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Maximus MMS Outside the US — Concentration risk

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Other financials

Income statement

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Revenue$1.3B-5.1%
Gross profit$348.8M-3.0%
Operating income$161.4M-2.6%
Net income$103.6M-2.3%
EPS (diluted)$1.95+4.8%

Balance sheet

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Cash & equivalents$57.0M-4.7%
Total debt$1.7B-2.7%
Total equity$1.7B-1.8%
Total assets$4.4B-2.1%

Cash flow

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Operating cash flow-$125.0M+31.6%
CapEx$12.0M-22.6%
Free cash flow-$137.0M+30.9%

Valuation

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Market cap$2.9B-37.8%
Enterprise value$4.57B-28.3%
P/E7.8×-6.9×
P/S0.6×-0.3×

Profitability

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Gross margin25.6%+1.6pp
Operating margin11%+1.5pp
Net margin7.1%+1.2pp
FCF margin4.1%-1.5pp

Returns & leverage

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Return on equity21.1%+3.5pp
Debt / equity0.0×
Current ratio2.4×+0.1×

Where this comes from

Reported directly by Maximus in its filing.

Tagged under the XBRL concept us-gaap:ConcentrationRiskPercentage1.

The source filing: Maximus’s 10-K, filed November 20, 2025.

Filed
Nov 20, 2025
Fiscal year
FY2025
Accession
0001032220-25-000053

Credit risk has not historically been significant to our business due to the nature of our customers. Approximately 55% of our revenue is from the U.S. federal government, and much of our Outside the U.S. segment is from national governments. Many of our U.S. state government agency programs receive significant federal funding. We believe that the credit risk associated with our receivables is limited due to the creditworthiness of our customers.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Maximus's outside the US — concentration risk?
Maximus (MMS) reported outside the US — concentration risk of 13.8% in Q3 2025.
How has Maximus's outside the US — concentration risk changed year-over-year?
Maximus's outside the US — concentration risk increased by 10.0% year-over-year, from 12.5% to 13.8%.
What is the long-term trend for Maximus's outside the US — concentration risk?
Over 2 years (2023 to 2025), Maximus's outside the US — concentration risk has grown at a 7.0% compound annual growth rate (CAGR), from 48% to 55%.
What does outside the US — concentration risk mean?
This metric represents the degree of revenue or operational reliance on a limited number of clients or contracts within the international business segment. High concentration risk indicates potential vulnerability to the loss of a key customer or contract in foreign markets. Monitoring this helps investors assess the stability and diversification of the company's global revenue streams.

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