MMSNYSEServices-Business Services, NECFiscal year ends September 30
MAXIMUS, INC.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$61.33−0.14 (-0.23%)
Close on Oct 19, 2026
- Market cap
- $3.25B
- P/E (TTM)
- 9.1
- Dividend yield
- 1.96%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
24.6%+4.0 pts over 5 years
Operating margin
9.7%+1.4 pts over 5 years
Net margin
5.9%−0.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.4% | +5.5% | +9.4% | +10.0% | |
| Gross profit | +6.5% | +12.4% | +13.4% | +10.0% | |
| Operating income | +8.1% | +17.5% | +12.9% | +7.4% | |
| Net income | +3.9% | +16.1% | +8.3% | +7.3% | |
| EPS, diluted | +10.4% | +18.8% | +10.2% | +8.9% | |
| Free cash flow | -8.7% | +16.1% | +12.4% | +13.1% | |
| Dividend per share | 0.0% | +2.3% | +1.4% | +20.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 26.2% | 17.2% | 18.1% | |
| Return on assets | 13.6% | 11.4% | 7.8% | |
| Current ratio | 1.82 | 1.66 | 1.64 | |
| Debt to equity | 0.22 | 0.02 | 0.80 | |
| Net debt to EBITDA | 0.29× | -0.17× | 1.95× | |
| Interest coverage | 69.3× | 140.0× | 6.3× | |
| Capex to revenue | – | 1.2% | 1.2% | |
| Diluted shares | 66M | 63M | 58M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Maximus generated $2.07B from operations and spent $980.84M on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$2.07B
Used
$980.84M
Capital expenditure$360.81M37%Dividends$00%Share buybacks$620.03M63%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.9%
×Asset turnover1.32×
×Equity multiplier2.33×
=Return on equity, FY202518.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.9% | 1.32× | 2.33× | 18.1% |
| FY2024 | 5.8% | 1.31× | 2.31× | 17.5% |
| FY2023 | 3.3% | 1.23× | 2.48× | 10.1% |
| FY2020 | 6.2% | 1.84× | 1.51× | 17.2% |
| FY2019 | 8.3% | 1.80× | 1.38× | 20.7% |
| FY2018 | 9.2% | 1.70× | 1.39× | 21.8% |
| FY2017 | 8.5% | 1.82× | 1.60× | 24.8% |
| FY2016 | 7.4% | 1.83× | 1.92× | 26.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$319.03M
- Cash generatingOperating cash flow above zero$429.37M
- Return on assets improvedROA up on the prior year7.7% → 7.7%
- Earnings backed by cashOperating cash flow above net income$429.37M vs $319.03M
- Less leverageLong-term debt to assets fell26.4% → 31.5%
- Better liquidityCurrent ratio rose1.49 → 1.64
- No dilutionShare count did not rise61M → 58M
- Gross margin improvedGross margin up on the prior year23.59% → 24.55%
- More efficientAsset turnover rose1.33 → 1.31