Maximus (MMS)
Market Price (6/15/2026): $62.28 | Market Cap: $3.4 BilSector: Industrials | Industry: Data Processing & Outsourced Services
Maximus (MMS)
Market Price (6/15/2026): $62.28Market Cap: $3.4 BilSector: IndustrialsIndustry: Data Processing & Outsourced Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Automation & Robotics. Themes include Health Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -97% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg QQuarterly Revenue Change % is -4.1% Key risksMMS key risks include [1] its high dependence on government contracts for revenue and [2] significant cybersecurity vulnerabilities, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Automation & Robotics. Themes include Health Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -97% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg QQuarterly Revenue Change % is -4.1% |
| Key risksMMS key risks include [1] its high dependence on government contracts for revenue and [2] significant cybersecurity vulnerabilities, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Maximus (MMS) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Maximus reported a significant revenue miss in its second fiscal quarter of 2026, with revenue declining 4.1% year-over-year to $1.306 billion, falling short of analyst expectations of $1.37 billion by 4.38%. This decline was attributed to the absence of elevated natural disaster support work and temporary clinical volume surges present in the prior year.
2. Ongoing federal government procurement delays and shutdowns impacted operations and cash flow. Two U.S. federal government shutdowns occurred in 2026, with the second lasting from February 14 to April 30, affecting agencies that Maximus serves. This environment, alongside general federal procurement timeline delays, contributed to a year-to-date book-to-bill ratio of 0.5x and kept Days Sales Outstanding (DSO) elevated at 78 days due to administrative delays with a major federal customer.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in MMS stock from 2/28/2026 to 6/14/2026 was primarily driven by a -18.4% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.19 | 62.28 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,374 | 5,318 | -1.0% |
| Net Income Margin (%) | 6.9% | 7.0% | 1.5% |
| P/E Multiple | 11.1 | 9.1 | -18.4% |
| Shares Outstanding (Mil) | 55 | 54 | 1.1% |
| Cumulative Contribution | -17.2% |
Market Drivers
2/28/2026 to 6/14/2026| Return | Correlation | |
|---|---|---|
| MMS | -17.2% | |
| Market (SPY) | 8.4% | 12.4% |
| Sector (XLI) | -0.3% | -2.0% |
Fundamental Drivers
The -26.9% change in MMS stock from 11/30/2025 to 6/14/2026 was primarily driven by a -39.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.23 | 62.28 | -26.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,431 | 5,318 | -2.1% |
| Net Income Margin (%) | 5.9% | 7.0% | 19.5% |
| P/E Multiple | 15.0 | 9.1 | -39.9% |
| Shares Outstanding (Mil) | 56 | 54 | 3.8% |
| Cumulative Contribution | -26.9% |
Market Drivers
11/30/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| MMS | -26.9% | |
| Market (SPY) | 9.2% | 18.0% |
| Sector (XLI) | 15.3% | 4.6% |
Fundamental Drivers
The -12.6% change in MMS stock from 5/31/2025 to 6/14/2026 was primarily driven by a -33.0% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.27 | 62.28 | -12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,395 | 5,318 | -1.4% |
| Net Income Margin (%) | 5.6% | 7.0% | 26.2% |
| P/E Multiple | 13.5 | 9.1 | -33.0% |
| Shares Outstanding (Mil) | 57 | 54 | 4.9% |
| Cumulative Contribution | -12.6% |
Market Drivers
5/31/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| MMS | -12.6% | |
| Market (SPY) | 27.3% | 21.1% |
| Sector (XLI) | 25.0% | 10.5% |
Fundamental Drivers
The -19.3% change in MMS stock from 5/31/2023 to 6/14/2026 was primarily driven by a -67.0% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.20 | 62.28 | -19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,759 | 5,318 | 11.7% |
| Net Income Margin (%) | 3.6% | 7.0% | 94.0% |
| P/E Multiple | 27.4 | 9.1 | -67.0% |
| Shares Outstanding (Mil) | 61 | 54 | 12.7% |
| Cumulative Contribution | -19.3% |
Market Drivers
5/31/2023 to 6/14/2026| Return | Correlation | |
|---|---|---|
| MMS | -19.3% | |
| Market (SPY) | 84.5% | 29.1% |
| Sector (XLI) | 90.2% | 29.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMS Return | 10% | -6% | 16% | -10% | 17% | -27% | -8% |
| Peers Return | 15% | -1% | 15% | 18% | -9% | -22% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MMS Win Rate | 67% | 42% | 58% | 50% | 67% | 50% | |
| Peers Win Rate | 62% | 50% | 62% | 62% | 48% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MMS Max Drawdown | -21% | -30% | -17% | -25% | -19% | -40% | |
| Peers Max Drawdown | -22% | -29% | -24% | -26% | -37% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LDOS, BAH, ACN, IBM, CNDT. 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] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | MMS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.0% | -9.5% |
| % Gain to Breakeven | 19.1% | 10.5% |
| Time to Breakeven | 62 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.8% | -6.7% |
| % Gain to Breakeven | 13.4% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.8% | -24.5% |
| % Gain to Breakeven | 42.5% | 32.4% |
| Time to Breakeven | 120 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.3% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.5% | -3.7% |
| % Gain to Breakeven | 25.8% | 3.9% |
| Time to Breakeven | 13 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.6% | -12.2% |
| % Gain to Breakeven | 34.5% | 13.9% |
| Time to Breakeven | 399 days | 62 days |
In The Past
Maximus's stock fell -5.8% during the 2025 US Tariff Shock. Such a loss loss requires a 6.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MMS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.8% | -24.5% |
| % Gain to Breakeven | 42.5% | 32.4% |
| Time to Breakeven | 120 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.3% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.5% | -3.7% |
| % Gain to Breakeven | 25.8% | 3.9% |
| Time to Breakeven | 13 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.6% | -12.2% |
| % Gain to Breakeven | 34.5% | 13.9% |
| Time to Breakeven | 399 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.3% | -17.9% |
| % Gain to Breakeven | 28.7% | 21.8% |
| Time to Breakeven | 35 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.4% | -53.4% |
| % Gain to Breakeven | 43.7% | 114.4% |
| Time to Breakeven | 76 days | 1085 days |
In The Past
Maximus's stock fell -5.8% during the 2025 US Tariff Shock. Such a loss loss requires a 6.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Maximus (MMS)
AI Analysis | Feedback
Accenture for government health and human services programs.
A specialized IBM for managing government welfare and social programs.
Booz Allen Hamilton, but focused solely on government health and human services programs.
AI Analysis | Feedback
- Government Program Administration: Maximus manages complex health and human services programs for state, federal, and international governments, including eligibility determination, enrollment, and customer support.
- Health and Disability Assessments: The company conducts independent assessments for various health, disability, and long-term care programs to support eligibility or decision-making.
- Appeals Management Services: Maximus provides independent review and processing of appeals for medical, worker's compensation, Medicare, Medicaid, and federal marketplace decisions.
- Citizen Engagement Solutions: This service involves operating multi-channel contact centers, providing case management, and offering consumer education and support for government programs.
- Technology Modernization and Data Analytics: Maximus delivers IT infrastructure modernization, software development, and data analytics services, primarily for federal government agencies.
- Employment Services Administration: The company administers programs for employment services and job seeker support for international governments and commercial clients.
AI Analysis | Feedback
Maximus (MMS) primarily sells its business process services to government entities. Its major customers include:
- U.S. State Governments
- U.S. Local Governments
- U.S. Federal Government Agencies
- International Governments
These customers are governmental bodies and are not publicly traded companies; therefore, no stock symbols are applicable.
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Bruce Caswell, Chief Executive Officer and President
Bruce Caswell assumed the role of Chief Executive Officer and Director of Maximus on April 1, 2018, having served as President since October 2014. He has held several senior leadership roles overseeing all segments of the company's business since joining Maximus in 2004. Prior to Maximus, Mr. Caswell spent nine years at IBM, where his roles included Vice President for State and Local Government & Education for IBM Business Consulting Services, and Director of Federal Business Development. He began his career at Price Waterhouse's Office of Government Services. Mr. Caswell holds a B.A. in economics from Haverford College and a Master of Public Policy degree from the John F. Kennedy School of Government at Harvard University.
