Maximus, Inc. (MMS) Stock Price & Analysis
Maximus, Inc. (MMS) closed at USD 63.38 on Thursday, October 22, 2026, up 2.11% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 62.07; the Oct 22, 2026 session ranged USD 62.62–64.02 on volume of 680,765 shares. Market capitalization is $3.32B, with a 52-week range of USD 51.04–100 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:37 UTC.
Also available as compact Markdown for AI agents: nexqual.com/MMS.md
Key facts (MMS)
- Last four reported quarters (through Jun 30, 2026): revenue $5.25B, net income $371M (7.1% margin), free cash flow $433M (SEC filings).
- Valuation: P/E 8.9x (avg 21.2x at the last 3 fiscal year-ends), EV/EBITDA 7.8x, net debt $1.58B.
- 1 of 80 tracked superinvestors hold MMS (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $174K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Buy (mean 1.00 on a 1–5 scale) (2 analysts), mean target USD 92.5 (range 75–110).
- Total return with dividends: 1Y -26.3% vs S&P 500 +14.9%; 5Y -18.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-20, EPS estimate USD 1.85, revenue estimate $1.30B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (MMS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.25B | $4.63B | $4.90B | $5.31B | $5.43B | $5.25B |
| Gross profit | $947M | $940M | $1.03B | $1.25B | $1.33B | — |
| Operating income | $409M | $326M | $295M | $488M | $528M | $579M |
| Net income | $291M | $204M | $162M | $307M | $319M | $371M |
| EPS (diluted) | $4.67 | $3.29 | $2.63 | $4.99 | $5.51 | — |
| Free cash flow | $481M | $234M | $224M | $401M | $366M | $433M |
| Gross margin | 22.3% | 20.3% | 21.0% | 23.6% | 24.6% | — |
| Operating margin | 9.6% | 7.0% | 6.0% | 9.2% | 9.7% | 11.0% |
| Net margin | 6.8% | 4.4% | 3.3% | 5.8% | 5.9% | 7.1% |
| Revenue growth | +22.9% | +8.9% | +5.9% | +8.2% | +2.4% | — |
| Cash + short-term investments | — | $40.7M | $65.4M | $183M | $222M | — |
| Total debt | $1.51B | $1.36B | $1.25B | $1.13B | $1.33B | — |
Fiscal years end Sep. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (MMS)
P/E 8.9x · P/S 0.6x · EV/EBITDA 7.8x · EV/Sales 0.9x · P/FCF 7.7x · P/B 1.9x · FCF yield 13.06% · Earnings yield 11.18% · Buyback yield (TTM) 10.43% · Net debt $1.58B · EV $4.90B
P/E at fiscal year-ends: Sep 2025 16.6x, Sep 2024 18.7x, Sep 2023 28.4x.
Superinvestors (SEC 13F-HR, Q2 2026) (MMS)
1 of 80 tracked investors hold MMS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management | 0.64% | $4.0M | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (MMS)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Link Michelle F. | Chief of Human Resources | 3,208 | $174K | 18.8% | Yes (adopted December 15, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (MMS)
Consensus Strong Buy (mean 1.00 on a 1–5 scale), 2 analysts; mean target USD 92.5 (low 75, high 110).
Total return (dividends reinvested) (MMS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -26.3% | -18.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -26.4% | -4.0% |
| Volatility (annualized) | 36.7% | 29.2% |
| Max drawdown | -46.5% (Jan 2026→Sep 2026) | -45.8% (Jan 2026→Sep 2026) |
MMS revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| U.S. Federal Services | $721.0M | 56.4% | -5.3% |
| U.S. Services | $418.2M | 32.7% | -4.9% |
| Outside the U.S. | $139.8M | 10.9% | -5.2% |
| Total revenue | $1.28B | 100% | — |
MMS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Program Operations | $602.8M | 47.1% | -3.9% |
| Clinical Services | $553.1M | 43.2% | -1.3% |
| Technology Solutions | $67.2M | 5.3% | -15.1% |
| Employment & Other | $55.9M | 4.4% | -31.8% |
| Total revenue | $1.28B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
MMS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | IBM (IBM) | “Our primary competitors in the U.S. Federal Services Segment are General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture, Booz Allen Hamilton, and other federal contractors.” |
| Competitor | Accenture (ACN) | “Our primary competitors in the U.S. Federal Services Segment are General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture, Booz Allen Hamilton, and other federal contractors.” |
Quoted from the company's 10-K filed Nov 20, 2025.
MMS customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (54.9%, 11.6%, 10.7%) of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name them.
MMS company outlook (results filed Oct 20, 2026)
- “Maximus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.”
Quoted word-for-word from the SEC 8-K results press release.
