{"product_id":"mms-vrio-analysis","title":"Maximus, Inc. (MMS): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to Maximus, Inc. (MMS)'s market edge with this sharp VRIO analysis. We distill whether their key assets are truly Valuable, Rare, Inimitable, and Organized to secure a sustainable advantage. Read on to see the concise findings that define their competitive position.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e1. Deep U.S. Federal Services Contract Portfolio\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking to understand where Maximus, Inc. really locks in its competitive moat, and honestly, it’s right here in the Federal Services book. This segment is the bedrock, delivering \u003cstrong\u003e$3.07 billion\u003c\/strong\u003e in revenue for fiscal year 2025, which is a solid \u003cstrong\u003e12.1%\u003c\/strong\u003e jump year-over-year. That growth shows they are executing on mission-critical work that governments can’t easily swap out.\u003c\/p\u003e\n\n\u003ch3\u003eVRIO Assessment: Federal Services\u003c\/h3\u003e\n\u003cp\u003eValue is clear: this portfolio provides essential, high-volume clinical and support services to major agencies like the Department of Health and Human Services (HHS) and the Department of Veterans Affairs (VA). The segment’s operating margin hit \u003cstrong\u003e15.3%\u003c\/strong\u003e in 2025, proving these services are not just necessary but profitable when scaled. It’s the primary growth engine, growing organically by \u003cstrong\u003e12.1%\u003c\/strong\u003e in the year.\u003c\/p\u003e\n\u003cp\u003eRarity comes from the sheer incumbency and the depth of specialized clearances and past performance history with these specific federal clients. A new competitor can’t just walk in and win a multi-year contract with the VA for clinical reviews overnight; that takes years of trust and demonstrated capability.\u003c\/p\u003e\n\u003cp\u003eImitability is high because of the regulatory and security overhead. Think about the compliance requirements for handling sensitive health data for the HHS - that’s not something you copy with a simple software update. The complexity of these long-term, enterprise-level agreements acts as a massive barrier to entry, effectively locking out smaller or less experienced players.\u003c\/p\u003e\n\u003cp\u003eOrganization is strong, as shown by the segment’s ability to translate volume into profit, boosting its operating margin to \u003cstrong\u003e15.3%\u003c\/strong\u003e in fiscal 2025. They have the structure, the security protocols, and the established relationships to consistently win and execute on these complex mandates. They are definitely set up to capitalize on this strength.\u003c\/p\u003e\n\u003cp\u003eThe Competitive Advantage here is \u003cstrong\u003eSustained\u003c\/strong\u003e. The combination of high barriers to entry, deep client relationships, and proven operational scale means Maximus, Inc. holds a durable edge in this space. They are positioned well for future federal spending trends.\u003c\/p\u003e\n\n\u003cp\u003eHere’s the quick math on the segment’s performance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue (FY 2025)\u003c\/td\u003e\n\u003ctd\u003eSignificance\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSegment Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.07 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePrimary revenue driver.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear-over-Year Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eStrong organic demand for services.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperating Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIndicates strong operating leverage.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eTo be fair, the pipeline size matters for the future, and as of late 2024, their total pipeline was reported at $41.4 billion, showing future opportunity. Still, the current advantage rests on execution.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFocus on clinical assessment volume drove margin.\u003c\/li\u003e\n\u003cli\u003eDeep ties with HHS and VA are key assets.\u003c\/li\u003e\n\u003cli\u003eCompliance complexity deters new entrants.\u003c\/li\u003e\n\u003cli\u003eHigh contract value potential, like the $6.4 Billion potential award seen on a single contract vehicle.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: review the Q1 2026 capital allocation plan to ensure R\u0026amp;D spend supports federal technology modernization initiatives by end of month.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e2. Substantial Contract Backlog and Duration\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: A reported backlog of approximately \u003cstrong\u003e$16.2 billion\u003c\/strong\u003e as of \u003cstrong\u003eSeptember 30, 2024\u003c\/strong\u003e, secures future revenue visibility. The average weighted remaining life of contracts in backlog at \u003cstrong\u003eSeptember 30, 2023\u003c\/strong\u003e, was approximately \u003cstrong\u003e5.92 years\u003c\/strong\u003e, including option periods.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: A backlog of this magnitude, particularly with a multi-year average life, is rare in the services sector, especially for government services contractors.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Moderate; while the dollar amount is substantial, replicating the source of the backlog - the multi-year, mission-critical government contracts themselves - presents high barriers to entry and is difficult to replicate quickly.