Maximus Inc (NYSE: MMS) is a government services company that administers health and human services programs on behalf of government clients. It makes money through performance-based contracts, which accounted for approximately 54% of FY2025 revenue, and fixed-price contracts, which accounted for approximately 13% of FY2025 revenue. Performance-based fees are earned on a per-transaction basis or upon meeting specified milestones, such as completing an independent medical examination or placing a participant in sustained employment for a defined period. Fixed-price contracts cover services such as operating Medicaid enrollment centers, designing and implementing information systems, and delivering professional services planning documents. As of September 30, 2025, the balance sheet carried $1.78 billion in goodwill and $538.3 million in net intangible assets, reflecting an acquisition-driven growth history. Bruce L. Caswell serves as President and Chief Executive Officer, and David W. Mutryn serves as Chief Financial Officer, both as of the 10-K filing date of November 20, 2025.

Revenue model

Performance-based contracts (approximately 54% of FY2025 revenue) with fees tied to transactions or milestones, and fixed-price contracts (approximately 13% of FY2025 revenue) with fees tied to services delivered. Remaining revenue mix not specified in the excerpts.

Products and services

Administration of Medicaid enrollment centers, independent medical examinations, employment placement services, information systems design and implementation, and professional services planning documents.

Customers and end markets

Government clients administering health and human services programs. Specific customer concentration figures not disclosed in the excerpts.

Value-chain role

Outsourced program administrator and services contractor for government health and human services agencies. Sits between government program funders and program participants.

Geographic exposure

International operations indicated by reference to geographic locations and international competitors, but specific revenue by geography not disclosed in the excerpts.

Source: SEC 10-K, filed 2025-11-20

Industry: Services-Business Services, NEC Peers: Affirm Holdings Inc Euronet Worldwide Inc Exlservice Holdings Inc Flywire Corp Verra Mobility Corp Marqeta Inc Shift4 Payments, Inc TTEC Holdings Inc Visa Inc Western Union Co