Maximus (MMS) Financials

$72.36 -1.33 (-1.81%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$72.40 +0.05 (+0.06%)

As of 05/23/2025 04:33 PM Eastern

Annual Income Statements for Maximus

This table shows Maximus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Income / (Loss) Attributable to Common Shareholders	307	162	204	291	215	241	221	209	178	158
Consolidated Net Income / (Loss)	307	162	204	291	215	240	221	212	180	160
Net Income / (Loss) Continuing Operations	307	162	204	291	215	240	221	212	180	160
Total Pre-Tax Income	407	210	277	384	287	317	299	314	286	260
Total Operating Income	488	295	326	409	288	317	295	314	287	260
Total Gross Profit	1,252	1,029	940	947	711	671	594	612	562	513
Total Revenue	5,306	4,905	4,631	4,254	3,462	2,887	2,392	2,451	2,403	2,100
Operating Revenue	5,306	4,905	4,631	4,254	3,462	2,887	2,392	2,451	2,403	2,100
Total Cost of Revenue	4,055	3,876	3,691	3,308	2,751	2,216	1,798	1,839	1,841	1,587
Operating Cost of Revenue	4,055	3,876	3,691	3,308	2,751	2,216	1,798	1,839	1,841	1,587
Total Operating Expenses	763	734	614	538	423	354	299	298	276	253
Selling, General & Admin Expense	672	639	534	494	387	321	285	285	269	239
Amortization Expense	92	95	90	44	36	33	10	12	13	9.35
Other Special Charges / (Income)	0.00	0.00	-11	0.00	0.00	-	-	-	-	0.00
Total Other Income / (Expense), net	-82	-85	-49	-25	-1.22	0.21	3.73	0.72	-0.64	-0.01
Interest Expense	82	84	46	15	2.06	2.96	1.00	2.16	4.13	1.40
Other Income / (Expense), net	0.45	-0.36	-2.84	-10	0.84	3.17	4.73	2.89	3.50	1.39
Income Tax Expense	100	49	73	92	73	77	78	102	106	100
Basic Earnings per Share	$5.03	$2.65	$3.30	$4.69	$3.40	$3.73	$3.37	$3.19	$2.71	$2.37
Weighted Average Basic Shares Outstanding	61.05M	61.13M	61.77M	62.07M	63.06M	64.50M	65.50M	65.63M	65.82M	66.68M
Diluted Earnings per Share	$4.99	$2.63	$3.29	$4.67	$3.39	$3.72	$3.35	$3.17	$2.69	$2.35
Weighted Average Diluted Shares Outstanding	61.48M	61.45M	61.97M	62.37M	63.32M	64.82M	65.93M	66.07M	66.23M	67.28M
Weighted Average Basic & Diluted Shares Outstanding	60.30M	61.00M	60.77M	61.95M	122.91M	63.98M	65.50M	65.70M	65.80M	66.60M
Cash Dividends to Common per Share	$1.20	$1.12	$1.12	$1.12	$1.12	$1.00	$0.18	$0.18	$0.18	$0.18

This table shows Maximus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	97	41	73	90	81	64	59	31	32	40	69
Consolidated Net Income / (Loss)	97	41	73	90	81	64	59	31	32	40	69
Net Income / (Loss) Continuing Operations	97	41	73	90	81	64	59	31	32	40	69
Total Pre-Tax Income	132	69	93	120	108	86	78	36	42	53	98
Total Operating Income	153	87	112	142	127	108	99	58	63	75	115
Total Gross Profit	339	302	302	332	318	300	291	264	229	245	273
Total Revenue	1,362	1,403	1,316	1,315	1,348	1,327	1,260	1,189	1,207	1,249	1,177
Operating Revenue	1,362	1,403	1,316	1,315	1,348	1,327	1,260	1,189	1,207	1,249	1,177
Total Cost of Revenue	1,023	1,101	1,014	983	1,031	1,027	969	924	978	1,004	904
Operating Cost of Revenue	1,023	1,101	1,014	983	1,031	1,027	969	924	978	1,004	904
Total Operating Expenses	186	215	190	191	190	193	192	206	166	170	158
Selling, General & Admin Expense	163	192	167	167	168	169	168	183	142	146	147
Amortization Expense	23	23	23	24	22	23	24	23	24	24	23
Total Other Income / (Expense), net	-21	-18	-19	-21	-20	-22	-21	-22	-20	-21	-17
Interest Expense	21	18	20	21	20	22	21	21	21	22	16
Other Income / (Expense), net	0.96	-0.31	0.93	-0.81	0.82	-0.49	-0.44	-1.01	0.82	0.27	-0.74
Income Tax Expense	36	28	20	31	27	21	19	5.49	11	13	29
Basic Earnings per Share	$1.70	$0.69	$1.20	$1.47	$1.31	$1.05	$0.98	$0.50	$0.52	$0.65	$1.12
Weighted Average Basic Shares Outstanding	56.89M	59.73M	61.05M	61.08M	61.37M	61.32M	61.13M	61.14M	61.12M	61.12M	61.77M
Diluted Earnings per Share	$1.69	$0.69	$1.18	$1.46	$1.31	$1.04	$0.96	$0.50	$0.52	$0.65	$1.13
Weighted Average Diluted Shares Outstanding	57.06M	60.00M	61.48M	61.38M	61.62M	61.54M	61.45M	61.54M	61.38M	61.20M	61.97M
Weighted Average Basic & Diluted Shares Outstanding	56.35M	56.60M	60.30M	60.18M	60.80M	61.03M	61.00M	60.78M	60.78M	60.77M	60.77M
Cash Dividends to Common per Share	$0.30	$0.30	$0.30	$0.30	$0.30	$0.30	$0.28	$0.28	$0.28	$0.28	$0.28

