MMSHIGH SIGNALFINANCIAL10-K

Maximus underwent a massive transformation with revenue quadrupling to $2.4B, debt exploding from $28.9M to $1.5B, and share count declining significantly from 60.3M to 54.5M shares.

This dramatic scale-up appears to be driven by major acquisitions or business expansion, evidenced by the 5,000%+ debt increase and substantial share buyback activity. The company is celebrating its 50th anniversary and has repositioned itself as a "tech-enabled services" provider, suggesting a strategic pivot that fundamentally changes its business profile and risk characteristics.

Comparing 2025-11-20 vs 2024-11-21View on EDGAR →
FINANCIAL ANALYSIS

The financial transformation is extraordinary - revenue surged 300% to $2.4B while total debt skyrocketed over 5,000% to $1.5B, indicating major debt-financed growth or acquisitions. Share buybacks increased 512% to $447.5M and capital expenditures nearly tripled to $99M, though operating cash flow declined 17% to $429.4M, creating a concerning disconnect between growth investments and cash generation. Despite the massive scale-up, interest expense actually decreased 30%, suggesting favorable financing terms, but the dramatic debt increase and declining operating cash flow relative to the expansion raises questions about the sustainability and profitability of this growth strategy.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+5124.8%
$28.9M→$1.5B

Debt increased 5124.8% — substantial leverage increase; assess whether deployed for growth or covering losses.

Share Buybacks
Cash Flow
+512.4%
$73.1M→$447.5M

Share repurchases increased 512.4% — management returning capital, signals confidence in intrinsic value.

Revenue
P&L
+300.1%
$597.9M→$2.4B

Strong top-line growth of 300.1% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+173%
$36.3M→$99.0M

Capital expenditure jumped 173% — major investment cycle underway; assess returns on deployment.

Interest Expense
P&L
-30.4%
$3.0M→$2.1M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Cash & Equivalents
Balance Sheet
+21.4%
$183.1M→$222.4M

Cash grew 21.4% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
-16.7%
$515.3M→$429.4M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2025-11-20
PRIOR — 2024-11-21
ADDED
There were 54,461,507 shares of the registrant's Common Stock outstanding as of November 12, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Business Overview 33 Financial Overview 33 Results of Operations 34 Backlog 39 Liquidity and Capital Resources 39 Critical Accounting Policies and Estimates 44 Non-GAAP and Other Measures 45 Item 7A.
Changes in and Disagreement s with Accountants on Accounting and Financial Disclosure 81 Item 9A.
government on federal procurement, federal funding to states' safety-net programs, and the overall decision-making process related to our industry, including our business and customers; the ability of the U.S.
Business General Maximus, a Virginia corporation established in 1975 and celebrating its 50th anniversary this year, is a leading provider of tech-enabled services to government agencies.
+7 more — sign up free →
REMOVED
There were 60,295,271 shares of the registrant's Common Stock outstanding as of November 12, 2024.
Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Business Overview 31 Financial Overview 31 Results of Operations 32 Backlog 37 Liquidity and Capital Resources 37 Critical Accounting Policies and Estimates 42 Non-GAAP and Other Measures 43 Item 7A.
Changes in and Disagreement with Accountants on Accounting and Financial Disclosure 80 Item 9A.
Business General Maximus, under its mission of Moving People Forward, helps millions of people access the vital government services they need.
With nearly 50 years of experience working with local, state, federal, and international government clients, we proudly design, develop, and deliver innovative and impactful programs that change lives.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →