# Maximus, Inc. (MMS)

> Source: Nexqual · https://nexqual.com/MMS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Maximus, Inc. (MMS), nexqual.com/MMS" · informational, not investment advice.

**Price:** USD 63.38 (+2.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 62.07 · day 62.62–64.02 · 52w 51.04–100 · market cap $3.32B · NYQ

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Specialty Business Services)
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%

## More
Full page: https://nexqual.com/MMS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MMS's own 10-K filed 2025-11-20 (https://www.sec.gov/Archives/edgar/data/1032220/000103222025000053/mms-20250930.htm):

| 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." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-30: 54.9%, 11.6%, 10.7% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-10-20)

- "Maximus assumes no obligation and does not intend to update these forward-looking statements, except as required by law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.85 | $2.31 | -19.7% | $1.30B | 2 |
| Next quarter (ends 2026-12-31) | $1.92 | $2.31 | -16.9% | $1.41B | 1 |
| Current fiscal year (ends 2026-09-30) | $8.01 | $8.47 | -5.4% | $5.23B | 2 |
| Next fiscal year (ends 2027-09-30) | $8.36 | $9.07 | -7.8% | $5.38B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-20): ±10.0%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.4% | ±10.0% |
| 2026-12-18 | 56 | 42.7% | ±13.7% |
| 2027-01-15 | 84 | 39.0% | ±15.2% |
| 2027-04-16 | 175 | 38.9% | ±21.5% |