This table details how cash moves in and out of Maximus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Change in Cash & Equivalents	114	-15	-20	68	-28	-240	177	99	-8.47	-83
Net Cash From Operating Activities	515	314	290	517	245	357	317	336	180	206
Net Cash From Continuing Operating Activities	515	314	290	517	245	357	317	336	180	206
Net Income / (Loss) Continuing Operations	307	162	204	291	215	240	221	212	180	160
Consolidated Net Income / (Loss)	307	162	204	291	215	240	221	212	180	160
Depreciation Expense	34	55	42	46	65	52	52	56	58	47
Amortization Expense	95	97	93	54	36	33	10	12	13	9.35
Non-Cash Adjustments To Reconcile Net Income	36	30	19	29	22	33	25	21	12	17
Changes in Operating Assets and Liabilities, net	43	-30	-69	97	-92	-2.66	8.61	36	-84	-27
Net Cash From Investing Activities	-129	-81	-54	-1,835	-44	-484	-45	-25	-87	-394
Net Cash From Continuing Investing Activities	-129	-81	-54	-1,835	-44	-484	-45	-25	-87	-394
Purchase of Property, Plant & Equipment	-132	-91	-56	-37	-41	-67	-27	-24	-46	-105
Acquisitions	0.00	0.00	-14	-1,799	-7.07	-437	-0.16	-2.68	-47	-289
Sale of Property, Plant & Equipment	0.00	0.00	16	0.00	0.00	-	-	-	-	-
Divestitures	3.09	9.73	0.00	0.00	3.25	0.00	0.00	1.04	5.52	0.00
Net Cash From Financing Activities	-276	-251	-248	1,386	-230	-111	-92	-215	-97	111
Net Cash From Continuing Financing Activities	-276	-251	-248	1,386	-230	-111	-92	-215	-97	111
Repayment of Debt	-1,222	-953	-771	-850	-620	-405	-141	-352	-196	-123
Repurchase of Common Equity	-73	0.00	-96	-3.36	-167	-47	-67	-29	-33	-83
Payment of Dividends	-73	-68	-69	-69	-70	-64	-12	-12	-12	-12
Issuance of Debt	1,100	844	615	2,318	638	415	137	185	150	331
Other Financing Activities, net	-7.92	-74	72	-9.82	-11	-8.92	-8.53	-8.25	-5.90	-2.11
Effect of Exchange Rate Changes	3.16	2.72	-7.33	0.47	1.71	-2.05	-2.83	3.66	-4.55	-6.90

This table details how cash moves in and out of Maximus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	33	-113	88	29	-35	31	30	-27	-41	23	26
Net Cash From Operating Activities	43	-80	164	199	130	22	145	-5.29	310	-135	120
Net Cash From Continuing Operating Activities	43	-80	164	199	130	22	145	-5.29	310	-135	120
Net Income / (Loss) Continuing Operations	97	41	73	90	81	64	59	31	32	40	69
Consolidated Net Income / (Loss)	97	41	73	90	81	64	59	31	32	40	69
Depreciation Expense	9.44	8.46	9.81	7.53	8.21	8.41	18	11	14	12	12
Amortization Expense	24	24	24	25	22	24	25	24	24	25	24
Non-Cash Adjustments To Reconcile Net Income	14	45	7.74	9.48	8.70	10	7.28	8.30	10	4.40	5.86
Changes in Operating Assets and Liabilities, net	-101	-199	50	67	11	-85	36	-79	229	-216	9.10
Net Cash From Investing Activities	-19	-22	-32	-35	-42	-20	-31	-25	-8.93	-16	-5.93
Net Cash From Continuing Investing Activities	-19	-22	-32	-35	-42	-20	-31	-25	-8.93	-16	-5.93
Purchase of Property, Plant & Equipment	-17	-23	-32	-35	-43	-22	-32	-25	-18	-16	-20
Net Cash From Financing Activities	8.93	-8.26	-46	-135	-123	28	-82	2.82	-343	171	-85
Net Cash From Continuing Financing Activities	8.93	-8.26	-46	-135	-123	28	-82	2.82	-343	171	-85
Repayment of Debt	-421	-179	-259	-498	-298	-167	-222	-200	-469	-61	-328
Repurchase of Common Equity	-78	-229	-26	-	-	0.00	-	-	-	-	-22
Payment of Dividends	-17	-18	-18	-18	-18	-18	-17	-17	-17	-17	-17
Issuance of Debt	524	435	250	427	195	228	162	220	194	269	200
Other Financing Activities, net	0.90	-17	7.40	1.19	-1.43	-15	-4.37	-0.10	-50	-19	82
Effect of Exchange Rate Changes	0.79	-2.38	1.89	0.16	-0.73	1.85	-1.02	0.55	0.77	2.42	-2.97

This table presents Maximus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Total Assets	4,132	3,986	3,993	4,119	2,025	1,746	1,462	1,351	1,349	1,272
Total Current Assets	1,201	1,055	1,032	1,079	933	789	809	657	621	562
Cash & Equivalents	183	65	41	135	72	106	349	166	66	75
Accounts Receivable	880	827	807	835	786	601	389	431	481	427
Prepaid Expenses	133	147	182	104	73	62	44	56	57	53
Current Deferred & Refundable Income Taxes	5.28	17	2.16	5.41	2.08	21	5.98	4.53	17	7.31
Plant, Property, & Equipment, net	39	39	52	63	67	100	78	102	132	138
Total Noncurrent Assets	2,892	2,892	2,908	2,977	1,025	857	576	592	596	572
Long-Term Investments	56	43	37	47	37	-	-	-	-	-
Goodwill	1,783	1,779	1,779	1,774	593	584	400	403	398	376
Intangible Assets	818	811	864	922	184	212	110	126	139	135
Noncurrent Deferred & Refundable Income Taxes	15	2.46	4.97	0.99	1.92	0.19	6.83	7.69	8.64	11
Other Noncurrent Operating Assets	220	255	223	233	210	60	59	56	51	50
Total Liabilities & Shareholders' Equity	4,132	3,986	3,993	4,119	2,025	1,746	1,462	1,351	1,349	1,272
Total Liabilities	2,289	2,318	2,443	2,639	783	498	376	405	596	656
Total Current Liabilities	808	723	774	789	561	364	277	316	341	356
Short-Term Debt	40	87	63	81	11	9.66	0.14	-	0.28	0.36
Accounts Payable	303	282	265	306	253	178	114	122	151	155
Current Deferred Revenue	83	60	87	99	52	43	51	72	74	78
Current Deferred & Payable Income Tax Liabilities	27	0.45	0.72	6.78	5.38	14	4.44	4.70	7.98	12
Current Employee Benefit Liabilities	237	194	178	187	137	107	96	106	96	100
Other Current Liabilities	117	99	180	111	103	13	12	12	12	12
Total Noncurrent Liabilities	1,481	1,595	1,669	1,849	222	133	98	89	255	299
Long-Term Debt	1,092	1,163	1,292	1,429	18	0.23	-	-	165	211
Noncurrent Deferred Revenue	45	39	21	36	27	32	20	28	40	53
Noncurrent Deferred & Payable Income Tax Liabilities	169	204	206	195	25	47	26	20	17	6.55
Noncurrent Employee Benefit Liabilities	58	46	40	47	39	34	33	31	24	21
Other Noncurrent Operating Liabilities	117	143	109	20	113	20	18	9.63	8.75	8.73
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,843	1,668	1,549	1,480	1,242	1,248	1,086	946	753	616
Total Preferred & Common Equity	1,843	1,668	1,549	1,480	1,242	1,248	1,084	940	749	612
Total Common Equity	1,843	1,668	1,549	1,480	1,242	1,248	1,084	940	749	612
Common Stock	598	578	558	532	514	498	488	476	462	446
Retained Earnings	1,277	1,118	1,025	988	770	795	633	492	324	189
Accumulated Other Comprehensive Income / (Loss)	-32	-28	-34	-40	-43	-45	-37	-28	-36	-22

