Maximus, Inc.

Maximus, Inc.

MMSยทNYSE

$60.14

+0.86%
IndustrialsSpecialty Business Services

Maximus, Inc. provides business process services (BPS) to government health and human services programs. It operates through three segments: U.S. Services, U.S. Federal Services, and Outside the U.S. The U.S. Services segment offers various BPS solutions, such as program administration, appeals and assessments, and related consulting works for U.S. state and local government programs, including the Affordable Care Act, Medicaid, the Children's Health Insurance Program, Temporary Assistance to Needy Families, child support programs, Preadmission Screening and Resident Reviews, and Independent Developmental Disability assessments. This segment also provides 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; person-centered independent disability, long-term sick, and other health assessments; and specialized consulting services. The U.S. Federal Services segment offers centralized citizen engagement centers and support services; document and record management; case management, citizen support, and consumer education; independent medical reviews and worker's compensation benefit appeals; Medicare and Medicaid appeals; and federal marketplace eligibility appeals. This segment also provides modernization of systems and information technology infrastructure; infrastructure operations and support services; software development, operations, and management services; and data analytics services. The Outside the U.S. segment offers BPS solutions for governments and commercial clients outside the United States, including health and disability assessments, program administration for employment services, and other job seeker-related services. The company was incorporated in 1975 and is headquartered in Tysons, Virginia.

At a Glance

Live Snapshot
Market Cap$3.16B
EPS5.5600
P/E Ratio10.82
Earnings Date08/06/2026
3Y+48.0%
5Y+76.0%
10Y+139.0%
3Y+12.0%
5Y+37.0%
10Y-31.0%
3Y+39.0%
5Y+49.0%
10Y+255.0%
MMS

Maximus, Inc. Cash Conversion Engine

MMS ยท NYSE
Net Income319.03M
Depreciation & Amortization133.72M
Stock-Based Compensation41.18M
Change in Working Capital-90.17M
Others42.33M
Capital Expenditures-63.21M
Free Cash Flow366.16M

Cash Flow Quality Analysis

FCF Conversion Rate

114.8%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

14.7%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-8.7%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

