Tearsheet

Maximus (MMS)

Market Price (12/28/2025): $86.84 | Market Cap: $4.9 Bil
Sector: Industrials | Industry: Data Processing & Outsourced Services

Maximus (MMS)

Market Price (12/28/2025): $86.84
Market Cap: $4.9 Bil
Sector: Industrials
Industry: Data Processing & Outsourced Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 7.5%	Trading close to highs Dist 52W High is -4.6%, Dist 3Y High is -4.9%	Key risks MMS key risks include [1] its high dependence on government contracts for revenue and [2] significant cybersecurity vulnerabilities, Show more.
1	Low stock price volatility Vol 12M is 28%	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -54%
2	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Automation & Robotics. Themes include Health Data Analytics, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 7.5%
1	Low stock price volatility Vol 12M is 28%
2	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Automation & Robotics. Themes include Health Data Analytics, Show more.
3	Trading close to highs Dist 52W High is -4.6%, Dist 3Y High is -4.9%
4	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -54%
5	Key risks MMS key risks include [1] its high dependence on government contracts for revenue and [2] significant cybersecurity vulnerabilities, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022
Share Price CYE	$86.84	$73.48	$81.37	$70.14
Market Cap CYE ($ Bil)	4.9	4.4	5.0	4.3
Total Debt ($ Bil)	1.4	1.4	1.3	1.4
Total Cash ($ Bil)	0.2	0.2	0.2	0.1
Enterprise Value ($ Bil)	6.1	5.8	6.3	5.7
Valuation Ratios
P/S TTM	0.9	0.8	1.0	0.9
P/EBIT TTM	9.2	8.1	10.5	15.2
P/E TTM	15.3	13.4	16.7	27.7
P/FCF TTM	13.4	11.7	12.8	20.0
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1
P/E TTM (Sector)	17.2	16.5	15.4	12.1
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4

	12/28/25	2024	2023
Share Price CYE	$86.84	$73.48	$81.37
Market Cap CYE ($ Bil)	4.9	4.4	5.0
Total Debt ($ Bil)	1.4	1.4	1.3
Total Cash ($ Bil)	0.2	0.2	0.2
Enterprise Value ($ Bil)	6.1	5.8	6.3
Valuation Ratios
P/S TTM	0.9	0.8	1.0
P/EBIT TTM	9.2	8.1	10.5
P/E TTM	15.3	13.4	16.7
P/FCF TTM	13.4	11.7	12.8
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	MMS	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	5.4
Rev Chg Q	0.2%	7.3%
Rev Chg LTM	2.4%	6.1%
Rev Chg 3Y Avg	5.5%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.5
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	9.7%	18.8%
CFO/Rev LTM	7.9%	20.4%
Net Inc Mgn	5.9%	13.1%
VALUATION	LOW
P/S	0.9	3.3
P/CFO	11.4	15.8
P/FCF	13.4	20.7
P/E	15.3	23.7
STABILITY	GOOD
Debt/Equity	0.30	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Sales Pipeline	$54.3 billion	9302024	Link
Contract Backlog	$20.7 billion	9302023	Link
Signed Contract Awards (Fiscal Year)	$6.1 billion	9302023	Link
Book-to-Bill Ratio (Quarterly)	0.6x	6302024	Link

Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

MMS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Maximus (MMS) stock movements can be influenced by several factors. While it is not possible to provide an explanation for a specific -0.8% movement in the future period of August 31, 2025, to December 28, 2025, based on current information, historical trends and recent developments suggest potential influences on the stock price.

1. Mixed Fiscal Year 2023 Performance and Segment Challenges: Maximus reported a 5.9% increase in full-year revenue for fiscal year 2023, reaching $4.90 billion. However, diluted earnings per share decreased to $2.63 from $3.29 in the prior year. The "Outside the U.S. Segment" experienced a 9.8% revenue decrease and an operating loss of $9.1 million for fiscal year 2023. This mixed performance, particularly the weakness in the international segment, could exert downward pressure on the stock.

2. Impact of Cybersecurity Incident: A previously disclosed cybersecurity incident impacted Maximus's fiscal year 2023 earnings, with a $0.35 per share impact for the full year. Although adjusted earnings per share excluding the incident showed a healthier picture, such incidents can create investor uncertainty and negatively affect stock sentiment.

3. Fluctuations in Government Contracts and Regulatory Environment: A significant portion of Maximus's revenue comes from government contracts. Decisions by government agencies, such as the Centers for Medicare & Medicaid Services (CMS) regarding contract renewals or changes in solicitation terms (e.g., labor harmony agreements), can introduce uncertainty. For instance, in September 2024, Maximus had a partial victory in a dispute over a $6.6 billion CMS contract rebid, where CMS later canceled the rebidding process in November 2024. The ongoing dynamics of government procurement and potential legislative changes can impact future revenue and profitability.