David Mutryn, Chief Financial Officer and Treasurer
David Mutryn serves as the Chief Financial Officer and Treasurer of Maximus.
Ilene Baylinson, General Manager, U.S. Services
Ilene Baylinson is the General Manager for U.S. Services at Maximus.
John Martinez, Chief Legal Officer and Corporate Secretary
John Martinez holds the position of Chief Legal Officer and Corporate Secretary at Maximus.
Michelle Link, Chief Human Resources Officer
Michelle Link is the Chief Human Resources Officer for Maximus.
AI Analysis | Feedback
Maximus (MMS) faces several key risks due to its heavy reliance on government contracts and the sensitive nature of the services it provides.1. Dependence on Government Funding and Policy Changes
Maximus's business model is almost entirely dependent on government health and human services programs. A significant portion of its revenue, particularly from the U.S. Federal Services segment, is derived from these contracts. Consequently, any shifts in government policy, budget cuts, or changes in legislative priorities, such as those impacting programs like Medicaid or the Affordable Care Act, can directly and materially affect the demand for Maximus's services, alter contract terms, or lead to program discontinuation. For instance, a decline in U.S. Services segment revenue in fiscal year 2025 was primarily attributed to the conclusion of temporary, high-volume work related to Medicaid redeterminations, which was a policy-driven surge. The potential for agencies to adopt more in-house automation could also reduce contract volumes and margins.
2. Government Contract and Competition Risks
Operating predominantly through government contracts exposes Maximus to intense competition during the bidding process and the risk of losing or not renewing significant contracts. The competitive landscape includes major Medicaid contractors like Deloitte, GDIT, Gainwell Technologies, and Conduent. While contract cancellations have historically been low, the company's trailing twelve-month book-to-bill ratio of approximately 0.9 times in a recent period indicates that for every dollar of revenue recognized, less than a dollar in new contracts was awarded, suggesting potential softness in near-term contract wins. Furthermore, government contracts often contain "termination without cause" provisions, allowing agencies to end contracts on short notice. Maximus has also faced scrutiny and protests regarding contract requirements, such as a labor harmony agreement in a $6.6 billion call center services procurement, which can add complexity and risk to securing new business. The company also faces challenges with delayed cash payments and collections in its U.S. Federal Services segment, impacting cash flow.
3. Data Security and Compliance Failures
Maximus handles sensitive personal and health information for millions of individuals through its government programs. This makes the company a prime target for cyberattacks and data breaches. In May 2023, a zero-day vulnerability exploit in a third-party software (MOVEit Transfer) led to hackers accessing the protected health information of between 8 and 11 million individuals, resulting in recorded expenses of $15 million for the quarter and the need to offer credit monitoring and identity theft protection services. Such incidents can lead to severe reputational damage, substantial financial penalties, legal liabilities, and a loss of client trust, jeopardizing future contract awards. Maximus has also been implicated in performance failures on Medicaid contracts, including issues with eligibility determinations, information security protocols, and compliance failures that led to improper claims for Medicaid reimbursement in various states. These performance issues and non-compliance with information security standards highlight ongoing operational and regulatory risks.
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Maximus (NYSE: MMS) operates in several significant addressable markets by providing business process services (BPS) and technology solutions to government health and human services programs worldwide. The addressable markets for its main products and services are substantial across different regions.
Global and North American Business Process Outsourcing (BPO)
- The global business process outsourcing (BPO) market was valued at USD 323.15 billion in 2025 and is projected to reach USD 779.17 billion by 2035, growing at a compound annual growth rate (CAGR) of approximately 9.2% from 2026 to 2035.
- North America is expected to account for over 35% of the global BPO market by 2035.
- The North America Business Process Outsourcing (BPO) market was valued at USD 119.76 billion in 2025 and is projected to reach USD 229.98 billion by 2032, exhibiting a CAGR of 8.4% from 2025 to 2032.
- Within the United States, the BPO market is estimated to reach USD 88.54 billion in 2026 and is expected to reach USD 105.6 billion by 2030, with a CAGR of 7.5%.
