Profits growing faster than sales. Since FY Sep 2022: revenue +17%, operating profit +62%.
Since FY Sep 2022, Maximus's revenue grew 17% while operating profit grew 62%: each extra dollar of sales is adding more profit.
Share count shrinking. Shares outstanding down 14% from September 2022 to August 2026.
Maximus had 14% fewer shares at August 2026 than at September 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 3.3% in the 12 months to June 2026 vs the 12 months before.
Maximus is more profitable than most peers, yet revenue fell 3.3% in the 12 months to June 2026 vs the 12 months before.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $3.5B in FY Sep 2020 to $5.4B in FY Sep 2025.
Maximus's fiscal-year revenue rose in each of the five years to FY Sep 2025, from $3.5B to $5.4B.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 88 → 86
Share price +4.8%-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Maximus
Is Maximus getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 66/100 since Oct 28, 2026.
How is Maximus valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 86/100 against 2,459 industrials peers.Earnings yield 10.8% vs a peer median of 3.8% (stronger than 91% of peers).Earnings yield 10.8% vs peers 3.8% (stronger than 91% of peers).
Is Maximus growing?
At about the same pace as its peers. Growth scores 44/100 against 2,459 industrials peers.Earnings per share growth 26.2% vs a peer median of 7.1% (stronger than 72% of peers).Earnings per share growth 26.2% vs peers 7.1% (stronger than 72% of peers).Revenue growth -3.3% vs a peer median of 4.4% (weaker than 76% of peers).Revenue growth -3.3% vs peers 4.4% (weaker than 76% of peers).
How profitable is Maximus?
More profitable than most of its peers. Profitability scores 79/100 against 2,459 industrials peers.Return on assets 8.5% vs a peer median of 3.1% (stronger than 90% of peers).Return on assets 8.5% vs peers 3.1% (stronger than 90% of peers).
How risky is Maximus?
Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings.Current ratio 2.42× vs a peer median of 1.62× (stronger than 75% of peers).Current ratio 2.42× vs peers 1.62× (stronger than 75% of peers).Debt / equity 0.94× vs a peer median of 0.40× (weaker than 75% of peers).Debt / equity 0.94× vs peers 0.40× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
5.3B USD
5.2B USD
−1.3%
Net income (12 months)
373.3M USD
370.9M USD
−0.6%
Operating margin
11.0%
11.0%
+0.1 pts
Free cash flow (12 months)
372.0M USD
433.2M USD
+16.5%
Debt
1.5B USD
1.6B USD
+6.6%
Cash
157.5M USD
57.0M USD
−63.8%
Shares outstanding
52.5M
52.4M
−0.3%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Industrials · 318 companies
Valuations in Industrials are near the top of their range since 2016.
85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
Maximus looks cheaper than most of its peers on our valuation measures, while the Industrials sector as a whole is valued high by its own standards since 2016. Both can be true at once.
Shown for Industrials: too few Specialty Business Services companies have a long enough history of their own.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Sep 2021
FY Sep 2022
FY Sep 2023
FY Sep 2024
FY Sep 2025
Change
Gross margin
22.3%
20.3%
21.0%
23.6%
24.6%
▲ 1.0 pts
Operating margin
9.6%
7.0%
6.0%
9.2%
9.7%
▲ 0.5 pts
Net margin
6.8%
4.4%
3.3%
5.8%
5.9%
▲ 0.1 pts
Return on assets (ROA)
7.1%
5.1%
4.1%
7.4%
7.8%
▲ 0.4 pts
Return on equity (ROE)
19.7%
13.2%
9.7%
16.7%
19.1%
▲ 2.4 pts
Free cash flow margin
11.3%
5.0%
4.6%
7.6%
6.7%
▼ 0.8 pts
Current ratio
1.37×
1.33×
1.46×
1.49×
1.64×
▲ 10%
Debt to equity
1.02×
0.88×
0.75×
0.61×
0.80×
▲ 30%
Interest coverage
—
7.09×
3.50×
5.93×
6.28×
▲ 6.0%
MMS price history
Price history is added with the daily price update and will appear after the next one.