This table presents Maximus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	12/31/2024	6/30/2024	3/31/2024	12/31/2023	6/30/2023	3/31/2023	12/31/2022	6/30/2022
Total Assets	4,200	4,059	4,000	4,041	4,017	3,943	3,899	4,235	4,058
Total Current Assets	1,328	1,165	1,078	1,118	1,110	996	952	1,256	1,072
Cash & Equivalents	108	73	103	77	104	35	56	63	94
Accounts Receivable	1,097	963	850	916	860	799	742	1,014	868
Prepaid Expenses	119	129	116	111	129	128	141	175	94
Current Deferred & Refundable Income Taxes	3.49	1.38	9.46	14	16	34	12	4.49	16
Plant, Property, & Equipment, net	35	38	35	35	35	45	47	50	56
Total Noncurrent Assets	2,837	2,855	2,886	2,887	2,872	2,902	2,900	2,929	2,930
Long-Term Investments	53	56	53	52	47	-	-	-	-
Goodwill	1,781	1,780	1,780	1,780	1,781	1,781	1,780	1,783	1,784
Intangible Assets	795	807	823	819	806	816	823	848	878
Noncurrent Deferred & Refundable Income Taxes	10	12	5.91	2.13	2.20	5.77	5.87	5.04	4.78
Other Noncurrent Operating Assets	198	201	225	234	236	300	291	293	264
Total Liabilities & Shareholders' Equity	4,200	4,059	4,000	4,041	4,017	3,943	3,899	4,235	4,058
Total Liabilities	2,532	2,412	2,181	2,252	2,299	2,310	2,297	2,654	2,536
Total Current Liabilities	721	679	680	729	658	683	681	746	730
Short-Term Debt	47	35	40	89	90	87	84	77	60
Accounts Payable	306	286	281	276	268	284	259	272	259
Current Deferred Revenue	79	78	82	77	63	65	67	96	107
Current Deferred & Payable Income Tax Liabilities	18	37	11	16	24	0.07	4.48	12	4.07
Current Employee Benefit Liabilities	165	120	162	173	116	140	157	119	182
Other Current Liabilities	105	123	104	99	98	108	109	169	118
Total Noncurrent Liabilities	1,811	1,733	1,501	1,523	1,641	1,627	1,616	1,908	1,806
Long-Term Debt	1,446	1,353	1,101	1,121	1,222	1,223	1,205	1,487	1,423
Noncurrent Deferred Revenue	36	40	35	33	37	15	26	30	24
Noncurrent Deferred & Payable Income Tax Liabilities	167	173	201	193	198	207	201	204	197
Noncurrent Employee Benefit Liabilities	52	59	56	54	52	47	44	45	39
Other Noncurrent Operating Liabilities	110	108	108	122	131	135	140	143	31
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,667	1,647	1,819	1,789	1,718	1,633	1,602	1,581	1,522
Total Preferred & Common Equity	1,667	1,647	1,819	1,789	1,718	1,633	1,602	1,581	1,522
Total Common Equity	1,667	1,647	1,819	1,789	1,718	1,633	1,602	1,581	1,522
Common Stock	616	603	604	594	585	581	573	563	558
Retained Earnings	1,070	1,063	1,245	1,225	1,163	1,076	1,062	1,048	996
Accumulated Other Comprehensive Income / (Loss)	-18	-20	-31	-30	-31	-24	-33	-30	-32