MMS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.85 | $2.31 | -19.7% | $1.30B | 2 |
| Next quarter (ends Dec 2026) | $1.92 | $2.31 | -16.9% | $1.41B | 1 |
| Current fiscal year (ends Sep 2026) | $8.01 | $8.47 | -5.4% | $5.23B | 2 |
| Next fiscal year (ends Sep 2027) | $8.36 | $9.07 | -7.8% | $5.38B | 2 |
MMS options: expected move
Options price a move of about ±10.0% (±$6.32) by Nov 20, 2026, which includes earnings on Nov 20, 2026. Over the last 8 reports the stock moved ±8.3% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 42.4% | ±10.0% |
| Dec 18, 2026 | 56 | 42.7% | ±13.7% |
| Jan 15, 2027 | 84 | 39.0% | ±15.2% |
| Apr 16, 2027 | 175 | 38.9% | ±21.5% |
30-day implied volatility 38.1% vs 32.4% realized over the last 30 trading days. Put/call ratio (volume) 0.8. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:37 UTC)
| Price | USD 63.38 |
|---|---|
| Change | ▲ 2.11% (up) |
| Previous Close | USD 62.07 |
| Open | USD 62.82 |
| Day Range | USD 62.62 – 64.02 |
| 52-Week Range | USD 51.04 – 100 |
| Volume | 680,765 shares |
| Market Cap | $3.32B |
| Exchange | NYQ |
Technical Analysis (MMS)
Nexqual's technical model rates MMS "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 10:37 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 70.72 (overbought) |
| vs SMA50 | Above (USD 57.13) |
| MACD | 1.66 (positive) |
Analyst Ratings (MMS)
Wall Street analysts rate MMS "Strong Buy" based on 2 analysts, with a mean price target of USD 92.5 (range USD 75–110), per Nexqual as of October 23, 2026 at 10:37 UTC.
| Consensus Rating | Strong Buy |
|---|---|
| Analyst Count | 2 |
| Mean Target | USD 92.5 |
| High Target | USD 110 |
| Low Target | USD 75 |
| Buy / Hold / Sell | 2 / 0 / 0 |
Earnings (MMS)
| Next Earnings Date | 2026-11-20 |
|---|---|
| EPS Estimate | USD 1.85 |
| Revenue Estimate | $1.30B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 2.22 vs est 2.21 ▲ beat |
| 2026-03-31 | USD 2.07 vs est 1.97 ▲ beat |
| 2025-12-31 | USD 1.85 vs est 1.82 ▲ beat |
| 2025-09-30 | USD 1.62 vs est 1.67 ▼ miss |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Financials & Fundamentals (MMS)
| Total Revenue | $5.25B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -5.10% |
| Gross Margin | +25.59% |
| Operating Margin | +12.62% |
| Profit Margin | +7.07% |
| ROE | +21.11% |
| Debt / Equity | 1 |
| Current Ratio | 2.42 |
| Total Cash | $56.95M |
| Total Debt | $1.73B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $433.23M (8.3% of revenue) |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Financial Health Score (MMS)
Nexqual rates Maximus, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 10:37 UTC.
| Growth | Mixed — Revenue +2.4% YoY (annual), slow |
|---|---|
| Profitability | Solid — Gross margin 26%, operating 13% (last 12 months) |
| Balance Sheet | Mixed — $57M cash and investments vs $1.64B debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $433M (last 4 quarters to Jun 2026, SEC), 8% margin |
| Efficiency | Strong — ROE 21%, ROA 8.2% |
Ownership (MMS)
| Insider Ownership | +1.80% |
|---|---|
| Institutional Ownership | +111.85% |
| Shares Outstanding | 52.36M |
| Float | 51.59M |
| Short % of Float | +11.63% |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Leadership (MMS)
Maximus, Inc. is led by Bruce L. Caswell, President, CEO & Director, per Nexqual as of October 23, 2026 at 10:37 UTC.
| President, CEO & Director | Bruce L. Caswell |
|---|---|
| CFO & Treasurer | David W. Mutryn |
| Chief Technology Officer | Mike Raker |
Major Backers & Investors (MMS)
Notable institutional backers of Maximus, Inc. include FMR, LLC, Fidelity, Fuller & Thaler Asset Management Inc., according to Nexqual as of October 23, 2026 at 10:37 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 10.59% |
| Fidelity | 6.79% |
| Fuller & Thaler Asset Management Inc. | 5.16% |
| UNDISCOVERED MANAGERS Fd.S-Undiscovered Managers Behavioral Value Fd. | 4.2% |
| Reinhart Partners, LLC | 3.63% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 14.22% |
| Vanguard Group | 10.99% |
| State Street | 4.9% |
| Dimensional Fund Advisors | 4.5% |
| Geode Capital | 3.01% |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
From Maximus, Inc.'s Latest SEC 10-K Filing (filed 2025-11-20)
Key Strengths & Strategy (as disclosed to the SEC)
- Federal Services Segment are General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture, Booz Allen Hamilton, and other federal contractors.
- We support programs and deliver services in the United Kingdom, including the Functional Assessment Services (FAS) contract and the Restart employment program.
- End-to-end automation of software development and business processes achieves speed, efficiency, and error reduction, as well as advanced tool capabilities, resulting in greater operational efficiency, enhanced customer experiences, and increased return on investment.
- As a leading supplier in many of the health program administration markets that we serve, we are the largest provider of Medicaid eligibility support and enrollment services and state-based health insurance exchange operations.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to review and audit by governments at their sole discretion and, if any improprieties are found, we may be required to refund revenue we have received or forego anticipated revenue, which could have a material adverse impact on our revenue and our ability to bid in response to RFPs.
- We may be subject to fines, penalties, and other sanctions if we fail to comply with laws governing our business.
- Adverse judgments or settlements in legal disputes could harm our operating results, cash flows, and financial condition.
- We may be precluded from bidding and performing certain work due to other work we currently perform.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ABM | ABM Industries Incorporated | USD 53.88 | ▲ 3.06% |
| FA | First Advantage Corporation | USD 21.22 | ▲ 7.93% |
| CBZ | CBIZ, Inc. | USD 54.89 | ▲ 0.07% |
| AZZ | AZZ Inc. | USD 133.39 | ▼ 3.75% |
| UNF | Unifirst Corporation | USD 278.99 | ▲ 1.82% |
| AMTM | Amentum Holdings, Inc. | USD 21.29 | ▲ 5.66% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:37 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt