Maximus Inc (MMS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Maximus Inc stock $128, price $65.50, upside +95.4%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $52.10 – $97.37 · fair‑value band $81.83 – $163.56 · the $65.50 price screens below the $127.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Maximus, Inc. operates as a provider of government services worldwide.
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The company operates through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. The U.S. Federal Services segment offers business process services, eligibility and enrollment, outreach, and other services for federal health and human services programs; clinical services; and technology solutions, such as application development and modernization services, enterprise business solutions, advanced analytics and emerging technologies, cybersecurity services, data management, and infrastructure and engineering solutions.
The U.S. Services segment offers program eligibility support and enrollment; centralized multilingual customer contact centers, multichannel, and digital self-service options for enrollment; application assistance and independent health plan choice counseling; beneficiary outreach, education, eligibility, enrollment, and redeterminations; subsidized telephone services; and person-centered independent assessment services.
This segment also provides employment services, such as eligibility support, case management, job-readiness preparation, job search and employer outreach, job retention and career advancement, and educational and training services; technology solutions; and system implementation project management services.
The Outside the U.S. segment offers BPS and technology solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and technologies for modernization.
Maximus, Inc. was founded in 1975 and is headquartered in McLean, Virginia.
Stock analysis
Maximus Inc (MMS) currently trades at $65.50, while our model-based Fair Value estimate is $127.96, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $161.22 per share, and 21 of the 24 models we run sit above the $65.50 price.
Bear case: the Dividend Discount group reads lowest at $24.13, and 3 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $81.83 (bear) to $163.56 (bull), the price of $65.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 71/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Maximus Inc reported revenue of $5.4B in FY2025 versus $4.3B in FY2021, a compound +6.3%/yr. Reported net income was $319M in FY2025, compounding +2.3%/yr from FY2021.
Key figures
Market cap $3.5B Mid · P/E ratio 9.7 · P/S ratio 0.66 · EPS (TTM) $6.76 · Dividend yield 1.9% · Net margin 7.1% · Return on equity 21.1% · Return on assets (EBIT) 10.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 95%, MMS screens cheaper than that median.
Fair Value models
Bear$81.83Fair Value $127.96Bull$163.56
Price $65.50 · Upside +95.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($5.50 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $173,970 and none bought.
SaleMichelle F. LinkChief of Human Resources2× since Dec 3, 2025: 7,247 shares, avg. $72.40$524,717Oct 1, 202610b5-1 plan
SaleJan MadsenDirector742 shares at $72.25$53,610Mar 17, 202610b5-1 plan
BuyBruce CaswellCEO & President, Director3,175 shares at $78.45$249,081Feb 10, 2026
BuyDavid MutrynChief Financial Officer1,000 shares at $75.63$75,630Feb 9, 2026
Plan buyMichael J. WarrenDirector14 shares at $86.11$1,240Nov 28, 2025
Plan buyGayathri RajanDirector42 shares at $86.11$3,642Nov 28, 2025
Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
Start year 2020 (pandemic). Over 10 years: +10.0% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.8%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.2% vs 8.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 11%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −3.8% a year for the price.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Long-term government outsourcing of complex services underpins Maximus with recurring revenue potential, yet limited public evidence leaves the moat thin and contract shifts create earnings variability.
Main risk: Individual contract changes can still swing near-term results and would hit earnings stability in the government services business.
Maximus is shifting its earnings mix away from VA performance incentives toward defense, national security, and Medicaid programs following a temporary pause that trimmed guidance. Long-term government outsourcing of complex services continues to underpin the business, yet individual contract changes can still swing near-term results. Will the newer areas provide more stable contributions than the incentives they are replacing?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 229 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+95.4% · Top 25%
Profitability
Return on equity (12 months)21.1% · Top 25%
Return on assets7.8% · Above median
Net margin (12 months)7.1% · Above median
Operating margin (12 months)12.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.1% · Bottom 25%
Dividend yield (12 months)1.9% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
P/E (12 months)9.7× · Cheapest 25%
P/B2.08× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.66× · Cheaper than median
Price / free cash flow (fiscal year)9.5× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Maximus Inc Fair Value". https://www.fairvalue-calculator.com/stock/MMS
Frequently asked questions
Is Maximus Inc (MMS) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $127.96 versus a price of $65.50, about +95% upside (undervalued).
What is the fair value of MMS?
Our model-based fair value for Maximus Inc is $127.96 (as of Nov 7, 2026), built from audited fundamentals. The current price: $65.50.
What is the quality score of MMS?
Maximus Inc has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Maximus Inc (MMS)?
Our model-based price target is the fair value of $127.96 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario $81.83, optimistic scenario $163.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Maximus Inc stock forecast for 2026?
Our models put fair value at $127.96, about +95% upside versus a price of $65.50 (undervalued). Cautious scenario $81.83, optimistic scenario $163.56. The calculation is refreshed regularly with new filings.
