Maximus (MMS) Financials

$66.57 -0.31 (-0.46%)

As of 09:32 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	158	178	209	221	241	215	291	204	162	307
Consolidated Net Income / (Loss)	160	180	212	221	240	215	291	204	162	307
Net Income / (Loss) Continuing Operations	160	180	212	221	240	215	291	204	162	307
Total Pre-Tax Income	260	286	314	299	317	287	384	277	210	407
Total Operating Income	260	287	314	295	317	288	409	326	295	488
Total Gross Profit	513	562	612	594	671	711	947	940	1,029	1,252
Total Revenue	2,100	2,403	2,451	2,392	2,887	3,462	4,254	4,631	4,905	5,306
Operating Revenue	2,100	2,403	2,451	2,392	2,887	3,462	4,254	4,631	4,905	5,306
Total Cost of Revenue	1,587	1,841	1,839	1,798	2,216	2,751	3,308	3,691	3,876	4,055
Operating Cost of Revenue	1,587	1,841	1,839	1,798	2,216	2,751	3,308	3,691	3,876	4,055
Total Operating Expenses	253	276	298	299	354	423	538	614	734	763
Selling, General & Admin Expense	239	269	285	285	321	387	494	534	639	672
Amortization Expense	9.35	13	12	10	33	36	44	90	95	92
Other Special Charges / (Income)	0.00	-	-	-	-	0.00	0.00	-11	0.00	0.00
Total Other Income / (Expense), net	-0.01	-0.64	0.72	3.73	0.21	-1.22	-25	-49	-85	-82
Interest Expense	1.40	4.13	2.16	1.00	2.96	2.06	15	46	84	82
Other Income / (Expense), net	1.39	3.50	2.89	4.73	3.17	0.84	-10	-2.84	-0.36	0.45
Income Tax Expense	100	106	102	78	77	73	92	73	49	100
Basic Earnings per Share	$2.37	$2.71	$3.19	$3.37	$3.73	$3.40	$4.69	$3.30	$2.65	$5.03
Weighted Average Basic Shares Outstanding	66.68M	65.82M	65.63M	65.50M	64.50M	63.06M	62.07M	61.77M	61.13M	61.05M
Diluted Earnings per Share	$2.35	$2.69	$3.17	$3.35	$3.72	$3.39	$4.67	$3.29	$2.63	$4.99
Weighted Average Diluted Shares Outstanding	67.28M	66.23M	66.07M	65.93M	64.82M	63.32M	62.37M	61.97M	61.45M	61.48M
Weighted Average Basic & Diluted Shares Outstanding	66.60M	65.80M	65.70M	65.50M	63.98M	122.91M	61.95M	60.77M	61.00M	60.30M
Cash Dividends to Common per Share	$0.18	$0.18	$0.18	$0.18	$1.00	$1.12	$1.12	$1.12	$1.12	$1.20

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	31	69	40	32	31	59	64	81	90	73	41
Consolidated Net Income / (Loss)	31	69	40	32	31	59	64	81	90	73	41
Net Income / (Loss) Continuing Operations	31	69	40	32	31	59	64	81	90	73	41
Total Pre-Tax Income	41	98	53	42	36	78	86	108	120	93	69
Total Operating Income	55	115	75	63	58	99	108	127	142	112	87
Total Gross Profit	210	273	245	229	264	291	300	318	332	302	302
Total Revenue	1,126	1,177	1,249	1,207	1,189	1,260	1,327	1,348	1,315	1,316	1,403
Operating Revenue	1,126	1,177	1,249	1,207	1,189	1,260	1,327	1,348	1,315	1,316	1,403
Total Cost of Revenue	916	904	1,004	978	924	969	1,027	1,031	983	1,014	1,101
Operating Cost of Revenue	916	904	1,004	978	924	969	1,027	1,031	983	1,014	1,101
Total Operating Expenses	156	158	170	166	206	192	193	190	191	190	215
Selling, General & Admin Expense	133	147	146	142	183	168	169	168	167	167	192
Amortization Expense	23	23	24	24	23	24	23	22	24	23	23
Total Other Income / (Expense), net	-13	-17	-21	-20	-22	-21	-22	-20	-21	-19	-18
Interest Expense	11	16	22	21	21	21	22	20	21	20	18
Other Income / (Expense), net	-2.50	-0.74	0.27	0.82	-1.01	-0.44	-0.49	0.82	-0.81	0.93	-0.31
Income Tax Expense	9.93	29	13	11	5.49	19	21	27	31	20	28
Basic Earnings per Share	$0.51	$1.12	$0.65	$0.52	$0.50	$0.98	$1.05	$1.31	$1.47	$1.20	$0.69
Weighted Average Basic Shares Outstanding	61.61M	61.77M	61.12M	61.12M	61.14M	61.13M	61.32M	61.37M	61.08M	61.05M	59.73M
Diluted Earnings per Share	$0.51	$1.13	$0.65	$0.52	$0.50	$0.96	$1.04	$1.31	$1.46	$1.18	$0.69
Weighted Average Diluted Shares Outstanding	61.76M	61.97M	61.20M	61.38M	61.54M	61.45M	61.54M	61.62M	61.38M	61.48M	60.00M
Weighted Average Basic & Diluted Shares Outstanding	60.55M	60.77M	60.77M	60.78M	60.78M	61.00M	61.03M	60.80M	60.18M	60.30M	56.60M
Cash Dividends to Common per Share	$0.28	$0.28	$0.28	$0.28	$0.28	$0.28	$0.30	$0.30	$0.30	$0.30	$0.30

