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Maximus (MMS) Financials

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$59.15 -1.77 (-2.91%)
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Annual Income Statements for Maximus

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 2025
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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 158 178 209 221 241 215 291 204 162 307 319
Consolidated Net Income / (Loss)		 160 180 212 221 240 215 291 204 162 307 319
Net Income / (Loss) Continuing Operations		 160 180 212 221 240 215 291 204 162 307 319
Total Pre-Tax Income 		260 286 314 299 317 287 384 277 210 407 445
Total Operating Income		 260 287 314 295 317 288 409 326 295 488 528
Total Gross Profit		 513 562 612 594 671 711 947 940 1,029 1,252 1,333
Total Revenue		 2,100 2,403 2,451 2,392 2,887 3,462 4,254 4,631 4,905 5,306 5,431
Operating Revenue		 2,100 2,403 2,451 2,392 2,887 3,462 4,254 4,631 4,905 5,306 5,431
Total Cost of Revenue		 1,587 1,841 1,839 1,798 2,216 2,751 3,308 3,691 3,876 4,055 4,098
Operating Cost of Revenue		 1,587 1,841 1,839 1,798 2,216 2,751 3,308 3,691 3,876 4,055 4,098
Total Operating Expenses		 253 276 298 299 354 423 538 614 734 763 805
Selling, General & Admin Expense		 239 269 285 285 321 387 494 534 639 672 713
Amortization Expense		 9.35 13 12 10 33 36 44 90 95 92 92
Total Other Income / (Expense), net		 -0.01 -0.64 0.72 3.73 0.21 -1.22 -25 -49 -85 -82 -83
Interest Expense		 1.40 4.13 2.16 1.00 2.96 2.06 15 46 84 82 84
Other Income / (Expense), net		 1.39 3.50 2.89 4.73 3.17 0.84 -10 -2.84 -0.36 0.45 0.64
Income Tax Expense		 100 106 102 78 77 73 92 73 49 100 126
Basic Earnings per Share		 $2.37 $2.71 $3.19 $3.37 $3.73 $3.40 $4.69 $3.30 $2.65 $5.03 $5.56
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 57.41M
Diluted Earnings per Share		 $2.35 $2.69 $3.17 $3.35 $3.72 $3.39 $4.67 $3.29 $2.63 $4.99 $5.51
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 57.92M
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 54.46M
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 $1.20

Quarterly Income Statements for Maximus

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 59 64 81 90 73 41 97 106 75 94 98
Consolidated Net Income / (Loss)		 59 64 81 90 73 41 97 106 75 94 98
Net Income / (Loss) Continuing Operations		 59 64 81 90 73 41 97 106 75 94 98
Total Pre-Tax Income 		78 86 108 120 93 69 132 143 100 126 127
Total Operating Income		 99 108 127 142 112 87 153 166 123 146 148
Total Gross Profit		 291 300 318 332 302 302 339 360 334 319 342
Total Revenue		 1,260 1,327 1,348 1,315 1,316 1,403 1,362 1,348 1,318 1,345 1,306
Operating Revenue		 1,260 1,327 1,348 1,315 1,316 1,403 1,362 1,348 1,318 1,345 1,306
Total Cost of Revenue		 969 1,027 1,031 983 1,014 1,101 1,023 989 985 1,026 964
Operating Cost of Revenue		 969 1,027 1,031 983 1,014 1,101 1,023 989 985 1,026 964
Total Operating Expenses		 192 193 190 191 190 215 186 194 211 172 194
Selling, General & Admin Expense		 168 169 168 167 167 192 163 171 188 152 173
Amortization Expense		 24 23 22 24 23 23 23 23 23 20 20
Total Other Income / (Expense), net		 -21 -22 -20 -21 -19 -18 -21 -23 -22 -20 -22
Interest Expense		 21 22 20 21 20 18 21 23 22 21 22
Other Income / (Expense), net		 -0.44 -0.49 0.82 -0.81 0.93 -0.31 0.96 -0.05 0.04 0.87 0.16
Income Tax Expense		 19 21 27 31 20 28 36 37 25 32 28
Basic Earnings per Share		 $0.98 $1.05 $1.31 $1.47 $1.20 $0.69 $1.70 $1.87 $1.30 $1.71 $1.81
Weighted Average Basic Shares Outstanding		 61.13M 61.32M 61.37M 61.08M 61.05M 59.73M 56.89M 56.68M 57.41M 54.84M 54.24M
Diluted Earnings per Share		 $0.96 $1.04 $1.31 $1.46 $1.18 $0.69 $1.69 $1.86 $1.27 $1.70 $1.80
Weighted Average Diluted Shares Outstanding		 61.45M 61.54M 61.62M 61.38M 61.48M 60.00M 57.06M 56.98M 57.92M 55.30M 54.59M
Weighted Average Basic & Diluted Shares Outstanding		 61.00M 61.03M 60.80M 60.18M 60.30M 56.60M 56.35M 56.35M 54.46M 54.55M 52.54M
Cash Dividends to Common per Share		 $0.28 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.33