What is the revenue of Maximus Inc (MMS)?
Maximus Inc reported trailing-twelve-month revenue of about $5.2B (latest available figure, as of Nov 7, 2026).
Does Maximus Inc pay a dividend?
Maximus Inc currently shows a dividend yield of 1.92% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Maximus Inc (MMS) and when is the ex-dividend date?
Maximus Inc pays a dividend of $1.26 per share a year, a dividend yield of 1.9%. The next ex-dividend date is Nov 13, 2026, with payment on Nov 30, 2026. A dividend has been paid every year since at least 2005. The payout ratio is 16.6% of earnings (on adjusted earnings, reported 18.6%). Free cash flow covers the dividend 5.55 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Maximus Inc (MMS)?
For today's price to be fair in a discounted-cash-flow model, Maximus Inc would have to grow free cash flow by -1.5 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of MMS use?
Our models discount Maximus Inc at 8.7 %: a base by market capitalisation (mid), damped by beta 0.59, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Maximus Inc that is -1.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Maximus Inc (MMS) delivered so far?
Over the past 5 years revenue at Maximus Inc grew +9.4 % a year. The price currently implies free-cash-flow growth of -1.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Maximus Inc (MMS) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Maximus Inc (-1.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Maximus Inc (MMS)?
The free-cash-flow yield on the price is 10.54 %: that much free cash flow Maximus Inc produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Maximus Inc (MMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maximus Inc it is $127.96 per share (as of Nov 7, 2026), against a price of $65.50. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Maximus Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MMS trades below its calculated fair value: price $65.50, fair value $127.96, a gap of about +95% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MMS?
No. The price is what the market pays today ($65.50); the fair value is what the company's own numbers justify ($127.96). For Maximus Inc the two are $62.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is Maximus Inc worth?
The market values Maximus Inc at about $3.5B (market capitalisation, as of Nov 7, 2026). Per share that is $65.50; our models calculate a fair value of $127.96 per share.
What do the bullish and bearish scenarios say about MMS?
Our models span a range for Maximus Inc: cautious scenario $81.83, base $127.96, optimistic $163.56 per share (as of Nov 7, 2026, price $65.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MMS?
Maximus Inc trades at a price-to-earnings ratio of 9.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $127.96 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 10.6 (reported for FY2025: 11.9). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2016, FY2021, FY2025 ex one-offs: 19.8. Other multiples: PEG 2.1, P/B 2.1, P/S 0.7, EV/EBITDA 6.5.
What is the PEG ratio of MMS?
The PEG ratio of Maximus Inc is 2.06 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Maximus Inc (MMS)?
Balance-sheet figures for Maximus Inc (as of Nov 7, 2026): return on equity 21.1%, debt of 0.77 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is MMS from its 52-week high?
Maximus Inc trades at $65.50, about 33% below its 52-week high of $97.37 and 26% above the low of $52.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $127.96 is for.
Which stocks are comparable to Maximus Inc?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Maximus Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $65.50, calculated fair value $127.96 (+95%), Quality Score 71/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MMS calculated?
We run Maximus Inc through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $127.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Maximus Inc currently trades 49% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Maximus Inc (MMS)?
The closing price on Nov 6, 2026 was $65.50. Our model-based fair value is $127.96, about +95% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maximus Inc right now?
The price is below even our cautious bear case ($81.83). The market is more pessimistic than our downside scenario. Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($81.83 to $163.56) leaves room in how you read the outcome.
Where does the earnings growth of Maximus Inc (MMS) come from?
Earnings per share at Maximus Inc grew +7.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.2 %, EBIT margin −3.9 %, tax rate +1.9 %, residual (interest, one-offs) −2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Maximus Inc
How large is the market capitalisation of Maximus Inc (MMS)?
The market capitalisation of Maximus Inc is $3.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Maximus Inc (MMS)?
The price-to-sales ratio of Maximus Inc is 0.66 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maximus Inc (MMS)?
Earnings per share at Maximus Inc are $6.76 (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Maximus Inc (MMS)?
The dividend yield of Maximus Inc is 1.9% (payout 16.6%, on adjusted earnings, reported 18.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Maximus Inc (MMS)?
The net margin of Maximus Inc is 7.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Maximus Inc (MMS)?
The return on equity (ROE) of Maximus Inc is 21.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Maximus Inc (MMS)?
On an EBIT basis the return on assets of Maximus Inc is 10.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Maximus Inc (MMS)?
The operating margin of Maximus Inc is 12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maximus Inc (MMS)?
Revenue at Maximus Inc is growing −5.1% versus a year earlier (3y avg +5.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Maximus Inc (MMS)?
Earnings per share at Maximus Inc are growing +4.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Maximus Inc (MMS) carry?
The net debt of Maximus Inc is $1.2B (fiscal year 2025, ≈ 3.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026