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-1.34	26	23	-41	-27	30	31	-35	29	88	-113
Net Cash From Operating Activities	58	120	-135	310	-5.29	145	22	130	199	164	-80
Net Cash From Continuing Operating Activities	58	120	-135	310	-5.29	145	22	130	199	164	-80
Net Income / (Loss) Continuing Operations	31	69	40	32	31	59	64	81	90	73	41
Consolidated Net Income / (Loss)	31	69	40	32	31	59	64	81	90	73	41
Depreciation Expense	8.68	12	12	14	11	18	8.41	8.21	7.53	9.81	8.46
Amortization Expense	23	24	25	24	24	25	24	22	25	24	24
Non-Cash Adjustments To Reconcile Net Income	-1.48	5.86	4.40	10	8.30	7.28	10	8.70	9.48	7.74	45
Changes in Operating Assets and Liabilities, net	-3.95	9.10	-216	229	-79	36	-85	11	67	50	-199
Net Cash From Investing Activities	-25	-5.93	-16	-8.93	-25	-31	-20	-42	-35	-32	-22
Net Cash From Continuing Investing Activities	-25	-5.93	-16	-8.93	-25	-31	-20	-42	-35	-32	-22
Purchase of Property, Plant & Equipment	-13	-20	-16	-18	-25	-32	-22	-43	-35	-32	-23
Divestitures	-	-	0.00	9.12	-	0.61	1.82	1.26	-	0.01	0.74
Net Cash From Financing Activities	-29	-85	171	-343	2.82	-82	28	-123	-135	-46	-8.26
Net Cash From Continuing Financing Activities	-29	-85	171	-343	2.82	-82	28	-123	-135	-46	-8.26
Repayment of Debt	-139	-328	-61	-469	-200	-222	-167	-298	-498	-259	-179
Repurchase of Common Equity	-48	-22	-	-	-	-	0.00	-	-	-26	-229
Payment of Dividends	-17	-17	-17	-17	-17	-17	-18	-18	-18	-18	-18
Issuance of Debt	175	200	269	194	220	162	228	195	427	250	435
Other Financing Activities, net	-	82	-19	-50	-0.10	-4.37	-15	-1.43	1.19	7.40	-17
Effect of Exchange Rate Changes	-4.69	-2.97	2.42	0.77	0.55	-1.02	1.85	-0.73	0.16	1.89	-2.38