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Effective, as management consistently highlights the backlog as a key indicator of future potential and uses its longevity for business planning purposes.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained, contingent upon high contract renewal rates and the continued award of new, long-term work.\u003c\/p\u003e\n\u003cp\u003eKey financial metrics related to the contract pipeline and revenue visibility:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eContract Backlog\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$16.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Contract Life (Remaining)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5.92 years\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of September 30, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.43 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025 (Actual)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear-to-Date Signed Contract Awards\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThrough September 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear-to-Date Signed Contract Awards\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThrough September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Sales Pipeline\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$54.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe composition and longevity of the backlog support forward-looking guidance:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFor fiscal year 2025, revenue guidance ranged between \u003cstrong\u003e$5.275 billion\u003c\/strong\u003e and \u003cstrong\u003e$5.425 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe backlog at September 30, 2024, represented an estimated \u003cstrong\u003e24%\u003c\/strong\u003e of the backlog balance expected to be realized as revenue in fiscal year 2024.\u003c\/li\u003e\n\u003cli\u003eThe longevity of contracts assists management in predicting revenue, operating income, and cash flows for business planning.\u003c\/li\u003e\n\u003cli\u003eThe book-to-bill ratio at September 30, 2024, was \u003cstrong\u003e0.4x\u003c\/strong\u003e on a trailing twelve-month basis.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e3. Advanced Technology \u0026amp; AI Integration Capabilities\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eThe launch of the updated Total Experience Management (TXM) platform, powered by Amazon Web Services (AWS), positions Maximus for modernization contracts by enabling faster public service delivery and operational efficiency. The platform is already in use at agencies including the Office of Personnel Management and the Department of Veterans Affairs. A specific contract win utilizing the TXM platform was a \u003cstrong\u003e$76 million\u003c\/strong\u003e contract with the Federal Reserve System for contact center services. Maximus reported total annual revenue of \u003cstrong\u003e$5.43 billion\u003c\/strong\u003e for Fiscal Year 2025. The Technology Solutions segment contributed \u003cstrong\u003e7%\u003c\/strong\u003e of revenue in FY2024.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eTXM AI-Powered Capability\u003c\/th\u003e\n\u003cth\u003eAWS Service Leveraged\u003c\/th\u003e\n\u003cth\u003eFunction\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eIntelligent Document Processing\u003c\/td\u003e\n\u003ctd\u003eAmazon Textract\u003c\/td\u003e\n\u003ctd\u003eStreamline document analysis\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAI-Assisted Customer Interactions\u003c\/td\u003e\n\u003ctd\u003eAmazon Lex\u003c\/td\u003e\n\u003ctd\u003eEnhance customer engagement\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdvanced Generative AI\u003c\/td\u003e\n\u003ctd\u003eAmazon Bedrock\u003c\/td\u003e\n\u003ctd\u003eSupport emerging technology needs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eThe specific, deployed AI applications for government services, such as the proprietary AI-powered system developed through Veterans Evaluation Services (VES) that transformed manual claims reviews into a fast, scalable digital process, offer a current edge. This system is now also improving outcomes at the Centers for Medicare \u0026amp; Medicaid Services (CMS). Maximus' U.S. Federal Services segment generated \u003cstrong\u003e$3.07 billion\u003c\/strong\u003e in revenue in FY2025, representing \u003cstrong\u003e56%\u003c\/strong\u003e of total revenues, indicating significant scale for technology deployment.\u003c\/p\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eThe advantage is temporary; competitors are rapidly adopting similar technologies. However, Maximus has a first-mover advantage in specific deployed use cases within federal agencies. The company's sales pipeline totaled \u003cstrong\u003e$41.4 billion\u003c\/strong\u003e as of December 31, 2024, indicating active pursuit of future technology-enabled contracts.