Maximus, Inc.

NYSE:MMS Stock Report

Market Cap: US$3.4b

Maximus Future Growth

Future criteria checks 1/6

Maximus is forecast to grow earnings and revenue by 8.6% and 3.1% per annum respectively while EPS is expected to grow by 10.6% per annum.

Key information

7.9%

Earnings growth rate

9.83%

EPS growth rate

Professional Services earnings growth15.5%
Revenue growth rate3.1%
Future return on equityn/a
Analyst coverage

Low

Last updated08 May 2026

Recent future growth updates

Analysis Article • Aug 10

Earnings Beat: Maximus, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

As you might know, Maximus, Inc. ( NYSE:MMS ) just kicked off its latest third-quarter results with some very strong...
Analysis Article • May 11

Maximus, Inc. Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Maximus, Inc. ( NYSE:MMS ) just released its latest quarterly results and things are looking bullish. It was overall a...

Recent updates

Narrative Update • May 04

MMS: Share Buybacks And Stable Outlook Will Support Future Returns

Analysts have modestly lifted their price target on Maximus, with the updated valuation framework reflecting a steady $110 fair value, supported by slightly higher assumed discount rates and a marginally richer future P/E multiple. What's in the News Maximus narrowed its revenue guidance for fiscal 2026, with expected revenue now in a range of US$5.2b to US$5.35b.
Narrative Update • Apr 19

MMS: Share Repurchases And AI Accuracy Solutions Will Support Future Upside

Analysts have slightly refined their view on Maximus, keeping the fair value estimate steady at $95 while modestly adjusting underlying assumptions for discount rate, revenue growth, profit margin, and future P/E. Together, these updates support the unchanged price target.
Narrative Update • Apr 05

MMS: Buybacks And Higher Dividend Will Support Future Upside Potential

Analysts have modestly adjusted their price target on Maximus to $95 to reflect updated assumptions around the discount rate, revenue growth, profit margins, and future P/E multiples, while keeping the overall fair value estimate steady. What's in the News From October 1, 2025 to December 31, 2025, Maximus repurchased 40,000 shares, representing 0.07%, for US$31.1 million, completing a total buyback of 9,007,470 shares, or 15.08%, for US$709.68 million under the program announced on May 7, 2020 (Key Developments).
Narrative Update • Mar 22

MMS: Share Repurchases And Higher Dividend Will Support Future Upside

Analysts have reiterated a $95.00 price target for Maximus, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that remain broadly consistent with prior views. What's in the News Maximus narrowed revenue guidance for fiscal 2026 to a range of US$5.2b to US$5.35b, with US$25 million of the change from prior guidance linked to the divested U.S. Services Segment business (Corporate guidance).
Narrative Update • Mar 07

MMS: Dividend Hike And Buybacks Will Support Future Share Returns

Analysts have maintained their $110 price target for Maximus, citing slightly revised assumptions for the discount rate, profit margin, and future P/E as the main factors supporting this reaffirmed view. What's in the News Management narrowed fiscal 2026 revenue guidance to a range of US$5.2b to US$5.35b, with US$25 million of the change tied to the divested U.S. Services Segment business (Corporate Guidance).
Narrative Update • Feb 21

MMS: Share Repurchases And Higher Dividend Will Support Future Upside

Analysts have raised their price target on Maximus to $95, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E. Together, these revisions suggest a slightly refined view of the company’s valuation profile.
Narrative Update • Feb 07

MMS: Higher Margin Outlook And Dividend Increase Will Support Upside

Analysts have lifted their price target on Maximus from US$90 to US$95, pointing to updated assumptions around higher revenue growth, a stronger profit margin profile, and a lower future P/E multiple as key drivers of the change. What's in the News Maximus narrowed its fiscal 2026 revenue guidance to a range of US$5.2b to US$5.35b, with US$25 million of the change tied to the divestiture of its U.S. Services Segment business (Corporate guidance).
Analysis Article • Jan 24

Maximus (NYSE:MMS) Is Increasing Its Dividend To $0.33

Maximus, Inc. ( NYSE:MMS ) will increase its dividend from last year's comparable payment on the 2nd of March to $0.33...
Narrative Update • Jan 23