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

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

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

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

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.47%	6.41%	8.55%	2.51%	5.59%	7.05%	6.23%	11.73%	10.62%	4.44%	5.70%
EBITDA Growth	-45.50%	35.75%	-3.25%	-7.07%	9.65%	-5.95%	24.59%	56.24%	88.42%	3.73%	-14.91%
EBIT Growth	-60.35%	68.18%	-7.60%	-16.68%	10.22%	-13.27%	42.61%	102.64%	145.60%	14.19%	-19.20%
NOPAT Growth	-59.73%	30.07%	-7.86%	-17.15%	19.65%	-7.38%	44.10%	102.55%	113.22%	16.59%	-35.71%
Net Income Growth	-66.84%	32.79%	-25.00%	-36.55%	-1.51%	-14.36%	60.39%	153.27%	190.81%	22.58%	-35.78%
EPS Growth	-66.23%	34.52%	-23.53%	-35.00%	-1.96%	-15.04%	60.00%	151.92%	192.00%	22.92%	-33.65%
Operating Cash Flow Growth	275.30%	-55.64%	-4,513.19%	169.82%	-109.13%	20.43%	116.05%	-57.87%	3,870.87%	13.31%	-470.21%
Free Cash Flow Firm Growth	111.28%	110.75%	101.82%	106.55%	-29.71%	-49.23%	744.36%	-21.02%	44.24%	73.02%	-91.51%
Invested Capital Growth	-5.22%	-3.49%	0.73%	-1.02%	-3.19%	-0.64%	-6.60%	1.23%	-3.58%	-2.62%	0.96%
Revenue Q/Q Growth	-4.38%	4.55%	6.14%	-3.39%	-1.51%	6.00%	5.32%	1.61%	-2.48%	0.07%	6.60%
EBITDA Q/Q Growth	-23.11%	78.19%	-25.33%	-9.17%	-9.28%	52.85%	-1.08%	13.90%	9.41%	-15.85%	-18.86%
EBIT Q/Q Growth	-31.50%	118.56%	-34.05%	-15.62%	-9.38%	71.97%	8.45%	19.90%	9.83%	-20.04%	-23.26%
NOPAT Q/Q Growth	-26.89%	95.47%	-30.88%	-16.12%	5.58%	51.31%	7.54%	17.90%	11.14%	-17.26%	-40.70%
Net Income Q/Q Growth	-37.45%	120.41%	-42.09%	-20.52%	-2.91%	91.64%	8.46%	25.51%	11.48%	-19.22%	-43.18%
EPS Q/Q Growth	-36.25%	121.57%	-42.48%	-20.00%	-3.85%	92.00%	8.33%	25.96%	11.45%	-19.18%	-41.53%
Operating Cash Flow Q/Q Growth	-49.54%	107.30%	-212.16%	329.99%	-101.71%	2,835.32%	-85.06%	503.89%	52.76%	-17.81%	-148.83%
Free Cash Flow Firm Q/Q Growth	117.82%	-11.42%	-81.66%	126.38%	91.08%	-36.02%	205.09%	-78.83%	248.98%	-23.26%	-85.03%
Invested Capital Q/Q Growth	4.88%	-5.87%	9.01%	-8.03%	2.57%	-3.38%	2.47%	-0.32%	-2.31%	-2.42%	6.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.67%	23.19%	19.59%	18.94%	22.24%	23.09%	22.61%	23.55%	25.27%	22.93%	21.50%
EBITDA Margin	7.47%	12.73%	8.96%	8.42%	7.76%	11.18%	10.50%	11.77%	13.21%	11.11%	8.46%
Operating Margin	4.85%	9.73%	5.99%	5.18%	4.91%	7.87%	8.10%	9.46%	10.78%	8.49%	6.19%
EBIT Margin	4.62%	9.67%	6.01%	5.25%	4.83%	7.83%	8.06%	9.52%	10.72%	8.56%	6.17%
Profit (Net Income) Margin	2.78%	5.87%	3.20%	2.63%	2.60%	4.69%	4.83%	5.97%	6.83%	5.51%	2.94%
Tax Burden Percent	75.93%	70.70%	74.85%	75.11%	84.89%	75.66%	75.01%	74.58%	74.56%	78.24%	59.75%
Interest Burden Percent	79.27%	85.85%	71.21%	66.84%	63.36%	79.22%	79.90%	84.13%	85.41%	82.24%	79.74%
Effective Tax Rate	24.07%	29.30%	25.15%	24.89%	15.11%	24.34%	24.99%	25.42%	25.44%	21.76%	40.26%
Return on Invested Capital (ROIC)	5.44%	11.07%	6.90%	6.50%	6.80%	10.36%	10.16%	12.67%	14.78%	12.72%	6.88%
ROIC Less NNEP Spread (ROIC-NNEP)	4.81%	10.19%	5.85%	5.30%	5.45%	9.05%	8.92%	11.41%	13.37%	11.25%	6.00%
Return on Net Nonoperating Assets (RNNOA)	5.17%	9.18%	5.70%	4.27%	4.76%	6.81%	7.20%	7.78%	8.75%	6.52%	4.32%