This table displays calculated financial ratios and metrics derived from Maximus' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.19%	5.91%	8.85%	22.91%	19.91%	20.67%	-2.40%	1.98%	14.46%	23.45%
EBITDA Growth	38.39%	-2.68%	-7.95%	28.06%	-4.06%	11.96%	-5.72%	6.22%	14.01%	14.99%
EBIT Growth	66.07%	-8.86%	-18.92%	37.81%	-9.73%	6.68%	-5.12%	9.06%	11.06%	14.89%
NOPAT Growth	62.61%	-5.39%	-22.68%	43.93%	-10.37%	10.21%	3.01%	17.24%	12.81%	11.09%
Net Income Growth	89.70%	-20.62%	-30.00%	35.75%	-10.81%	8.91%	4.07%	17.77%	12.57%	10.08%
EPS Growth	89.73%	-20.06%	-29.55%	37.76%	-8.87%	11.04%	5.68%	17.84%	14.47%	11.37%
Operating Cash Flow Growth	63.92%	8.45%	-43.97%	111.50%	-31.43%	12.61%	-5.84%	86.88%	-12.70%	-3.46%
Free Cash Flow Firm Growth	80.66%	-28.41%	123.47%	-808.40%	205.45%	-169.56%	-1.47%	255.89%	141.53%	-229.34%
Invested Capital Growth	-2.62%	-0.64%	-3.49%	152.12%	0.84%	60.73%	-8.01%	-8.57%	13.37%	88.33%
Revenue Q/Q Growth	1.07%	1.72%	1.55%	4.48%	5.13%	7.30%	-2.54%	-0.09%	1.88%	7.32%
EBITDA Q/Q Growth	0.86%	-1.96%	9.41%	-0.06%	1.60%	7.24%	-4.33%	-2.65%	8.98%	3.63%
EBIT Q/Q Growth	2.95%	-4.88%	16.66%	-4.11%	2.50%	4.91%	-4.99%	-0.91%	7.25%	4.44%
NOPAT Q/Q Growth	3.50%	-2.15%	8.53%	-0.97%	1.72%	6.58%	-3.99%	1.32%	9.04%	0.65%
Net Income Q/Q Growth	4.55%	-5.78%	9.13%	-3.85%	1.72%	6.43%	-4.10%	1.81%	8.93%	0.16%
EPS Q/Q Growth	4.61%	-6.07%	9.67%	-3.51%	2.42%	6.29%	-2.62%	1.28%	8.47%	-2.49%
Operating Cash Flow Q/Q Growth	3.88%	8.46%	-34.19%	30.91%	29.35%	-9.04%	16.19%	3.84%	34.98%	-10.12%
Free Cash Flow Firm Q/Q Growth	-3.93%	-25.27%	-11.48%	10.27%	61.06%	-68.69%	26.37%	4.14%	219.50%	-11.48%
Invested Capital Q/Q Growth	-2.42%	-3.38%	-5.87%	-7.55%	-5.65%	0.42%	-11.10%	-2.73%	-1.54%	3.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.59%	20.97%	20.29%	22.26%	20.54%	23.25%	24.85%	24.97%	23.39%	24.42%
EBITDA Margin	11.65%	9.11%	9.91%	11.72%	11.25%	14.05%	15.15%	15.68%	15.06%	15.12%
Operating Margin	9.21%	6.01%	7.04%	9.60%	8.33%	10.98%	12.35%	12.79%	11.93%	12.37%
EBIT Margin	9.21%	6.00%	6.98%	9.36%	8.35%	11.09%	12.55%	12.91%	12.07%	12.44%
Profit (Net Income) Margin	5.78%	3.30%	4.40%	6.84%	6.20%	8.33%	9.23%	8.66%	7.50%	7.62%
Tax Burden Percent	75.50%	76.94%	73.56%	75.90%	74.73%	75.79%	73.80%	67.52%	63.00%	61.60%
Interest Burden Percent	83.14%	71.42%	85.77%	96.30%	99.29%	99.08%	99.67%	99.32%	98.58%	99.46%
Effective Tax Rate	24.50%	23.06%	26.44%	24.10%	25.27%	24.21%	26.20%	32.48%	37.00%	38.40%
Return on Invested Capital (ROIC)	13.30%	8.05%	8.33%	15.15%	18.61%	25.71%	29.14%	25.94%	22.51%	27.80%
ROIC Less NNEP Spread (ROIC-NNEP)	7.22%	2.67%	5.70%	12.40%	19.65%	25.64%	28.12%	24.48%	22.17%	27.88%
Return on Net Nonoperating Assets (RNNOA)	4.18%	2.01%	5.13%	6.24%	-1.38%	-5.11%	-7.41%	-0.96%	3.82%	-0.49%
Return on Equity (ROE)	17.48%	10.06%	13.46%	21.39%	17.23%	20.60%	21.73%	24.98%	26.32%	27.31%
Cash Return on Invested Capital (CROIC)	15.96%	8.69%	11.88%	-71.25%	17.78%	-20.88%	37.49%	34.89%	9.97%	-33.47%
Operating Return on Assets (OROA)	12.05%	7.38%	7.97%	12.97%	15.34%	19.97%	21.35%	23.44%	22.14%	24.05%
Return on Assets (ROA)	7.56%	4.06%	5.03%	9.48%	11.38%	14.99%	15.70%	15.72%	13.75%	14.73%
Return on Common Equity (ROCE)	17.48%	10.06%	13.46%	21.39%	17.23%	20.58%	21.64%	24.84%	26.18%	27.23%
Return on Equity Simple (ROE_SIMPLE)	16.65%	9.70%	13.16%	19.67%	17.27%	19.27%	20.37%	22.57%	24.05%	26.14%
Net Operating Profit after Tax (NOPAT)	369	227	240	310	215	240	218	212	181	160
NOPAT Margin	6.95%	4.62%	5.18%	7.29%	6.22%	8.33%	9.12%	8.64%	7.51%	7.62%
Net Nonoperating Expense Percent (NNEP)	6.08%	5.37%	2.63%	2.75%	-1.04%	0.07%	1.03%	1.46%	0.34%	-0.08%
Cost of Revenue to Revenue	76.41%	79.03%	79.71%	77.74%	79.46%	76.75%	75.15%	75.03%	76.61%	75.58%
SG&A Expenses to Revenue	12.66%	13.03%	11.54%	11.61%	11.18%	11.12%	11.92%	11.61%	11.20%	11.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.38%	14.96%	13.26%	12.66%	12.21%	12.27%	12.49%	12.17%	11.47%	12.04%
Earnings before Interest and Taxes (EBIT)	489	294	323	398	289	320	300	316	290	261
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	618	447	459	499	389	406	362	384	362	317
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.03	2.67	2.19	3.30	3.18	3.67	3.53	4.06	4.46	5.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	8.51	10.13	6.67	9.28	15.72	35.18
Price to Revenue (P/Rev)	1.05	0.91	0.73	1.15	1.14	1.59	1.60	1.56	1.39	1.70
Price to Earnings (P/E)	18.20	27.55	16.63	16.79	18.43	19.00	17.33	18.23	18.72	22.58
Dividend Yield	1.29%	1.53%	2.00%	1.41%	1.74%	1.39%	0.30%	0.31%	0.35%	0.33%
Earnings Yield	5.50%	3.63%	6.01%	5.96%	5.42%	5.26%	5.77%	5.48%	5.34%	4.43%
Enterprise Value to Invested Capital (EV/IC)	2.37	1.99	1.65	2.16	3.33	3.89	4.82	4.69	4.04	4.92
Enterprise Value to Revenue (EV/Rev)	1.22	1.14	1.01	1.49	1.12	1.55	1.45	1.49	1.43	1.76
Enterprise Value to EBITDA (EV/EBITDA)	10.48	12.54	10.17	12.71	9.95	11.04	9.54	9.52	9.51	11.66
Enterprise Value to EBIT (EV/EBIT)	13.25	19.02	14.45	15.91	13.40	13.99	11.52	11.56	11.87	14.17
Enterprise Value to NOPAT (EV/NOPAT)	17.57	24.68	19.47	20.44	17.99	18.64	15.86	17.28	19.06	23.13
Enterprise Value to Operating Cash Flow (EV/OCF)	12.57	17.81	16.11	12.25	15.84	12.56	10.92	10.87	19.12	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	14.64	22.86	13.64	0.00	18.83	0.00	12.33	12.85	43.03	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.75	0.88	1.10	0.02	0.01	0.00	0.00	0.22	0.34
Long-Term Debt to Equity	0.59	0.70	0.83	1.05	0.01	0.00	0.00	0.00	0.22	0.34
Financial Leverage	0.58	0.75	0.90	0.50	-0.07	-0.20	-0.26	-0.04	0.17	-0.02
Leverage Ratio	2.31	2.48	2.68	2.26	1.51	1.37	1.38	1.59	1.91	1.85