Annual Cash Flow Statements for Maximus

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 2025
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 9/30/2025
Net Change in Cash & Equivalents		 -83 -8.47 99 177 -240 -28 68 -20 -15 114 25
Net Cash From Operating Activities		 206 180 336 317 357 245 517 290 314 515 429
Net Cash From Continuing Operating Activities		 206 180 336 317 357 245 517 290 314 515 429
Net Income / (Loss) Continuing Operations		 160 180 212 221 240 215 291 204 162 307 319
Consolidated Net Income / (Loss)		 160 180 212 221 240 215 291 204 162 307 319
Depreciation Expense		 47 58 56 52 52 65 46 42 55 34 42
Amortization Expense		 9.35 13 12 10 33 36 54 93 97 95 95
Non-Cash Adjustments To Reconcile Net Income		 17 12 21 25 33 22 29 19 30 36 81
Changes in Operating Assets and Liabilities, net		 -27 -84 36 8.61 -2.66 -92 97 -69 -30 43 -107
Net Cash From Investing Activities		 -394 -87 -25 -45 -484 -44 -1,835 -54 -81 -129 -60
Net Cash From Continuing Investing Activities		 -394 -87 -25 -45 -484 -44 -1,835 -54 -81 -129 -60
Purchase of Property, Plant & Equipment		 -105 -46 -24 -27 -67 -41 -37 -56 -91 -132 -63
Divestitures		 0.00 5.52 1.04 0.00 0.00 3.25 0.00 0.00 9.73 3.09 5.12
Other Investing Activities, net		 0.49 0.42 0.58 1.44 0.45 0.39 - - 0.00 0.00 -2.17
Net Cash From Financing Activities		 111 -97 -215 -92 -111 -230 1,386 -248 -251 -276 -344
Net Cash From Continuing Financing Activities		 111 -97 -215 -92 -111 -230 1,386 -248 -251 -276 -344
Repayment of Debt		 -123 -196 -352 -141 -405 -620 -850 -771 -1,009 -1,205 -1,310
Repurchase of Common Equity		 -83 -33 -29 -67 -47 -167 -3.36 -96 0.00 -73 -447
Payment of Dividends		 -12 -12 -12 -12 -64 -70 -69 -69 -68 -73 -69
Issuance of Debt		 331 150 185 137 415 638 2,318 615 844 1,100 1,499
Other Financing Activities, net		 -2.11 -5.90 -8.25 -8.53 -8.92 -11 -9.82 72 -18 -24 -16
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 -0.54

Quarterly Cash Flow Statements for Maximus

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 30 31 -35 29 88 -113 33 -51 155 -81 65
Net Cash From Operating Activities		 145 22 130 199 164 -80 43 -183 649 -244 190
Net Cash From Continuing Operating Activities		 145 22 130 199 164 -80 43 -183 649 -244 190
Net Income / (Loss) Continuing Operations		 59 64 81 90 73 41 97 106 75 94 98
Consolidated Net Income / (Loss)		 59 64 81 90 73 41 97 106 75 94 98
Depreciation Expense		 18 8.41 8.21 7.53 9.81 8.46 9.44 9.61 14 13 12
Amortization Expense		 25 24 22 25 24 24 24 24 24 21 21
Non-Cash Adjustments To Reconcile Net Income		 7.28 10 8.70 9.48 7.74 45 14 11 11 -1.97 17
Changes in Operating Assets and Liabilities, net		 36 -85 11 67 50 -199 -101 -333 525 -370 41
Net Cash From Investing Activities		 -31 -20 -42 -35 -32 -22 -19 -15 -3.15 6.63 -11
Net Cash From Continuing Investing Activities		 -31 -20 -42 -35 -32 -22 -19 -15 -3.15 6.63 -11
Purchase of Property, Plant & Equipment		 -32 -22 -43 -35 -32 -23 -17 -15 -7.53 -6.26 -11
Net Cash From Financing Activities		 -82 28 -123 -135 -46 -8.26 8.93 146 -491 157 -113
Net Cash From Continuing Financing Activities		 -82 28 -123 -135 -46 -8.26 8.93 146 -491 157 -113
Repayment of Debt		 -222 -167 -298 -498 -259 -180 -421 -213 -497 -134 -281
Repurchase of Common Equity		 - 0.00 - - -26 -229 -78 - -141 -41 -114
Payment of Dividends		 -17 -18 -18 -18 -18 -18 -17 -17 -17 -16 -18
Issuance of Debt		 162 228 195 427 250 435 524 376 164 365 300
Effect of Exchange Rate Changes		 -1.02 1.85 -0.73 0.16 1.89 -2.38 0.79 1.53 -0.47 -0.06 -0.57

Annual Balance Sheets for Maximus

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 2025
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 9/30/2025
Total Assets		 1,272 1,349 1,351 1,462 1,746 2,025 4,119 3,993 3,986 4,132 4,070
Total Current Assets		 562 621 657 809 789 933 1,079 1,032 1,055 1,201 1,253
Cash & Equivalents		 75 66 166 349 106 72 135 41 65 183 222
Accounts Receivable		 427 481 431 389 601 786 835 807 827 880 898
Prepaid Expenses		 53 57 56 44 62 73 104 182 147 133 129
Current Deferred & Refundable Income Taxes		 7.31 17 4.53 5.98 21 2.08 5.41 2.16 17 5.28 3.90
Plant, Property, & Equipment, net		 138 132 102 78 100 67 63 52 39 39 31
Total Noncurrent Assets		 572 596 592 576 857 1,025 2,977 2,908 2,892 2,892 2,786
Long-Term Investments		 - - - - - 37 47 37 43 56 63
Goodwill		 376 398 403 400 584 593 1,774 1,779 1,779 1,783 1,782
Intangible Assets		 135 139 126 110 212 184 922 864 811 818 753
Noncurrent Deferred & Refundable Income Taxes		 11 8.64 7.69 6.83 0.19 1.92 0.99 4.97 2.46 15 11
Other Noncurrent Operating Assets		 50 51 56 59 60 210 233 223 255 220 176
Total Liabilities & Shareholders' Equity		 1,272 1,349 1,351 1,462 1,746 2,025 4,119 3,993 3,986 4,132 4,070
Total Liabilities		 656 596 405 376 498 783 2,639 2,443 2,318 2,289 2,396
Total Current Liabilities		 356 341 316 277 364 561 789 774 723 808 765
Short-Term Debt		 0.36 0.28 - 0.14 9.66 11 81 63 87 40 53
Accounts Payable		 155 151 122 114 178 253 306 265 282 303 297
Current Deferred Revenue		 78 74 72 51 43 52 99 87 60 83 54
Current Deferred & Payable Income Tax Liabilities		 12 7.98 4.70 4.44 14 5.38 6.78 0.72 0.45 27 17
Current Employee Benefit Liabilities		 100 96 106 96 107 137 187 178 194 237 237
Other Current Liabilities		 12 12 12 12 13 103 111 180 99 117 108
Total Noncurrent Liabilities		 299 255 89 98 133 222 1,849 1,669 1,595 1,481 1,630
Long-Term Debt		 211 165 - - 0.23 18 1,429 1,292 1,163 1,092 1,282
Noncurrent Deferred Revenue		 53 40 28 20 32 27 36 21 39 45 44
Noncurrent Deferred & Payable Income Tax Liabilities		 6.55 17 20 26 47 25 195 206 204 169 149
Noncurrent Employee Benefit Liabilities		 21 24 31 33 34 39 47 40 46 58 62
Other Noncurrent Operating Liabilities		 8.73 8.75 9.63 18 20 113 20 109 143 117 94
Commitments & Contingencies		 0.00 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 1,674
Total Preferred & Common Equity		 612 749 940 1,084 1,248 1,242 1,480 1,549 1,668 1,843 1,674
Total Common Equity		 612 749 940 1,084 1,248 1,242 1,480 1,549 1,668 1,843 1,674
Common Stock		 446 462 476 488 498 514 532 558 578 598 628
Retained Earnings		 189 324 492 633 795 770 988 1,025 1,118 1,277 1,064
Accumulated Other Comprehensive Income / (Loss)		 -22 -36 -28 -37 -45 -43 -40 -34 -28 -32 -18

