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.

• 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.

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.

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.

• 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.

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)

1. 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.
2. 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.
3. 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.
4. 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.

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.