Compound Leverage Factor	1.92	1.77	2.30	2.17	1.50	1.36	1.38	1.58	1.89	1.84
Debt to Total Capital	38.05%	42.84%	46.67%	52.43%	2.27%	0.79%	0.01%	0.00%	18.03%	25.52%
Short-Term Debt to Total Capital	1.35%	2.98%	2.18%	2.59%	0.86%	0.77%	0.01%	0.00%	0.03%	0.04%
Long-Term Debt to Total Capital	36.71%	39.86%	44.49%	49.84%	1.42%	0.02%	0.00%	0.00%	18.00%	25.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.23%	0.60%	0.44%	0.40%
Common Equity to Total Capital	61.95%	57.16%	53.33%	47.57%	97.73%	99.18%	99.75%	99.40%	81.53%	74.08%
Debt to EBITDA	1.83	2.80	2.96	3.27	0.07	0.02	0.00	0.00	0.46	0.66
Net Debt to EBITDA	1.45	2.56	2.79	2.91	-0.20	-0.24	-1.02	0.00	0.27	0.43
Long-Term Debt to EBITDA	1.77	2.60	2.82	3.11	0.05	0.00	0.00	0.00	0.46	0.66
Debt to NOPAT	3.07	5.51	5.66	5.26	0.13	0.04	0.00	0.00	0.92	1.32
Net Debt to NOPAT	2.42	5.03	5.33	4.68	-0.37	-0.40	-1.69	0.00	0.55	0.85
Long-Term Debt to NOPAT	2.96	5.13	5.39	5.00	0.08	0.00	0.00	0.00	0.92	1.32
Altman Z-Score	3.69	3.12	2.70	2.88	5.96	8.71	9.47	9.06	6.44	5.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.02%	0.13%	0.41%	0.57%	0.54%	0.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.46	1.33	1.37	1.66	2.17	2.91	2.08	1.82	1.58
Quick Ratio	1.32	1.23	1.09	1.23	1.53	1.94	2.73	1.89	1.61	1.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	442	245	342	-1,458	206	-195	281	285	80	-193
Operating Cash Flow to CapEx	389.79%	346.59%	729.82%	1,414.80%	600.86%	533.66%	1,194.47%	1,392.83%	388.06%	196.12%
Free Cash Flow to Firm to Interest Expense	5.37	2.91	7.44	-98.87	99.94	-65.99	280.54	131.70	19.35	-137.81
Operating Cash Flow to Interest Expense	6.25	3.74	6.31	35.09	118.79	120.64	316.77	155.61	43.55	147.51
Operating Cash Flow Less CapEx to Interest Expense	4.65	2.66	5.44	32.61	99.02	98.03	290.25	144.44	32.33	72.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.31	1.23	1.14	1.39	1.84	1.80	1.70	1.82	1.83	1.93
Accounts Receivable Turnover	6.22	6.00	5.64	5.25	4.99	5.83	5.84	5.38	5.29	5.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	136.39	107.69	80.62	65.78	41.63	32.59	26.70	21.02	17.84	19.26
Accounts Payable Turnover	13.85	14.18	12.95	11.84	12.76	15.17	15.21	13.48	12.03	12.28
Days Sales Outstanding (DSO)	58.69	60.80	64.71	69.54	73.11	62.57	62.55	67.88	68.94	62.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.35	25.74	28.19	30.84	28.61	24.07	24.00	27.07	30.34	29.74
Cash Conversion Cycle (CCC)	32.34	35.06	36.52	38.70	44.51	38.50	38.55	40.81	38.60	32.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,736	2,810	2,828	2,930	1,162	1,153	717	780	853	752
Invested Capital Turnover	1.91	1.74	1.61	2.08	2.99	3.09	3.20	3.00	3.00	3.65
Increase / (Decrease) in Invested Capital	-74	-18	-102	1,768	9.63	435	-62	-73	101	353
Enterprise Value (EV)	6,478	5,599	4,668	6,338	3,874	4,481	3,458	3,658	3,442	3,701
Market Capitalization	5,585	4,457	3,390	4,888	3,954	4,576	3,825	3,819	3,339	3,562
Book Value per Share	$30.62	$27.44	$25.59	$24.08	$20.25	$19.55	$16.87	$14.49	$11.54	$9.29
Tangible Book Value per Share	($12.60)	($15.18)	($18.06)	($19.78)	$7.58	$7.08	$8.93	$6.34	$3.27	$1.54
Total Capital	2,975	2,918	2,905	3,112	1,271	1,258	1,087	946	919	827
Total Debt	1,132	1,250	1,356	1,631	29	9.89	0.14	0.00	166	211
Total Long-Term Debt	1,092	1,163	1,292	1,551	18	0.23	0.00	0.00	165	211
Net Debt	893	1,142	1,278	1,450	-80	-96	-369	-166	99	136
Capital Expenditures (CapEx)	132	91	40	37	41	67	27	24	46	105
Debt-free, Cash-free Net Working Capital (DFCFNWC)	250	354	281	236	311	329	162	175	214	131
Debt-free Net Working Capital (DFNWC)	433	419	321	371	382	435	531	341	281	206
Net Working Capital (NWC)	393	332	258	290	371	425	531	341	280	206
Net Nonoperating Expense (NNE)	62	65	36	19	0.91	-0.16	-2.75	-0.49	0.40	0.01
Net Nonoperating Obligations (NNO)	893	1,142	1,278	1,450	-80	-96	-369	-166	99	136
Total Depreciation and Amortization (D&A)	129	152	136	100	100	85	62	68	72	56
Debt-free, Cash-free Net Working Capital to Revenue	4.71%	7.22%	6.06%	5.54%	8.97%	11.41%	6.76%	7.13%	8.92%	6.25%
Debt-free Net Working Capital to Revenue	8.16%	8.55%	6.94%	8.71%	11.04%	15.06%	22.21%	13.91%	11.67%	9.80%
Net Working Capital to Revenue	7.41%	6.78%	5.57%	6.82%	10.73%	14.73%	22.20%	13.91%	11.66%	9.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.03	$2.65	$3.30	$4.69	$0.00	$3.73	$3.37	$3.19	$2.71	$0.00
Adjusted Weighted Average Basic Shares Outstanding	61.05M	61.13M	61.77M	62.07M	0.00	64.50M	65.50M	65.63M	65.82M	0.00
Adjusted Diluted Earnings per Share	$4.99	$2.63	$3.29	$4.67	$0.00	$3.72	$3.35	$3.17	$2.69	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	61.48M	61.45M	61.97M	62.37M	0.00	64.82M	65.93M	66.07M	66.23M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.30M	61.00M	60.77M	61.95M	0.00	63.98M	64.13M	65.14M	64.78M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	369	227	232	310	215	240	221	213	181	163
Normalized NOPAT Margin	6.95%	4.62%	5.00%	7.29%	6.22%	8.33%	9.22%	8.70%	7.51%	7.76%
Pre Tax Income Margin	7.66%	4.29%	5.98%	9.02%	8.29%	10.99%	12.51%	12.82%	11.90%	12.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.93	3.50	7.03	27.02	140.42	108.31	300.21	146.34	70.17	186.85
NOPAT to Interest Expense	4.47	2.70	5.22	21.03	104.62	81.28	218.07	97.92	43.68	114.49
EBIT Less CapEx to Interest Expense	4.33	2.42	6.16	24.54	120.65	85.71	273.69	135.17	58.95	111.64
NOPAT Less CapEx to Interest Expense	2.87	1.62	4.35	18.55	84.85	58.67	191.55	86.74	32.46	39.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.75%	42.07%	33.71%	23.64%	32.70%	26.56%	5.29%	5.50%	6.49%	7.41%
Augmented Payout Ratio	47.56%	42.07%	80.87%	24.79%	110.54%	46.29%	35.60%	19.10%	25.00%	59.13%

