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Forensic Analysis · Professional & Commercial Services · as of Nov 8, 2026

Maximus, Inc. (MMS)

A forensic read on Maximus, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
3.2
Distress distance
Clean
Earnings quality
2
Forensic signals
18.1%
ROE
2.4%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Maximus, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

141% of FCF
FY2025
Shareholder returns. Returned $516M to shareholders (buybacks + dividends) in FY2025 — 141% of free cash flow. That is $150M (41%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $202M over FY2025, while cash rose $39M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $41M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 152%.
12.0%
FY2025
Return on invested capital. Return on invested capital is 12.0% in the latest fiscal year and rising across FY2023–FY2025 from 6.9%. After-tax operating profit was $227M in FY2023 and $379M in FY2025, with operating income at 6.0% of revenue in FY2023, 9.2% in FY2024 and 9.7% in FY2025. The capital base behind it went from $3.3B in FY2023 to $3.2B in FY2025 (-4%), while the revenue it carried went from $4.9B to $5.4B.

Key fundamentals

Latest Revenue$5.43B
Revenue Growth YoY+2.4%
Revenue CAGR (2yr)+5.2%
Net Margin5.9%
Free Cash Flow$366.2M
Return on Equity18.1%
Debt / Equity0.80x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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