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Maximus (MMS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Maximus
NYSE•Industrials•Specialty Business Services
$55.94-0.87(-0.02%)Market closed
Market Cap
$2.96B
P/E
8.0x
P/S
0.6x
P/B
1.7x

Maximus, Inc. operates as a provider of government services worldwide. The company operates through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. The U.S. Federal Services segment offers business process services, eligibility and enrollment, outreach, and other services for federal health and human services programs; clinical services; and technology solutions, such as application development and modernization services, enterprise business solutions, advanced analytics and emerging technologies, cybersecurity services, data management, and infrastructure and engineering solutions. The U.S. Services segment offers 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; subsidized telephone services; and person-centered independent assessment services. This segment also provides employment services, such as eligibility support, case management, job-readiness preparation, job search and employer outreach, job retention and career advancement, and educational and training services; technology solutions; and system implementation project management services. The Outside the U.S. segment offers BPS and technology solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and technologies for modernization. Maximus, Inc. was founded in 1975 and is headquartered in McLean, Virginia.

B

How this company scores

GoodMetricSide Score: 65/100

Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (11/25).

Profitability23/25
Growth14/25
Balance Sheet & Red Flags17/25
Cash & Earnings Quality11/25
Strengths
High ROERising earningsProfit converts from growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.0x5y range 8.0x – 30.0x
P/E 8.0x · below its 20-quarter median

Currently below its 20-quarter median.

P/S · 0.6x5y range 0.6x – 1.2x
P/S 0.6x · below its 20-quarter median

Currently below its 20-quarter median.

P/B · 1.7x5y range 1.7x – 3.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Revenue Decline

Watch

Revenue has softened, declining in 3 quarters. Watch for further erosion.

Price & Volume
Market Cap $2.96B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$5.25B
3Q
Q. Revenue
$1.28B
2Q
TTM EBITDA
$630.25M
2Q
TTM Op. Income
$578.99M
2Q
Q. Op. Income
$161.43M
3Q
TTM Net Income
$370.89M
17%
Q. Net Income
$103.59M
3Q
EPS
$1.96
3Q
Shares Out.
$52.85M
7Q
$5.25B in TTM revenue declined 3.3% YoY, reaching $1.28B last quarter. TTM EBITDA of $630.25M and TTM operating income of $578.99M show growth is flowing through to the bottom line. TTM net income of $370.89M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
27.3%
2Q
EBITDA Margin
13.6%
3Q
Op. Margin
12.6%
3Q
Net Margin
8.1%
3Q
Op. margin of 12.6% is up 0.3% YoY — cost efficiency is improving. Net margin at 8.1% and gross margin of 27.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
8.0x
3Q
P/S Ratio
0.6x
3Q
P/B Ratio
1.7x
3Q
At 8.0x P/E, the stock trades below typical market levels. P/S of 0.6x and P/B of 1.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$4.37B
3Q
Cash
$56.95M
5%
Long-Term Debt
$1.57B
3%
Book Value
$1.74B
2%
D/E Ratio
0.9
1%
Debt/EBITDA
9.0
2Q
With $4.37B in assets and $1.57B in long-term debt, D/E is 0.9and book value is $1.74B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 1% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-124.99M
32%
TTM Free Cash Flow
$433.23M
2Q
FCF Margin
8.3%
2Q
FCF / Net Income
1.2
2Q
TTM FCF of $433.23M on $-124.99M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.

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· below its 20-quarter median

Currently below its 20-quarter median.

Cash Burn

Watch

4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.