Maximus, Inc. (MMS) Stock

Maximus, Inc. (MMS) is a Technology stock trading at $58.19 (as of 2026-08-21), with a market capitalization of $3.05B and a trailing P/E of 7.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Maximus, Inc. delivers business process services for government health and human services programs. It operates across U.S. Services, U.S. Federal Services, and Outside the U.S., supporting areas such as program administration, eligibility and enrollment, citizen contact and engagement, assessments, appeals, outreach, and related consulting for U.S. state, local, and federal programs.

Understand Maximus, Inc.: how it makes money

Maximus provides business process services for government health and human services programs, earning money by delivering program administration, appeals and assessments, and related consulting work under government engagements across its segments.

Because Maximus is paid to operate parts of government health and human services programs, its profit profile is structurally tied to contract revenue mix across U.S. Federal services, U.S. state and local services, and work outside the U.S.

Revenue by segment (latest quarter)
U.S. Fed	$0.8B
U.S. Services	$0.4B
Outside U.S.	$0.2B

Business quality (Mixed): The business model and segment structure are clear (three service regions), but the provided operating KPI set is limited to segment revenue labels rather than more specific operational drivers.

Valuation: Trades at 8× trailing earnings · $3B market cap.

Bull case

Broad government health and human services scope: Its U.S. Services work includes program administration, appeals and assessments, and related consulting for programs such as Affordable Care Act, Medicaid, and the Children’s Health Insurance Program.
Segment diversification by customer base: Maximus operates through U.S. Services, U.S. Federal Services, and Outside the U.S., which can spread exposure across different government levels and geographies.

Bear case

Concentration in government programs and funding priorities: Operations focus on government health and human services programs, so changes in government requirements, procurement decisions, or funding levels could affect demand for these services.
Temporary work risk around COVID response: The presence of a dedicated metric for COVID Response Work Revenue suggests some revenue may be tied to specific time periods or initiatives.

Valuation — source: SEC EDGAR (first-party)
Price	$58.19
Market Cap	$3.05B
P/E Ratio	7.7
EV / EBITDA	6.9
Price / Book	1.75
Price / Sales	0.58
FCF Yield	-19.8%
DCF Value (model)	$94.96
DCF Upside vs Price	63.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$5.43B
Net Margin	5.9%
Revenue Growth (YoY)	-5.1%
EPS Growth (YoY)	4.8%
FCF Growth (YoY)	-24.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.07 (safe)
Piotroski F-Score	8/9 (strong)

Valuation vs Sector & Industry
Stock P/E	7.7
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9
vs Sector	-77.1%
vs Industry	-74.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($537.54M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Bruce L. Caswell
Employees	41,100
Country	US
IPO Date	1997-06-13

Related Companies (Business model: IT Services / Consulting and Managed Services; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.