Maximus, Inc. operates as a provider of government services worldwide. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.4B | $663M | $319M | $366M | 19.1% | 2.4% | 3.9% |
| 2024 | $5.3B | $614M | $307M | $401M | 16.7% | 8.2% | 89.7% |
| 2023 | $4.9B | $444M | $162M | $224M | 9.7% | 5.9% | -20.6% |
| 2022 | $4.6B | $456M | $204M | $234M | 13.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,631.02 | 4,904.73 | 5,306.20 | 5,431.28 |
| Operating Revenue | - | 4,631.02 | 4,904.73 | 5,306.20 | 5,431.28 |
| Cost Of Revenue | - | 3,691.21 | 3,876.12 | 4,054.54 | 4,097.83 |
| Gross Profit | - | 939.81 | 1,028.61 | 1,251.65 | 1,333.44 |
| Operating Expense | - | 624.96 | 733.81 | 763.15 | 805.15 |
| Selling General And Administration | - | 534.49 | 639.22 | 671.58 | 713.11 |
| Total Expenses | - | 4,316.17 | 4,609.93 | 4,817.70 | 4,902.99 |
| Operating Income | - | 314.85 | 294.79 | 488.50 | 528.29 |
| Total Operating Income As Reported | - | 325.90 | 294.79 | 488.50 | 528.29 |
| EBITDA | - | 455.86 | 443.75 | 614.48 | 662.64 |
| Normalized EBITDA | - | 444.81 | 443.75 | 614.48 | 662.64 |
| EBIT | - | 323.06 | 294.43 | 488.95 | 528.93 |
| Interest Expense | - | 45.96 | 84.14 | 82.44 | 84.08 |
| Net Interest Income | - | -45.96 | -84.14 | -82.44 | -84.08 |
| Other Non Operating Income Expenses | - | -2.84 | -0.36 | 0.45 | 0.64 |
| Other Income Expense | - | 8.21 | -0.36 | 0.45 | 0.64 |
| Interest Expense Non Operating | - | 45.96 | 84.14 | 82.44 | 84.08 |
| Net Non Operating Interest Income Expense | - | -45.96 | -84.14 | -82.44 | -84.08 |
| Pretax Income | - | 277.10 | 210.29 | 406.51 | 444.85 |
| Tax Provision | - | 73.27 | 48.50 | 99.60 | 125.82 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.92 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income From Continuing And Discontinued Operation | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income From Continuing Operation Net Minority Interest | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income Common Stockholders | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income Including Noncontrolling Interests | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Normalized Income | - | 195.70 | 161.79 | 306.91 | 319.03 |
| Diluted NI Availto Com Stockholders | - | 203.83 | 161.79 | 306.91 | 319.03 |
| Basic Average Shares | - | 61.77 | 61.12 | 61.05 | 57.41 |
| Diluted Average Shares | - | 61.97 | 61.45 | 61.48 | 57.92 |
| Reconciled Depreciation | - | 132.79 | 149.32 | 125.53 | 133.72 |
| Reconciled Cost Of Revenue | - | 3,648.88 | 3,821.40 | 4,020.59 | 4,056.16 |
| Total Unusual Items | 0 | 11.05 | 0 | 0 | - |
| Total Unusual Items Excluding Goodwill | 0 | 11.05 | 0 | 0 | - |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | 0 | 11.05 | 0 | 0 | - |
| Depreciation Amortization Depletion Income Statement | - | 90.46 | 94.59 | 91.57 | 92.05 |
| Depreciation And Amortization In Income Statement | - | 90.46 | 94.59 | 91.57 | 92.05 |
| Gain On Sale Of Ppe | 0 | 11.05 | 0 | 0 | - |
| Amortization | - | 90.46 | 94.59 | 91.57 | 92.05 |
| Amortization Of Intangibles Income Statement | - | 90.46 | 94.59 | 91.57 | 92.05 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Maximus, Inc.this co. | MMS | $3.2B | 9.97 | 1.90 | 19.1% | 6.64 |
| GPGI, Inc. | GPGI | $3.5B | -25.51 | 14.27 | -55.9% | -15.20 |
| T1 Energy Inc. | TE | $3.3B | -8.85 | 13.01 | -146.9% | -17.22 |
| Amprius Technologies, Inc. | AMPX | $3.2B | -72.51 | 30.75 | -42.4% | -168.40 |
| Astronics Corporation | ATRO | $3.1B | 106.61 | 22.34 |
| - |
| - |
| - |
| - |
| 21.0% |
| 35.52 |
| CECO Environmental Corp. | CECO | $2.9B | 58.13 | 9.16 | 15.8% | 24.22 |
| Exponent, Inc. | EXPO | $2.9B | 27.22 | 7.39 | 27.2% | 21.15 |
| Atkore Inc. | ATKR | $2.9B | -188.99 | 2.05 | -1.1% | 18.87 |
| Helios Technologies, Inc. | HLIO | $2.8B | 58.68 | 3.05 | 5.2% | 21.28 |
| Peer Median | - | 9.18 | 11.08 | 2.1% | 20.01 | |