4. Analyst Ratings and Market Sentiment: While Maximus generally holds a "Moderate Buy" consensus rating among analysts, with an average price target of $90.00 (as of late 2025/early 2026 forecasts), some analysts have issued downgrades. For example, Stifel downgraded Maximus from "Buy" to "Hold" in January 2024. Negative sentiment or downgrades from key analysts can contribute to stock price declines. Additionally, some analyses in late 2025 suggested the stock was within a "wide and falling trend" and presented "negative signals" leading to a "Sell" candidate evaluation.

5. Changes in Sales Pipeline and Backlog: While Maximus reported a strong backlog of $20.7 billion at September 30, 2023, the backlog decreased to $16.2 billion at September 30, 2024. The book-to-bill ratio also saw a decline from 1.2x at December 31, 2023, to 0.4x at September 30, 2024, reflecting an anticipated lower-than-normal period of rebid activity. A decrease in backlog and a lower book-to-bill ratio can signal slower future revenue growth, potentially impacting investor confidence.

Stock Movement Drivers

Fundamental Drivers

The -1.0% change in MMS stock from 9/27/2025 to 12/27/2025 was primarily driven by a -2.5% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	87.79	86.87	-1.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5428.73	5431.28	0.05%
Net Income Margin (%)	5.83%	5.87%	0.83%
P/E Multiple	15.74	15.34	-2.53%
Shares Outstanding (Mil)	56.68	56.32	0.63%
Cumulative Contribution			-1.05%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
MMS	-1.0%
Market (SPY)	4.3%	12.8%
Sector (XLI)	3.0%	13.7%

Fundamental Drivers

The 25.0% change in MMS stock from 6/28/2025 to 12/27/2025 was primarily driven by a 16.4% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	69.48	86.87	25.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5395.26	5431.28	0.67%
Net Income Margin (%)	5.56%	5.87%	5.63%
P/E Multiple	13.18	15.34	16.40%
Shares Outstanding (Mil)	56.89	56.32	1.00%
Cumulative Contribution			25.01%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
MMS	25.0%
Market (SPY)	12.6%	20.1%
Sector (XLI)	7.5%	25.0%

Fundamental Drivers

The 21.0% change in MMS stock from 12/27/2024 to 12/27/2025 was primarily driven by a 8.4% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	71.78	86.87	21.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5306.20	5431.28	2.36%
Net Income Margin (%)	5.78%	5.87%	1.56%
P/E Multiple	14.15	15.34	8.39%
Shares Outstanding (Mil)	60.50	56.32	6.90%
Cumulative Contribution			20.45%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
MMS	21.0%
Market (SPY)	17.0%	25.2%
Sector (XLI)	19.2%	30.1%

Fundamental Drivers

The 26.7% change in MMS stock from 12/28/2022 to 12/27/2025 was primarily driven by a 33.5% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	68.55	86.87	26.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4631.02	5431.28	17.28%
Net Income Margin (%)	4.40%	5.87%	33.46%
P/E Multiple	20.51	15.34	-25.22%
Shares Outstanding (Mil)	60.98	56.32	7.64%
Cumulative Contribution			25.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
MMS	6.3%
Market (SPY)	48.0%	30.2%
Sector (XLI)	41.2%	36.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MMS Return	-0%	10%	-6%	16%	-10%	18%	28%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
MMS Win Rate	50%	67%	42%	58%	50%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MMS Max Drawdown	-33%	-0%	-29%	-3%	-16%	-13%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See MMS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	MMS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-41.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	71.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-34.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	53.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	141 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	18.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	260 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-45.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	81.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	320 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Maximus's stock fell -41.7% during the 2022 Inflation Shock from a high on 4/19/2021. A -41.7% loss requires a 71.6% gain to breakeven.

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About Maximus (MMS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Maximus, Inc. provides business process services (BPS) to government health and human services programs. It operates through three segments: U.S. Services, U.S. Federal Services, and Outside the U.S. The U.S. Services segment offers various BPS solutions, such as program administration, appeals and assessments, and related consulting works for U.S. state and local government programs, including the Affordable Care Act, Medicaid, the Children's Health Insurance Program, Temporary Assistance to Needy Families, child support programs, Preadmission Screening and Resident Reviews, and Independent Developmental Disability assessments. This segment also provides program eligibility support and enrollment; centralized multilingual customer contact centers, multichannel, and digital self-service options for enrollment; application assistance and independent health plan choice counseling; beneficiary outreach, education, eligibility, enrollment, and redeterminations; person-centered independent disability, long-term sick, and other health assessments; and specialized consulting services. The U.S. Federal Services segment offers centralized citizen engagement centers and support services; document and record management; case management, citizen support, and consumer education; independent medical reviews and worker's compensation benefit appeals; Medicare and Medicaid appeals; and federal marketplace eligibility appeals. This segment also provides modernization of systems and information technology infrastructure; infrastructure operations and support services; software development, operations, and management services; and data analytics services. The Outside the U.S. segment offers BPS solutions for governments and commercial clients outside the United States, including health and disability assessments, program administration for employment services, and other job seeker-related services. The company was incorporated in 1975 and is headquartered in Reston, Virginia.

