analyzeportfolio
NYSE · Industrials

Maximus, Inc. (MMS)

As-reported financials and SEC filings for Maximus, Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Maximus, Inc.

Maximus, Inc. provides technology-enabled services primarily to government agencies in the United States and internationally. Its main offerings include program operations, clinical services, and technology solutions that support health insurance eligibility, enrollment programs, clinical assessments, and government technology modernization. The company serves federal, state, and local government programs, including health and human services agencies, veterans' affairs, and education departments.

Snapshot

Revenue
$5.43B
Revenue growth (YoY)
2.4%
Net income
$319.0M
Diluted EPS
$5.51
Gross margin
24.6%
Operating margin
9.7%
Net margin
5.9%
FCF margin
6.7%
ROE
19.1%
net income / fiscal-year-end equity
P/E
8.5×
trailing when available, otherwise FY EPS
Market cap
$3.02B
Long-term debt / equity
0.77×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended September 30, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Maximus

  • Revenue grew 2.4% to $5.4B in FY2025, slower than the 8.2% the year before.
  • Operating margin is 9.7% in FY2025, +0.1 pp against 9.6% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $1.3B, down 5.1% from Q3 FY2025.
  • Free cash flow was $366M in FY2025, 6.7% of revenue.
  • Net income rose 3.9% to $319M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Maximus’s fundamentals sit among the 668 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin24.6%
41st percentile of 455
Operating margin9.7%
65th percentile of 598
Net margin5.9%
61st percentile of 630
FCF margin6.7%
58th percentile of 546
Revenue growth (YoY)+2.4%
40th percentile of 652
ROE19.1%
80th percentile of 590
P/E8.5×
12th percentile of 406
Long-term debt / equity0.77×
67th percentile of 403
Short interest4.11d
63rd percentile of 661

Maximus’s P/E of 8.5 ranks in the 12th percentile of the 406 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 1 insider sale totaling $173,970. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+6 quant / multi-strat
Initiated / added
6
0 new, 6 added
Reduced / exited
2
1 trimmed, 1 exited
Combined position
$90.0M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$33.2M617.8KAdded
AQR Capital ManagementquantQ2 2026$21.3M395.5KAdded
Point72 Asset ManagementquantQ2 2026$13.8M256.5KAdded
Two Sigma InvestmentsquantQ2 2026$7.4M137.0KAdded
D. E. ShawquantQ2 2026$5.6M104.8KReduced
Bridgewater AssociatesQ2 2026$5.3M98.5KAdded
Millennium ManagementquantQ2 2026$3.5M64.5KAdded

No longer held by: Gotham Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
1
$174K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-01
filed 2026-10-02
Michelle F. LinkChief of Human ResourcesSell3.2K$54.23$174K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
3.4M
settled 2026-09-30
Change vs prior
+3.1%
vs previous settlement
Days to cover
4.11
at avg daily volume
Avg daily volume
828.4K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-303.4M+3.1%4.11
2026-09-153.3M+2.8%5.76
2026-08-313.2M+4.3%7.34
2026-08-143.1M-0.7%3.93
2026-07-313.1M-0.9%5.11
2026-07-153.1M-9.3%5.04
2026-06-303.5M-2.8%3.30
2026-06-153.6M+6.6%6.93

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$5.43B$5.31B$4.90B$4.63B$4.25B
Gross profit
Operating income$528.3M$488.5M$294.8M$325.9M$408.5M
Net income$319.0M$306.9M$161.8M$203.8M$291.2M
Diluted EPS$5.51$4.99$2.63$3.29$4.67

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$429.4M$515.3M$314.3M$289.8M$517.3M
Capital expenditure$63.2M$114.2M$90.7M$56.1M$36.6M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$1.28B-5.1%$103.6M$1.95
Q2 FY2026$1.31B-4.1%$98.1M$1.80
Q1 FY2026$1.35B-4.1%$93.9M$1.70
Q4 FY20250.2%
Q3 FY2025$1.35B2.5%$106.0M$1.86
Q2 FY2025$1.36B1.0%$96.6M$1.69
Q1 FY2025$1.40B5.7%$41.2M$0.69
Q4 FY20244.4%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryServices-Business Services, NEC
Latest annual periodFY2025 (ended September 30, 2025)
Latest reported quarterQ3 FY2026 (ended June 30, 2026)
Oldest indexed filing2017
SEC CIK1032220

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
10-Q2026-02-05
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-05-28
View on EDGAR →
8-K2026-05-07
View on EDGAR →
8-K2026-03-11
View on EDGAR →

Largest Industrials peers

All Industrials companies →

Monitor MMS

Get an alert when Maximus files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor MMS free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.