MAXIMUS, Inc. (MMS)

In the past six months, MAXIMUS reported strong Q2 and Q3 FY2025 results, exceeding expectations and leading to raised fiscal year 2025 revenue and earnings guidance. Analyst ratings were upgraded by Weiss Ratings and Zacks Research, contributing to a consensus "Buy" rating. The company declared quarterly cash dividends of $0.30 per share. MAXIMUS announced significant contract awards, including expanding Pennsylvania's Health Plan Enrollment Services and a new state-based marketplace contract from Massachusetts Health Connector. The Maximus Board authorized an expansion to its common stock purchase program, and MAXIMUS achieved Cybersecurity Maturity Model Certification (CMMC) Level 2.

Demand seasonality for MAXIMUS, Inc.'s products and services is influenced by government fiscal cycles and program-specific needs. Revenue relies on securing and renewing government contracts tied to government budgeting and procurement cycles. There can be a natural step down in clinical volumes from Q2 to Q3. MAXIMUS provides seasonal work such as disaster response support, indicating demand fluctuations based on external events. Anticipated demand for services is likely to increase as states contemplate possible changes to Medicaid and other benefit programs. The company's fiscal year ends on September 30, and ongoing government initiatives for digital modernization and automation in public sector services present a consistent demand opportunity.

MAXIMUS, Inc. (MMS) is an American government services company partnering with government agencies to improve public service delivery, operating primarily in health and human services program management within the Industrials sector. The company delivers services through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S., including health services like eligibility determination and case management, human services such as child support enforcement and workforce development, technology solutions like application development and cybersecurity, clinical services including medical disability examinations, and other services like student loan servicing and disaster response support.

MAXIMUS, Inc. has an international presence in the United States, Canada, the United Kingdom, Saudi Arabia, and the United Arab Emirates. The majority of its revenue (92%) is generated from the United States, with Canada contributing around 6% and the United Kingdom 2% as of fiscal year 2023. The company's headquarters are located in Tysons, Virginia, United States.

MAXIMUS maintains a strong reputation in complex program management within the government services industry, with an average contract retention rate of 94.5%, a client satisfaction score of 8.7/10, and an on-time project delivery rate of 92.3%. The company has secured and expanded significant government contracts, such as the re-award of Veterans Evaluation Services (VES) contracts and new contracts with the Massachusetts Health Connector and Pennsylvania's Health Plan Enrollment Services. MAXIMUS earned URAC Accreditation for Health Utilization Management in Clinical Reviews and achieved Cybersecurity Maturity Model Certification (CMMC) Level 2. Positive analyst sentiment and consistently exceeding earnings expectations contribute to a positive brand image.

Ownership of MAXIMUS, Inc. is heavily concentrated among institutional investors, with 817 institutional owners and shareholders holding approximately 69.86 million shares as of October 23, 2025. Major institutional owners include Fmr Llc, BlackRock, Inc., Vanguard Group Inc, State Street Corp, Mackenzie Financial Corp, iShares Core S&P Mid-Cap ETF (IJH), Dimensional Fund Advisors Lp, and Fuller & Thaler Asset Management, Inc. Insider ownership remains relatively low.