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 41 d ago 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 9.6× (Sep '26).
The price-to-sales ratio has fallen from 0.9× (Mar '23) to 0.6× (Sep '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?

As of Sep '26, Maximus, Inc. traded at a price-to-earnings ratio of about 9.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.