MMS: Buybacks Dividend Hike And New Contract Will Support Future Earnings

Analysts have kept their fair value estimate for Maximus steady at $110, with only slight technical adjustments to inputs such as the discount rate and future P/E. They view these as refinements rather than a shift in their overall outlook.
Analysis Article • Jan 10

Maximus (NYSE:MMS) Is Increasing Its Dividend To $0.33

Maximus, Inc. ( NYSE:MMS ) has announced that it will be increasing its dividend from last year's comparable payment on...
Narrative Update • Jan 09

MMS: Future Defense And Health Contracts Will Support A Higher Earnings Multiple

Analysts have nudged their price target on Maximus to US$125, reflecting refined assumptions that include slightly higher projected revenue growth, modestly better profit margins and a marginally lower future P/E multiple. What's in the News The Board approved a quarterly cash dividend of US$0.33 per share, a 10% increase from the prior US$0.30 dividend.
Narrative Update • Dec 22

MMS: Future Defense And Health Contracts Will Drive Stronger Earnings Multiple

Analysts have raised their price target on Maximus by 5 dollars to approximately 125 dollars per share, which reflects slightly stronger confidence in the company’s long term earnings multiple despite modestly softer expectations for revenue growth and profit margins. What's in the News Issued fiscal 2026 earnings guidance, projecting revenue between 5.225 billion and 5.425 billion dollars, signaling confidence in multi year growth visibility (company guidance) Completed a major share repurchase tranche, buying back 1,721,139 shares in the latest quarter and 8,967,470 shares in total, or about 15 percent of shares outstanding, for 678.58 million dollars (buyback update) Won a new Joint Cyber Command and Control Readiness contract with the U.S. Air Force, with a potential value of 86 million dollars over a base year plus up to four option years and an extension, expanding cyber and defense work (client announcement) Secured a 31 million dollar four year contract with the Massachusetts Health Connector to provide enrollment, premium billing, and a redesigned digital member portal serving more than 370,000 marketplace members (client announcement) Awarded a five year 62 million dollar contract to continue and expand the Pennsylvania Enrollment Assistance Program, including support for Children's Health Insurance Program recipients and new AI enabled digital tools (client announcement) Valuation Changes Fair Value: increased modestly from 120 dollars to 125 dollars per share, reflecting a slightly higher intrinsic valuation.
Narrative Update • Dec 08

MMS: Share Repurchases Will Support Stronger Future Earnings Power

Analysts have modestly raised their price target on Maximus to approximately $110.00 per share from about $110.00, citing slightly lower perceived risk, stable long term growth expectations, and a sustained margin outlook that supports a steady valuation multiple. What's in the News Completed repurchase of 8,967,470 shares, about 15.01% of shares outstanding, for $678.58 million under the buyback program announced in 2020, including 1,721,139 shares bought in the latest tranche for $150.84 million (company filing) Issued fiscal 2026 earnings guidance and projected revenue between $5.225 billion and $5.425 billion (company guidance) Awarded a new Joint Cyber Command and Control Readiness contract by the U.S. Air Force, with a potential value of $86 million to support engineering, software, and architecture enhancements over a multiyear term (company announcement) Secured a $31 million, four year contract with the Massachusetts Health Connector to provide enrollment and premium billing services and to launch a redesigned digital member portal for more than 370,000 marketplace members (company announcement) Won a five year, $62 million renewal from Pennsylvania's Department of Human Services to continue and expand the Enrollment Assistance Program, including new support for CHIP recipients and deployment of AI based training tools for contact center staff (company announcement) Valuation Changes Fair Value: unchanged at approximately $110.00 per share, indicating no material shift in the intrinsic value estimate.
Narrative Update • Nov 24

MMS: Share Repurchase and New Contracts Will Drive Stronger Profit Margins

Analysts have raised their price target for Maximus from $105 to $110, citing a slight improvement in projected profit margins. This comes despite moderating revenue growth expectations and updated financial modeling.
Analysis Article • Oct 09

Maximus (NYSE:MMS) Is Due To Pay A Dividend Of $0.30

The board of Maximus, Inc. ( NYSE:MMS ) has announced that it will pay a dividend on the 1st of December, with...
Seeking Alpha • Sep 23

