Maximus, Inc.

MMY.F · Industrials · Specialty Business Services · Valued as of 2026-11-04 · Statements 2025-09-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.30B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

3.38B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

3.15B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

3.27B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.29B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.00×

the ratio the screener ranks by

Margin of Safety

-0.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.30B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)4.97B USD
−②Net Debt Today1.68B USD
+③Growth Value0 USD
=Value3.30B USD

EPV of the Operations (NOPAT over WACC)

4.97B USD

Net debt today

-1.68B USD

Growth Value

0 USD

Value

3.30B USD

①EPV (Earnings Power Value)

4.97B USD

②Net Debt Today

1.68B USD

③Growth Value

0 USD

Market value

Market Cap3.29B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+0.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 3.38B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE2.53B USD
+②Equity at Year 15, Today846.55M USD
=Value3.38B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

2.53B USD

②Equity at Year 15, Today

846.55M USD

Market value

Market Cap3.29B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 3.15B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF3.18B USD
+②Invested Capital at Year 15, Today1.64B USD
−③Net Debt Today1.68B USD
=Value3.15B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

3.18B USD

②Invested Capital at Year 15, Today

1.64B USD

③Net Debt Today

1.68B USD

Market value

Market Cap3.29B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-4.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.46%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.59×Market Risk Premium 6.00%= 8.03%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 125.94M USDPretax Income 445.29M USD= 28.28%

The tax the interest saves.

Interest Expense =EBIT 529.46M USD−Pretax Income 445.29M USD= 84.16M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 84.16M USDTotal Debt 1.73B USD×(1 − Tax Rate for WACC 28.28%)= 3.48%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.73B USDMarket Cap + Total Debt 3.29B USD + 1.73B USD= 34.52%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 65.48%×Cost of Equity 8.03%+Debt Weight 34.52%×Cost of Debt 3.48%= 6.46%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 4.37B USD − Total Liabilities 2.63B USD = Book Value Today 1.74B USD

Total Debt 1.73B USD − Cash and Short-Term Investments 57.01M USD = Net Debt Today 1.68B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-14.2%at most 5%passes52,358,000 / 60,997,874
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.5%at least -10.0%passes(429.80M USD − 319.35M USD) ÷ 4.37B USD
Price to bookMarket Cap ÷ Book Value Today1.89×at most 3×passes3.29B USD ÷ 1.74B USD
Operating marginOperating Income ÷ Revenue9.7%above 10.0%does not pass528.82M USD ÷ 5.44B USD
Revenue growthRevenue ÷ Revenue a Year Before − 12.4%above 10.0%does not pass5.44B USD / 5.31B USD
Net cash(Cash − Total Debt) ÷ Market Cap-51.0%above -30%does not pass(57.01M USD − 1.73B USD) ÷ 3.29B USD
Operating efficiencyOperating Income ÷ Gross Profit39.6%above 25.0%passes528.82M USD ÷ 1.33B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

56.06 EUR

Enterprise value

4.61B EUR

the provider's own figure

EV / EBITDA

6.66×

Price / book

1.89×

the provider's book

Price / earnings

9.67×

Return on equity

21.1%

the provider's figure, not this page's

Profit margin

7.1%

Revenue growth

-5.1%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

4.64B4.91B5.31B5.44B

Gross profit

940.75M1.03B1.25B1.33B

Operating income

315.17M295.09M488.99M528.82M

EBITDA

operating income before depreciation and amortisation

456.31M444.19M615.09M663.31M

Pretax income

277.38M210.50M406.92M445.29M

Net income

204.03M161.95M307.22M319.35M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

195.90M161.95M307.22M319.35M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

4.00B3.99B4.14B4.07B

Total liabilities

2.45B2.32B2.29B2.40B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.55B1.67B1.84B1.68B

Total debt

1.51B1.43B1.28B1.45B

Cash and equivalents

40.70M65.47M183.31M222.57M

Net PP&E

fixed assets after depreciation

185.33M202.96M172.74M131.62M

Working capital

current assets less current liabilities

258.12M332.78M393.41M488.25M
Cash flow (USD)2022202320242025

Operating cash flow

290.13M314.65M515.77M429.80M

Capital expenditure

paid out, so below zero

-56.20M-90.79M-114.30M-63.28M

Depreciation and amortisation

132.93M149.47M125.65M133.85M

Free cash flow

operating cash flow plus capital expenditure

233.93M223.87M401.47M366.53M