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Here are 1-2 brief analogies for Maximus (MMS):

Conduent for government health and human services programs.
Accenture for administering government social and health programs.

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Health & Human Services Program Administration: Maximus manages and administers government health and human services programs, including eligibility and enrollment, contact center operations, and appeals processing.
Workforce Development & Employment Services: The company provides services to help individuals find and retain employment, administers unemployment benefits, and manages welfare-to-work programs.
Consulting & Technology Solutions: Maximus offers advisory and technology services to government agencies to enhance program efficiency, modernize systems, and improve service delivery.
Clinical & Disability Assessments: They conduct independent medical and functional assessments to determine eligibility for disability benefits and other health programs.

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Major Customers of Maximus (MMS)

Maximus (symbol: MMS) primarily sells its services and solutions to governmental organizations, rather than to other commercial companies or directly to individuals.

Its major customers are diverse government entities at various levels:

The U.S. Federal Government: This is Maximus's single largest customer, consistently representing a substantial portion of its consolidated revenues (e.g., approximately 37% in fiscal year 2023). Maximus provides a range of services to federal agencies, including health and human services program administration, contact center operations, and appeals processing.
U.S. State and Local Governments: Maximus partners with numerous state and local government agencies across the United States to manage and administer public health and human services programs, such as Medicaid, welfare-to-work initiatives, and child support enforcement.
International Governments: The company also serves national, provincial, and local government clients in several countries, providing similar services in regions including Australia, Canada, Italy, Saudi Arabia, Singapore, Sweden, and the United Kingdom.

As these major customers are governmental organizations, they do not have public company stock symbols. Maximus does not primarily sell to other commercial companies or directly to individual consumers; instead, it supports governments in delivering services to their citizens.

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Bruce Caswell, President and Chief Executive Officer

Bruce Caswell assumed the role of Chief Executive Officer and Director of Maximus on April 1, 2018, and has served as President since October 2014. He joined Maximus in 2004 and has held various senior leadership roles across all segments of the company's business. Caswell brings over 30 years of public sector health and human services program and operational experience. Prior to joining Maximus, he worked at IBM in several capacities, including Vice President of State and Local Government and Education, and Director of Federal Business Development. He began his career at Price Waterhouse's Office of Government Services. Under his leadership, Maximus acquired citizen engagement center projects and completed large acquisitions in 2021, including Attain Federal and Veterans' Evaluation Services (VES).

David Mutryn, Chief Financial Officer and Treasurer

David Mutryn became Chief Financial Officer and Treasurer of Maximus on December 1, 2021, succeeding Richard J. Nadeau. He joined Maximus in 2016 as Global Corporate Controller and was promoted to Senior Vice President of Finance in 2020. Before his time at Maximus, Mutryn served as Vice President of Finance at CSRA, Inc. and held several financial leadership positions at SRA International, Inc. He started his career at PricewaterhouseCoopers. David holds an MBA from the Wharton School of the University of Pennsylvania and a B.S. from the University of Virginia's McIntire School of Commerce.

Michelle Link, Chief Human Resources Officer

Michelle Link joined Maximus as Chief Human Resources Officer in 2020. She oversees Maximus' global HR strategy, including talent acquisition, workforce solutions, and organizational development. Link is an accomplished human resources executive with over 25 years of experience in national and international organizations across healthcare, call center, and government contracts. Prior to Maximus, she was the Executive Vice President of Human Resources at ADS, Inc., a solutions provider for the U.S. military and government organizations.

Teresa Weipert, General Manager and President of Maximus Federal

Teresa Weipert joined Maximus in April 2021 as the General Manager and President of Maximus Federal. She oversees operations and financial and business development activities for Maximus' federal portfolio. Weipert has over three decades of experience in strategic government contracting. Her previous leadership experience includes serving as Vice President of the life sciences and state, local, and educational services lines at IBM, Senior VP of Sutherland Global Services' government group, and various leadership roles at Accenture and Unisys. She focuses on modernizing the company's digital, enterprise IT, and business process outsourcing portfolios.

