NYSE · MMS

Maximus, Inc.

Industrials · Specialty Business Services

$57.09▼ 0.90% ($0.52)today

As of 3:38 PM ET

52-week

$52.73$100.00

Market cap

$3.00B

P/E

What the market price implies · Reverse DCF

To support a price of $57.09, this model requires Stage 1 FCFF to grow by -29.55%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 16.44%/yr over the past 10 years. The required annual growth rate is 46.00 percentage points lower.

Selected forecast · Base scenario

16.44%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-29.55%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$57.09

Estimated value / share

$845.12

Base scenario

This estimate is 1,380.33% above the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

CapEx normalization ceiling applied: historical capex ratio was set at smaller revenue scale. Capped at 2× TTM capex.

Working capital change smoothed: single-period ΔOWC exceeded ±5% of revenue and was capped to reduce timing noise.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Reported total debt includes capitalised leases (~3% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.

This estimate is at least 3× the price used. Review the assumptions behind the gap.

Stage 1 16.44% · Stage 2 9.04% · Discount rate 6.78%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 17, 2026, 7:38 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:38 PM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 16 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 81.5%.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -34.36%Revenue (TTM): -3.32%FCF (TTM): 401.26%P/FCF: 3rd pct

What changed

The stock fell 34.36% over the last year. Revenue declined 3.32% over the trailing twelve months. Operating margin moved from 10.25% to 10.87%. Free cash flow grew 401.26% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price, and the shares now sit around the 3rd percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.

What would invalidate this read

This read changes if operating margin (currently 10.87%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Maximus, Inc. specializes in delivering business process services (BPS) tailored for governmental health and human welfare initiatives.

CEOBruce L. Caswell

SectorIndustrials

IndustrySpecialty Business Services

Employees37,200

IPO dateJun 13, 1997

https://www.maximus.com

Market multiples

Forward P/E—

EV/EBITDA9.53

Enterprise value$6.43B

Stock splits

Jul 1, 2013↑ Forward

Every 1 shares became 2

+100%

Jul 1, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-5.15%

Gross margin (FY2025)23.01%▲1.1ppvs FY2024

Operating margin (FY2025)10.62%▲1.4ppvs FY2024

ROE21.11%▲3.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$110.00▲92.68%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 19, 2026

Q4 FY26 · EPS est $1.88 · Revenue est $1.3B

View

Dividends

$1.29/shareQuarterlyDividend Achiever · 20yrSafe

MMS pays a dividend with a 2.26% dividend yield, 20 consecutive years of growth, growing at 2.87% annually, covered 5.3× by free cash flow.

Dividend Yield

2.26%

Annual Div / Share

$1.29

5yr CAGR

+2.87%

Doubles every ~24.5yr

Payout Ratio

18.41%

Safe

Dividend Growth Rate

3yr CAGR

+4.82%

5yr CAGR

+2.87%

10yr CAGR

+21.77%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.29+7.5%

2025$1.20+0.0%

2024$1.20+7.1%

2023$1.12+0.0%

2022$1.12+0.0%

2021$1.12+0.0%

2020$1.12+12.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$23/yr

$2/mo

In 5 yrs

$26/yr+15%

$2/mo

In 10 yrs

$30/yr+33%

$2/mo

Today	In 5 yrs	In 10 yrs
$23/yr $2/mo	$26/yr+15% $2/mo	$30/yr+33% $2/mo

Yield-on-cost grows from 2.26% → 3% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

MMS has raised its dividend for 20 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Well-covered by free cash flow

The dividend is covered 5.3× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · MMS

Maximus, Inc.

Industrials · Specialty Business Services

$57.09▼ 0.90% ($0.52)today

As of 3:38 PM ET

52-week

$52.73$100.00

Market cap

$3.00B

P/E

What the market price implies · Reverse DCF

To support a price of $57.09, this model requires Stage 1 FCFF to grow by -29.55%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 16.44%/yr over the past 10 years. The required annual growth rate is 46.00 percentage points lower.

Selected forecast · Base scenario

16.44%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-29.55%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$57.09

Estimated value / share

$845.12

Base scenario

This estimate is 1,380.33% above the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

CapEx normalization ceiling applied: historical capex ratio was set at smaller revenue scale. Capped at 2× TTM capex.

Working capital change smoothed: single-period ΔOWC exceeded ±5% of revenue and was capped to reduce timing noise.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

This estimate is at least 3× the price used. Review the assumptions behind the gap.

Stage 1 16.44% · Stage 2 9.04% · Discount rate 6.78%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 17, 2026, 7:38 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:38 PM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 16 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 81.5%.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -34.36%Revenue (TTM): -3.32%FCF (TTM): 401.26%P/FCF: 3rd pct

What changed

What the market seems to be pricing

What would invalidate this read

This read changes if operating margin (currently 10.87%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Maximus, Inc. specializes in delivering business process services (BPS) tailored for governmental health and human welfare initiatives.

CEOBruce L. Caswell

SectorIndustrials

IndustrySpecialty Business Services

Employees37,200

IPO dateJun 13, 1997

https://www.maximus.com

Market multiples

Forward P/E—

EV/EBITDA9.53

Enterprise value$6.43B

Stock splits

Jul 1, 2013↑ Forward

Every 1 shares became 2

+100%

Jul 1, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-5.15%

Gross margin (FY2025)23.01%▲1.1ppvs FY2024

Operating margin (FY2025)10.62%▲1.4ppvs FY2024

ROE21.11%▲3.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$110.00▲92.68%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 19, 2026

Q4 FY26 · EPS est $1.88 · Revenue est $1.3B

View

Dividends

$1.29/shareQuarterlyDividend Achiever · 20yrSafe

MMS pays a dividend with a 2.26% dividend yield, 20 consecutive years of growth, growing at 2.87% annually, covered 5.3× by free cash flow.

Dividend Yield

2.26%

Annual Div / Share

$1.29

5yr CAGR

+2.87%

Doubles every ~24.5yr

Payout Ratio

18.41%

Safe

Dividend Growth Rate

3yr CAGR

+4.82%

5yr CAGR

+2.87%

10yr CAGR

+21.77%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.29+7.5%

2025$1.20+0.0%

2024$1.20+7.1%

2023$1.12+0.0%

2022$1.12+0.0%

2021$1.12+0.0%

2020$1.12+12.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$23/yr

$2/mo

In 5 yrs

$26/yr+15%

$2/mo

In 10 yrs

$30/yr+33%

$2/mo

Today	In 5 yrs	In 10 yrs
$23/yr $2/mo	$26/yr+15% $2/mo	$30/yr+33% $2/mo

Yield-on-cost grows from 2.26% → 3% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

MMS has raised its dividend for 20 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Well-covered by free cash flow

The dividend is covered 5.3× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.