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Stocks · Industrials · Services-Business Services, NEC

MAXIMUS, INC.

MMS Clue Score56
United States Fiscal year ends September CIK 0001032220
$59.39 +1.05% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $59.39 −28.62% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue2,451.0Operating income313.5Net income209.4EPS, diluted3.17Fiscal year 2018Revenue2,392.2 −2.4%Operating income295.5Net income220.8 +5.4%EPS, diluted3.35 +5.7%Fiscal year 2019Revenue2,886.8 +20.7%Operating income317.1Net income240.8 +9.1%EPS, diluted3.72 +11.0%Fiscal year 2020Revenue3,461.5 +19.9%Operating income288.3Net income214.5 −10.9%EPS, diluted3.39 −8.9%Fiscal year 2021Revenue4,254.5 +22.9%Operating income408.5Net income291.2 +35.8%EPS, diluted4.67 +37.8%Fiscal year 2022Revenue4,631.0 +8.9%Operating income325.9Net income203.8 −30.0%EPS, diluted3.29 −29.6%Fiscal year 2023Revenue4,904.7 +5.9%Operating income294.8Net income161.8 −20.6%EPS, diluted2.63 −20.1%Fiscal year 2024Revenue5,306.2 +8.2%Operating income488.5Net income306.9 +89.7%EPS, diluted4.99 +89.7%Fiscal year 2025Revenue5,431.3 +2.4%Operating income528.3Net income319.0 +3.9%EPS, diluted5.51 +10.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,451.0 2,392.2 2,886.8 3,461.5 4,254.5 4,631.0 4,904.7 5,306.2 5,431.3
Growth −2.4% +20.7% +19.9% +22.9% +8.9% +5.9% +8.2% +2.4%
Operating income 313.5 295.5 317.1 288.3 408.5 325.9 294.8 488.5 528.3
Net income 209.4 220.8 240.8 214.5 291.2 203.8 161.8 306.9 319.0
Growth +5.4% +9.1% −10.9% +35.8% −30.0% −20.6% +89.7% +3.9%
EPS, diluted 3.17 3.35 3.72 3.39 4.67 3.29 2.63 4.99 5.51
Growth +5.7% +11.0% −8.9% +37.8% −29.6% −20.1% +89.7% +10.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin25.0%Operating margin12.8%Net margin8.5%Fiscal year 2018Gross margin24.8%Operating margin12.4%Net margin9.2%Free cash flow margin12.1%Fiscal year 2019Gross margin23.2%Operating margin11.0%Net margin8.3%Free cash flow margin10.0%Fiscal year 2020Gross margin20.5%Operating margin8.3%Net margin6.2%Free cash flow margin5.9%Fiscal year 2021Gross margin22.3%Operating margin9.6%Net margin6.8%Free cash flow margin11.3%Fiscal year 2022Gross margin20.3%Operating margin7.0%Net margin4.4%Free cash flow margin5.0%Fiscal year 2023Gross margin21.0%Operating margin6.0%Net margin3.3%Free cash flow margin4.6%Fiscal year 2024Gross margin23.6%Operating margin9.2%Net margin5.8%Free cash flow margin7.6%Fiscal year 2025Gross margin24.6%Operating margin9.7%Net margin5.9%Free cash flow margin6.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 25.0% 24.8% 23.2% 20.5% 22.3% 20.3% 21.0% 23.6% 24.6%
Operating margin 12.8% 12.4% 11.0% 8.3% 9.6% 7.0% 6.0% 9.2% 9.7%
Net margin 8.5% 9.2% 8.3% 6.2% 6.8% 4.4% 3.3% 5.8% 5.9%
Free cash flow margin n/a 12.1% 10.0% 5.9% 11.3% 5.0% 4.6% 7.6% 6.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow336.4Buybacks−28.9Fiscal year 2018Operating cash flow316.8Capital expenditure−26.5Free cash flow290.3Buybacks−66.9Fiscal year 2019Operating cash flow356.7Capital expenditure−66.8Free cash flow289.9 −0.1%Buybacks−47.4Fiscal year 2020Operating cash flow244.6Capital expenditure−40.7Free cash flow203.9 −29.7%Buybacks−167.0Fiscal year 2021Operating cash flow517.3Capital expenditure−36.6Free cash flow480.8 +135.8%Buybacks−3.4Fiscal year 2022Operating cash flow289.8Capital expenditure−56.1Free cash flow233.7 −51.4%Buybacks−96.1Fiscal year 2023Operating cash flow314.3Capital expenditure−90.7Free cash flow223.6 −4.3%Buybacks0.0Fiscal year 2024Operating cash flow515.3Capital expenditure−114.2Free cash flow401.1 +79.3%Buybacks−73.1Fiscal year 2025Operating cash flow429.4Capital expenditure−63.2Free cash flow366.2 −8.7%Buybacks−447.5
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 336.4 316.8 356.7 244.6 517.3 289.8 314.3 515.3 429.4
Capital expenditure n/a −26.5 −66.8 −40.7 −36.6 −56.1 −90.7 −114.2 −63.2
Free cash flow n/a 290.3 289.9 203.9 480.8 233.7 223.6 401.1 366.2
Growth −0.1% −29.7% +135.8% −51.4% −4.3% +79.3% −8.7%
Buybacks −28.9 −66.9 −47.4 −167.0 −3.4 −96.1 0.0 −73.1 −447.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash166.3Total debt0.7Net cash (debt)165.6Shareholders’ equity940.1Debt to equity0.00Fiscal year 2018Cash349.2Total debt0.5Net cash (debt)348.7Shareholders’ equity1,083.9Debt to equity0.00Fiscal year 2019Cash105.6Total debt9.9Net cash (debt)95.7Shareholders’ equity1,247.8Debt to equity0.01Fiscal year 2020Cash71.7Total debt28.9Net cash (debt)42.8Shareholders’ equity1,241.8Debt to equity0.02Fiscal year 2021Cash135.1Total debt1,509.7Net cash (debt)−1,374.6Shareholders’ equity1,480.3Debt to equity1.02Fiscal year 2022Cash40.7Total debt1,355.9Net cash (debt)−1,315.3Shareholders’ equity1,549.4Debt to equity0.88Fiscal year 2023Cash65.4Total debt1,250.0Net cash (debt)−1,184.6Shareholders’ equity1,667.8Debt to equity0.75Fiscal year 2024Cash183.1Total debt1,132.1Net cash (debt)−949.0Shareholders’ equity1,842.8Debt to equity0.61Fiscal year 2025Cash222.4Total debt1,334.3Net cash (debt)−1,111.9Shareholders’ equity1,674.0Debt to equity0.80
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 166.3 349.2 105.6 71.7 135.1 40.7 65.4 183.1 222.4
Total debt 0.7 0.5 9.9 28.9 1,509.7 1,355.9 1,250.0 1,132.1 1,334.3
Net cash (debt) 165.6 348.7 95.7 42.8 −1,374.6 −1,315.3 −1,184.6 −949.0 −1,111.9
Shareholders’ equity 940.1 1,083.9 1,247.8 1,241.8 1,480.3 1,549.4 1,667.8 1,842.8 1,674.0
Debt to equity 0.00 0.00 0.01 0.02 1.02 0.88 0.75 0.61 0.80