John Martinez, Chief Legal Officer

John Martinez was appointed Chief Legal Officer of Maximus in September 2023, succeeding David Francis. He leads Maximus' global legal, contracts, ethics, and compliance functions and brings more than 25 years of legal and governance expertise. Before joining Maximus, Martinez served as Vice President and General Counsel of GE Aerospace, where he developed and executed the company's legal strategy across commercial aviation and defense sectors. His earlier legal career includes executive roles such as Vice President and General Counsel for Raytheon Intelligence & Space, Deputy General Counsel for the Director of National Intelligence, and Senior Associate General Counsel at the Central Intelligence Agency.

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The key risks to Maximus (MMS) include its high dependence on government contracts, significant regulatory and compliance challenges, and ongoing cybersecurity threats.

High Dependence on Government Contracts and Related Political/Budgetary Risks
Maximus generates a substantial portion of its revenue from government contracts, with approximately 87% in fiscal year 2023 and around 55% from the U.S. federal government in 2025. This reliance exposes the company to considerable risks, including potential disruptions or reductions in contracts, intense competitive bidding processes that can impact profit margins, and adverse effects from changes in government budgetary priorities and spending. Furthermore, a failure to meet contract performance requirements could lead to penalties, liquidated damages, or even contract termination. The company is also subject to audits and reviews by government entities, which can result in adverse findings, financial penalties, and limitations on its ability to bid for new work.
Regulatory and Compliance Risks
Operating in a heavily regulated environment, Maximus faces significant risks associated with regulatory compliance. Non-compliance with laws and regulations could result in fines, penalties, and restrictions on the company's ability to bid for government contracts. The company must also navigate the evolving regulatory landscape surrounding the use of artificial intelligence (AI) technologies, which introduces new risks related to liability and compliance.
Cybersecurity Threats
Maximus is exposed to operational risks, including the potential for cybersecurity breaches. The company has experienced past cybersecurity incidents, such as the MOVEit breach in 2023, which led to multiple lawsuits and allegations of compromised personally identifiable information and protected health information. Such breaches can result in significant financial losses, reputational damage, and legal liabilities.

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The increasing adoption of advanced artificial intelligence (AI), machine learning, and robotic process automation (RPA) by government agencies and competing technology vendors represents a clear emerging threat. Maximus specializes in administering large-scale government health and human services programs, often involving high-volume, repetitive tasks such as eligibility determination, call center operations, and case management. As these AI and automation technologies mature and become more cost-effective, government clients may increasingly automate processes in-house or procure purely technological solutions from specialized AI/automation providers. This could significantly reduce the demand for Maximus's traditional human-intensive outsourcing contracts and shift the competitive landscape towards tech-first solutions, where Maximus may face stronger competition from companies focused solely on these advanced technologies.

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Expected Drivers of Future Revenue Growth for Maximus (MMS)

Maximus (NYSE: MMS) is expected to drive future revenue growth over the next 2-3 years through several key areas, leveraging its position as a leading provider of government services.

Expansion and Volume Growth in U.S. Federal Services: Maximus anticipates continued strong performance in its U.S. Federal Services segment, particularly driven by volume growth on expanded clinical programs. This segment has been a primary driver of organic growth and is expected to sustain its momentum due to higher demand for clinical services and an increasing mix of performance-based work. The company's substantial sales pipeline, including significant opportunities like the CMS Contact Center Operations (CCO) contract, further underpins expected growth in this area.
New Work Wins and Portfolio Strength in U.S. Services: The U.S. Services segment is poised for growth through new contract awards and strong performance across its core Medicaid-related portfolio and other eligibility, support, and clinical services. Despite a normalization of excess volumes from prior Medicaid-related activities, the company expects continued growth from new work wins.
Strategic Investments in Technology and Digital Transformation: Maximus is investing in technology innovation, including artificial intelligence (AI) and cloud capabilities, to modernize program delivery for governments. These investments are expected to align with administration goals for digital transformation, enhance compliance demand, and position Maximus for sustained earnings growth by improving efficiency and offering innovative solutions for public sector initiatives.
Leveraging Regulatory Changes and Government Reliance on Third-Party Administration: As a strategic partner to governments, Maximus benefits from regulatory changes and an increased reliance on third-party administration for complex public services. The company's ability to adapt to new legislative and regulatory requirements, coupled with its operational agility and strong contract execution, positions it to expand revenue across various government service markets globally.

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Share Repurchases

Maximus authorized an expansion of its stock repurchase program to an aggregate of $400 million in September 2025, which includes approximately $32.7 million remaining from the previous program.
Since June 30, 2025, Maximus purchased 375,898 shares for approximately $31.6 million.
In fiscal year 2024, Maximus repurchased approximately 0.9 million shares totaling $73.1 million, and an additional approximately 0.5 million shares totaling $43.2 million were purchased between September 30, 2024, and November 19, 2024.