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHighly organized, demonstrated by strategic partnerships like the one with Amazon Web Services (AWS) and executive leadership focused on technology integration. The Chief Digital and Information Officer (CDIO) has been central to integrating innovative AI, data analytics, and customer experience solutions into the enterprise technology strategy. The company's Adjusted EBITDA margin for FY2025 was \u003cstrong\u003e12.9%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eStrategic Partnership: Amazon Web Services (AWS)\u003c\/li\u003e\n\u003cli\u003eKey Agencies Utilizing TXM: Office of Personnel Management, Department of Veterans Affairs, Centers for Medicare \u0026amp; Medicaid Services\u003c\/li\u003e\n\u003cli\u003eRecent Technology-Related Contract Values (Examples): Up to \u003cstrong\u003e$77 million\u003c\/strong\u003e and up to \u003cstrong\u003e$86 million\u003c\/strong\u003e for U.S. Air Force contracts\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary, but currently strong due to early deployment and proven use cases, evidenced by the Federal Services Segment operating margin reaching \u003cstrong\u003e15.3%\u003c\/strong\u003e in FY2025. The company's focus on technology modernization aligns with Administration goals, as noted by the segment's \u003cstrong\u003e12.1%\u003c\/strong\u003e revenue growth in FY2025.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e4. Expertise in Clinical and Health Program Operations\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Clinical Services expertise is evidenced by the U.S. Federal Services Segment revenue reaching \u003cstrong\u003e$2.74 billion\u003c\/strong\u003e in Fiscal Year 2024, which increased \u003cstrong\u003e13.9%\u003c\/strong\u003e from the prior year, driven primarily by volume growth on clinical programs.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Deep, specialized knowledge in administering large-scale, regulated clinical programs, such as the Medical Disability Exam (MDE) contract with the Department of Veterans Affairs (VA), is not easily replicated.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High; this requires years of regulatory navigation and specialized staffing, including proprietary technology investments to accelerate case preparation on contracts like the VA MDE contract.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Excellent, as this area is a significant component of the Federal Services Segment, which contributed \u003cstrong\u003e49%\u003c\/strong\u003e of total revenue in Fiscal Year 2023.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained, built on institutional knowledge and successful contract execution, with U.S. Federal Services Segment operating margin reaching \u003cstrong\u003e12.2%\u003c\/strong\u003e in Fiscal Year 2024.\u003c\/p\u003e\n\n\u003cp\u003eThe segment's performance demonstrates the company's capability to manage complex federal health contracts, as shown by the following segment financial metrics:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFiscal Year 2024\u003c\/th\u003e\n\u003cth\u003eFiscal Year 2025 Q1\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Federal Services Segment Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.74 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$780.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSegment Operating Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSegment Revenue Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe company actively leverages technology to enhance service delivery within these clinical operations:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eInvestment in proprietary AI and machine learning-powered records processing systems for the VA MDE contract, utilizing tools like AWS GovCloud and Amazon Textract.\u003c\/li\u003e\n\u003cli\u003eObjective to support clinicians for fully auditable, timely, effective, and quality health assessments and evaluations.\u003c\/li\u003e\n\u003cli\u003eThe segment's Q1 FY2025 margin benefited from outsized volumes on other clinical programs.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e5. Financial Flexibility and Cash Generation\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Fiscal year 2025 saw \u003cstrong\u003e$366 million\u003c\/strong\u003e in free cash flow, supporting a \u003cstrong\u003e1.5x\u003c\/strong\u003e leverage ratio, allowing for shareholder returns and investment. Full year cash flows from operating activities totaled \u003cstrong\u003e$429 million\u003c\/strong\u003e for FY25.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e A low leverage ratio combined with strong FCF generation provides significant financial optionality compared to more leveraged peers. The leverage ratio at September 30, 2025, was \u003cstrong\u003e1.5x\u003c\/strong\u003e, as compared to \u003cstrong\u003e2.1x\u003c\/strong\u003e at June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; financial health is trackable, but achieving this specific balance sheet strength takes time.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Very organized, evidenced by the active share repurchase program of \u003cstrong\u003e$457 million\u003c\/strong\u003e in FY25, involving approximately \u003cstrong\u003e5.8 million shares\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained, as it provides a buffer against payment delays and supports strategic moves.