U.S. Federal Information Technology (IT) and Digital Transformation Services
- Total technology spending for the entire U.S. government sector, including staff costs, is projected to reach USD 357 billion in 2026.
- Federal spending on contractor-supplied Information Technology (IT) products and services in the U.S. is forecast to grow from USD 116.4 billion in fiscal year 2023 to USD 137.5 billion in fiscal year 2027.
- The U.S. digital transformation market was valued at USD 0.66 trillion in 2025 and is estimated to grow to USD 1.96 trillion by 2031, at a CAGR of 19.85% from 2026 to 2031.
- The global application modernization services market, relevant to Maximus's IT modernization offerings, was valued at USD 24.32 billion in 2025 and is predicted to increase to approximately USD 111.18 billion by 2035, expanding at a CAGR of 16.41% from 2026 to 2035. North America held the largest market share of 40% in 2025.
Healthcare and Social Assistance Market
- The global healthcare market was valued at USD 11.04 trillion in 2024 and is expected to reach USD 17.53 trillion by 2032, growing at a CAGR of 5.98% over the forecast period of 2025-2032.
- The U.S. healthcare market size was valued at USD 3.56 trillion in 2024 and is projected to reach USD 5.22 trillion by 2032, growing at a CAGR of 4.89% during 2025-2032.
- The global health care and social assistance market size was valued at USD 1.76 billion in 2024 and is projected to reach USD 3.06 billion by 2032, with a CAGR of 7.15% during the forecast period of 2025 to 2032.
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Maximus (MMS) is expected to drive future revenue growth over the next 2-3 years through several key areas:- Growth in U.S. Federal Services Segment: The U.S. Federal Services segment is anticipated to continue its strong organic growth, fueled by high demand for clinical services and natural disaster support. This segment has shown significant growth and represents a substantial portion of the company's sales pipeline, with new work opportunities focused here.
- Expansion of AI Capabilities and Technology Solutions: Maximus is strategically investing in and deploying artificial intelligence (AI) capabilities and advanced technology solutions. This includes developing AI-powered tools, such as the SNAP Accuracy Assistant, and enhancing multichannel contact center services, which are expected to drive efficiencies and attract new work.
- Increased Demand from State Health and Human Services Programs: New and ongoing requirements related to Medicaid and SNAP programs are expected to generate additional revenue. This includes the continued work on Medicaid redeterminations and upcoming mandates for semi-annual Medicaid eligibility determinations and community engagement starting in early 2027.
- Conversion of Robust Sales Pipeline and Pursuit of Higher-Value Opportunities: The company maintains a substantial sales pipeline, with a significant portion representing new work. Strategic contract wins, such as the U.S. GSA Blanket Purchase Agreement for Government Experience Contact Center services, coupled with a focus on divesting non-core assets to pursue higher-value opportunities, are expected to translate into future revenue.
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Share Repurchases
- Maximus expanded its stock repurchase program to an aggregate of $400 million in September 2025, which included approximately $32.7 million remaining under the existing program.
- During fiscal year 2025, Maximus repurchased approximately 5.8 million shares totaling $456.6 million.
- As of November 20, 2025, approximately $250 million remained on the current $400 million share repurchase authorization.
Share Issuance
- Maximus' share count has been shrinking, notably by 13% since 2016 to 57 million shares, primarily due to share buyback activities.
Outbound Investments
- Maximus divested its Australia and South Korea operations, with divestiture-related charges of approximately $38 million recorded in the first quarter of fiscal year 2025.
Capital Expenditures
- Maximus reported capital expenditures of $63 million in fiscal year 2025, $132 million in fiscal year 2024, $91 million in fiscal year 2023, $56 million in fiscal year 2022, and $37 million in fiscal year 2021.
- The company expects capital expenditures of $83 million for fiscal year 2026, with projections rising to $98 million by fiscal year 2030.