This table displays calculated financial ratios and metrics derived from Maximus' official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.00%	5.70%	4.44%	10.62%	11.73%	6.23%	7.05%	5.59%	2.51%	8.55%	6.41%
EBITDA Growth	17.81%	-14.91%	3.73%	88.42%	56.24%	24.59%	-5.95%	9.65%	-7.07%	-3.25%	35.75%
EBIT Growth	19.96%	-19.20%	14.19%	145.60%	102.64%	42.61%	-13.27%	10.22%	-16.68%	-7.60%	68.18%
NOPAT Growth	17.28%	-35.71%	16.59%	113.22%	102.55%	44.10%	-7.38%	19.65%	-17.15%	-7.86%	30.07%
Net Income Growth	19.95%	-35.78%	22.58%	190.81%	153.27%	60.39%	-14.36%	-1.51%	-36.55%	-25.00%	32.79%
EPS Growth	29.01%	-33.65%	22.92%	192.00%	151.92%	60.00%	-15.04%	-1.96%	-35.00%	-23.53%	34.52%
Operating Cash Flow Growth	-67.27%	-470.21%	13.31%	3,870.87%	-57.87%	116.05%	20.43%	-109.13%	169.82%	-4,513.19%	-55.64%
Free Cash Flow Firm Growth	-130.48%	-91.51%	73.02%	44.24%	-21.02%	744.36%	-49.23%	-29.71%	106.55%	101.82%	110.75%
Invested Capital Growth	4.52%	0.96%	-2.62%	-3.58%	1.23%	-6.60%	-0.64%	-3.19%	-1.02%	0.73%	-3.49%
Revenue Q/Q Growth	-2.92%	6.60%	0.07%	-2.48%	1.61%	5.32%	6.00%	-1.51%	-3.39%	6.14%	4.55%
EBITDA Q/Q Growth	57.70%	-18.86%	-15.85%	9.41%	13.90%	-1.08%	52.85%	-9.28%	-9.17%	-25.33%	78.19%
EBIT Q/Q Growth	78.01%	-23.26%	-20.04%	9.83%	19.90%	8.45%	71.97%	-9.38%	-15.62%	-34.05%	118.56%
NOPAT Q/Q Growth	115.08%	-40.70%	-17.26%	11.14%	17.90%	7.54%	51.31%	5.58%	-16.12%	-30.88%	95.47%
Net Income Q/Q Growth	134.41%	-43.18%	-19.22%	11.48%	25.51%	8.46%	91.64%	-2.91%	-20.52%	-42.09%	120.41%
EPS Q/Q Growth	144.93%	-41.53%	-19.18%	11.45%	25.96%	8.33%	92.00%	-3.85%	-20.00%	-42.48%	121.57%
Operating Cash Flow Q/Q Growth	153.40%	-148.83%	-17.81%	52.76%	503.89%	-85.06%	2,835.32%	-101.71%	329.99%	-212.16%	107.30%
Free Cash Flow Firm Q/Q Growth	-176.06%	-85.03%	-23.26%	248.98%	-78.83%	205.09%	-36.02%	91.08%	126.38%	-81.66%	-11.42%
Invested Capital Q/Q Growth	3.20%	6.25%	-2.42%	-2.31%	-0.32%	2.47%	-3.38%	2.57%	-8.03%	9.01%	-5.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.88%	21.50%	22.93%	25.27%	23.55%	22.61%	23.09%	22.24%	18.94%	19.59%	23.19%
EBITDA Margin	13.73%	8.46%	11.11%	13.21%	11.77%	10.50%	11.18%	7.76%	8.42%	8.96%	12.73%
Operating Margin	11.23%	6.19%	8.49%	10.78%	9.46%	8.10%	7.87%	4.91%	5.18%	5.99%	9.73%
EBIT Margin	11.30%	6.17%	8.56%	10.72%	9.52%	8.06%	7.83%	4.83%	5.25%	6.01%	9.67%
Profit (Net Income) Margin	7.09%	2.94%	5.51%	6.83%	5.97%	4.83%	4.69%	2.60%	2.63%	3.20%	5.87%
Tax Burden Percent	72.90%	59.75%	78.24%	74.56%	74.58%	75.01%	75.66%	84.89%	75.11%	74.85%	70.70%
Interest Burden Percent	86.05%	79.74%	82.24%	85.41%	84.13%	79.90%	79.22%	63.36%	66.84%	71.21%	85.85%
Effective Tax Rate	27.10%	40.26%	21.76%	25.44%	25.42%	24.99%	24.34%	15.11%	24.89%	25.15%	29.30%
Return on Invested Capital (ROIC)	15.05%	6.88%	12.72%	14.78%	12.67%	10.16%	10.36%	6.80%	6.50%	6.90%	11.07%
ROIC Less NNEP Spread (ROIC-NNEP)	13.82%	6.00%	11.25%	13.37%	11.41%	8.92%	9.05%	5.45%	5.30%	5.85%	10.19%
Return on Net Nonoperating Assets (RNNOA)	9.64%	4.32%	6.52%	8.75%	7.78%	7.20%	6.81%	4.76%	4.27%	5.70%	9.18%
Return on Equity (ROE)	24.70%	11.19%	19.24%	23.53%	20.45%	17.36%	17.16%	11.56%	10.77%	12.60%	20.25%
Cash Return on Invested Capital (CROIC)	7.74%	10.82%	15.96%	16.13%	9.26%	15.25%	8.69%	11.09%	8.91%	6.92%	11.88%
Operating Return on Assets (OROA)	14.80%	8.22%	11.20%	14.17%	12.28%	9.74%	9.63%	5.82%	6.24%	6.75%	11.04%
Return on Assets (ROA)	9.29%	3.91%	7.20%	9.02%	7.71%	5.84%	5.77%	3.13%	3.13%	3.60%	6.70%
Return on Common Equity (ROCE)	24.70%	11.19%	19.24%	23.53%	20.45%	17.36%	17.16%	11.56%	10.77%	12.60%	20.25%
Return on Equity Simple (ROE_SIMPLE)	17.99%	17.24%	0.00%	16.14%	13.12%	10.82%	0.00%	10.52%	10.75%	12.05%	0.00%
Net Operating Profit after Tax (NOPAT)	112	52	87	106	95	81	75	50	47	56	81
NOPAT Margin	8.19%	3.70%	6.64%	8.04%	7.05%	6.08%	5.95%	4.17%	3.89%	4.48%	6.88%
Net Nonoperating Expense Percent (NNEP)	1.24%	0.88%	1.47%	1.41%	1.26%	1.24%	1.31%	1.36%	1.19%	1.05%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	3.53%	1.71%	-	-	-	2.66%	-	-	-	-	-
Cost of Revenue to Revenue	75.12%	78.50%	77.07%	74.73%	76.45%	77.39%	76.91%	77.76%	81.06%	80.41%	76.81%
SG&A Expenses to Revenue	11.96%	13.67%	12.68%	12.70%	12.49%	12.75%	13.32%	15.36%	11.80%	11.72%	12.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.65%	15.31%	14.43%	14.49%	14.10%	14.51%	15.22%	17.33%	13.76%	13.61%	13.46%
Earnings before Interest and Taxes (EBIT)	154	86	113	141	128	107	99	57	63	75	114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	187	119	146	174	159	139	141	92	102	112	150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.31	2.73	3.03	2.86	2.84	2.93	2.67	3.09	2.92	2.74	2.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.72	0.84	1.05	0.99	0.99	1.01	0.91	1.05	0.98	0.92	0.73
Price to Earnings (P/E)	12.86	15.85	18.20	17.69	21.67	27.02	27.55	29.38	27.18	22.73	16.63
Dividend Yield	1.76%	1.61%	1.29%	1.38%	1.39%	1.38%	1.53%	1.35%	1.45%	1.57%	2.00%
Earnings Yield	7.77%	6.31%	5.50%	5.65%	4.61%	3.70%	3.63%	3.40%	3.68%	4.40%	6.01%
Enterprise Value to Invested Capital (EV/IC)	1.73	1.98	2.37	2.20	2.15	2.15	1.99	2.17	2.09	1.89	1.65
Enterprise Value to Revenue (EV/Rev)	0.96	1.07	1.22	1.18	1.20	1.24	1.14	1.31	1.24	1.23	1.01
Enterprise Value to EBITDA (EV/EBITDA)	8.30	9.65	10.48	10.08	11.61	13.05	12.54	13.87	13.22	12.81	10.17
Enterprise Value to EBIT (EV/EBIT)	10.51	12.30	13.25	13.01	15.75	18.95	19.02	20.42	19.44	18.40	14.45
Enterprise Value to NOPAT (EV/NOPAT)	14.54	16.91	17.57	17.34	20.62	24.62	24.68	27.27	26.31	24.84	19.47
Enterprise Value to Operating Cash Flow (EV/OCF)	15.93	13.93	12.57	12.45	21.16	13.14	17.81	21.81	16.75	36.89	16.11
Enterprise Value to Free Cash Flow (EV/FCFF)	22.85	18.41	14.64	13.41	23.34	13.61	22.86	19.28	23.29	27.45	13.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.84	0.61	0.63	0.68	0.76	0.75	0.80	0.81	0.99	0.88
Long-Term Debt to Equity	0.87	0.82	0.59	0.61	0.63	0.71	0.70	0.75	0.75	0.94	0.83