\u003c\/p\u003e\n\u003cp\u003eThe following table summarizes key financial position and cash flow metrics as of the end of Fiscal Year 2025 (September 30, 2025), unless otherwise noted:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\/Ratio\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFree Cash Flow\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$366 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash Flows from Operating Activities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$429 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeverage Ratio (Debt, net of allowed cash, to consolidated EBITDA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.5x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Debt\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.35 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$222 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShare Repurchases\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$457 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFinancial flexibility is further supported by forward-looking projections and operational efficiency metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFiscal year 2026 Free Cash Flow guidance is projected to range between \u003cstrong\u003e$450 million\u003c\/strong\u003e and \u003cstrong\u003e$500 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company reported an Adjusted EBITDA Margin of \u003cstrong\u003e12.9%\u003c\/strong\u003e for Fiscal Year 2025, an improvement from the prior year.\u003c\/li\u003e\n\u003cli\u003eThe Days Sales Outstanding (DSO) at September 30, 2025, were \u003cstrong\u003e62 days\u003c\/strong\u003e, showing strong collection improvement from \u003cstrong\u003e96 days\u003c\/strong\u003e at June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe company declared a quarterly cash dividend of \u003cstrong\u003e$0.30\u003c\/strong\u003e per share, payable on December 1, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e6. Insulation via Entitlement Program Linkage\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Core business is tied to entitlement programs like Medicare and Veterans Benefits, making it more insulated from discretionary budget cuts.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eU.S. Federal Services Segment Revenue (FY 2024): \u003cstrong\u003e$2.74 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eU.S. Federal Services Segment Operating Margin (FY 2024): \u003cstrong\u003e12.2%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal Company Revenue (FY 2024): \u003cstrong\u003e$5.31 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAcquisition of Veterans Evaluation Services (VES) for Medical Disability Examinations: Purchase price of \u003cstrong\u003e$1.4 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e This specific linkage across multiple mandatory federal spending areas is a unique structural advantage.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eProgram\/Contract Area\u003c\/th\u003e\n\u003cth\u003eAssociated Financial Metric\/Scope\u003c\/th\u003e\n\u003cth\u003eData Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCMS Contact Center Operations Contract\u003c\/td\u003e\n\u003ctd\u003eTotal Contract Value (Base + Options)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCMS Contact Center Operations Contract\u003c\/td\u003e\n\u003ctd\u003eAmericans Supported Annually\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e75 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVeterans Evaluation Services (VES)\u003c\/td\u003e\n\u003ctd\u003eDetermines Eligibility For\u003c\/td\u003e\n\u003ctd\u003eCompensation and Pension Benefits\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Federal Services Segment\u003c\/td\u003e\n\u003ctd\u003ePercentage of Total FY 2024 Revenue\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e56%\u003c\/strong\u003e (of 2025 revenue, using closest available segment data as proxy for federal concentration)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very High; competitors cannot easily pivot their entire portfolio to these specific, legislatively mandated programs.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eCMS Contact Center Operations Contract Term: Base period plus up to nine (one year) option periods.\u003c\/li\u003e\n\u003cli\u003eMaximus has supported CMS contact centers since before 2018, including as a subcontractor.\u003c\/li\u003e\n\u003cli\u003eTotal Company Backlog (as of September 30, 2024): \u003cstrong\u003e$16.2 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Strategic; management consistently points to this as a source of stability.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eFY 2024 U.S. Federal Services Segment Revenue Growth: Increased \u003cstrong\u003e13.9%\u003c\/strong\u003e from prior year.\u003c\/li\u003e\n\u003cli\u003eFY 2025 Revenue Guidance Range: \u003cstrong\u003e$5.275 billion\u003c\/strong\u003e to \u003cstrong\u003e$5.425 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY 2025 Anticipated Adjusted EBITDA Margin: About \u003cstrong\u003e11%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained, as it is rooted in US law and demographic trends.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFY 2023 Amount\u003c\/th\u003e\n\u003cth\u003eFY 2024 Amount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.90 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Federal Services Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.40 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.74 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Adjusted Diluted EPS\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.83\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.11\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e7. Strategic Streamlining via Divestitures\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eThe divestiture strategy involved pruning the portfolio of volatile employment services operations in international markets to concentrate on core, higher-margin areas. This strategic move was executed with prior sales of employment services operations in Sweden, Italy, Singapore, and Canada, which recorded a loss of \u003cstrong\u003e$1.0 million\u003c\/strong\u003e in November 2023.