Quarterly Balance Sheets for Maximus

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Total Assets		 4,235 3,899 3,943 4,017 4,041 4,000 4,059 4,200 4,462 4,208 4,239
Total Current Assets		 1,256 952 996 1,110 1,118 1,078 1,165 1,328 1,605 1,423 1,509
Cash & Equivalents		 63 56 35 104 77 103 73 108 60 138 157
Accounts Receivable		 1,014 742 799 860 916 850 963 1,097 1,422 1,148 1,115
Prepaid Expenses		 175 141 128 129 111 116 129 119 117 133 172
Current Deferred & Refundable Income Taxes		 4.49 12 34 16 14 9.46 1.38 3.49 5.66 5.31 65
Plant, Property, & Equipment, net		 50 47 45 35 35 35 38 35 35 28 27
Total Noncurrent Assets		 2,929 2,900 2,902 2,872 2,887 2,886 2,855 2,837 2,823 2,757 2,703
Long-Term Investments		 - - - 47 52 53 56 53 59 65 58
Goodwill		 1,783 1,780 1,781 1,781 1,780 1,780 1,780 1,781 1,783 1,781 1,781
Intangible Assets		 848 823 816 806 819 823 807 795 779 728 700
Noncurrent Deferred & Refundable Income Taxes		 5.04 5.87 5.77 2.20 2.13 5.91 12 10 11 12 7.59
Other Noncurrent Operating Assets		 293 291 300 236 234 225 201 198 191 171 157
Total Liabilities & Shareholders' Equity		 4,235 3,899 3,943 4,017 4,041 4,000 4,059 4,200 4,462 4,208 4,239
Total Liabilities		 2,654 2,297 2,310 2,299 2,252 2,181 2,412 2,532 2,689 2,488 2,542
Total Current Liabilities		 746 681 683 658 729 680 679 721 706 608 682
Short-Term Debt		 77 84 87 90 89 40 35 47 48 58 64
Accounts Payable		 272 259 284 268 276 281 286 306 282 263 282
Current Deferred Revenue		 96 67 65 63 77 82 78 79 70 47 38
Current Deferred & Payable Income Tax Liabilities		 12 4.48 0.07 24 16 11 37 18 31 18 0.96
Current Employee Benefit Liabilities		 119 157 140 116 173 162 120 165 164 125 152
Other Current Liabilities		 169 109 108 98 99 104 123 105 110 97 145
Total Noncurrent Liabilities		 1,908 1,616 1,627 1,641 1,523 1,501 1,733 1,811 1,983 1,880 1,861
Long-Term Debt		 1,487 1,205 1,223 1,222 1,121 1,101 1,353 1,446 1,609 1,509 1,472
Noncurrent Deferred Revenue		 30 26 15 37 33 35 40 36 49 40 38
Noncurrent Deferred & Payable Income Tax Liabilities		 204 201 207 198 193 201 173 167 161 177 213
Noncurrent Employee Benefit Liabilities		 45 44 47 52 54 56 59 52 59 67 58
Other Noncurrent Operating Liabilities		 143 140 135 131 122 108 108 110 105 87 80
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,581 1,602 1,633 1,718 1,789 1,819 1,647 1,667 1,773 1,720 1,697
Total Preferred & Common Equity		 1,581 1,602 1,633 1,718 1,789 1,819 1,647 1,667 1,773 1,720 1,697
Total Common Equity		 1,581 1,602 1,633 1,718 1,789 1,819 1,647 1,667 1,773 1,720 1,697
Common Stock		 563 573 581 585 594 604 603 616 627 629 639
Retained Earnings		 1,048 1,062 1,076 1,163 1,225 1,245 1,063 1,070 1,158 1,110 1,079
Accumulated Other Comprehensive Income / (Loss)		 -30 -33 -24 -31 -30 -31 -20 -18 -13 -19 -21

