Maximus, Inc
MAXIMUS is a U.S.-based government services contractor that designs and operates tech-enabled programs for federal, state, local, and international public agencies. Its work spans eligibility and enrollment operations, clinical assessments and appeals, employment services, contact centers, and modernization technology for public-sector clients.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaTech-enabled program operations, clinical services, and technology solutions for U.S. federal agencies.
Program operations, clinical services, employment services, and consulting for U.S. state and local programs.
Business process services and technology solutions for international government programs, mainly in the U.K.
Tuotteet
Raportoitu · osuus liikevaihdosta- Program Operations48,8 %
- Clinical Services38,7 %
- Employment and Other6,5 %
- Advanced Technology Solutions6,0 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Maximus sells primarily to government agencies rather than consumers, with most revenue tied to U.S. federal, state, and local contracts. Its customers buy outsourced operating capacity, specialized clinical expertise, and technology modernization because these functions are difficult to build and scale internally. Internationally, it also serves public agencies in the U.K., Canada, and the Middle East.
Buy program operations, clinical services, and technology modernization for federal health and human services programs.
Buy eligibility, enrollment, employment, and clinical support for state-administered public programs.
Buy disability assessments, employment services, and digitally enabled customer support, especially in the U.K.
Large agency relationships such as CMS-related work that can represent a meaningful share of revenue.
Strategia
Management is focused on simplifying the organization, optimizing processes, and using technology to improve public-service delivery across all three segments. The company is also pushing digitally enabled customer experience, future-of-health clinical capabilities, and advanced modernization tools through its Maximus Forward initiative. Talent retention and development are positioned as a core execution lever because delivery quality depends heavily on labor and subcontracted support.
Improves service quality, scalability, and government client satisfaction while differentiating the company.
Clinical demand is rising, and deeper health capabilities support growth in assessments and related programs.
Modernization work can win larger, stickier contracts and support long-duration government relationships.
Lower complexity and stronger workforce execution support margins and contract performance.
Maantiede
Maximus operates in the United States and internationally, with the U.S. accounting for the vast majority of revenue and foreign operations contributing about 11% in recent quarters. Outside the U.S., the company highlights the U.K. as its most important international market, while also serving Canada and the Middle East. Recent divestitures in Australia and Korea reduced exposure to those markets.
Riskit
The business is highly exposed to government contract concentration, so the loss, rebid, or downsizing of a few large contracts can materially reduce revenue and profit. It also faces cybersecurity, privacy, subcontractor, and AI governance risks because it handles sensitive personal and health data and relies on third parties to deliver services. As a labor-intensive contractor, it is also exposed to execution risk, margin pressure, and contract performance penalties.
- Cybersecurity and data privacyVaikutus: KorkeaTodennäköisyys: Korkea
The company processes protected health information and other sensitive personal data, making breaches costly and reputationally damaging.
Kohdistuu: A material cybersecurity incident occurred in fiscal 2023 involving a third-party file transfer vulnerability.
- Government contract concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen
A limited number of federal, state, and local contracts drive a large share of revenue, so losses can quickly hit results.
Kohdistuu: Approximately 60% of revenue came from the ten largest contracts; about one-fifth from a single federal agency.
- Contract renewal and rebid riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Government contracts are fixed-term and can be rebid, renewed, or terminated, creating revenue volatility.
Kohdistuu: Core programs such as CMS-related work and international assessment contracts are subject to rebidding.
- Subcontractor and third-party performanceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Many contracts rely on subcontractors and teaming partners, so failures can affect service quality and customer retention.
Kohdistuu: Single-source solutions often depend on third-party labor and vendors.
- AI governance and regulatory riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Use of AI in data sorting, analysis, and generation can create compliance, liability, and reputational issues if not controlled.
Kohdistuu: AI is being used across business processes and requires ongoing governance investment.
Kirjanpito
Harkinnanvaraiset erätMany services are recognized over time, but some contracts require estimates and cumulative catch-up adjustments.
Vaikutus: Can shift revenue and operating margin between periods.
Contract economics depend on service performance, so estimates affect recognized revenue.
Vaikutus: Can materially affect gross profit in clinical and program operations contracts.
Some employment services revenue is recognized when milestones are achieved, requiring forecast assumptions.
Vaikutus: Can create volatility in international segment results.
Loss of major contracts or underperformance can reduce expected cash flows from acquired assets.
Vaikutus: Could lead to non-cash impairment charges.
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