Maximus
Runs tech-enabled health, human-services, clinical, and technology programs for governments.
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Profile
Runs government health, human-services, clinical, customer-service, and technology programs across U.S. federal, state and local, and selected international markets. Revenue comes from transaction-based, cost-plus, fixed-price, and time-and-materials contracts, with federal agencies providing most of the business.
Runs tech-enabled public-service programs across the U.S. and selected international markets through the U.S. Federal Services, U.S. Services, and Outside the U.S. segments. Federal work spans program operations, clinical assessments and appeals, student-loan servicing support, and advanced technology solutions. State and local work covers health-benefit eligibility and enrollment, long-term-care assessments, employment services, and systems oversight.
Earns revenue through performance-based, cost-plus, fixed-price, and time-and-materials contracts. Large contact centers, transaction-heavy administration, clinical networks, and government technology delivery underpin execution. International operations serve the U.K., Canada, and the Middle East after portfolio divestitures narrowed the footprint.
Revenue is concentrated in U.S. government work, with a small number of federal agencies and large states contributing substantial segment revenue. Program volumes, public funding, regulation, and contract renewals shape results; nearly all government contracts can be modified or terminated for convenience.
Company facts
Categories
Key statistics
Year to date −30.9% · Average volume (30d) 591.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Jan 2, 2025 | Raymond James | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q3 FY26 | $2.21 | $2.22 | +0.5% | $1.33B | $1.28B | −3.7% | −7.63% |
| May 7, 2026Q2 FY26 | $1.98 | $2.07 | +4.5% | $1.32B | $1.31B | −0.6% | −3.59% |
| Feb 5, 2026Q1 FY26 | $1.84 | $1.85 | +0.5% | $1.37B | $1.35B | −2.2% | −4.01% |
| Nov 20, 2025Q4 FY25 | $1.67 | $1.62 | −3.0% | $1.34B | $1.32B | −1.7% | +3.42% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.36B | $1.35B | $1.32B | $1.35B | $1.31B | $1.28B | |
| Gross profit | $315.8M | $336.5M | $310.5M | $298.4M | $322.0M | $348.8M | |
| Operating income | $153.0M | $165.7M | $123.6M | $137.2M | $148.5M | $161.4M | |
| Net income | $96.6M | $106.0M | $75.3M | $93.9M | $98.1M | $103.6M | |
| Diluted EPS | $1.69 | $1.86 | $1.32 | $1.70 | $1.80 | $1.95 | |
| Gross margin | 23.2% | 25.0% | 23.6% | 22.2% | 24.7% | 27.3% | |
| Operating margin | 11.2% | 12.3% | 9.4% | 10.2% | 11.4% | 12.6% |
Fiscal years (4-quarter sums)FY21 $4.25B · FY22 $4.63B · FY23 $4.90B · FY24 $5.31B · FY25 $5.43B
Revenue by product · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $57.0M · Total debt $1.73B · Total assets $4.37B · Shareholders' equity $1.74B
Dividends
Raised for 20 straight years — most recently to $0.33 from $0.30 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 31 | $0.33 | |
| May 15, 2026 | May 15 | Jun 1 | $0.33 | |
| Feb 13, 2026 | Feb 13 | Mar 2 | $0.33 | raised from $0.30 |
| Nov 14, 2025 | Nov 14 | Dec 1 | $0.30 | |
| Aug 15, 2025 | Aug 15 | Aug 31 | $0.30 | |
| May 15, 2025 | May 15 | May 31 | $0.30 | |
| Feb 14, 2025 | Feb 15 | Feb 28 | $0.30 | |
| Nov 15, 2024 | Nov 15 | Nov 30 | $0.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 52.54M · Float 51.79M · 98.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.44M | 14.17% | 13F | Aug 7, 2026 |
| FMR LLC | 5.54M | 10.55% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 3.39M | 6.45% | 13F | Aug 13, 2026 |
| Fuller & Thaler Asset Management, Inc. | 2.70M | 5.14% | 13G | Aug 14, 2026 |
| State Street Corp | 2.57M | 4.88% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 17, 2026 | Jan Madsen | director | −742 | $72.25 |
| Feb 10, 2026 | Bruce Caswell | director, officer: CEO & President | +3,175 | $78.45 |
| Feb 9, 2026 | David Mutryn | officer: Chief Financial Officer | +1,000 | $75.63 |
| Dec 3, 2025 | Michelle F. Link | officer: Chief of Human Resources | −4,039 | $86.84 |
| Nov 28, 2025 | Michael J. Warren | director | +14 | $86.11 |
Peers
- Accenture
Scaled public-sector consulting and managed-services rival.
- Leidos
Health, civil, and federal modernization peer.
- Booz Allen Hamilton
Federal tech and civil-government modernization rival.
- Conduent
State healthcare BPS and eligibility-processing rival.
- CGI
Government IT and BPS rival across North America and Europe.
- CACI
Federal IT and systems-integration competitor.
- Science Applications International
U.S. government IT and civilian mission-support peer.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Maximus | $59.75 | +0.02% | $3.14B | 8.8 | 7.2 | 0.6 | −5.2% |
| Accenture | $189.20 | −0.17% | $116.03B | 15.1 | 13.2 | 1.6 | +5.6% |
| Leidos | $141.00 | +0.31% | $17.69B | 13.1 | 11.6 | 1.0 | +7.2% |
| Booz Allen Hamilton | $75.24 | −0.05% | $9.05B | 11.8 | 12.0 | 0.8 | −4.2% |
| Conduent | $1.71 | −0.29% | $266.8M | — | — | 0.1 | −29.7% |
| CGI | $74.77 | +0.03% | $15.98B | 12.9 | 11.3 | 1.4 | −1.7% |
| CACI | $623.04 | −0.96% | $13.88B | 26.0 | 19.1 | 1.5 | +17.6% |
| Science Applications International | $127.50 | +1.24% | $5.33B | 14.2 | 13.0 | 0.7 | +1.6% |
| Median | 13.7 | 12.5 | 1.0 | +1.6% |