- The primary focus of capital allocation includes organic investments, particularly in technology, workflow optimization, and AI capabilities, with approximately 30 AI-related deployments planned or in process.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Maximus Earnings Notes | 12/24/2025 | |
| Can Maximus Stock Hold Up When Markets Turn? | 10/17/2025 | |
| After MMS's 19% Climb in a Month, UAL Looks Like the Stronger Long-Term Play | 08/18/2025 | |
| How Does Maximus Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than MMS Stock: Pay Less Than Maximus To Get More From OKE, CCL | 08/12/2025 | |
| MMS Dip Buy Analysis | 07/10/2025 | |
| Maximus Total Shareholder Return (TSR): 1.0% in 2025 and 19.6% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Maximus (MMS) Operating Cash Flow Comparison | 02/17/2025 | |
| Maximus (MMS) Net Income Comparison | 02/16/2025 | |
| Maximus (MMS) Operating Income Comparison | 02/15/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 04/03/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 99.78 |
| Mkt Cap | 12.4 |
| Rev LTM | 14,273 |
| Op Inc LTM | 1,572 |
| FCF LTM | 1,405 |
| FCF 3Y Avg | 1,059 |
| CFO LTM | 1,517 |
| CFO 3Y Avg | 1,180 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.5% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | -0.0% |
| QoQ Delta Rev Chg LTM | -0.0% |
| Op Inc Chg LTM | 13.8% |
| Op Inc Chg 3Y Avg | 19.8% |
| Op Mgn LTM | 11.6% |
| Op Mgn 3Y Avg | 10.5% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 10.4% |
| CFO/Rev 3Y Avg | 8.1% |
| FCF/Rev LTM | 9.6% |
| FCF/Rev 3Y Avg | 7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.4 |
| P/S | 0.9 |
| P/Op Inc | 8.2 |
| P/EBIT | 8.1 |
| P/E | 10.9 |
| P/CFO | 8.1 |
| Total Yield | 9.8% |
| Dividend Yield | 1.7% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.9% |
| 3M Rtn | -6.5% |
| 6M Rtn | -27.7% |
| 12M Rtn | -20.2% |
| 3Y Rtn | -23.4% |
| 1M Excs Rtn | 6.2% |
| 3M Excs Rtn | -18.6% |
| 6M Excs Rtn | -36.8% |
| 12M Excs Rtn | -41.6% |
| 3Y Excs Rtn | -95.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Program Operations | 2,651 | 2,570 | 2,501 | ||
| Clinical Services | 2,101 | 1,891 | 1,486 | ||
| Employment and Other | 355 | 469 | 521 | ||
| Technology Solutions | 325 | 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 | 5,431 | 5,306 | 4,905 | 4,631 | 4,254 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| United states (U.S.) Federal Services | 250 | 235 | 189 | 133 | 116 |
| United states (U.S.) Services | 183 | 182 | 254 | 221 | |
| Gain on sale of land and building | 0 | 11 | 2 | ||
| Divestiture related charges | -4 | 0 | |||
| Outside the United States (U.S.) | -9 | -15 | 20 | -34 | 16 |
| Other | -30 | 3 | -11 | 0 | 0 |
| Amortization of intangible assets | -95 | -90 | -44 | -36 | -33 |
| Acquisition-related expenses | -5 | -3 | |||
| Human Services | 228 | ||||
| Total | 295 | 326 | 409 | 288 | 317 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| United states (U.S.) Federal Services | 2,716 | 2,859 | 2,864 | 937 | 796 |
| United states (U.S.) Services | 781 | 737 | 702 | 703 | 501 |
| Outside the United States (U.S.) | 278 | 277 | 325 | 225 | 235 |
| Corporate | 210 | 120 | 229 | 160 | 215 |
| Total | 3,986 | 3,993 | 4,119 | 2,025 | 1,746 |
Price Behavior
| Market Price | $62.28 | |
| Market Cap ($ Bil) | 3.4 | |
| First Trading Date | 06/13/1997 | |
| Distance from 52W High | -36.4% | |
| 50 Days | 200 Days | |
| DMA Price | $63.39 | $78.23 |
| DMA Trend | down | down |
| Distance from DMA | -1.7% | -20.4% |
| 3M | 1YR | |
| Volatility | 26.1% | 31.9% |
| Downside Capture | 53.17 | 62.12 |
| Upside Capture | -18.88 | 33.77 |
| Correlation (SPY) | 11.9% | 20.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.73 | -0.04 | 0.27 | 0.56 | 0.58 | 0.54 |
| Up Beta | -0.21 | -0.01 | -0.19 | -0.34 | 0.08 | 0.42 |
| Down Beta | 1.22 | 0.94 | 1.02 | 1.84 | 1.16 | 0.51 |