Annual Metrics And Ratios for Maximus

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 2025
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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 23.45% 14.46% 1.98% -2.40% 20.67% 19.91% 22.91% 8.85% 5.91% 8.19% 2.36%
EBITDA Growth		 14.99% 14.01% 6.22% -5.72% 11.96% -4.06% 28.06% -7.95% -2.68% 38.39% 7.67%
EBIT Growth		 14.89% 11.06% 9.06% -5.12% 6.68% -9.73% 37.81% -18.92% -8.86% 66.07% 8.18%
NOPAT Growth		 11.09% 12.81% 17.24% 3.01% 10.21% -10.37% 43.93% -22.68% -5.39% 62.61% 2.73%
Net Income Growth		 10.08% 12.57% 17.77% 4.07% 8.91% -10.81% 35.75% -30.00% -20.62% 89.70% 3.95%
EPS Growth		 11.37% 14.47% 17.84% 5.68% 11.04% -8.87% 37.76% -29.55% -20.06% 89.73% 10.42%
Operating Cash Flow Growth		 -3.46% -12.70% 86.88% -5.84% 12.61% -31.43% 111.50% -43.97% 8.45% 63.92% -16.67%
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% -11.39%
Invested Capital Growth		 88.33% 13.37% -8.57% -8.01% 60.73% 0.84% 152.12% -3.49% -0.64% -2.62% -0.48%
Revenue Q/Q Growth		 7.32% 1.88% -0.09% -2.54% 7.30% 5.13% 4.48% 1.55% 1.72% 1.07% 0.05%
EBITDA Q/Q Growth		 3.63% 8.98% -2.65% -4.33% 7.24% 1.60% -0.06% 9.41% -1.96% 0.86% 2.25%
EBIT Q/Q Growth		 4.44% 7.25% -0.91% -4.99% 4.91% 2.50% -4.11% 16.66% -4.88% 2.95% 1.97%
NOPAT Q/Q Growth		 0.65% 9.04% 1.32% -3.99% 6.58% 1.72% -0.97% 8.53% -2.15% 3.50% 1.24%
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% 0.88%
EPS Q/Q Growth		 -2.49% 8.47% 1.28% -2.62% 6.29% 2.42% -3.51% 9.67% -6.07% 4.61% 1.66%
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% 864.47%
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% 392.85%
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% -17.79%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.42% 23.39% 24.97% 24.85% 23.25% 20.54% 22.26% 20.29% 20.97% 23.59% 24.55%
EBITDA Margin		 15.12% 15.06% 15.68% 15.15% 14.05% 11.25% 11.72% 9.91% 9.11% 11.65% 12.25%
Operating Margin		 12.37% 11.93% 12.79% 12.35% 10.98% 8.33% 9.60% 7.04% 6.01% 9.21% 9.73%
EBIT Margin		 12.44% 12.07% 12.91% 12.55% 11.09% 8.35% 9.36% 6.98% 6.00% 9.21% 9.74%
Profit (Net Income) Margin		 7.62% 7.50% 8.66% 9.23% 8.33% 6.20% 6.84% 4.40% 3.30% 5.78% 5.87%
Tax Burden Percent		 61.60% 63.00% 67.52% 73.80% 75.79% 74.73% 75.90% 73.56% 76.94% 75.50% 71.72%
Interest Burden Percent		 99.46% 98.58% 99.32% 99.67% 99.08% 99.29% 96.30% 85.77% 71.42% 83.14% 84.10%
Effective Tax Rate		 38.40% 37.00% 32.48% 26.20% 24.21% 25.27% 24.10% 26.44% 23.06% 24.50% 28.28%
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% 13.88%
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% 7.72%
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% 4.26%
Return on Equity (ROE)		 27.31% 26.32% 24.98% 21.73% 20.60% 17.23% 21.39% 13.46% 10.06% 17.48% 18.14%
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% 14.37%
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% 12.90%
Return on Assets (ROA)		 14.73% 13.75% 15.72% 15.70% 14.99% 11.38% 9.48% 5.03% 4.06% 7.56% 7.78%
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% 18.14%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 160 181 212 218 240 215 310 240 227 369 379
NOPAT Margin		 7.62% 7.51% 8.64% 9.12% 8.33% 6.22% 7.29% 5.18% 4.62% 6.95% 6.98%
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% 6.16%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 12.59%
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% 75.45%
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% 13.13%
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		 12.04% 11.47% 12.17% 12.49% 12.27% 12.21% 12.66% 13.26% 14.96% 14.38% 14.82%
Earnings before Interest and Taxes (EBIT)		 261 290 316 300 320 289 398 323 294 489 529
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 317 362 384 362 406 389 499 459 447 618 665
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 3.06
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 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 0.94
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 16.08
Dividend Yield		 0.33% 0.35% 0.31% 0.30% 1.39% 1.74% 1.41% 2.00% 1.53% 1.29% 1.32%
Earnings Yield		 4.43% 5.34% 5.48% 5.77% 5.26% 5.42% 5.96% 6.01% 3.63% 5.50% 6.22%
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 2.27
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 1.14
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 9.28
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 11.68
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 16.31
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 14.39
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 15.76
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 0.80
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 0.77
Financial Leverage		 -0.02 0.17 -0.04 -0.26 -0.20 -0.07 0.50 0.90 0.75 0.58 0.55
Leverage Ratio		 1.85 1.91 1.59 1.38 1.37 1.51 2.26 2.68 2.48 2.31 2.33
Compound Leverage Factor		 1.84 1.89 1.58 1.38 1.36 1.50 2.17 2.30 1.77 1.92 1.96
Debt to Total Capital		 25.52% 18.03% 0.00% 0.01% 0.79% 2.27% 52.43% 46.67% 42.84% 38.05% 44.35%
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% 1.75%
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% 42.60%
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		 0.40% 0.44% 0.60% 0.23% 0.03% 0.00% 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% 55.65%
Debt to EBITDA		 0.66 0.46 0.00 0.00 0.02 0.07 3.27 2.96 2.80 1.83 2.01
Net Debt to EBITDA		 0.43 0.27 0.00 -1.02 -0.24 -0.20 2.91 2.79 2.56 1.45 1.58
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 1.93
Debt to NOPAT		 1.32 0.92 0.00 0.00 0.04 0.13 5.26 5.66 5.51 3.07 3.52
Net Debt to NOPAT		 0.85 0.55 0.00 -1.69 -0.40 -0.37 4.68 5.33 5.03 2.42 2.77
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 3.38
Altman Z-Score		 5.99 6.44 9.06 9.47 8.71 5.96 2.88 2.70 3.12 3.69 3.56
Noncontrolling Interest Sharing Ratio		 0.30% 0.54% 0.57% 0.41% 0.13% 0.02% 0.00% 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 1.64
Quick Ratio		 1.41 1.61 1.89 2.73 1.94 1.53 1.23 1.09 1.23 1.32 1.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -193 80 285 281 -195 206 -1,458 342 245 442 392
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% 679.25%
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 4.66
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 5.11
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 4.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.93 1.83 1.82 1.70 1.80 1.84 1.39 1.14 1.23 1.31 1.32
Accounts Receivable Turnover		 5.86 5.29 5.38 5.84 5.83 4.99 5.25 5.64 6.00 6.22 6.11
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		 19.26 17.84 21.02 26.70 32.59 41.63 65.78 80.62 107.69 136.39 155.29
Accounts Payable Turnover		 12.28 12.03 13.48 15.21 15.17 12.76 11.84 12.95 14.18 13.85 13.65
Days Sales Outstanding (DSO)		 62.29 68.94 67.88 62.55 62.57 73.11 69.54 64.71 60.80 58.69 59.73
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)		 29.74 30.34 27.07 24.00 24.07 28.61 30.84 28.19 25.74 26.35 26.73
Cash Conversion Cycle (CCC)		 32.55 38.60 40.81 38.55 38.50 44.51 38.70 36.52 35.06 32.34 33.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 752 853 780 717 1,153 1,162 2,930 2,828 2,810 2,736 2,723
Invested Capital Turnover		 3.65 3.00 3.00 3.20 3.09 2.99 2.08 1.61 1.74 1.91 1.99
Increase / (Decrease) in Invested Capital		 353 101 -73 -62 435 9.63 1,768 -102 -18 -74 -13
Enterprise Value (EV)		 3,701 3,442 3,658 3,458 4,481 3,874 6,338 4,668 5,599 6,478 6,178
Market Capitalization		 3,562 3,339 3,819 3,825 4,576 3,954 4,888 3,390 4,457 5,585 5,129
Book Value per Share		 $9.29 $11.54 $14.49 $16.87 $19.55 $20.25 $24.08 $25.59 $27.44 $30.62 $29.71
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) ($15.27)
Total Capital		 827 919 946 1,087 1,258 1,271 3,112 2,905 2,918 2,975 3,008
Total Debt		 211 166 0.00 0.14 9.89 29 1,631 1,356 1,250 1,132 1,334
Total Long-Term Debt		 211 165 0.00 0.00 0.23 18 1,551 1,292 1,163 1,092 1,282
Net Debt		 136 99 -166 -369 -96 -80 1,450 1,278 1,142 893 1,049
Capital Expenditures (CapEx)		 105 46 24 27 67 41 37 40 91 132 63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 131 214 175 162 329 311 236 281 354 250 318
Debt-free Net Working Capital (DFNWC)		 206 281 341 531 435 382 371 321 419 433 540
Net Working Capital (NWC)		 206 280 341 531 425 371 290 258 332 393 488
Net Nonoperating Expense (NNE)		 0.01 0.40 -0.49 -2.75 -0.16 0.91 19 36 65 62 60
Net Nonoperating Obligations (NNO)		 136 99 -166 -369 -96 -80 1,450 1,278 1,142 893 1,049
Total Depreciation and Amortization (D&A)		 56 72 68 62 85 100 100 136 152 129 136
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% 5.86%
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% 9.95%
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% 8.98%
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 $5.56
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 57.41M
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 $5.51
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 57.92M
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		 0.00 64.78M 65.14M 64.13M 63.98M 0.00 61.95M 60.77M 61.00M 60.30M 54.46M
Normalized Net Operating Profit after Tax (NOPAT)		 163 181 213 221 240 215 310 232 227 369 379
Normalized NOPAT Margin		 7.76% 7.51% 8.70% 9.22% 8.33% 6.22% 7.29% 5.00% 4.62% 6.95% 6.98%
Pre Tax Income Margin		 12.37% 11.90% 12.82% 12.51% 10.99% 8.29% 9.02% 5.98% 4.29% 7.66% 8.19%
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 6.29
NOPAT to Interest Expense		 114.49 43.68 97.92 218.07 81.28 104.62 21.03 5.22 2.70 4.47 4.51
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 5.54
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 3.75
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% 21.54%
Augmented Payout Ratio		 59.13% 25.00% 19.10% 35.60% 46.29% 110.54% 24.79% 80.87% 42.07% 47.56% 161.80%

