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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,631.02 | 4,904.73 | 5,306.20 | 5,431.28 |
| Cost Of Revenue | 3,691.21 | 3,876.12 | 4,054.55 | 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 |
| Operating Income | 314.85 | 294.79 | 488.50 | 528.29 |
| EBITDA | 455.86 | 443.75 | 614.48 | 662.64 |
| EBIT | 323.06 | 294.43 | 488.95 | 528.93 |
| Pretax Income | 277.10 | 210.29 | 406.51 | 444.85 |
| Tax Provision | 73.27 | 48.50 | 99.59 | 125.81 |
| Net Income | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income Common Stockholders | 203.83 | 161.79 | 306.91 | 319.03 |
| Total Expenses | 4,316.17 | 4,609.93 | 4,817.70 | 4,902.99 |
| Interest Expense | 45.97 | 84.14 | 82.44 | 84.08 |
| Selling General And Administration | 534.49 | 639.22 | 671.58 | 713.11 |
| Normalized EBITDA | 444.81 | 443.75 | 614.48 | 662.64 |
| Normalized Income | 195.70 | 161.79 | 306.91 | 319.03 |
| Basic EPS | 3.30 | 2.65 | 5.03 | 5.56 |
| Diluted EPS | 3.29 | 2.63 | 4.99 | 5.51 |
| Tax Effect Of Unusual Items | 2.92 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.26 | 0.23 | 0.24 | 0.28 |
| Total Unusual Items | 11.05 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 11.05 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 203.83 | 161.79 | 306.91 | 319.03 |
| Reconciled Depreciation | 132.79 | 149.32 | 125.53 | 133.72 |
| Reconciled Cost Of Revenue | 3,648.88 | 3,821.39 | 4,020.59 | 4,056.16 |
| Net Interest Income | -45.97 | -84.14 | -82.44 | -84.08 |
| Net Income From Continuing And Discontinued Operation | 203.83 | 161.79 | 306.91 | 319.03 |
| Total Operating Income As Reported | 325.90 | 294.79 | 488.50 | 528.29 |
| Diluted Average Shares | 61.97 | 61.45 | 61.48 | 57.92 |
| Basic Average Shares | 61.77 | 61.12 | 61.05 | 57.41 |
| Diluted NI Availto Com Stockholders | 203.83 | 161.79 | 306.91 | 319.03 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 203.83 | 161.79 | 306.91 | 319.03 |
| Net Income Continuous Operations | 203.83 | 161.79 | 306.91 | 319.03 |
| Other Income Expense | 8.21 | -0.36 | 0.45 | 0.64 |
| Other Non Operating Income Expenses | -2.83 | -0.36 | 0.45 | 0.64 |
| Special Income Charges | 11.05 | 0 | 0 | 0 |
| Gain On Sale Of Ppe | 11.05 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -45.97 | -84.14 | -82.44 | -84.08 |
| Interest Expense Non Operating | 45.97 | 84.14 | 82.44 | 84.08 |
| Depreciation Amortization Depletion Income Statement | 90.47 | 94.59 | 91.57 | 92.05 |
| Depreciation And Amortization In Income Statement | 90.47 | 94.59 | 91.57 | 92.05 |
| Amortization | 90.47 | 94.59 | 91.57 | 92.05 |
| Amortization Of Intangibles Income Statement | 90.47 | 94.59 | 91.57 | 92.05 |
| Operating Revenue | 4,631.02 | 4,904.73 | 5,306.20 | 5,431.28 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Maximus, Inc.this co. | MMS | $3.6B | 10.02β discount | 2.07 | 19.1% | 7.27 |
| Archer Aviation Inc. | ACHR | $4.2B | - | 1.89 | -28.1% | -3.28 |
| GPGI, Inc. | GPGI | $4.2B | - | 7.52 | -55.9% | -335.00 |
| Intuitive Machines, Inc. | LUNR | $4.0B | - | -3.98 | -40.9% | -55.99 |
| York Space Systems, Inc. | YSS | $3.7B | - |
| 1.68 |
| -9.7% |
| -473.39 |
| NuScale Power Corporation | SMR | $3.7B | - | 3.08 | -32.0% | -12.69 |
| BETA Technologies, Inc. | BETA | $3.5B | - | 1.83 | -41.0% | -5.24 |
| Exponent, Inc. | EXPO | $3.2B | 31.97 | 8.41 | 27.2% | 24.03 |
| McGrath RentCorp | MGRC | $2.9B | 18.68 | 2.36 | 12.6% | 13.09 |
| Peer Median | - | 25.33 | 2.13 | -30.0% | -8.96 | |