Financial Leverage	0.70	0.72	0.58	0.65	0.68	0.81	0.75	0.87	0.81	0.98	0.90
Leverage Ratio	2.38	2.40	2.31	2.30	2.34	2.50	2.48	2.54	2.54	2.71	2.68
Compound Leverage Factor	2.05	1.91	1.90	1.97	1.97	2.00	1.96	1.61	1.70	1.93	2.30
Debt to Total Capital	47.24%	45.74%	38.05%	38.54%	40.34%	43.32%	42.84%	44.52%	44.60%	49.74%	46.67%
Short-Term Debt to Total Capital	1.49%	1.15%	1.35%	1.35%	2.95%	2.98%	2.98%	2.95%	2.92%	2.46%	2.18%
Long-Term Debt to Total Capital	45.75%	44.59%	36.71%	37.19%	37.39%	40.33%	39.86%	41.56%	41.68%	47.27%	44.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.76%	54.26%	61.95%	61.46%	59.66%	56.68%	57.16%	55.48%	55.40%	50.26%	53.33%
Debt to EBITDA	2.39	2.32	1.83	1.86	2.28	2.77	2.80	2.88	2.88	3.44	2.96
Net Debt to EBITDA	2.13	2.11	1.45	1.61	2.03	2.45	2.56	2.80	2.76	3.30	2.79
Long-Term Debt to EBITDA	2.31	2.27	1.77	1.80	2.11	2.58	2.60	2.69	2.69	3.27	2.82
Debt to NOPAT	4.18	4.08	3.07	3.20	4.05	5.22	5.51	5.65	5.74	6.66	5.66
Net Debt to NOPAT	3.73	3.70	2.42	2.76	3.61	4.62	5.03	5.50	5.49	6.40	5.33
Long-Term Debt to NOPAT	4.05	3.97	2.96	3.09	3.75	4.86	5.13	5.28	5.36	6.33	5.39
Altman Z-Score	2.85	3.03	3.39	3.41	3.27	3.18	2.96	3.06	2.96	2.65	2.52
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.84	1.72	1.49	1.59	1.53	1.69	1.46	1.46	1.40	1.68	1.33
Quick Ratio	1.67	1.52	1.32	1.40	1.36	1.47	1.23	1.22	1.17	1.44	1.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-18	24	161	210	60	284	93	146	76	34	183
Operating Cash Flow to CapEx	248.25%	-347.93%	512.85%	574.60%	301.32%	97.13%	454.23%	-21.05%	1,715.39%	-857.86%	2,077.93%
Free Cash Flow to Firm to Interest Expense	-0.85	1.38	8.05	10.21	2.95	13.21	4.54	6.92	3.63	1.56	11.39
Operating Cash Flow to Interest Expense	1.99	-4.57	8.19	9.70	6.41	1.00	7.05	-0.25	14.75	-6.23	7.46
Operating Cash Flow Less CapEx to Interest Expense	1.19	-5.88	6.59	8.01	4.28	-0.03	5.50	-1.45	13.89	-6.96	7.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.31	1.33	1.31	1.32	1.29	1.21	1.23	1.21	1.19	1.12	1.14
Accounts Receivable Turnover	5.36	5.90	6.22	6.37	6.18	5.32	6.00	5.79	5.85	5.08	5.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	153.59	147.69	136.39	131.54	124.54	117.02	107.69	95.75	90.77	91.12	80.62
Accounts Payable Turnover	14.15	14.91	13.85	14.20	14.75	14.44	14.18	14.04	13.52	13.83	12.95
Days Sales Outstanding (DSO)	68.11	61.82	58.69	57.32	59.07	68.66	60.80	63.08	62.44	71.91	64.71
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	25.80	24.49	26.35	25.70	24.74	25.27	25.74	25.99	26.99	26.39	28.19
Cash Conversion Cycle (CCC)	42.30	37.33	32.34	31.62	34.32	43.39	35.06	37.09	35.44	45.52	36.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,000	2,907	2,736	2,804	2,870	2,879	2,810	2,908	2,835	3,082	2,828
Invested Capital Turnover	1.84	1.86	1.91	1.84	1.80	1.67	1.74	1.63	1.67	1.54	1.61
Increase / (Decrease) in Invested Capital	130	28	-74	-104	35	-203	-18	-96	-29	22	-102
Enterprise Value (EV)	5,192	5,761	6,478	6,177	6,166	6,186	5,599	6,320	5,914	5,832	4,668
Market Capitalization	3,860	4,501	5,585	5,192	5,085	5,025	4,457	5,045	4,680	4,331	3,390
Book Value per Share	$29.46	$27.31	$30.62	$29.91	$29.32	$28.01	$27.44	$26.86	$26.36	$25.87	$25.59
Tangible Book Value per Share	($16.05)	($15.59)	($12.60)	($12.90)	($13.27)	($14.17)	($15.18)	($15.86)	($16.47)	($17.18)	($18.06)
Total Capital	3,160	3,035	2,975	2,959	2,999	3,030	2,918	2,943	2,891	3,145	2,905
Total Debt	1,493	1,388	1,132	1,141	1,210	1,313	1,250	1,310	1,290	1,564	1,356
Total Long-Term Debt	1,446	1,353	1,092	1,101	1,121	1,222	1,163	1,223	1,205	1,487	1,292
Net Debt	1,332	1,260	893	985	1,081	1,161	1,142	1,275	1,233	1,501	1,278
Capital Expenditures (CapEx)	17	23	32	35	43	22	32	25	18	16	5.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	546	449	250	335	401	438	354	365	299	524	281
Debt-free Net Working Capital (DFNWC)	654	521	433	438	478	542	419	400	355	587	321
Net Working Capital (NWC)	607	486	393	398	390	451	332	313	271	510	258
Net Nonoperating Expense (NNE)	15	11	15	16	15	16	16	19	15	16	12
Net Nonoperating Obligations (NNO)	1,332	1,260	893	985	1,081	1,161	1,142	1,275	1,233	1,501	1,278
Total Depreciation and Amortization (D&A)	33	32	33	33	30	32	42	35	38	37	36
Debt-free, Cash-free Net Working Capital to Revenue	10.12%	8.34%	4.71%	6.39%	7.82%	8.78%	7.22%	7.56%	6.28%	11.09%	6.06%
Debt-free Net Working Capital to Revenue	12.12%	9.69%	8.16%	8.35%	9.33%	10.87%	8.55%	8.29%	7.46%	12.42%	6.94%
Net Working Capital to Revenue	11.25%	9.04%	7.41%	7.59%	7.61%	9.06%	6.78%	6.49%	5.69%	10.78%	5.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.70	$0.69	$1.20	$1.47	$1.31	$1.05	$0.98	$0.50	$0.52	$0.65	$1.12
Adjusted Weighted Average Basic Shares Outstanding	56.89M	59.73M	61.05M	61.08M	61.37M	61.32M	61.13M	61.14M	61.12M	61.12M	61.77M
Adjusted Diluted Earnings per Share	$1.69	$0.69	$1.18	$1.46	$1.31	$1.04	$0.96	$0.50	$0.52	$0.65	$1.13
Adjusted Weighted Average Diluted Shares Outstanding	57.06M	60.00M	61.48M	61.38M	61.62M	61.54M	61.45M	61.54M	61.38M	61.20M	61.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.35M	56.60M	60.30M	60.18M	60.80M	61.03M	61.00M	60.78M	60.78M	60.77M	60.77M
Normalized Net Operating Profit after Tax (NOPAT)	112	52	87	106	95	81	75	50	47	56	81
Normalized NOPAT Margin	8.19%	3.70%	6.64%	8.04%	7.05%	6.08%	5.95%	4.17%	3.89%	4.48%	6.88%
Pre Tax Income Margin	9.73%	4.92%	7.04%	9.15%	8.01%	6.44%	6.20%	3.06%	3.51%	4.28%	8.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.17	4.94	5.63	6.86	6.30	4.98	4.81	2.73	3.02	3.47	7.07
NOPAT to Interest Expense	5.19	2.96	4.37	5.14	4.67	3.75	3.66	2.36	2.24	2.59	5.03
EBIT Less CapEx to Interest Expense	6.37	3.62	4.03	5.17	4.17	3.94	3.26	1.53	2.16	2.75	6.71
NOPAT Less CapEx to Interest Expense	4.39	1.65	2.77	3.45	2.54	2.72	2.10	1.16	1.38	1.86	4.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.75%	25.59%	23.75%	24.48%	30.11%	37.30%	42.07%	39.61%	39.54%	35.90%	33.71%
Augmented Payout Ratio	150.24%	131.82%	47.56%	40.59%	30.11%	37.30%	42.07%	52.57%	39.54%	35.90%	80.87%