Quarterly Metrics And Ratios for Maximus

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 54,548,576.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 54,548,576.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.80
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.05% 6.23% 11.73% 10.62% 4.44% 5.70% 1.00% 2.55% 0.19% -4.11% -4.10%
EBITDA Growth		 -5.95% 24.59% 56.24% 88.42% 3.73% -14.91% 17.81% 14.55% 10.02% 52.62% -2.69%
EBIT Growth		 -13.27% 42.61% 102.64% 145.60% 14.19% -19.20% 19.96% 17.52% 9.07% 70.09% -3.43%
NOPAT Growth		 -7.38% 44.10% 102.55% 113.22% 16.59% -35.71% 17.28% 16.21% 5.30% 109.80% 3.19%
Net Income Growth		 -14.36% 60.39% 153.27% 190.81% 22.58% -35.78% 19.95% 18.08% 3.84% 128.04% 1.55%
EPS Growth		 -15.04% 60.00% 151.92% 192.00% 22.92% -33.65% 29.01% 27.40% 7.63% 146.38% 6.51%
Operating Cash Flow Growth		 20.43% 116.05% -57.87% 3,870.87% 13.31% -470.21% -67.27% -191.67% 296.36% -205.52% 343.71%
Free Cash Flow Firm Growth		 -49.23% 744.36% -21.02% 44.24% 73.02% -91.51% -130.48% -283.58% -34.65% -386.49% 634.47%
Invested Capital Growth		 -0.64% -6.60% 1.23% -3.58% -2.62% 0.96% 4.52% 18.12% -0.48% 6.12% 0.57%
Revenue Q/Q Growth		 6.00% 5.32% 1.61% -2.48% 0.07% 6.60% -2.92% -0.98% -2.22% 2.02% -2.91%
EBITDA Q/Q Growth		 52.85% -1.08% 13.90% 9.41% -15.85% -18.86% 57.70% 6.38% -19.18% 12.56% 0.55%
EBIT Q/Q Growth		 71.97% 8.45% 19.90% 9.83% -20.04% -23.26% 78.01% 7.60% -25.80% 19.68% 1.06%
NOPAT Q/Q Growth		 51.31% 7.54% 17.90% 11.14% -17.26% -40.70% 115.08% 10.13% -25.03% 18.15% 5.79%
Net Income Q/Q Growth		 91.64% 8.46% 25.51% 11.48% -19.22% -43.18% 134.41% 9.75% -28.96% 24.78% 4.39%
EPS Q/Q Growth		 92.00% 8.33% 25.96% 11.45% -19.18% -41.53% 144.93% 10.06% -31.72% 33.86% 5.88%
Operating Cash Flow Q/Q Growth		 2,835.32% -85.06% 503.89% 52.76% -17.81% -148.83% 153.40% -527.77% 455.40% -137.64% 177.55%
Free Cash Flow Firm Q/Q Growth		 -36.02% 205.09% -78.83% 248.98% -23.26% -85.03% -176.06% -2,001.61% 127.32% -165.61% 241.89%
Invested Capital Q/Q Growth		 -3.38% 2.47% -0.32% -2.31% -2.42% 6.25% 3.20% 10.40% -17.79% 13.29% -2.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.09% 22.61% 23.55% 25.27% 22.93% 21.50% 24.88% 26.66% 25.30% 23.69% 26.21%
EBITDA Margin		 11.18% 10.50% 11.77% 13.21% 11.11% 8.46% 13.73% 14.76% 12.20% 13.46% 13.94%
Operating Margin		 7.87% 8.10% 9.46% 10.78% 8.49% 6.19% 11.23% 12.29% 9.32% 10.87% 11.37%
EBIT Margin		 7.83% 8.06% 9.52% 10.72% 8.56% 6.17% 11.30% 12.28% 9.32% 10.94% 11.38%
Profit (Net Income) Margin		 4.69% 4.83% 5.97% 6.83% 5.51% 2.94% 7.09% 7.86% 5.71% 6.98% 7.51%
Tax Burden Percent		 75.66% 75.01% 74.58% 74.56% 78.24% 59.75% 72.90% 74.13% 74.94% 74.40% 77.50%
Interest Burden Percent		 79.22% 79.90% 84.13% 85.41% 82.24% 79.74% 86.05% 86.32% 81.75% 85.85% 85.13%
Effective Tax Rate		 24.34% 24.99% 25.42% 25.44% 21.76% 40.26% 27.10% 25.87% 25.06% 25.60% 22.50%
Return on Invested Capital (ROIC)		 10.36% 10.16% 12.67% 14.78% 12.72% 6.88% 15.05% 16.17% 13.90% 14.51% 15.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.05% 8.92% 11.41% 13.37% 11.25% 6.00% 13.82% 14.84% 12.17% 13.38% 14.29%
Return on Net Nonoperating Assets (RNNOA)		 6.81% 7.20% 7.78% 8.75% 6.52% 4.32% 9.64% 10.42% 6.72% 10.43% 11.27%
Return on Equity (ROE)		 17.16% 17.36% 20.45% 23.53% 19.24% 11.19% 24.70% 26.60% 20.62% 24.94% 26.84%
Cash Return on Invested Capital (CROIC)		 8.69% 15.25% 9.26% 16.13% 15.96% 10.82% 7.74% -4.38% 14.37% 8.59% 14.02%
Operating Return on Assets (OROA)		 9.63% 9.74% 12.28% 14.17% 11.20% 8.22% 14.80% 15.76% 12.35% 14.22% 14.34%
Return on Assets (ROA)		 5.77% 5.84% 7.71% 9.02% 7.20% 3.91% 9.29% 10.08% 7.56% 9.08% 9.46%
Return on Common Equity (ROCE)		 17.16% 17.36% 20.45% 23.53% 19.24% 11.19% 24.70% 26.60% 20.62% 24.94% 26.84%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.82% 13.12% 16.14% 0.00% 17.24% 17.99% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 75 81 95 106 87 52 112 123 92 109 115
NOPAT Margin		 5.95% 6.08% 7.05% 8.04% 6.64% 3.70% 8.19% 9.11% 6.98% 8.09% 8.81%
