Maximus - Public Comps and Valuation Multiples

Maximus Overview

About Maximus

Maximus Inc designs, develops, and delivers programs, enabling people to access vital government services. It translates health and human services public policy into operating models that achieve outcomes for governments at scale. The company covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. The company operates through the following segments; U.S. Federal Services, U.S. Services, and Outside the U.S. A majority of its revenue is derived from the U.S. Federal Services segment which engages with various U.S. federal government agencies to deliver clinical services, maintenance services, and technology solutions.

Founded

1975

HQ

Employees

41.1K+

Website

maximus.com

Sectors

Business Consulting
Service Providers
GovTech

Financials

LTM Revenue $5.3B

LTM EBITDA n/a

EV

$5.3B

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Maximus Financials

Maximus has a last 12-month revenue of $5.3B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Maximus achieved revenue of $5.3B and an EBITDA of $614M.

Maximus expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Maximus P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$4.9B	$5.3B	XXX	XXX	XXX
Gross Profit	$940M	$1.0B	XXX	XXX	XXX
Gross Margin	19%	19%	XXX	XXX	XXX
EBITDA	$444M	$614M	XXX	XXX	XXX
EBITDA Margin	9%	12%	XXX	XXX	XXX
Net Profit	$204M	$162M	XXX	XXX	XXX
Net Margin	4%	3%	XXX	XXX	XXX
Net Debt	$1.3B	$1.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Maximus Stock Performance

As of April 15, 2025, Maximus's stock price is $69.

Maximus has current market cap of $3.9B, and EV of $5.3B.

See Maximus trading valuation data

Maximus Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.3B	$3.9B	XXX	XXX	XXX	XXX	$6.10

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Maximus Valuation Multiples

As of April 15, 2025, Maximus has market cap of $3.9B and EV of $5.3B.

Maximus's trades at 1.0x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Maximus's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Maximus Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$5.3B	XXX	XXX	XXX
EV/Revenue	1.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	13.3x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Maximus Valuation Multiples

Maximus's NTM/LTM revenue growth is 2%

Maximus's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $19K for the same period.

Over next 12 months, Maximus's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Maximus's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Maximus Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	8%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	38%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$19K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	14%	XXX	XXX	XXX	XXX

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