Share Issuance

Maximus's number of outstanding shares has seen some fluctuations, decreasing from 61.32 million in 2023 to 59.73 million in 2024, and further to 56.68 million as of November 2025, largely influenced by share buybacks. Specific dollar amounts for share issuances are not available.

Outbound Investments

In fiscal year 2021, Maximus completed the acquisitions of Attain Federal and Veterans Evaluation Services (VES), which together contributed $322.7 million in revenue for that fiscal year.
In November 2025, Maximus was awarded a new Joint Cyber Command & Control Readiness contract, valued up to $86 million, from the U.S. Air Force Life Cycle Management Center's Cryptologic and Cyber Systems Division, to advance interoperability and deliver engineering and cybersecurity solutions.

Capital Expenditures

Maximus has emphasized a disciplined approach to capital allocation, including investing in strategic priorities to support sustainable growth.
The company has made ongoing investments in technology and digital capabilities.

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OC (7.1% | 5.2x)

Owens-Corning

Higher Rev Chg LTM (Value for MMS: 2.4%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for MMS: 5.5%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

ETN (9.7%)

Eaton

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for MMS: 9.7%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

DE (18.8%)

Deere

CAT (17.7%)

Caterpillar

RTX (10.3%)

RTX

Higher CFO/Rev LTM (Value for MMS: 7.9%)

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

RTX (9.3%)

RTX

GEV (9.1%)

GE Vernova

Higher FCF/Rev LTM (Value for MMS: 6.7%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

DE (7.2%)

Deere

Higher Total Yield (Value for MMS: 7.9%)

TDG (15.4%)

TransDigm

UPS (12.8%)

United Parcel Service

CNI (11.1%)

Canadian National Railway

UBER (9.8%)

Uber Technologies

FDX (8.2%)

FedEx

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MMS: 5.5% | 0.9x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MMS: 5.5% | 9.3x)

ENB (8.6% | 9.3x)

Enbridge

PYPL (6.7% | 9.0x)

PayPal

OKE (16.4% | 7.8x)

ONEOK

EXC (8.9% | 8.7x)

Exelon

FANG (20.8% | 7.6x)

Diamondback Energy

Higher Rev Chg LTM (Value for MMS: 2.4%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for MMS: 5.5%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for MMS: 9.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for MMS: 7.9%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for MMS: 6.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for MMS: 7.9%)

MRK (10.2%)

Merck

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

CVX (8.6%)

Chevron

UNH (8.5%)

UnitedHealth

		Best Bets In Industrials Sector
	MMS	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	15.3	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	9.3	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	0.2%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	2.4%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.5%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	6.3%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Maximus Earnings Notes
2	Can Maximus Stock Hold Up When Markets Turn?	Return
3	After MMS's 19% Climb in a Month, UAL Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
4	How Does Maximus Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than MMS Stock: Pay Less Than Maximus To Get More From OKE, CCL
6	MMS Dip Buy Analysis
7	Maximus Total Shareholder Return (TSR): 1.0% in 2025 and 19.6% 3-yr compounded annual returns (above peer average)
8	Maximus (MMS) Operating Cash Flow Comparison	Financials
9	Maximus (MMS) Net Income Comparison	Financials
10	Maximus (MMS) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to MMS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Maximus

Peers to compare with:

Financials

	MMS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maximus	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	86.87	23.26	24.49	305.09	78.16	273.40	82.52
Mkt Cap	4.9	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	5,431	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	528	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	366	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	330	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	429	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	420	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	MMS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maximus	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	2.4%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	5.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	0.2%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	0.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	9.7%	6.6%	4.8%	17.7%	22.5%	31.9%	13.7%
Op Mgn 3Y Avg	8.3%	7.4%	7.2%	16.4%	24.2%	30.8%	12.3%
QoQ Delta Op Mgn LTM	0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	7.9%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	8.0%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	6.7%	5.1%	1.8%	18.1%	22.1%	23.5%	12.4%
FCF/Rev 3Y Avg	6.3%	5.5%	4.6%	18.6%	24.6%	25.6%	12.5%

