MMS Financials Maximus, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:20 UTC Overview →

Growth & profitability

Revenue has grown 9.4% per year over the past 5 years.
Net income has grown slower than revenue (8.3% vs 9.4% per year).
Operating margin has expanded, at 9.7% in the latest year.
Free cash flow has grown 12.4% per year over the past 5 years.

Financial health

Total debt ($1.3B) exceeds cash ($222M); net debt is $1.1B.
Total debt has grown faster than revenue (115.2% vs 9.4% per year).
Operating income covered interest expense 6.3× in the latest year.
Total debt is 2.3× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$5.4B	$319M	24.6%	9.7%	19.1%	7.8%	$366M	$1.3B	$222M
2024	$5.3B	$307M	23.6%	9.2%	16.7%	7.4%	$401M	$1.1B	$183M
2023	$4.9B	$162M	21.0%	6.0%	9.7%	4.1%	$224M	$1.2B	$65M
2022	$4.6B	$204M	20.3%	7.0%	13.2%	5.1%	$234M	$1.4B	$41M
2021	$4.3B	$291M	22.3%	9.6%	—	7.1%	$481M	$1.5B	$135M
2020	$3.5B	$215M	20.5%	8.3%	17.3%	10.6%	$204M	$29M	$72M
2019	$2.9B	$241M	23.2%	11.0%	19.3%	13.8%	$290M	$10M	$106M
2018	$2.4B	$221M	24.8%	12.4%	20.4%	15.1%	$290M	$374000	$349M
2017	$2.5B	$209M	25.0%	12.8%	22.3%	15.5%	—	$527000	$166M
2016	—	$178M	—	—	23.8%	13.2%	—	$166M	$66M
2015	—	$158M	—	—	25.8%	12.4%	—	$211M	$75M
2014	—	$145M	—	—	26.2%	16.1%	—	$1M	$158M
2013	—	$117M	—	—	22.0%	13.6%	—	$1M	$126M
2012	—	$76M	—	—	16.9%	10.9%	—	$2M	$189M
2011	—	$81M	—	—	21.7%	14.4%	—	$2M	$173M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.3B	$104M	27.3%	12.6%	6.0%	2.4%	-$137M	$1.6B	$57M
Mar '26	$1.3B	$98M	26.2%	11.4%	5.8%	2.3%	$179M	$1.5B	$157M
Dec '25	$1.3B	$94M	23.7%	10.9%	5.5%	2.2%	-$251M	$1.6B	$138M
Sep '25	$1.3B	$75M	25.3%	9.3%	4.5%	1.8%	$642M	$1.3B	$222M
Jun '25	$1.3B	$106M	26.7%	12.3%	6.0%	2.4%	-$198M	$1.7B	$60M
Mar '25	$1.4B	$97M	24.9%	11.2%	5.8%	2.3%	$26M	$1.5B	$108M
Dec '24	$1.4B	$41M	21.5%	6.2%	2.5%	1.0%	-$103M	$1.4B	$73M
Sep '24	$1.3B	$73M	22.9%	8.5%	3.9%	1.8%	$132M	$1.1B	$183M
Jun '24	$1.3B	$90M	25.3%	10.8%	4.9%	2.2%	$165M	$1.1B	$103M
Mar '24	$1.3B	$81M	23.6%	9.5%	4.5%	2.0%	$105M	$1.2B	$77M
Dec '23	$1.3B	$64M	22.6%	8.1%	3.7%	1.6%	-$639000	$1.3B	$104M
Sep '23	$1.3B	$59M	23.1%	7.9%	3.5%	1.5%	$113M	$1.2B	$65M
Jun '23	$1.2B	$31M	22.2%	4.9%	1.9%	0.8%	-$30M	$1.3B	$35M
Mar '23	$1.2B	$32M	18.9%	5.2%	2.0%	0.8%	$292M	$1.3B	$56M
Dec '22	$1.2B	$40M	19.6%	6.0%	2.5%	0.9%	-$150M	$1.6B	$63M
Sep '22	$1.2B	$69M	23.2%	9.7%	4.5%	1.7%	$100M	$1.4B	$41M
Jun '22	$1.1B	$31M	18.7%	4.8%	—	0.8%	$45M	$1.5B	$94M
Mar '22	$1.2B	$50M	19.4%	6.4%	—	1.2%	$98M	$1.4B	$93M
Dec '21	$1.2B	$53M	19.8%	7.1%	—	1.3%	-$9M	$1.6B	$182M
Sep '21	$1.1B	$52M	19.7%	6.2%	—	1.3%	$266M	$1.5B	$135M

Valuation over time

How the market has priced MMS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 20.2× (Mar '23) to 10.7× (Nov '26).
The price-to-sales ratio has fallen from 0.9× (Mar '23) to 0.6× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is MMS growing its revenue and profit?

Over the past 5 years, Maximus, Inc.'s revenue has grown 9.4% per year, and net income grown 8.3% per year. These are computed facts, not advice.

How much debt does MMS have?

As of FY2025, Maximus, Inc. reported $1.3B of total debt against $222M of cash; operating income covered interest expense 6.3×.

What is MMS's profit margin?

In FY2025, gross margin was 24.6%, operating margin 9.7%, and net margin 5.9%.

What is MMS's P/E ratio?

Maximus, Inc.'s P/E (TTM) is 9.25 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the MMS stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 10.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.