Net Nonoperating Expense Percent (NNEP)		 1.31% 1.24% 1.26% 1.41% 1.47% 0.88% 1.24% 1.33% 1.73% 1.13% 1.28%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.66% - - - 1.71% 3.53% 3.58% 3.06% 3.31% 3.56%
Cost of Revenue to Revenue		 76.91% 77.39% 76.45% 74.73% 77.07% 78.50% 75.12% 73.34% 74.70% 76.31% 73.79%
SG&A Expenses to Revenue		 13.32% 12.75% 12.49% 12.70% 12.68% 13.67% 11.96% 12.67% 14.24% 11.31% 13.28%
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		 15.22% 14.51% 14.10% 14.49% 14.43% 15.31% 13.65% 14.38% 15.98% 12.82% 14.84%
Earnings before Interest and Taxes (EBIT)		 99 107 128 141 113 86 154 166 123 147 149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 141 139 159 174 146 119 187 199 161 181 182
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.67 2.93 2.84 2.86 3.03 2.73 2.31 2.23 3.06 2.73 2.06
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)		 0.91 1.01 0.99 0.99 1.05 0.84 0.72 0.73 0.94 0.87 0.66
Price to Earnings (P/E)		 27.55 27.02 21.67 17.69 18.20 15.85 12.86 12.51 16.08 12.64 9.37
Dividend Yield		 1.53% 1.38% 1.39% 1.38% 1.29% 1.61% 1.76% 1.71% 1.32% 1.39% 1.92%
Earnings Yield		 3.63% 3.70% 4.61% 5.65% 5.50% 6.31% 7.77% 7.99% 6.22% 7.91% 10.68%
Enterprise Value to Invested Capital (EV/IC)		 1.99 2.15 2.15 2.20 2.37 1.98 1.73 1.66 2.27 1.97 1.60
Enterprise Value to Revenue (EV/Rev)		 1.14 1.24 1.20 1.18 1.22 1.07 0.96 1.01 1.14 1.13 0.91
Enterprise Value to EBITDA (EV/EBITDA)		 12.54 13.05 11.61 10.08 10.48 9.65 8.30 8.44 9.28 8.33 6.66
Enterprise Value to EBIT (EV/EBIT)		 19.02 18.95 15.75 13.01 13.25 12.30 10.51 10.59 11.68 10.29 8.24
Enterprise Value to NOPAT (EV/NOPAT)		 24.68 24.62 20.62 17.34 17.57 16.91 14.54 14.68 16.31 13.94 10.98
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.81 13.14 21.16 12.45 12.57 13.93 15.93 0.00 14.39 22.89 11.70
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.86 13.61 23.34 13.41 14.64 18.41 22.85 0.00 15.76 23.58 11.42
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.76 0.68 0.63 0.61 0.84 0.90 0.93 0.80 0.91 0.91
Long-Term Debt to Equity		 0.70 0.71 0.63 0.61 0.59 0.82 0.87 0.91 0.77 0.88 0.87
Financial Leverage		 0.75 0.81 0.68 0.65 0.58 0.72 0.70 0.70 0.55 0.78 0.79
Leverage Ratio		 2.48 2.50 2.34 2.30 2.31 2.40 2.38 2.36 2.33 2.46 2.51
Compound Leverage Factor		 1.96 2.00 1.97 1.97 1.90 1.91 2.05 2.03 1.91 2.11 2.14
Debt to Total Capital		 42.84% 43.32% 40.34% 38.54% 38.05% 45.74% 47.24% 48.31% 44.35% 47.68% 47.51%
Short-Term Debt to Total Capital		 2.98% 2.98% 2.95% 1.35% 1.35% 1.15% 1.49% 1.41% 1.75% 1.77% 1.98%
Long-Term Debt to Total Capital		 39.86% 40.33% 37.39% 37.19% 36.71% 44.59% 45.75% 46.91% 42.60% 45.91% 45.53%
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		 57.16% 56.68% 59.66% 61.46% 61.95% 54.26% 52.76% 51.69% 55.65% 52.32% 52.49%
Debt to EBITDA		 2.80 2.77 2.28 1.86 1.83 2.32 2.39 2.55 2.01 2.15 2.12
Net Debt to EBITDA		 2.56 2.45 2.03 1.61 1.45 2.11 2.13 2.36 1.58 1.88 1.83
Long-Term Debt to EBITDA		 2.60 2.58 2.11 1.80 1.77 2.27 2.31 2.47 1.93 2.07 2.04
Debt to NOPAT		 5.51 5.22 4.05 3.20 3.07 4.08 4.18 4.43 3.52 3.60 3.50
Net Debt to NOPAT		 5.03 4.62 3.61 2.76 2.42 3.70 3.73 4.11 2.77 3.14 3.01
Long-Term Debt to NOPAT		 5.13 4.86 3.75 3.09 2.96 3.97 4.05 4.30 3.38 3.47 3.35
Altman Z-Score		 2.96 3.18 3.27 3.41 3.39 3.03 2.85 2.83 3.23 3.13 2.79
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		 1.46 1.69 1.53 1.59 1.49 1.72 1.84 2.27 1.64 2.34 2.21
Quick Ratio		 1.23 1.47 1.36 1.40 1.32 1.52 1.67 2.10 1.46 2.11 1.87
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 93 284 60 210 161 24 -18 -385 105 -69 98
Operating Cash Flow to CapEx		 454.23% 97.13% 301.32% 574.60% 512.85% -347.93% 248.25% -1,179.74% 8,627.24% -3,902.32% 1,803.46%
Free Cash Flow to Firm to Interest Expense		 4.54 13.21 2.95 10.21 8.05 1.38 -0.85 -17.01 4.69 -3.32 4.43
Operating Cash Flow to Interest Expense		 7.05 1.00 6.41 9.70 8.19 -4.57 1.99 -8.06 28.95 -11.74 8.57
Operating Cash Flow Less CapEx to Interest Expense		 5.50 -0.03 4.28 8.01 6.59 -5.88 1.19 -8.75 28.61 -12.04 8.10
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.23 1.21 1.29 1.32 1.31 1.33 1.31 1.28 1.32 1.30 1.26