Valuation

	MMS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maximus	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	4.9	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.9	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	9.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	15.3	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	11.4	5.9	11.2	21.1	22.5	37.5	16.3
Total Yield	7.9%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	1.4%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	6.4%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.2	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	MMS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maximus	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	0.8%	-1.8%	14.4%	0.6%	2.7%	-1.5%	0.7%
3M Rtn	-1.0%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	25.0%	-4.0%	34.5%	6.6%	15.2%	36.3%	20.1%
12M Rtn	21.0%	-27.0%	16.2%	40.5%	34.5%	7.5%	18.6%
3Y Rtn	26.7%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-2.2%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-2.2%
3M Excs Rtn	-5.4%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	12.8%	-16.3%	22.3%	-5.7%	3.0%	24.0%	7.9%
12M Excs Rtn	5.2%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	2.2%
3Y Excs Rtn	-54.0%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Maximus Stock Stack Up Against Its Peers?
1	MMS Looks Stronger Than CNDT With 10% Return Potential
2	Maximus vs. Nordstrom: With Return Forecast Of 29%, Nordstrom Is A Better Bet
3	Maximus vs. Ormat Technologies: With Return Forecast Of 45%, Ormat Technologies Is A Better Bet
4	Maximus vs. Timken: With Return Forecast Of 21%, Maximus Is A Better Bet
5	Maximus vs. DexCom: With Return Forecast Of 64%, DexCom Is A Better Bet
6	Maximus vs. Autodesk: With Return Forecast Of 38%, Maximus Is A Better Bet
7	Maximus vs. Synopsys: With Return Forecast Of 38%, Maximus Is A Better Bet
8	Maximus vs. Transdigm Group: With Return Forecast Of 48%, Transdigm Group Is A Better Bet
9	Maximus vs Zoom Video Communications: Similar Revenue; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	9/30/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020
Filing Date	11/20/2025	11/20/2025	11/21/2024	11/16/2023	11/22/2022	11/18/2021	11/19/2020
Key Financials
Total Revenue	5,431	5,431	5,306	4,905	4,631	4,254	3,462
EBITDA	663	663	614	444	456	489	389
Operating Income	528	528	488	295	315	409	288
Net Income	319	319	307	162	204	291	215
EPS	5.60	5.56	5.03	2.65	3.30	4.69	3.40
Growth Rates
Total Revenue Growth	2.4%	2.4%	8.2%	5.9%	8.9%	22.9%	19.9%
EBITDA Growth	7.8%	7.8%	38.5%	-2.7%	-6.8%	25.7%	-4.1%
Operating Income Growth	8.1%	8.1%	65.7%	-6.4%	-22.9%	41.7%	-9.1%
Net Income Growth	3.9%	3.9%	89.7%	-20.6%	-30.0%	35.8%	-10.9%
Margins
EBITDA Margin	12.2%	12.2%	11.6%	9.0%	9.8%	11.5%	11.2%
Operating Income Margin	9.7%	9.7%	9.2%	6.0%	6.8%	9.6%	8.3%
Net Income Margin	5.9%	5.9%	5.8%	3.3%	4.4%	6.8%	6.2%
Cash & Debt
Total Cash	222	222	183	65	41	135	72
Total Debt	1,444	1,444	1,277	1,429	1,506	1,708	214
Net Debt / (Cash)	1,222	1,222	1,094	1,364	1,465	1,572	142
Cash Flows
Net Cash from Operations	429	429	515	314	290	517	245
Free Cash from Operations	366	366	401	224	234	481	204
Returns to Shareholders
Dividends	69	69	73	68	69	69	70
Share Repurchases	447	447	73	-0	96	3	167

