603,542 shares traded. Over the past week, the price has changed by -8.60%, over one month by -8.19%, over three months by -17.94% and over the past year by -17.03%.
Current recommended Stop Loss: 53.20 (which is 4.9% or 1.2 ATR below the current price).
Maximus has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy MMS.
- StrongBuy: 0
- Buy: 2
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 105 | 87.8% |
P/E Trailing = 8.9159
P/E Forward = 19.084
P/S = 0.5867
P/B = 1.8385
P/EG = 2.0554
Revenue TTM = 5.32b USD
EBIT TTM = 584.3m USD
EBITDA TTM = 719.9m USD
Long Term Debt = 1.47b USD (from longTermDebt, last quarter)
Short Term Debt = 99.3m USD (from shortTermDebt, last quarter)
Debt = 1.72b USD (from shortLongTermDebtTotal, last quarter) + Leases 92.0m
Net Debt = 1.48b USD (calculated: Debt 1.72b - CCE 244.7m)
Enterprise Value = 4.59b USD (3.12b + Debt 1.72b - CCE 244.7m)
Interest Coverage Ratio = 6.64 (Ebit TTM 584.3m / Interest Expense TTM 88.0m)
EV/FCF = 12.35x (Enterprise Value 4.59b / FCF TTM 372.0m)
FCF Yield = 8.10% (FCF TTM 372.0m / Enterprise Value 4.59b)
FCF Margin = 7.00% (FCF TTM 372.0m / Revenue TTM 5.32b)
Net Margin = 7.02% (Net Income TTM 373.3m / Revenue TTM 5.32b)
Gross Margin = 23.83% ((Revenue TTM 5.32b - Cost of Revenue TTM 4.05b) / Revenue TTM)
Gross Margin QoQ = 24.65% (prev 22.18%)
Tobins Q-Ratio = 1.08 (Enterprise Value 4.59b / Total Assets 4.24b)
Interest Expense / Debt = 5.12% (Interest Expense 88.0m / Debt 1.72b)
Taxrate = 24.78% (123.0m / 496.2m)
NOPAT = 439.5m (EBIT 584.3m * (1 - 24.78%))
Current Ratio = 2.21 (Total Current Assets 1.51b / Total Current Liabilities 681.7m)
Debt / Equity = 1.01 (Debt 1.72b / totalStockholderEquity, last quarter 1.70b)
Debt / EBITDA = 2.05 (Net Debt 1.48b / EBITDA 719.9m)
Debt / FCF = 3.97 (Net Debt 1.48b / FCF TTM 372.0m)
Total Stockholder Equity = 1.72b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.85% (Net Income 373.3m / Total Assets 4.24b)
RoE = 21.75% (Net Income TTM 373.3m / Total Stockholder Equity 1.72b)
RoCE = 18.33% (EBIT 584.3m / Capital Employed (Equity 1.72b + L.T.Debt 1.47b))
RoIC = 12.88% (NOPAT 439.5m / Invested Capital 3.41b)
WACC = 6.70% (E(3.12b)/V(4.84b) * Re(8.27%) + D(1.72b)/V(4.84b) * Rd(5.12%) * (1-Tc(0.25)))
Discount Rate = 8.27% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -86.67 | Cagr: -4.93%
[DCF] Terminal Value 77.97% ; FCFF base≈310.8m ; Y1≈356.3m ; Y5≈524.4m
[DCF] Fair Price = 122.1 (EV 7.89b - Net Debt 1.48b = Equity 6.42b / Shares 52.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 95.19 | EPS CAGR: 26.67% | SUE: 0.33 | # QB: 0
Revenue Correlation: 86.88 | Revenue CAGR: 4.12% | SUE: -0.24 | # QB: 0
EPS current Quarter (2026-06-30): EPS=2.21 | Chg30d=-3.29% | Revisions=-33% | Analysts=2
EPS current Year (2026-09-30): EPS=8.44 | Chg30d=-0.94% | Revisions=+0% | GrowthEPS=+14.6% | GrowthRev=-2.5%
EPS next Year (2027-09-30): EPS=9.07 | Chg30d=-0.49% | Revisions=+0% | GrowthEPS=+7.5% | GrowthRev=+4.8%
[Analyst] Revisions Ratio: -33%