-$90.17M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

Maximus, Inc. Cash Flow Statement

MMS โ€ข NYSE

Maximus, Inc. Cash Flow StatementSep 2025Sep 2024Sep 2023Sep 2022Sep 2021Sep 2020Sep 2019Sep 2018Sep 2017Sep 2016Sep 2015Sep 2014Sep 2013Sep 2012Sep 2011Sep 2010Sep 2009Sep 2008Sep 2007Sep 2006
OPERATING ACTIVITIES
319M
306.9M
161.8M
203.8M
291.2M
214.5M
240.5M
220.8M
212.2M
180.2M
160M
145.4M
117.1M
-34K
974K
69.4M
54.6M
6.7M
-8.3M
2.5M
133.7M
125.5M
149.3M
132.8M
90.7M
100.2M
85.5M
62.2M
68M
71.8M
56.2M
48.7M
35.8M
26.5M
22.8M
18.3M
12.2M
12.5M
21M
17.6M
-16.7M
-36M
1.6M
10.2M
-6.6M
-19.1M
12.7M
6.7M
4.8M
5.7M
807K
2.9M
2.4M
-3.3M
1.8M
-7.1M
26.7M
-28.9M
-12.6M
-9.4M
41.2M
35.3M
29.5M
30.5M
28.6M
23.7M
20.8M
20.2M
21.4M
18.8M
17.2M
17.3M
14.6M
12.1M
9.5M
7.9M
7.3M
9.1M
3.8M
6.6M
42.3M
4.6M
3.7M
-8M
9.4M
-1.7M
0.0
113.5M
-650K
-6.9M
114.4M
1.7M
-619K
76.1M
80.4M
-2.3M
-3.2M
30M
-451K
17.1M
(149.9M)
(99.7M)
(61.1M)
(76M)
(99.9M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-90.2M
78.9M
-31.6M
-79.4M
104.1M
-72.9M
-2.7M
13.6M
31.6M
-89.4M
-28.1M
-640K
-48.3M
3.8M
-18.6M
52.1M
-67M
27.1M
47.7M
-18.7M
429.4M
515.3M
314.3M
289.8M
517.3M
244.6M
356.7M
323.5M
337.2M
180M
206.2M
213.6M
120.9M
115.2M
96.9M
138.4M
30.6M
56.6M
51.2M
15.7M
INVESTING ACTIVITIES
-63.2M
-114.2M
-90.7M
-56.1M
-36.6M
-40.7M
-66.8M
-26.5M
-24.2M
-46.4M
-105.1M
-47.1M
-62.2M
-23.1M
-26.1M
-22.6M
-26.6M
-15.4M
-17.8M
-26.1M
(0.0)
(3.1M)
(9.7M)
-14.3M
-1.8B
-3.8M
-437.5M
-157K
-1.6M
-41.1M
-289.2M
-2.7M
-68.1M
-63.8M
-1M
-10.3M
-406K
-3.2M
(1.9M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(20M)
-20M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-237K
(0.0)
(0.0)
(0.0)
(34.7M)
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
-20M
0.0
0.0
0.0
0.0
0.0
0.0
299K
0.0
0.0
0.0
126.2M
0.0
1.8M
3M
-18M
0.0
16.4M
0.0
385K
20.4M
369K
575K
424K
489K
429K
398K
237K
237K
473K
-48K
6.2M
-8.9M
144K
-60.3M
-129.1M
-81M
-54M
-1.8B
-44.1M
-483.9M
-46.3M
-25.2M
-87.1M
-393.9M
-49.4M
-129.8M
-86.6M
-26.9M
-32.4M
-27M
(148.5M)
-24.9M
-24.2M
FINANCING ACTIVITIES
-447.5M
-73.1M
-8.5M
-96.1M
-3.4M
-167M
-47.4M
-66.9M
-28.9M
-33.3M
-82.8M
-111.1M
-33.3M
-13M
-56.5M
-40.2M
-30M
-164.5M
13M
-2.4M
199.7M
-112M
-108.7M
-155.7M
1.5B
18.6M
9.5M
-137K
-165M
-45.4M
207.9M
-162K
-172K
-44K
304K
526K
-417K
-1.6M
-1.7M
-1.4M
-68.7M
-72.9M
-68.1M
-68.7M
-68.8M
-70.2M
-63.9M
-11.7M
-11.7M
-11.7M
-11.9M
-12.2M
-12.3M
-12.2M
-10.3M
-8.4M
-8.1M
-7.8M
-8.8M
-8.6M
-447.5M
-73.1M
-8.5M
-96.1M
-3.4M
-167M
-47.4M
-66.9M
-28.9M
-33.3M
-82.8M
-111.1M
-33.3M
-13M
-56.5M
-40.2M
-30M
-164.5M
(0.0)
-10.1M
-27.4M
-17.6M
-65.6M
72.2M
-35.8M
-11.6M
-9M
-13.1M
-10.8M
-7M
-3M
-5M
3.9M
7.4M
16M
5.7M
651K
19M
2.1M
1.3M
-343.9M
-275.6M
-250.8M
-248.3M
1.4B
-230.1M
-110.9M
-91.9M
-215.4M
-96.8M
111.1M
-127.1M
-41.9M
-17.8M
-50.6M
-42.4M
-35.6M
-154.9M
4.6M
-11.1M
CASH FLOW SUMMARY
-538K
3.2M
2.7M
-7.3M
474K
1.7M
-2.1M
-2.3M
3.5M
-4.6M
-6.9M
-4.6M
-12.9M
5.6M
-1.7M
3.9M
187K
0.0
0.0
0.0
24.7M
113.7M
-14.7M
-19.8M
68M
-27.9M
-240.1M
183M
100.1M
-8.5M
-83.4M
32.5M
-63.7M
16.4M
17.6M
67.5M
-31.8M
50.2M
30.9M
-19.5M
235.8M
122.1M
136.8M
156.6M
88.6M
116.5M
356.6M
166.3M
66.2M
74.7M
158.1M
125.6M
189.3M
173M
155.3M
87.8M
119.6M
70.5M
39.5M
59.1M
260.5M
235.8M
122.1M
136.8M
156.6M
88.6M
116.5M
349.2M
166.3M
66.2M
74.7M
158.1M
125.6M
189.3M
173M
155.3M
87.8M
120.6M
70.5M
39.5M
366.2M
401.1M
223.6M
233.7M
480.8M
203.9M
289.9M
297M
313M
133.6M
101.1M
166.5M
58.8M
92M
70.7M
115.8M
4.1M
41.1M
33.4M
-10.4M

SEC Filings

MMS - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

May 28, 2026
May 27, 2026
2026
10-Q

10-Q 2026 Q1

Q1

May 07, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

May 07, 2026
May 07, 2026
2026
8-K

8-K 2026

N/A

March 11, 2026
March 10, 2026
2026
10-Q

10-Q 2025 Q4

Q4

February 05, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 05, 2026
February 05, 2026
2026
DEF 14A

DEF 14A 2026

N/A

January 22, 2026
March 10, 2026
2026
8-K

8-K 2025

N/A

December 18, 2025
December 15, 2025
2025
8-K

8-K 2025

N/A

November 20, 2025
November 20, 2025
2025
10-K

10-K 2025 FY

FY

November 20, 2025
September 30, 2025
2025
Showing 1 to 10 of 389 filings