Maximus: A Stable Compounder Trading At Just 12x Earnings

Summary Maximus has proven its business model resilient, with stable top- and bottom-line growth, margin expansion above historical averages, and strong EPS momentum supported by share buybacks. Federal Services is the growth engine, now 57% of revenue, where higher clinical volumes, scalability, and automation are driving margins above 18%, well ahead of other segments. U.S. Services faces YoY declines after pandemic unwinding, but longer-term growth opportunities remain through OBBBA-driven Medicaid checks, SNAP accuracy programs, and potential UI outsourcing. Demographic tailwinds are significant, with nearly 9 million more Americans aged 65+ by 2030, supporting demand for Medicaid, disability, and federal health assessments over the long run. Trading at only 12x forward earnings and raising FY25 EPS guidance Maximus offers strong upside in my valuation scenarios, with risks mainly from budget pressure and possible slower growth. Read the full article on Seeking Alpha
Narrative Update • Sep 05

Federal Legislation And Digital Transformation Will Expand Compliance Demand

With no change in either the discount rate or future P/E, Maximus’s consensus analyst price target remained stable at $105.00. What's in the News Maximus completed its $527.74 million share buyback program, repurchasing 11.95% of shares, but made no additional repurchases between April and June 2025.
Analysis Article • Sep 01

Maximus (NYSE:MMS) Ticks All The Boxes When It Comes To Earnings Growth

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Analysis Article • Aug 10

Earnings Beat: Maximus, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

As you might know, Maximus, Inc. ( NYSE:MMS ) just kicked off its latest third-quarter results with some very strong...
Analysis Article • Jul 24

Estimating The Intrinsic Value Of Maximus, Inc. (NYSE:MMS)

Key Insights Maximus' estimated fair value is US$73.82 based on 2 Stage Free Cash Flow to Equity Current share price of...
Analysis Article • Jul 10

Maximus (NYSE:MMS) Is Paying Out A Dividend Of $0.30

Maximus, Inc.'s ( NYSE:MMS ) investors are due to receive a payment of $0.30 per share on 31st of August. This means...
Analysis Article • Jul 02

Improved Earnings Required Before Maximus, Inc. (NYSE:MMS) Shares Find Their Feet

Maximus, Inc.'s ( NYSE:MMS ) price-to-earnings (or "P/E") ratio of 13.5x might make it look like a buy right now...
Analysis Article • May 26

Maximus (NYSE:MMS) Has A Pretty Healthy Balance Sheet

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • May 11

Maximus, Inc. Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Maximus, Inc. ( NYSE:MMS ) just released its latest quarterly results and things are looking bullish. It was overall a...
Analysis Article • May 08

Maximus (NYSE:MMS) Has Announced A Dividend Of $0.30

Maximus, Inc. ( NYSE:MMS ) has announced that it will pay a dividend of $0.30 per share on the 31st of May. This...
Analysis Article • May 01

Maximus' (NYSE:MMS) Returns On Capital Not Reflecting Well On The Business

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analysis Article • Apr 11

Maximus (NYSE:MMS) Has Affirmed Its Dividend Of $0.30

Maximus, Inc. ( NYSE:MMS ) will pay a dividend of $0.30 on the 31st of May. This means that the annual payment will be...
Analysis Article • Apr 01

Maximus, Inc. (NYSE:MMS) Looks Inexpensive But Perhaps Not Attractive Enough

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 18x, you may...
Analysis Article • Feb 24

Calculating The Intrinsic Value Of Maximus, Inc. (NYSE:MMS)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Maximus fair value estimate is US$79.27 With US$66.00 share...
Analysis Article • Feb 06

Maximus (NYSE:MMS) Has Affirmed Its Dividend Of $0.30

The board of Maximus, Inc. ( NYSE:MMS ) has announced that it will pay a dividend of $0.30 per share on the 28th of...
Analysis Article • Jan 23

Maximus (NYSE:MMS) Will Pay A Dividend Of $0.30

The board of Maximus, Inc. ( NYSE:MMS ) has announced that it will pay a dividend on the 28th of February, with...
Seeking Alpha • Jan 13