| Up Capture | -111% | -17% | -17% | 3% | 27% | 21% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 18 | 25 | 53 | 114 | 368 |
| Down Capture | -160% | -20% | 84% | 103% | 82% | 91% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 23 | 38 | 71 | 135 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMS | |
|---|---|---|---|---|
| MMS | -10.1% | 31.7% | -0.30 | - |
| Sector ETF (XLI) | 23.9% | 16.2% | 1.14 | 10.3% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 20.5% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 4.0% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -5.9% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 17.2% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 25.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMS | |
|---|---|---|---|---|
| MMS | -5.7% | 27.7% | -0.20 | - |
| Sector ETF (XLI) | 12.7% | 17.5% | 0.56 | 40.4% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 40.5% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 5.3% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 6.2% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 39.2% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMS | |
|---|---|---|---|---|
| MMS | 2.3% | 27.6% | 0.12 | - |
| Sector ETF (XLI) | 14.1% | 20.0% | 0.62 | 48.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 50.7% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 2.7% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 13.4% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 44.7% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 4.2% | -7.1% | -4.8% |
| 2/5/2026 | -16.5% | -19.1% | -16.4% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 14 |
| # Negative | 10 | 7 | 10 |
| Median Positive | 1.5% | 1.6% | 5.1% |
| Median Negative | -1.1% | -7.4% | -5.6% |
| Max Positive | 12.8% | 14.4% | 18.3% |
| Max Negative | -16.5% | -19.1% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/21/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/22/2022 | 10-K |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q2 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 5.20 Bil | 5.28 Bil | 5.35 Bil | 0 | Affirmed | Guidance: 5.28 Bil for 2026 | |
| 2026 Adjusted EBITDA Margin | 14.2% | 1.4% | 0.2% | Raised | Guidance: 14.0% for 2026 | ||
| 2026 Adjusted Diluted EPS | 8.25 | 8.4 | 8.55 | 2.4% | Raised | Guidance: 8.2 for 2026 | |
| 2026 Free Cash Flow | 450.00 Mil | 475.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 475.00 Mil for 2026 | |
| 2026 U.S. Federal Services Segment Operating Margin | 17.5% | 4.5% | 0.8% | Raised | Guidance: 16.75% for 2026 | ||
| 2026 U.S. Services Segment Operating Margin | 10.0% | -7.0% | -0.8% | Lowered | Guidance: 10.75% for 2026 | ||
Prior: Q1 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 5.20 Bil | 5.28 Bil | 5.35 Bil | -0.9% | Lowered | Guidance: 5.33 Bil for 2026 | |
| 2026 Adjusted EBITDA Margin | 14.0% | 2.2% | 0.3% | Raised | Guidance: 13.7% for 2026 | ||
| 2026 Adjusted Diluted EPS | 8.05 | 8.2 | 8.35 | 1.2% | Raised | Guidance: 8.1 for 2026 | |
| 2026 Free Cash Flow | 450.00 Mil | 475.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 475.00 Mil for 2026 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Madsen, Jan | Direct | Sell | 3172026 | 72.25 | 742 | 53,610 | 1,502,426 | Form | |
| 2 | Caswell, Bruce | CEO & President | Direct | Buy | 2112026 | 78.45 | 3,175 | 249,081 | 25,732,869 | Form |
| 3 | Mutryn, David | Chief Financial Officer | Direct | Buy | 2092026 | 75.62 | 1,000 | 75,625 | 3,027,780 | Form |
| 4 | Link, Michelle F | Chief of Human Resources | Direct | Sell | 12032025 | 86.84 | 4,039 | 350,747 | 1,697,010 | Form |
| 5 | Rajan, Gayathri | Direct | Buy | 12022025 | 86.11 | 42 | 3,643 | 1,238,972 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Data Processing & Outsourced Services Resources |
| Outsourcing Insight |
| Nearshore Americas |
| CIO |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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