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eDivesting volatile employment services businesses in Australia and Korea improved the operating margin in the Outside the U.S. segment to \u003cstrong\u003e3.7%\u003c\/strong\u003e for fiscal year 2025, compared to \u003cstrong\u003e1.2%\u003c\/strong\u003e reported in the prior fiscal year. The projected margin outlook for the Outside the U.S. segment for the full fiscal year 2025 is between \u003cstrong\u003e3%\u003c\/strong\u003e and \u003cstrong\u003e5%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe combined annual revenue run-rate for the divested Australia and South Korea entities was approximately \u003cstrong\u003e$120 million\u003c\/strong\u003e. The estimated impact to fiscal year 2025 revenue guidance from the sale was approximately \u003cstrong\u003e$100 million\u003c\/strong\u003e. The loss on sale recorded was \u003cstrong\u003e$38.3 million\u003c\/strong\u003e, which included approximately \u003cstrong\u003e$21.3 million\u003c\/strong\u003e of previously unrealized foreign exchange losses. The sale agreement includes up to \u003cstrong\u003e$5.0 million\u003c\/strong\u003e of contingent consideration based upon future performance.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe willingness and ability to execute complex international divestitures to focus on core, higher-margin areas is not common. The divestitures of employment services operations in Australia (since \u003cstrong\u003e2002\u003c\/strong\u003e) and South Korea (since \u003cstrong\u003e2020\u003c\/strong\u003e) were part of a commitment to optimize the Outside the U.S. portfolio.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate; the act of selling is imitable, but the strategic decision to prune the portfolio is a management skill.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eEffective; the divestitures were executed to improve profitability metrics. Over \u003cstrong\u003e1,200 employees\u003c\/strong\u003e transitioned to the purchaser, Angus Knight. The transaction is estimated to be slightly accretive to fiscal year 2025 adjusted EBITDA margin and adjusted diluted EPS guidance.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary, as the benefit is realized once, but shows strong management discipline.\u003c\/p\u003e\n\n\u003cp\u003eThe impact of international divestitures on the segment structure and performance is summarized below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAustralia \u0026amp; Korea Divestiture Impact\u003c\/th\u003e\n\u003cth\u003ePrior Divestitures Impact\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDivestiture Timing\u003c\/td\u003e\n\u003ctd\u003eDecember 2024\u003c\/td\u003e\n\u003ctd\u003eNovember 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDivested Operations\u003c\/td\u003e\n\u003ctd\u003eEmployment Services in Australia and South Korea\u003c\/td\u003e\n\u003ctd\u003eEmployment Services in Sweden, Italy, Singapore, and Canada\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoss on Sale Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$38.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue Run-Rate (Combined)\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e$120 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated for prior sales\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY2025 Outside U.S. Segment Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e1.2%\u003c\/strong\u003e (Prior Fiscal Year)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe strategic streamlining is further evidenced by the following operational and financial consequences:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe divestitures reduced volatility and improved profitability in the Outside the U.S. Segment.\u003c\/li\u003e\n\u003cli\u003eThe segment's operating margin for the first quarter of fiscal year 2025 was \u003cstrong\u003e4.8%\u003c\/strong\u003e, or \u003cstrong\u003e$8.1 million\u003c\/strong\u003e operating profit, compared to an operating loss of \u003cstrong\u003e$0.1 million\u003c\/strong\u003e in the prior year period.\u003c\/li\u003e\n\u003cli\u003eThe divestiture-related charges for the three months ending December 31, 2024, totaled approximately \u003cstrong\u003e$38 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company's leverage ratio at September 30, 2025, was \u003cstrong\u003e1.5x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e8. Reputation as a Trusted Government Partner\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Recognized for dedication to meeting the mission; named to the 2025 Fortune America's Most Innovative Companies list.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: A history dating back to 1975, marking 50 years in 2025, as a trusted, impartial delivery partner for government services.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: High; reputation built on performance across decades.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Strong; reputation underpins contract retention, such as the re-awarding of contracts for VA Medical Disability Exam (MDE) services, effective January 1, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained; trust is a slow-to-build, slow-to-lose asset in the government space.