Return on Equity (ROE)	10.60%	20.25%	12.60%	10.77%	11.56%	17.16%	17.36%	20.45%	23.53%	19.24%	11.19%
Cash Return on Invested Capital (CROIC)	12.52%	11.88%	6.92%	8.91%	11.09%	8.69%	15.25%	9.26%	16.13%	15.96%	10.82%
Operating Return on Assets (OROA)	5.00%	11.04%	6.75%	6.24%	5.82%	9.63%	9.74%	12.28%	14.17%	11.20%	8.22%
Return on Assets (ROA)	3.01%	6.70%	3.60%	3.13%	3.13%	5.77%	5.84%	7.71%	9.02%	7.20%	3.91%
Return on Common Equity (ROCE)	10.60%	20.25%	12.60%	10.77%	11.56%	17.16%	17.36%	20.45%	23.53%	19.24%	11.19%
Return on Equity Simple (ROE_SIMPLE)	12.28%	0.00%	12.05%	10.75%	10.52%	0.00%	10.82%	13.12%	16.14%	0.00%	17.24%
Net Operating Profit after Tax (NOPAT)	41	81	56	47	50	75	81	95	106	87	52
NOPAT Margin	3.68%	6.88%	4.48%	3.89%	4.17%	5.95%	6.08%	7.05%	8.04%	6.64%	3.70%
Net Nonoperating Expense Percent (NNEP)	0.63%	0.87%	1.05%	1.19%	1.36%	1.31%	1.24%	1.26%	1.41%	1.47%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	2.66%	-	-	-	1.71%
Cost of Revenue to Revenue	81.33%	76.81%	80.41%	81.06%	77.76%	76.91%	77.39%	76.45%	74.73%	77.07%	78.50%
SG&A Expenses to Revenue	11.81%	12.49%	11.72%	11.80%	15.36%	13.32%	12.75%	12.49%	12.70%	12.68%	13.67%
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	13.83%	13.46%	13.61%	13.76%	17.33%	15.22%	14.51%	14.10%	14.49%	14.43%	15.31%
Earnings before Interest and Taxes (EBIT)	52	114	75	63	57	99	107	128	141	113	86
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	150	112	102	92	141	139	159	174	146	119
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.44	2.19	2.74	2.92	3.09	2.67	2.93	2.84	2.86	3.03	2.73
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)	0.81	0.73	0.92	0.98	1.05	0.91	1.01	0.99	0.99	1.05	0.84
Price to Earnings (P/E)	19.87	16.63	22.73	27.18	29.38	27.55	27.02	21.67	17.69	18.20	15.85
Dividend Yield	1.85%	2.00%	1.57%	1.45%	1.35%	1.53%	1.38%	1.39%	1.38%	1.29%	1.61%
Earnings Yield	5.03%	6.01%	4.40%	3.68%	3.40%	3.63%	3.70%	4.61%	5.65%	5.50%	6.31%
Enterprise Value to Invested Capital (EV/IC)	1.73	1.65	1.89	2.09	2.17	1.99	2.15	2.15	2.20	2.37	1.98
Enterprise Value to Revenue (EV/Rev)	1.14	1.01	1.23	1.24	1.31	1.14	1.24	1.20	1.18	1.22	1.07
Enterprise Value to EBITDA (EV/EBITDA)	12.38	10.17	12.81	13.22	13.87	12.54	13.05	11.61	10.08	10.48	9.65
Enterprise Value to EBIT (EV/EBIT)	18.75	14.45	18.40	19.44	20.42	19.02	18.95	15.75	13.01	13.25	12.30
Enterprise Value to NOPAT (EV/NOPAT)	23.51	19.47	24.84	26.31	27.27	24.68	24.62	20.62	17.34	17.57	16.91
Enterprise Value to Operating Cash Flow (EV/OCF)	11.79	16.11	36.89	16.75	21.81	17.81	13.14	21.16	12.45	12.57	13.93
Enterprise Value to Free Cash Flow (EV/FCFF)	13.44	13.64	27.45	23.29	19.28	22.86	13.61	23.34	13.41	14.64	18.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	0.88	0.99	0.81	0.80	0.75	0.76	0.68	0.63	0.61	0.84
Long-Term Debt to Equity	1.00	0.83	0.94	0.75	0.75	0.70	0.71	0.63	0.61	0.59	0.82
Financial Leverage	1.08	0.90	0.98	0.81	0.87	0.75	0.81	0.68	0.65	0.58	0.72
Leverage Ratio	2.83	2.68	2.71	2.54	2.54	2.48	2.50	2.34	2.30	2.31	2.40
Compound Leverage Factor	2.25	2.30	1.93	1.70	1.61	1.96	2.00	1.97	1.97	1.90	1.91
Debt to Total Capital	50.88%	46.67%	49.74%	44.60%	44.52%	42.84%	43.32%	40.34%	38.54%	38.05%	45.74%
