Research · Sep 3, 2026
[MMS] Maximus Thesis 2026: Government Services Health Federal State Outsourcing Compounder
Maximus Inc (NYSE: MMS), headquartered in McLean-VA, is a Government-Services-Health-and-Federal-and-State-Outsourced + emerging-multi-cycle-Medicaid-Redetermination-and-Federal-Government-Outsourcing leader providing distinctive multi-cycle Federal-Government-Outsourcing-Health-and-Human-Services + emerging-State-Government-Outsourcing-Medicaid-Eligibility-and-Enrollment + emerging-Clinical-Services-and-Medicare-Plan-Finder + emerging-Veterans-Affairs-Disability-and-Medical-Examination + emerging-International-Government-Services services to substantial multi-cycle Federal-Government-Agency-Customer (CMS-Centers-for-Medicare-and-Medicaid-Services + Federal-Eligibility-Support-Services-Marketplace + Veterans-Affairs-Disability-and-Medical-Examination + Department-of-Education-Student-Loan-Servicing) + multi-cycle-emerging-State-Government-Medicaid-Eligibility-and-Enrollment-Customer + multi-cycle-emerging-State-Government-Health-and-Human-Services-Outsourcing-Customer + multi-cycle-emerging-International-UK-and-Australia-Government-Services-Customer customer base. The company has distinctive multi-cycle Maximus-and-McLean-VA-and-Government-Services-Outsourcing heritage: founded 1975 as Maximus-Founder-David-Mastran + 1997-NYSE-Maximus-IPO; 2018-Bruce-Caswell-CEO-Succession-from-Richard-Montoni-Former-CEO + Multi-Cycle-Government-Services-Outsourcing-Strategy; 2018-CMS-Federal-Eligibility-Support-Services-Marketplace-Customer-Service-Center-Operator-Renewal; 2021-Attain-acquired ($430M providing emerging-multi-cycle-Federal-Government-Outsourcing-Digital-Modernization); 2022-Aidvantage-Department-of-Education-Student-Loan-Servicing-acquired + Federal-Student-Loan-Servicing-Build-Out; 2023-2024-Medicaid-Redetermination-Cycle + Federal-Government-Outsourcing-Demand-Acceleration + Clinical-Services-and-Medicare-Plan-Finder-Build-Out; multi-cycle-disciplined-Government-Services-Outsourcing-Capital-Management; Bruce-Caswell-CEO-since-2018 + Multi-Cycle-Maximus-Capital-Management leadership-continuity + Multi-Cycle-Dividend-Capital-Management (~21+ year continuous dividend). FY2025 closes with selected various aggregate revenue ~$5.45-6.00B (~3-8% YoY-reflecting Government-Services-Health-and-Federal-and-State-Outsourcing-Demand + emerging-Medicaid-Redetermination-Cycle + emerging-Federal-Government-Outsourcing + emerging-Clinical-Services-and-Medicare-Plan-Finder), adjusted EBITDA ~$680-805M (~12-14% margins), adjusted EPS ~$6.30-7.65, net debt ~$1.05-1.30B (~1.3-1.9x leverage), and ~57-58M shares outstanding under President & CEO Bruce Caswell (since-2018). The Medicaid-Redetermination-Federal-Eligibility-Support-Services-and-Federal-Government-Outsourcing franchise deep-dive covers distinctive multi-cycle ~38,000-40,000 employees + ~McLean-VA-HQ + ~Globally-Positioned-Government-Services-Outsourcing-Customer-Service-Center-and-Office across US-and-UK-and-Australia, US-Federal-Services ~52-58% revenue + US-State-and-Local-Services ~33-38% revenue + Outside-the-US ~8-13% revenue, substantial multi-cycle Federal-Government-Agency-Customer + State-Government-Medicaid-Eligibility-and-Enrollment-Customer + State-Government-Health-and-Human-Services-Outsourcing-Customer + International-UK-and-Australia-Government-Services-Customer customer base, 1997-NYSE-Maximus-IPO + 2018-CMS-Federal-Eligibility-Support-Services-Marketplace-Renewal + 2021-Attain-acquired ($430M) + 2022-Aidvantage-Department-of-Education-Student-Loan-Servicing-acquired + 2023-2024-Medicaid-Redetermination-Cycle-Acceleration transformational-platform, emerging-multi-cycle Medicaid-Redetermination-Cycle + emerging-Federal-Government-Outsourcing-Demand-Acceleration + emerging-State-Government-Outsourcing-Medicaid-Eligibility-and-Enrollment + emerging-Clinical-Services-and-Medicare-Plan-Finder + emerging-Veterans-Affairs-Disability-and-Medical-Examination-Build-Out + emerging-International-UK-and-Australia-Government-Services-Expansion structural-tailwinds, competing in Government-Services-Outsourcing space with Booz Allen Hamilton, Leidos, CACI International, ICF International, ManTech-acquired-Carlyle-2022, Science Applications International Corp, General Dynamics IT, Accenture Federal Services, Deloitte/PWC/EY/KPMG-Federal-Practice, Conduent, Convey Health Solutions, Public Consulting Group, MTM Inc, Modivcare; and private-equity-Carlyle-KKR-Blackstone-Apollo-Bain-CD&R-EQT-Permira-CVC-Bridgepoint-Cinven-Ardian-TPG-Veritas-Genstar-Hellman-Friedman. The Bruce-Caswell + 2018-CEO-succession + 1997-NYSE-Maximus-IPO-and-2018-CMS-Federal-Eligibility-Support-Services-and-2021-Attain-and-2022-Aidvantage deep-dive covers Bruce-Caswell-CEO (since-2018 + Former-Maximus-COO + Former-Maximus-International-President) expertise, multi-cycle-disciplined-Government-Services-Outsourcing-Capital-Management discipline, multi-cycle-Dividend-Capital-Management (~$1.20/yr, ~1.4-2.0% yield, ~16-22% payout, ~21+ year continuous dividend). Capital position is IG-equivalent (Baa3/BBB- to Baa2/BBB ~1.3-1.9x leverage). At ~$70-100 per share, equity value ~$4.00-5.80B, EV ~$5.05-7.10B, providing ~11-16x EPS and ~7-10x EV/EBITDA.