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eFiscal Period\/Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFY 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Federal Services Segment Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.74 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFY 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal MDE Contract Ceiling\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCurrent Vehicle\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVES Obligated MDE Spend (Cumulative)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of early 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFounding Year\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1975\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHistory\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eSpecific performance and contract data points supporting reputation:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eVES, a Maximus Company, was re-awarded contracts for VA MDE services for domestic Regions 1 through 4.\u003c\/li\u003e\n\u003cli\u003eThe MDE contract vehicle ceiling was increased from $6.8 billion to $13.2 billion.\u003c\/li\u003e\n\u003cli\u003eMaximus' VES has captured $3.7 billion in obligated spend on the MDE vehicle.\u003c\/li\u003e\n\u003cli\u003eMaximus reported annual revenue of $5.3 billion in fiscal year 2024.\u003c\/li\u003e\n\u003cli\u003eThe U.S. Federal Services Segment recorded $2.74 billion in revenue in FY 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMaximus, Inc. (MMS) - VRIO Analysis: \u003cstrong\u003e9. Specialized Technology Solutions Segment\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eWhile revenue was \u003cstrong\u003e$324.7 million\u003c\/strong\u003e in 2025, this segment represents a distinct capability in developing and deploying IT systems for clients. The total company revenue for Fiscal Year 2025 was \u003cstrong\u003e$5.43 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eHaving a dedicated, albeit smaller, technology segment allows for internal development of proprietary tools used across other segments. The Total Experience Management (TXM) solution, launched in 2024, is a key example, leveraging FedRAMP-authorized technologies and integrations with Amazon Web Services (AWS), including Amazon Bedrock, Amazon Lex, and Amazon Textract.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eModerate; the specific software IP, such as the TXM solution, is protectable, but the general IT service offering is common. The TXM solution is designed with cloud-based modular, flexible, and scalable technology.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eOrganized to support the larger segments, as seen in the push for software modernization. The company is prioritizing the deployment of \u003cstrong\u003eAI‑enabled automation\u003c\/strong\u003e designed to drive productivity and operating leverage for fiscal year 2026.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eTemporary, unless the IP developed here (like the TXM platform) proves truly unique. The company reported \u003cstrong\u003e$429 million\u003c\/strong\u003e in full-year cash flows from operating activities for fiscal year 2025.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eFinance\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eDraft 13-week cash view by Friday.\u003c\/p\u003e\n\u003cp\u003eThe following table details the reported segment revenues for Fiscal Year 2025:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eFiscal Year 2025 Revenue\u003c\/th\u003e\n\u003cth\u003eYear-over-Year Change\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Federal Services Segment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.07 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased \u003cstrong\u003e12.1%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. Services Segment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.76 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecreased \u003cstrong\u003e7.7%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOutside the U.S. Segment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$599.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecreased \u003cstrong\u003e8.7%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe segment operating margin for the U.S. Federal Services Segment for the full fiscal year 2025 was expected to be approximately \u003cstrong\u003e15%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe company's leverage ratio at September 30, 2025, was \u003cstrong\u003e1.5x\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nTotal Fiscal Year 2025 Revenue: \u003cstrong\u003e$5.43 billion\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nFull Year Organic Growth (FY2025): \u003cstrong\u003e3.9%\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nFull Year Operating Margin (FY2025): \u003cstrong\u003e9.7%\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nFull Year Adjusted EBITDA Margin (FY2025): \u003cstrong\u003e12.9%\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nShares of Maximus common stock purchased in FY2025: \u003cstrong\u003e5.8 million\u003c\/strong\u003e shares for \u003cstrong\u003e$457 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nFiscal Year 2026 Revenue Guidance Range: \u003cstrong\u003e$5.225 billion\u003c\/strong\u003e to \u003cstrong\u003e$5.425 billion\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516208996501,"sku":"mms-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/mms-vrio-analysis.png?v=1740193970","url":"https:\/\/dcf-model.com\/pt\/products\/mms-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}