Maximus, Inc.

MMSNYSEIndustrials● Active

$60.17

$-0.37(-0.61%)

Market Cap$3.2B

P/E Ratio—

52W High$100

52W Low$56.92

Avg Volume744K

Open$59.68

Beta0.58

Free Cash Flow Financials Revenue

Maximus, Inc. (MMS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MMS · free cash flow · updated Jun 8, 2026

Core FCF metrics

MMS · FCF · TTM · margin & CAGR

Free cash flow was $366.2M for FY2025 (fiscal year ending 2025-09-30), down 8.7% year-over-year The FCF margin was 6.7%. Five-year CAGR stands at +12.4%.

FY2025 Free Cash Flow$366.2M▼ -8.7% YoY

Trailing 12M (TTM)$372.0Mtrailing 4 quarters sum

FCF Margin6.7%$366.2M ÷ revenue

3-Year CAGR+16.1%FY2022 → FY2025

5-Year CAGR+12.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MMS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$429.4M(63M)$366.2M▼ 8.7%6.7%

FY2024$515.3M(114M)$401.1M▲ +79.3%7.6%

FY2023$314.3M(91M)$223.6M▼ 4.3%4.6%

FY2022$289.8M(56M)$233.7M▼ 51.4%5.0%

FY2021$517.3M(37M)$480.8M▲ +135.8%11.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MMS · P/FCF · FCF yield · FCF per share

Maximus, Inc. (MMS) trades at a FCF yield of 11.77% and a price-to-free-cash-flow ratio of 9.3x. FCF per share stands at $6.48, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

11.77%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$6.48

TTM FCF ÷ Shares Outstanding

Price / FCF

x9.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-09-30

Cash flow statement summary

MMS · cash flow statement · operating / investing / financing

For FY2025, Maximus, Inc. generated $429.4M in operating cash flow and spent 63M in capital expenditures, yielding $366.2M in free cash flow.

Operating Activities

+$429.4M

Cash from core business operations

2025-09-30

Investing Activities

−$60.3M

CapEx, acquisitions & investments

2025-09-30

Financing Activities

−$343.9M

Buybacks, dividends & debt

2025-09-30

FCF FormulaOperating CF ($429.4M) − |CapEx| (63M) = FCF ($366.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

MMS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Maximus, Inc.YOU

MMS

$366.2M-8.7%6.7%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Maximus, Inc. (MMS) reported free cash flow of $366.2M for FY2025 (fiscal year ending 2025-09-30), down 8.7% year-over-year. The FCF margin was 6.7%.

Based on available data, Maximus, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $480.8M in FY2021. The 5-year CAGR stands at +12.4%.

Maximus, Inc.'s FCF yield is 11.77% and price-to-FCF ratio is 9.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MMS free cash flow · 8 questions

Maximus, Inc. free cash flow was $366.2M for FY2025, down 8.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $372.0M.

MMS free cash flowMMS FCFMMS FCF 2025MMS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Maximus, Inc. · Maximus, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026