Accounts Receivable Turnover		 6.00 5.32 6.18 6.37 6.22 5.90 5.36 4.78 6.11 5.09 4.81
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		 107.69 117.02 124.54 131.54 136.39 147.69 153.59 156.10 155.29 162.81 171.37
Accounts Payable Turnover		 14.18 14.44 14.75 14.20 13.85 14.91 14.15 14.67 13.65 14.64 13.47
Days Sales Outstanding (DSO)		 60.80 68.66 59.07 57.32 58.69 61.82 68.11 76.41 59.73 71.67 75.93
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)		 25.74 25.27 24.74 25.70 26.35 24.49 25.80 24.89 26.73 24.93 27.09
Cash Conversion Cycle (CCC)		 35.06 43.39 34.32 31.62 32.34 37.33 42.30 51.52 33.00 46.74 48.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,810 2,879 2,870 2,804 2,736 2,907 3,000 3,312 2,723 3,085 3,017
Invested Capital Turnover		 1.74 1.67 1.80 1.84 1.91 1.86 1.84 1.78 1.99 1.79 1.77
Increase / (Decrease) in Invested Capital		 -18 -203 35 -104 -74 28 130 508 -13 178 17
Enterprise Value (EV)		 5,599 6,186 6,166 6,177 6,478 5,761 5,192 5,494 6,178 6,066 4,816
Market Capitalization		 4,457 5,025 5,085 5,192 5,585 4,501 3,860 3,956 5,129 4,701 3,497
Book Value per Share		 $27.44 $28.01 $29.32 $29.91 $30.62 $27.31 $29.46 $31.47 $29.71 $31.58 $31.11
Tangible Book Value per Share		 ($15.18) ($14.17) ($13.27) ($12.90) ($12.60) ($15.59) ($16.05) ($14.00) ($15.27) ($14.50) ($14.36)
Total Capital		 2,918 3,030 2,999 2,959 2,975 3,035 3,160 3,430 3,008 3,287 3,233
Total Debt		 1,250 1,313 1,210 1,141 1,132 1,388 1,493 1,657 1,334 1,568 1,536
Total Long-Term Debt		 1,163 1,222 1,121 1,101 1,092 1,353 1,446 1,609 1,282 1,509 1,472
Net Debt		 1,142 1,161 1,081 985 893 1,260 1,332 1,539 1,049 1,365 1,320
Capital Expenditures (CapEx)		 32 22 43 35 32 23 17 15 7.53 6.26 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 354 438 401 335 250 449 546 887 318 736 734
Debt-free Net Working Capital (DFNWC)		 419 542 478 438 433 521 654 947 540 873 891
Net Working Capital (NWC)		 332 451 390 398 393 486 607 899 488 815 827
Net Nonoperating Expense (NNE)		 16 16 15 16 15 11 15 17 17 15 17
Net Nonoperating Obligations (NNO)		 1,142 1,161 1,081 985 893 1,260 1,332 1,539 1,049 1,365 1,320
Total Depreciation and Amortization (D&A)		 42 32 30 33 33 32 33 33 38 34 33
Debt-free, Cash-free Net Working Capital to Revenue		 7.22% 8.78% 7.82% 6.39% 4.71% 8.34% 10.12% 16.35% 5.86% 13.69% 13.80%
Debt-free Net Working Capital to Revenue		 8.55% 10.87% 9.33% 8.35% 8.16% 9.69% 12.12% 17.45% 9.95% 16.25% 16.76%
Net Working Capital to Revenue		 6.78% 9.06% 7.61% 7.59% 7.41% 9.04% 11.25% 16.56% 8.98% 15.17% 15.55%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.98 $1.05 $1.31 $1.47 $1.20 $0.69 $1.70 $1.87 $1.30 $1.71 $1.81
Adjusted Weighted Average Basic Shares Outstanding		 61.13M 61.32M 61.37M 61.08M 61.05M 59.73M 56.89M 56.68M 57.41M 54.84M 54.24M
Adjusted Diluted Earnings per Share		 $0.96 $1.04 $1.31 $1.46 $1.18 $0.69 $1.69 $1.86 $1.27 $1.70 $1.80
Adjusted Weighted Average Diluted Shares Outstanding		 61.45M 61.54M 61.62M 61.38M 61.48M 60.00M 57.06M 56.98M 57.92M 55.30M 54.59M
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		 61.00M 61.03M 60.80M 60.18M 60.30M 56.60M 56.35M 56.35M 54.46M 54.55M 52.54M
Normalized Net Operating Profit after Tax (NOPAT)		 75 81 95 106 87 52 112 123 92 109 115
Normalized NOPAT Margin		 5.95% 6.08% 7.05% 8.04% 6.64% 3.70% 8.19% 9.11% 6.98% 8.09% 8.81%
Pre Tax Income Margin		 6.20% 6.44% 8.01% 9.15% 7.04% 4.92% 9.73% 10.60% 7.62% 9.39% 9.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.81 4.98 6.30 6.86 5.63 4.94 7.17 7.31 5.48 7.07 6.72
NOPAT to Interest Expense		 3.66 3.75 4.67 5.14 4.37 2.96 5.19 5.42 4.10 5.23 5.20
EBIT Less CapEx to Interest Expense		 3.26 3.94 4.17 5.17 4.03 3.62 6.37 6.63 5.14 6.77 6.25
NOPAT Less CapEx to Interest Expense		 2.10 2.72 2.54 3.45 2.77 1.65 4.39 4.74 3.77 4.92 4.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 42.07% 37.30% 30.11% 24.48% 23.75% 25.59% 23.75% 22.11% 21.54% 18.02% 18.19%
Augmented Payout Ratio		 42.07% 37.30% 30.11% 40.59% 47.56% 131.82% 150.24% 127.16% 161.80% 87.80% 97.50%