Short-Term Debt to Total Capital	1.93%	2.18%	2.46%	2.92%	2.95%	2.98%	2.98%	2.95%	1.35%	1.35%	1.15%
Long-Term Debt to Total Capital	48.95%	44.49%	47.27%	41.68%	41.56%	39.86%	40.33%	37.39%	37.19%	36.71%	44.59%
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	49.12%	53.33%	50.26%	55.40%	55.48%	57.16%	56.68%	59.66%	61.46%	61.95%	54.26%
Debt to EBITDA	3.76	2.96	3.44	2.88	2.88	2.80	2.77	2.28	1.86	1.83	2.32
Net Debt to EBITDA	3.53	2.79	3.30	2.76	2.80	2.56	2.45	2.03	1.61	1.45	2.11
Long-Term Debt to EBITDA	3.62	2.82	3.27	2.69	2.69	2.60	2.58	2.11	1.80	1.77	2.27
Debt to NOPAT	7.13	5.66	6.66	5.74	5.65	5.51	5.22	4.05	3.20	3.07	4.08
Net Debt to NOPAT	6.71	5.33	6.40	5.49	5.50	5.03	4.62	3.61	2.76	2.42	3.70
Long-Term Debt to NOPAT	6.86	5.39	6.33	5.36	5.28	5.13	4.86	3.75	3.09	2.96	3.97
Altman Z-Score	2.49	2.52	2.65	2.96	3.06	2.96	3.18	3.27	3.41	3.39	3.03
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	1.47	1.33	1.68	1.40	1.46	1.46	1.69	1.53	1.59	1.49	1.72
Quick Ratio	1.32	1.09	1.44	1.17	1.22	1.23	1.47	1.36	1.40	1.32	1.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	207	183	34	76	146	93	284	60	210	161	24
Operating Cash Flow to CapEx	444.22%	2,077.93%	-857.86%	1,715.39%	-21.05%	454.23%	97.13%	301.32%	574.60%	512.85%	-347.93%
Free Cash Flow to Firm to Interest Expense	19.18	11.39	1.56	3.63	6.92	4.54	13.21	2.95	10.21	8.05	1.38
Operating Cash Flow to Interest Expense	5.37	7.46	-6.23	14.75	-0.25	7.05	1.00	6.41	9.70	8.19	-4.57
Operating Cash Flow Less CapEx to Interest Expense	4.16	7.10	-6.96	13.89	-1.45	5.50	-0.03	4.28	8.01	6.59	-5.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.14	1.12	1.19	1.21	1.23	1.21	1.29	1.32	1.31	1.33
Accounts Receivable Turnover	5.49	5.64	5.08	5.85	5.79	6.00	5.32	6.18	6.37	6.22	5.90
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	73.73	80.62	91.12	90.77	95.75	107.69	117.02	124.54	131.54	136.39	147.69
Accounts Payable Turnover	10.82	12.95	13.83	13.52	14.04	14.18	14.44	14.75	14.20	13.85	14.91
Days Sales Outstanding (DSO)	66.54	64.71	71.91	62.44	63.08	60.80	68.66	59.07	57.32	58.69	61.82
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)	33.75	28.19	26.39	26.99	25.99	25.74	25.27	24.74	25.70	26.35	24.49
Cash Conversion Cycle (CCC)	32.80	36.52	45.52	35.44	37.09	35.06	43.39	34.32	31.62	32.34	37.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,004	2,828	3,082	2,835	2,908	2,810	2,879	2,870	2,804	2,736	2,907
Invested Capital Turnover	1.48	1.61	1.54	1.67	1.63	1.74	1.67	1.80	1.84	1.91	1.86
Increase / (Decrease) in Invested Capital	-166	-102	22	-29	-96	-18	-203	35	-104	-74	28
Enterprise Value (EV)	5,193	4,668	5,832	5,914	6,320	5,599	6,186	6,166	6,177	6,478	5,761
Market Capitalization	3,711	3,390	4,331	4,680	5,045	4,457	5,025	5,085	5,192	5,585	4,501
Book Value per Share	$24.78	$25.59	$25.87	$26.36	$26.86	$27.44	$28.01	$29.32	$29.91	$30.62	$27.31
Tangible Book Value per Share	($18.56)	($18.06)	($17.18)	($16.47)	($15.86)	($15.18)	($14.17)	($13.27)	($12.90)	($12.60)	($15.59)
Total Capital	3,098	2,905	3,145	2,891	2,943	2,918	3,030	2,999	2,959	2,975	3,035
Total Debt	1,576	1,356	1,564	1,290	1,310	1,250	1,313	1,210	1,141	1,132	1,388