$ Mil \| FY: 9/30	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	9/30/2025	6/30/2025	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
Filing Date	11/20/2025	8/7/2025	5/8/2025	2/6/2025	11/21/2024	8/8/2024	5/9/2024	2/8/2024	11/16/2023	8/3/2023	5/4/2023	2/9/2023
Key Financials Quarterly
Total Revenue	1,318	1,348	1,362	1,403	1,316	1,315	1,348	1,327	1,260	1,189	1,207	1,249
Ebitda	160	198	186	118	146	172	158	139	140	92	101	111
Operating Income	123	166	153	87	112	142	127	108	99	58	63	75
Net Income	75	106	97	41	73	90	81	64	59	31	32	40
EPS	1.34	1.87	1.70	0.69	1.20	1.47	1.31	1.05	0.97	0.50	0.52	0.65
Key Financials TTM
Total Revenue TTM	5,431	5,429	5,395	5,382	5,306	5,250	5,124	4,983	4,905	4,822	4,759	4,729
Ebitda TTM	663	648	622	594	614	609	529	472	444	452	444	452
Operating Income TTM	528	517	493	468	488	476	393	328	295	299	295	308
Net Income TTM	319	316	300	284	307	294	235	186	162	172	172	190
Growth Rates Quarterly
Total Revenue Growth	0.2%	2.5%	1.0%	5.7%	4.4%	10.6%	11.7%	6.2%	7.0%	5.6%	2.5%	8.5%
EBITDA Growth	10.0%	15.3%	17.8%	-15.0%	3.7%	87.8%	56.6%	25.2%	-5.7%	9.8%	-7.1%	-3.6%
Operating Income Growth	9.9%	16.9%	20.0%	-19.3%	12.7%	142.8%	104.0%	43.8%	-4.2%	7.0%	-17.0%	-8.3%
Net Income Growth	3.8%	18.1%	19.9%	-35.8%	22.6%	190.8%	153.3%	60.4%	-14.4%	-1.5%	-36.5%	-25.0%
Margins Quarterly
EBITDA Margin	12.1%	14.7%	13.7%	8.4%	11.1%	13.1%	11.7%	10.5%	11.1%	7.7%	8.4%	8.9%
Operating Income Margin	9.3%	12.3%	11.2%	6.2%	8.5%	10.8%	9.5%	8.1%	7.9%	4.9%	5.2%	6.0%
Net Income Margin	5.7%	7.9%	7.1%	2.9%	5.5%	6.8%	6.0%	4.8%	4.7%	2.6%	2.6%	3.2%
Cash & Debt
Total Cash	222	60	108	73	183	103	77	104	65	35	56	63
Total Debt	1,444	1,781	1,620	1,516	1,277	1,291	1,371	1,480	1,429	1,484	1,467	1,743
Net Debt / (Cash)	1,222	1,721	1,512	1,443	1,094	1,188	1,294	1,376	1,364	1,449	1,411	1,680
Cash Flows Quarterly
FCF from Operations	649	-183	43	-80	164	199	130	22	145	-5	310	-135
Cash Flows TTM
FCF from Operations TTM	429	-56	326	414	515	496	291	471	314	290	353	158
Returns to Shareholders Quarterly
Dividends	17	17	17	18	18	18	18	18	17	17	17	17
Share Repurchases	141	-0	78	229	26	47	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	20.1%	21.0%	21.1%	10.2%	21.1%	24.0%	20.5%	16.7%	15.7%	9.9%	9.6%	10.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	20.7%	16.0%	16.9%	16.8%	22.2%	20.2%	16.1%	13.0%	11.8%	11.1%	11.1%	10.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Program Operations	2,570	2,501
Clinical Services	1,891	1,486
Employment and Other	469	521
Technology Solutions	375	397
Outside the United States (U.S.)			764	699
United states (U.S.) Federal Services			2,260	1,893
United states (U.S.) Services			1,608	1,662
Total	5,306	4,905	4,631	4,254

Price Behavior

Price Behavior

Market Price	$86.87
Market Cap ($ Bil)	4.9
First Trading Date	06/13/1997
Distance from 52W High	-4.6%
	50 Days	200 Days
DMA Price	$84.66	$77.72
DMA Trend	up	down
Distance from DMA	2.6%	11.8%
	3M	1YR
Volatility	24.6%	28.4%
Downside Capture	23.49	29.12
Upside Capture	13.57	43.31
Correlation (SPY)	13.3%	25.4%

MMS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.14	0.29	0.30	0.59	0.38	0.56
Up Beta	1.20	0.77	0.73	0.84	0.43	0.54
Down Beta	-2.10	0.11	0.13	0.39	0.24	0.40
Up Capture	10%	-0%	15%	68%	35%	31%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	14	24	61	121	383
Down Capture	-38%	44%	36%	49%	46%	88%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	28	39	64	127	367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of MMS With Other Asset Classes (Last 1Y)
	MMS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.0%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	28.2%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.66	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		30.1%	25.2%	-1.7%	6.9%	30.1%	20.9%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of MMS With Other Asset Classes (Last 5Y)
	MMS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.0%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	26.0%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.19	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		47.5%	44.5%	6.5%	8.8%	42.7%	17.5%

Based On 10-Year Data

		Comparison of MMS With Other Asset Classes (Last 10Y)
	MMS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.8%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	27.1%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.25	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		51.4%	53.0%	0.8%	15.4%	46.4%	13.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,096,381
Short Interest: % Change Since 11302025	-1.2%
Average Daily Volume	737,172
Days-to-Cover Short Interest	4.20
Basic Shares Quantity	56,324,000
Short % of Basic Shares	5.5%

Returns Analyses

	Title
0	Can Maximus Stock Hold Up When Markets Turn?
1	Maximus Stock Return Comparison
2	[9/29/2021] Maximus (MMS) Stock Price Forecast: AI Forecasts MMS Stock Price To Be Around $86.3 In A Month (Up 1.9%)
3	Maximus (MMS) Stock Return: MMS Has 56% Chance Of Rise In The Next One Month
4	Maximus (MMS) Stock Return: AI Predicts MMS Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/20/2025	5.5%	10.9%	13.5%
8/7/2025	4.6%	14.4%	18.3%
5/8/2025	12.8%	11.7%	6.0%
2/6/2025	-7.7%	-11.4%	-5.7%
11/20/2024	-6.9%	-10.0%	-9.4%
8/7/2024	-0.2%	0.4%	-0.2%
5/8/2024	-0.5%	3.8%	1.5%
2/7/2024	1.1%	6.3%	10.2%
...
SUMMARY STATS
# Positive	13	18	15
# Negative	11	6	9
Median Positive	1.1%	1.8%	5.3%
Median Negative	-1.0%	-5.7%	-5.7%
Max Positive	12.8%	14.4%	18.3%
Max Negative	-7.7%	-11.4%	-17.4%