Financials Breakdown Chart

Key Financial Trends

Maximus, Inc. (NYSE: MMS) has shown a relatively stable revenue base over the last four years, with occasional swings in cash flow and debt levels. Below is a concise, investor-friendly read on key trends from MMS quarterly statements (cash flow, income statement, and balance sheet) across 2022–2026.

  • Revenue resilience: Operating revenue generally sits in a narrow band of roughly $1.32B–$1.41B per quarter over the period, signaling steady demand for Maximus’ government services.
  • Consistent, positive earnings quarters: Net income has remained positive across most quarters, with several quarters delivering about $90M–$110M in net income (e.g., Q3 2025: ~$106M; Q2 2025: ~$96.6M; Q1 2026: ~$93.9M).
  • Financing activity boosts liquidity in early 2026: In Q1 2026, Net Cash From Continuing Financing Activities was +$156.9M, supported by debt issuance and other financing activities.
  • Healthy near-term liquidity: As of Q1 2026, Cash & Equivalents were about $137.6M, with Total Current Assets around $1.423B and Total Current Liabilities about $0.608B, giving a rough current ratio near 2.3x.
  • Occasional strong operating cash flow: Operating cash flow has been solid in several quarters, notably Q4 2025 (CFO ≈ $649.4M) and Q2 2025 (CFO ≈ $42.7M), indicating periods of strong cash generation tied to working capital normalization.
  • Acquisitions and intangible assets weigh on the balance sheet: Goodwill remains substantial (about $1.78B in recent quarters) and intangible assets are sizable (around $0.73B), reflecting historical acquisitions and intangible asset growth.
  • Debt load remains meaningful: Long-term debt sits in a high range (roughly $1.4B–$1.5B in recent periods), contributing to a relatively elevated leverage profile.
  • Earnings per share (EPS) exhibit noticeable volatility: Quarterly EPS has ranged from roughly $0.69 (early restated periods) to about $1.87 (peak quarter), with recent quarters around $1.7–$1.9 (e.g., Q3 2025: $1.87; Q1 2026: $1.71).
  • Operating cash flow volatility remains a theme: MMS has shown negative cash flow from operations in several quarters (e.g., Q1 2025: -$79.996M; Q3 2025: -$182.7M; Q1 2026: -$244.4M), indicating working capital swings and periods of cash burn despite positive net income.
  • Investing cash outflows persist: Investing activities frequently show cash outflows (capital expenditures, acquisitions, and related items), contributing to negative free cash flow in many quarters (e.g., Q4 2025: net investing outflow ≈ -$31.9M; Q3 2025: larger investing outlays).
06/03/26 02:50 PM ETAI Generated. May Contain Errors.

Maximus Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Maximus' financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Maximus' net income appears to be on an upward trend, with a most recent value of $319.03 million in 2025, rising from $160.05 million in 2015. The previous period was $306.91 million in 2024. View Maximus' forecast to see where analysts expect Maximus to go next.

Maximus' total operating income in 2025 was $528.29 million, based on the following breakdown:
  • Total Gross Profit: $1.33 billion
  • Total Operating Expenses: $805.15 million

Over the last 10 years, Maximus' total revenue changed from $2.10 billion in 2015 to $5.43 billion in 2025, a change of 158.7%.

Maximus' total liabilities were at $2.40 billion at the end of 2025, a 4.7% increase from 2024, and a 265.3% increase since 2015.

In the past 10 years, Maximus' cash and equivalents has ranged from $40.66 million in 2022 to $349.25 million in 2018, and is currently $222.35 million as of their latest financial filing in 2025.

Over the last 10 years, Maximus' book value per share changed from 9.29 in 2015 to 29.71 in 2025, a change of 219.9%.


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Financial statements for NYSE:MMS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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