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Specialty business services · Industrials · Fiscal year ends Sep 30
Maximus reported revenue of $5.4B in the fiscal year ended Sep 2025, up 2.4% from the year before. Operating income was $528M, an operating margin of 9.7%, and net income was $319M. Operating cash flow of $429M less capital expenditure of $63M left free cash flow of $366M. Net debt was $1.1B.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 4,254 | 4,631 | 4,905 | 5,306 | 5,431 |
| Cost of revenue | 3,308 | 3,691 | 3,876 | 4,055 | 4,098 |
| Gross profit | 947 | 940 | 1,029 | 1,252 | 1,333 |
| Selling, general & admin | 494 | 534 | 639 | 672 | 713 |
| Operating income | 409 | 326 | 295 | 488 | 528 |
| Interest expense | 14.7 | 46.0 | 84.1 | 82.4 | 84.1 |
| Pre-tax income | 384 | 277 | 210 | 407 | 445 |
| Income tax | 92.5 | 73.3 | 48.5 | 99.6 | 126 |
| Net income | 291 | 204 | 162 | 307 | 319 |
| Diluted EPS | 4.67 | 3.29 | 2.63 | 4.99 | 5.51 |
| Diluted shares | 62.4 | 62.0 | 61.5 | 61.5 | 57.9 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 135 | 40.7 | 65.4 | 183 | 222 |
| Receivables | 835 | 807 | 827 | 880 | 898 |
| Current assets | 1,079 | 1,032 | 1,055 | 1,201 | 1,253 |
| Net PP&E | 62.6 | 52.3 | 38.8 | 39.0 | 31.0 |
| Goodwill | 1,774 | 1,779 | 1,779 | 1,783 | 1,782 |
| Total assets | 4,119 | 3,993 | 3,986 | 4,132 | 4,070 |
| Payables | 306 | 265 | 282 | 303 | 297 |
| Deferred revenue | 98.6 | 87.1 | 60.5 | 83.2 | 53.8 |
| Current liabilities | 789 | 774 | 723 | 808 | 765 |
| Short-term debt | 80.6 | 63.5 | 86.8 | 40.1 | 52.7 |
| Long-term debt | 1,429 | 1,292 | 1,163 | 1,092 | 1,282 |
| Total liabilities | 2,639 | 2,443 | 2,318 | 2,289 | 2,396 |
| Shareholders' equity | 1,480 | 1,549 | 1,668 | 1,843 | 1,674 |
| Backlog (remaining obligations) | 550 | 425 | 300 | 370 | 330 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 517 | 290 | 314 | 515 | 429 |
| Capital expenditure | 36.6 | 56.1 | 90.7 | 114 | 63.2 |
| Free cash flow | 481 | 234 | 224 | 401 | 366 |
| Depreciation & amortisation | 46.4 | 42.3 | 54.7 | 34.0 | 41.7 |
| Stock-based compensation | 28.6 | 30.5 | 29.5 | 35.3 | 41.2 |
| Acquisitions | 1,799 | 14.3 | 0.0 | 0.0 | – |
| Share buybacks | 3.4 | 96.1 | 0.0 | 73.1 | 447 |
| Dividend per share | 1.12 | 1.12 | 1.12 | 1.20 | 1.20 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.9% | 5.9% | 8.2% | 2.4% |
| Operating income growth (YoY) | – | −20.2% | −9.5% | 65.7% | 8.1% |
| EPS growth (YoY) | – | −29.6% | −20.1% | 89.7% | 10.4% |
| Gross margin | 22.3% | 20.3% | 21.0% | 23.6% | 24.6% |
| Operating margin | 9.6% | 7.0% | 6.0% | 9.2% | 9.7% |
| Net margin | 6.8% | 4.4% | 3.3% | 5.8% | 5.9% |
| Return on equityBlank when equity is negative | 19.7% | 13.2% | 9.7% | 16.7% | 19.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 10.1% | 9.0% | 14.7% | 16.0% |
| Free cash flow margin | 11.3% | 5.0% | 4.6% | 7.6% | 6.7% |
| Cash conversion (CFO ÷ net income) | 1.78x | 1.42x | 1.94x | 1.68x | 1.35x |
| Receivable days | 72 | 64 | 62 | 60 | 60 |
| Payable days | 34 | 26 | 27 | 27 | 26 |
| Interest cover | 27.7x | 7.09x | 3.50x | 5.93x | 6.28x |
| Debt ÷ equity | 1.02x | 0.88x | 0.75x | 0.61x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,375 | 1,315 | 1,185 | 949 | 1,112 |
| Current ratio | 1.37x | 1.33x | 1.46x | 1.49x | 1.64x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.