MMSMAXIMUS, INC.

Services-Business Services, NEC

Revenue: $5.4B; 2.4% YoY
Operating margin: 9.7%; 5.7% YoY
EBITDA: $570M; 9.1% YoY
Market cap: $3.3B
Employees: 37,200; $146K revenue each
Net debt / EBITDA: 2.8×; $1.6B net debt
AI in 10-K: 9.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
135% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
107% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$146K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.3 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$249K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.3B	$4.6B	$4.9B	$5.3B	$5.4B	2.4%
Operating income	$409M	$326M	$295M	$488M	$528M	8.1%
Net income	$291M	$204M	$162M	$307M	$319M	3.9%
Operating cash flow	$517M	$290M	$314M	$515M	$429M	17%
Capex	$37M	$56M	$91M	$114M	$63M	45%
Stock-based comp	$29M	$30M	$30M	$35M	$41M	17%
Buybacks	$3M	$96M	$0	$73M	$447M	512%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $330K · 6
Open-market sells, 12 mo: $578K · 3
Net: −$249K

Pay vs performance

No pay-versus-performance disclosure yet.