Maximus, Inc. (NYSE: MMS)

Maximus, Inc. is a leading provider of tech-enabled services to government agencies, focusing on improving the delivery of public services. The company operates in the United States and internationally, serving citizens in the U.S., U.K., Canada, and the Middle East. Maximus helps government agencies navigate complex technological, health, economic, and social challenges by designing, developing, and delivering innovative and efficient programs. The company's services include the operation of large health insurance eligibility and enrollment programs, clinical services such as assessments and appeals, and technology services aimed at modernizing government operations.

Maximus generates revenue through a variety of tech-enabled services tailored to government agencies. The company's primary products and services include program operations, clinical services, and technology solutions. These services are delivered through performance-based contracts, cost-plus contracts, fixed-price contracts, and time-and-materials contracts. The company's customer base primarily consists of U.S. federal and state government agencies, as well as international government clients.

• U.S. Federal Services Segment: This segment generated 56% of Maximus's total revenue in fiscal year 2025. It delivers solutions to various U.S. federal government agencies, including program operations and management, clinical services, and advanced technology solutions. Key services include the operation of the Contact Center Operations (CCO) for the Centers for Medicare and Medicaid Service (CMS), supporting the federal marketplace under the Affordable Care Act (ACA), and managing the 1-800-MEDICARE service. The segment also provides clinical services, such as medical disability examinations (MDE) for the U.S. Department of Veteran Affairs (VA), and technology solutions that include application development, enterprise business solutions, AI and advanced analytics, cybersecurity, cloud infrastructure, and data management.

• U.S. Services Segment: This segment generated 32% of Maximus's total revenue in fiscal year 2025. It provides services to U.S. state and local government programs, including program operations, clinical services, employment services, and technology solutions. Key services include comprehensive program administration for government health benefit programs, such as Medicaid and the Children's Health Insurance Program (CHIP), as well as state-based health insurance exchange operations. The segment also offers clinical services for determining eligibility for Medicaid Long-Term Care services and employment services that cover eligibility support, case management, job-readiness preparation, and job search assistance. Technology solutions in this segment include system planning, implementation oversight, and the construction and maintenance of client systems.

• Outside the U.S. Segment: This segment generated 11% of Maximus's total revenue in fiscal year 2025. It provides business process services (BPS) and other solutions for international governments, including health and disability assessments, program administration for employment services, wellbeing solutions, digitally-enabled customer services, and advanced technologies for modernization. Key services include the Functional Assessment Services (FAS) contract and the Restart employment program in the United Kingdom, as well as services in Canada and the Middle East. The segment also offers clinical services, such as appeals and assessments work, and program administration and specialized services, including technology services and health care administration software.

Maximus holds a strong position within the government services industry, competing with key players such as General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture, and Booz Allen Hamilton. The company's competitive advantages include significant subject matter expertise in program design and implementation, abilities in converting program requirements into technology-based solutions, financial strength with robust operating cash flow, and experience in bidding for government work. Additionally, Maximus's end-to-end talent strategy ensures alignment with organizational needs, enabling the company to meet client demands effectively.

The company's customer base includes a diverse range of government agencies, both domestically and internationally. In the U.S., Maximus serves federal agencies such as the Centers for Medicare and Medicaid Service (CMS), the Department of Education, and the Department of Veteran Affairs (VA). At the state level, the company works with various state governments to support programs like Medicaid, the Children's Health Insurance Program (CHIP), and state-based health insurance exchanges. Internationally, Maximus provides services to government agencies in the U.K., Canada, and the Middle East, including the Department for Work and Pensions (DWP) in the U.K.