MMS
Maximus, Inc.
MMS's fundamentals are mixed, but it looks cheap: trading at 9.7x earnings, about half its usual 19x. Analysts expect earnings growth.
MMS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Unavailable |
MMS's profitability and cash flow are currently healthy, and its revenue is stable. There isn't enough data to rate its balance sheet.
MMS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.4x | $64.87 | — |
| Current | 9.7x | $64.87 | — |
| Cheap | 15x | $97.91 | +51% |
| Fair | 19x | $128 | +98% |
| Expensive | 26x | $176 | +171% |
Historical ranges are pointers, not guarantees.
MMS's PE is in its cheap range at 9.7x. If earnings grow as analysts expect, today's price would be 7.4x next year's earnings.
MMS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MMS's earnings to grow and its profitability to improve, with its revenue holding steady.
MMS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.77 | +31% |
| Q2 2026 | $6.72 | +24% |
| Q1 2026 | $6.63 | +32% |
| Q4 2025 | $6.52 | +41% |
| Q3 2025 | $5.51 | +10% |
| Q2 2025 | $5.42 | +14% |
| Q1 2025 | $5.02 | +32% |
| Q4 2024 | $4.64 | +54% |
| Q3 2024 | $4.99 | +90% |
MMS's earnings per share have climbed steadily: $6.72 over the past year, up 24% from the year before, and higher year over year for 10 quarters in a row.
MMS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.3B | -5.1% |
| Q1 2026 | $1.3B | -4.1% |
| Q4 2025 | $1.3B | -4.1% |
| Q3 2025 | $1.3B | +0.2% |
| Q2 2025 | $1.3B | +2.5% |
| Q1 2025 | $1.4B | +1% |
| Q4 2024 | $1.4B | +5.7% |
| Q3 2024 | $1.3B | +4.4% |
MMS's revenue grew through 2023 and has held roughly level since: $1.3B last quarter, down 5.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | +0.3 points |
| Q1 2026 | 11% | +0.1 points |
| Q4 2025 | 11% | +4.7 points |
| Q3 2025 | 9.3% | +0.8 points |
| Q2 2025 | 12% | +1.5 points |
| Q1 2025 | 11% | +1.8 points |
| Q4 2024 | 6.2% | -1.9 points |
| Q3 2024 | 8.5% | +0.6 points |
MMS's operating margin was 13% last quarter, about level with the same quarter a year ago, near the top of its range since 2019.
MMS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$137M | +$61.2M |
| Q1 2026 | $179M | +602% |
| Q4 2025 | -$250.7M | -$147.7M |
| Q3 2025 | $641.8M | +387% |
| Q2 2025 | -$198.2M | -220% |
| Q1 2025 | $25.5M | -76% |
| Q4 2024 | -$103M | -$102.3M |
| Q3 2024 | $131.9M | +17% |
MMS's free cash flow has turned positive again: $433M over the past year, against −$144M the year before.
MMS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.8% | -1.5M shares |
| 1 year | -6.9% | -3.9M shares |
| 3 years | -14% | -8.5M shares |
| 5 years | -15% | -9.4M shares |
| Available history | -18% | -11.8M shares |
MMS has 53M diluted shares, down 6.9% from a year ago, with $346M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $49.9M |
| Q1 2026 | $114.4M |
| Q4 2025 | $40.6M |
| Q3 2025 | $141M |
| Q2 2025 | — |
| Q1 2025 | $77.9M |
| Q4 2024 | $228.6M |
| Q3 2024 | $25.8M |
MMS spent $346M buying back its own shares over the past year, up 4.1% from the year before.
MMS Net Leverage
MMS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 78.9 | Neutral |
MMS's weekly RSI is 56 (neutral) and its Stochastic is 79 (neutral).
MMS PE vs Industrials Sector
| Metric | MMS | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 24x | 60% below |
| PE % | 7 | 58 | 51 pts below |
MMS is trading at 9.7x earnings, a 60% discount to the Industrials sector's median of 24x.
MMS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $60.4 | 7.4% above |
| 20 week MA | $58.8 | 10% above |
| 50 week MA | $67.7 | 4.2% below |
| 100 week MA | $72.0 | 9.9% below |
| 200 week MA | $77.3 | 16% below |
MMS has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 16% below its 200-week average.
MMS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.3 | $72.8 | -2% |
| 2021 | $72.8 | $78.1 | +7.2% |
| 2022 | $78.1 | $73.6 | -5.7% |
| 2023 | $73.6 | $83.9 | +14% |
| 2024 | $83.9 | $72.9 | -13% |
| 2025 | $72.9 | $86.9 | +19% |
| 2026 YTD | $86.9 | $64.9 | -25% |
MMS has finished lower in three of the last six years. It's down 25% so far in 2026.