Loading…
Provider of government program administration services, including health and human services eligibility and workforce programs.
Provider of government program administration services, including health and human services eligibility and workforce programs.
Is paid under multi-year government contracts, either per transaction handled, on a fixed fee or at cost plus a margin, so a lost rebid can remove a large block of work at once. Beyond the US it runs benefits and assessment programmes for governments in the UK, Australia and Canada.
Moat: narrow (regulatory licence, scale, switching costs). Deep expertise administering complex government programs and long-term contracts create high switching costs.
Headquarters: Reston, Virginia · Founded: 1975 · Employees: 37,200
Size MAXIMUS (MMS) is a United States Industrials company (Miscellaneous Commercial Services) with a market value of $3.43B, the 1447th largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.50 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against +12.0% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +13.8%); the operating margin is 10.8% (peer median 11.2%).
Valuation It trades at 7.9× forward earnings against a peer median of 15.8× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (6.9% WACC).
Backlog Backlog (remaining performance obligations) was $230M at 30 Jun 2026, down 30% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 6.7% of the free float (15 Oct 2026).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.25B | $5.43B | $5.31B | $4.90B | $4.63B |
| Revenue growth | — | +2% | +8% | +6% | — |
| Gross profit | $1.26B | $1.24B | $1.16B | $934M | $849M |
| EBITDA | $705M | $702M | $627M | $457M | $453M |
| Net income | $371M | $319M | $307M | $162M | $204M |
| Free cash flow | $433M | $366M | $383M | $224M | $234M |
| Capital expenditure | $36.3M | $63.2M | $132M | $90.7M | $56.1M |
| Total debt | $1.73B | $1.44B | $1.28B | $1.43B | $1.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MAXIMUS MMS | $3.43B | +2% | -3% | 11% | 7.9× | -8.5% |
| Conduent CNDT | n/a | -19% | n/a | n/a | n/a | n/a |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| ICF International ICFI | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% |
| Serco SRP.L | $3.60B | +5% | +1% | 5% | 14.9× | 1.9% |
| Capita CPI.L | $419M | -16% | -16% | 5% | 21.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MMS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | -0.2% | 5th highest of 21 |
| 6-month return | +1.9% | +12.0% | 9th lowest of 21 |
| Distance from 52-week high | -34.5% | -16.0% | 5th lowest of 21 |
| Revenue growth (TTM) | -3.3% | +13.8% | 2nd lowest of 21 |
| Operating margin | 10.8% | 11.2% | 10th lowest of 21 |
| Forward P/E | 7.9× | 15.8× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -8.5% | 6.8% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +9.4% | +9.7% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | -17.9 pp | -7.7 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +6.6 pp | +3.7 pp | 5th highest of 18 |
| EV / EBITDA | 7.1× | 9.6× | 5th cheapest of 16 |
| Net debt / EBITDA | 2.2× | 0.9× | 6th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MAXIMUS MMS | United States | $3.43B | +2% | -3% | 11% | 7.9× | -8.5% | +9.4% |
| Loomis LOOMIS.ST | Sweden | $3.46B | +12% | +1% | 11% | 12.6× | -9.1% | +9.7% |
| Shenzhen Fortune Trend Technology 688318.SS | China | $3.36B | -21% | -3% | 56% | 69.5× | n/a | n/a |
| MITIE MTO.L | United Kingdom | $3.56B | +23% | +11% | 3% | 14.2× | 14.1% | +17.6% |
| Serco SRP.L | United Kingdom | $3.60B | +5% | +1% | 5% | 14.9× | 1.9% | +4.9% |
| GEO GEO | United States | $3.66B | +28% | +15% | 12% | 13.5× | 6.8% | +2.3% |
| Jianshe Industry Group (Yunnan) 002265.SZ | China | $3.12B | -11% | +42% | 5% | n/a | 26.3% | +47.9% |
| Alsok 2331.T | Japan | $3.79B | -1% | +7% | 8% | 13.7× | -6.0% | +4.9% |
| ABM Industries ABM | United States | $3.10B | +32% | +6% | 5% | 12.5× | -2.0% | +7.9% |
| JHT Design 603061.SS | China | $3.07B | -8% | +93% | 34% | n/a | 43.9% | +30.4% |
| TriNet TNET | United States | $3.05B | +56% | -4% | 6% | 15.1× | -3.3% | +4.4% |
| Centre Testing International 300012.SZ | China | $3.96B | -5% | +15% | 16% | 22.1× | 14.2% | +13.2% |
| Jiangsu Boqian New Materials Stock 605376.SS | China | $2.94B | -43% | +76% | 20% | 38.8× | n/a | n/a |
| Inventurus Knowledge Solutions IKS.NS | India | $2.94B | -2% | +20% | 31% | 31.8× | 21.2% | +45.8% |
| PhysicsWallah PWL.NS | India | $4.00B | +18% | +35% | 1% | 100.9× | n/a | n/a |
| SAI Life Sciences SAILIFE.NS | India | $4.02B | +64% | +27% | 21% | 89.2× | n/a | n/a |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| CoreCivic CXW | United States | $2.84B | +41% | +24% | 10% | 12.1× | -1.6% | +3.0% |
| Pluxee PLX.PA | France | $2.72B | 0% | +1% | 28% | 8.9× | n/a | n/a |
| Huron Consulting HURN | United States | $2.63B | +39% | +12% | 12% | 16.5× | -4.0% | +14.3% |
| International Workplace IWG.L | United Kingdom | $2.63B | +12% | 0% | 4% | 22.5× | 33.6% | +3.3% |
MAXIMUS reported $230M of remaining performance obligations at 30 Jun 2026, down 30% from a year earlier and down 8% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.