Frequently Asked Questions About Maximus' Financials

When does Maximus's financial year end?

According to the most recent income statement we have on file, Maximus' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Maximus' net income changed over the last 9 years?

Maximus' net income appears to be on an upward trend, with a most recent value of $306.91 million in 2024, rising from $160.05 million in 2015. The previous period was $161.79 million in 2023. See where experts think Maximus is headed by visiting Maximus' forecast page.

What is Maximus's operating income?

Maximus's total operating income in 2024 was $488.50 million, based on the following breakdown:

Total Gross Profit: $1.25 billion
Total Operating Expenses: $763.15 million

How has Maximus revenue changed over the last 9 years?

Over the last 9 years, Maximus' total revenue changed from $2.10 billion in 2015 to $5.31 billion in 2024, a change of 152.7%.

How much debt does Maximus have?

Maximus' total liabilities were at $2.29 billion at the end of 2024, a 1.3% decrease from 2023, and a 249.0% increase since 2015.

How much cash does Maximus have?

In the past 9 years, Maximus' cash and equivalents has ranged from $40.66 million in 2022 to $349.25 million in 2018, and is currently $183.12 million as of their latest financial filing in 2024.

How has Maximus' book value per share changed over the last 9 years?

Over the last 9 years, Maximus' book value per share changed from 9.29 in 2015 to 30.62 in 2024, a change of 229.8%.

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This page (NYSE:MMS) was last updated on 5/25/2025 by MarketBeat.com Staff

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Maximus (MMS) Financials

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Maximus (MMS) Financials

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