MAXIMUS, INC. (MMS) FY2025 10-K Annual Report
MAXIMUS, INC. (MMS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 20, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MAXIMUS, INC. FY2025 10-K Analysis
Business Overview
- • Core business: government program operations and management services primarily for U.S. federal, state/local, and select international agencies
- • New emphasis on divesting international assets, including sale of Australia and Korea businesses, improving Outside the U.S. segment margins despite revenue decline
- • Strategic shift: focus on organic growth in U.S. Federal Services segment, expanding clinical programs and FEMA support, while streamlining international operations
- • Backlog remains robust at $15.3B with average contract life ~5 years; U.S. Federal Services backlog ~$9.8B supporting growth outlook
- • Operating margin improvement notable in U.S. Federal Services segment, up to 15.3% from 12.2%, driven by technology initiatives and performance improvements
Risk Factors
- • Regulatory/legal risk: U.S. federal government shutdown risk mitigated by $222.4M cash and credit facility access but exposure remains to potential payment delays
- • Macroeconomic threat: Payment delays during FY2025, with Days Sales Outstanding rising to 62 days vs. 61 days in FY2024, impacting cash collections
- • Operational vulnerability: Dependence on contract renewals amid fluctuating backlog and rebid concentrations causing temporarily reduced backlog balances
- • Competitive risk: Investment of $18M in technology upgrades for federal medical disability examinations contracts to maintain competitiveness
- • Financial risk: $1.35B debt under JPMorgan Credit Agreement with financial covenants requiring leverage ratio ≤4.00 and interest coverage ratio ≥3.00, effective interest rate 5.37%
MAXIMUS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$5.4B
▲ +2.4% YoY
Net Income
$319M
▲ +3.9% YoY
Gross Margin
24.6%
▲ +96bp YoY
Operating Margin
9.7%
▲ +52bp YoY
Net Margin
5.9%
▲ +9bp YoY
ROE
19.1%
▲ +240bp YoY
Total Assets
$4.1B
▼ -1.5% YoY
EPS (Diluted)
$5.51
▲ +10.4% YoY
Operating Cash Flow
$429M
▼ -16.7% YoY
Source: XBRL data from MAXIMUS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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