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Revenue and profit
2,451.0 2,392.2 2,886.8 3,461.5 4,254.5 4,631.0 4,904.7 5,306.2 5,431.3
Growth −2.4% +20.7% +19.9% +22.9% +8.9% +5.9% +8.2% +2.4%
1,839.1 1,797.9 2,215.6 2,750.5 3,307.5 3,691.2 3,876.1 4,054.5 4,097.8
611.9 594.4 671.2 711.0 947.0 939.8 1,028.6 1,251.7 1,333.4
Growth −2.9% +12.9% +5.9% +33.2% −0.8% +9.4% +21.7% +6.5%
284.6 285.2 321.0 387.1 494.1 534.5 639.2 671.6 713.1
313.5 295.5 317.1 288.3 408.5 325.9 294.8 488.5 528.3
Growth −5.8% +7.3% −9.1% +41.7% −20.2% −9.5% +65.7% +8.1%
314.2 299.2 317.3 287.1 383.7 277.1 210.3 406.5 444.8
102.1 78.4 76.8 72.6 92.5 73.3 48.5 99.6 125.8
209.4 220.8 240.8 214.5 291.2 203.8 161.8 306.9 319.0
Growth +5.4% +9.1% −10.9% +35.8% −30.0% −20.6% +89.7% +3.9%
Per share
3.19 3.37 3.73 3.40 4.69 3.30 2.65 5.03 5.56
3.17 3.35 3.72 3.39 4.67 3.29 2.63 4.99 5.51
Growth +5.7% +11.0% −8.9% +37.8% −29.6% −20.1% +89.7% +10.4%
65.6 65.5 64.5 63.1 62.1 61.8 61.1 61.0 57.4
66.1 65.9 64.8 63.3 62.4 62.0 61.5 61.5 57.9
Growth −0.2% −1.7% −2.3% −1.5% −0.6% −0.8% +0.1% −5.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 9.4% a year over five years, and earnings per share grew 10.2% a year.
  • The diluted share count fell 8.5% in five years, so buybacks did some of the work per share.
  • Operating margin is up 1.4 points on five years ago, at 9.7%.
  • Profitable in every one of the 9 years on file.