Maximus: Navigating Through Some Uncertainty

Summary Maximus, Inc. delivered a strong FY2024, but shares dropped due to a lackluster FY2025 outlook and uncertainty over the incoming Trump administration. The company operates in three segments and has a 90% rebid win rate and secure programs. The stock has seen some recent insider buying, a new analyst firm upgrade, and the company has an improving balance sheet. An analysis around Maximus follows in the paragraphs below. Read the full article on Seeking Alpha
Analysis Article • Jan 09

Maximus (NYSE:MMS) Has Announced A Dividend Of $0.30

Maximus, Inc.'s ( NYSE:MMS ) investors are due to receive a payment of $0.30 per share on 28th of February. Based on...
Analysis Article • Dec 10

Maximus, Inc.'s (NYSE:MMS) Business And Shares Still Trailing The Market

With a price-to-earnings (or "P/E") ratio of 14x Maximus, Inc. ( NYSE:MMS ) may be sending bullish signals at the...
Analysis Article • Nov 11

Maximus (NYSE:MMS) Will Want To Turn Around Its Return Trends

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...
Analysis Article • Oct 24

Maximus (NYSE:MMS) Is Paying Out A Dividend Of $0.30

The board of Maximus, Inc. ( NYSE:MMS ) has announced that it will pay a dividend on the 30th of November, with...
Analysis Article • Oct 10

Maximus (NYSE:MMS) Has Affirmed Its Dividend Of $0.30

Maximus, Inc.'s ( NYSE:MMS ) investors are due to receive a payment of $0.30 per share on 30th of November. This means...
Analysis Article • Oct 01

We Think Maximus (NYSE:MMS) Can Stay On Top Of Its Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Earnings and Revenue Growth Forecasts

NYSE:MMS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
9/30/20275,5514234845242
9/30/20265,2984024915312
3/31/20265,318373372412N/A
12/31/20255,374372218265N/A
9/30/20255,431319366429N/A
6/30/20255,429316-126-56N/A
3/31/20255,395300219326N/A
12/31/20245,382284281414N/A
9/30/20245,306307383515N/A
6/30/20245,250294364496N/A
3/31/20245,124235169291N/A
12/31/20234,983186373471N/A
9/30/20234,905162224314N/A
6/30/20234,822172211290N/A
3/31/20234,759172286353N/A
12/31/20224,72919093158N/A
9/30/20224,631204234290N/A
6/30/20224,560187400440N/A
3/31/20224,678250314349N/A
12/31/20214,460280382416N/A
9/30/20214,254291481517N/A
6/30/20214,072303351395N/A
3/31/20213,730273370415N/A
12/31/20203,589220216255N/A
9/30/20203,462215204245N/A
6/30/20203,293211133189N/A
3/31/20203,122209271339N/A
12/31/20193,040244N/A385N/A
9/30/20192,887241N/A357N/A
6/30/20192,690227N/A392N/A
3/31/20192,557224N/A327N/A
12/31/20182,434218N/A338N/A
9/30/20182,392221N/A317N/A
6/30/20182,455228N/A273N/A
3/31/20182,457225N/A317N/A
12/31/20172,467222N/A304N/A
9/30/20172,451209N/A336N/A
6/30/20172,453207N/A324N/A
3/31/20172,470202N/A295N/A
12/31/20162,454198N/A250N/A
9/30/20162,403178N/A180N/A
6/30/20162,359163N/A133N/A
3/31/20162,314152N/A166N/A
12/31/20152,190143N/A151N/A
9/30/20152,100158N/A206N/A
6/30/20151,957159N/A229N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MMS's forecast earnings growth (8.6% per year) is above the savings rate (3.5%).

Earnings vs Market: MMS's earnings (8.6% per year) are forecast to grow slower than the US market (16.7% per year).

High Growth Earnings: MMS's earnings are forecast to grow, but not significantly.

Revenue vs Market: MMS's revenue (3.1% per year) is forecast to grow slower than the US market (11.6% per year).

High Growth Revenue: MMS's revenue (3.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if MMS's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/11 17:54
End of Day Share Price 2026/05/08 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Maximus, Inc. is covered by 12 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matthew GillmorBaird
Richard CloseCanaccord Genuity
Constantine DavidesCitizens JMP Securities, LLC