Total Long-Term Debt	1,516	1,292	1,487	1,205	1,223	1,163	1,222	1,121	1,101	1,092	1,353
Net Debt	1,482	1,278	1,501	1,233	1,275	1,142	1,161	1,081	985	893	1,260
Capital Expenditures (CapEx)	13	5.78	16	18	25	32	22	43	35	32	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	307	281	524	299	365	354	438	401	335	250	449
Debt-free Net Working Capital (DFNWC)	401	321	587	355	400	419	542	478	438	433	521
Net Working Capital (NWC)	341	258	510	271	313	332	451	390	398	393	486
Net Nonoperating Expense (NNE)	10	12	16	15	19	16	16	15	16	15	11
Net Nonoperating Obligations (NNO)	1,482	1,278	1,501	1,233	1,275	1,142	1,161	1,081	985	893	1,260
Total Depreciation and Amortization (D&A)	32	36	37	38	35	42	32	30	33	33	32
Debt-free, Cash-free Net Working Capital to Revenue	6.74%	6.06%	11.09%	6.28%	7.56%	7.22%	8.78%	7.82%	6.39%	4.71%	8.34%
Debt-free Net Working Capital to Revenue	8.80%	6.94%	12.42%	7.46%	8.29%	8.55%	10.87%	9.33%	8.35%	8.16%	9.69%
Net Working Capital to Revenue	7.49%	5.57%	10.78%	5.69%	6.49%	6.78%	9.06%	7.61%	7.59%	7.41%	9.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	$1.12	$0.65	$0.52	$0.50	$0.98	$1.05	$1.31	$1.47	$1.20	$0.69
Adjusted Weighted Average Basic Shares Outstanding	61.61M	61.77M	61.12M	61.12M	61.14M	61.13M	61.32M	61.37M	61.08M	61.05M	59.73M
Adjusted Diluted Earnings per Share	$0.51	$1.13	$0.65	$0.52	$0.50	$0.96	$1.04	$1.31	$1.46	$1.18	$0.69
Adjusted Weighted Average Diluted Shares Outstanding	61.76M	61.97M	61.20M	61.38M	61.54M	61.45M	61.54M	61.62M	61.38M	61.48M	60.00M
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	60.55M	60.77M	60.77M	60.78M	60.78M	61.00M	61.03M	60.80M	60.18M	60.30M	56.60M
Normalized Net Operating Profit after Tax (NOPAT)	41	81	56	47	50	75	81	95	106	87	52
Normalized NOPAT Margin	3.68%	6.88%	4.48%	3.89%	4.17%	5.95%	6.08%	7.05%	8.04%	6.64%	3.70%
Pre Tax Income Margin	3.67%	8.30%	4.28%	3.51%	3.06%	6.20%	6.44%	8.01%	9.15%	7.04%	4.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.82	7.07	3.47	3.02	2.73	4.81	4.98	6.30	6.86	5.63	4.94
NOPAT to Interest Expense	3.84	5.03	2.59	2.24	2.36	3.66	3.75	4.67	5.14	4.37	2.96
EBIT Less CapEx to Interest Expense	3.62	6.71	2.75	2.16	1.53	3.26	3.94	4.17	5.17	4.03	3.62
NOPAT Less CapEx to Interest Expense	2.63	4.67	1.86	1.38	1.16	2.10	2.72	2.54	3.45	2.77	1.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.93%	33.71%	35.90%	39.54%	39.61%	42.07%	37.30%	30.11%	24.48%	23.75%	25.59%
Augmented Payout Ratio	76.48%	80.87%	35.90%	39.54%	52.57%	42.07%	37.30%	30.11%	40.59%	47.56%	131.82%

Frequently Asked Questions About Maximus' Financials

When does Maximus's fiscal year end?

According to the most recent income statement we have on file, Maximus' financial year ends in September. Their financial 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. View Maximus' forecast to see where analysts expect Maximus to go next.

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 5/5/2025 by MarketBeat.com Staff

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Maximus (MMS) Financials

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Maximus (MMS) Financials

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