	Forward Returns
11/20/2025	5.5%	10.9%	13.5%
8/7/2025	4.6%	14.4%	18.3%
5/8/2025	12.8%	11.7%	6.0%
2/6/2025	-7.7%	-11.4%	-5.7%
11/20/2024	-6.9%	-10.0%	-9.4%
8/7/2024	-0.2%	0.4%	-0.2%
5/8/2024	-0.5%	3.8%	1.5%
2/7/2024	1.1%	6.3%	10.2%
11/16/2023	-0.6%	1.2%	0.1%
8/3/2023	0.0%	0.5%	1.9%
5/8/2023	0.0%	0.5%	6.4%
2/13/2023	-1.0%	-0.8%	-11.0%
11/28/2022	0.5%	6.8%	5.3%
8/8/2022	0.1%	0.8%	-5.3%
5/9/2022	-3.1%	-4.0%	-6.9%
2/7/2022	2.6%	1.6%	0.2%
11/22/2021	-0.9%	-7.4%	-3.8%
8/10/2021	0.1%	3.2%	6.1%
5/10/2021	-1.3%	0.9%	1.4%
2/8/2021	1.9%	0.4%	4.8%
11/23/2020	2.8%	0.6%	1.4%
8/11/2020	0.3%	3.1%	-5.4%
5/12/2020	-1.9%	2.0%	6.1%
2/10/2020	-0.2%	-0.9%	-17.4%
SUMMARY STATS
# Positive	13	18	15
# Negative	11	6	9
Median Positive	1.1%	1.8%	5.3%
Median Negative	-1.0%	-5.7%	-5.7%
Max Positive	12.8%	14.4%	18.3%
Max Negative	-7.7%	-11.4%	-17.4%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11202025	10-K 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2062025	10-Q 12/31/2024
9302024	11212024	10-K 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2082024	10-Q 12/31/2023
9302023	11162023	10-K 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2092023	10-Q 12/31/2022
9302022	11222022	10-K 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2032022	10-Q 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Maximus (MMS)

Market Price (12/28/2025): $86.84 | Market Cap: $4.9 BilSector: Industrials | Industry: Data Processing & Outsourced Services

Maximus (MMS)

Market Price (12/28/2025): $86.84Market Cap: $4.9 BilSector: IndustrialsIndustry: Data Processing & Outsourced Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MMS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Maximus (MMS)

Major Customers of Maximus (MMS)

High Dependence on Government Contracts and Related Political/Budgetary Risks

Regulatory and Compliance Risks

Cybersecurity Threats

Expected Drivers of Future Revenue Growth for Maximus (MMS)

Interactive Breakdown

Better Bets than Maximus (MMS)

INDUSTRY: Data Processing & Outsourced Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for MMS: 5.5% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MMS: 5.5% | 9.3x)

Higher Rev Chg LTM (Value for MMS: 2.4%)

Higher Rev Chg 3Y Avg (Value for MMS: 5.5%)

Higher Op Mgn LTM (Value for MMS: 9.7%)

Higher CFO/Rev LTM (Value for MMS: 7.9%)

Higher FCF/Rev LTM (Value for MMS: 6.7%)

Higher Total Yield (Value for MMS: 7.9%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for MMS: 5.5% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MMS: 5.5% | 9.3x)

Higher Rev Chg LTM (Value for MMS: 2.4%)

Higher Rev Chg 3Y Avg (Value for MMS: 5.5%)

Higher Op Mgn LTM (Value for MMS: 9.7%)

Higher CFO/Rev LTM (Value for MMS: 7.9%)

Higher FCF/Rev LTM (Value for MMS: 6.7%)

Higher Total Yield (Value for MMS: 7.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MMS: 5.5% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MMS: 5.5% | 9.3x)

Higher Rev Chg LTM (Value for MMS: 2.4%)

Higher Rev Chg 3Y Avg (Value for MMS: 5.5%)

Higher Op Mgn LTM (Value for MMS: 9.7%)

Higher CFO/Rev LTM (Value for MMS: 7.9%)

Higher FCF/Rev LTM (Value for MMS: 6.7%)

Higher Total Yield (Value for MMS: 7.9%)

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Market Price (12/28/2025): $86.84 | Market Cap: $4.9 Bil
Sector: Industrials | Industry: Data Processing & Outsourced Services

Market Price (12/28/2025): $86.84
Market Cap: $4.9 Bil
Sector: Industrials
Industry: Data Processing & Outsourced Services