TacticScaleWhat Maximus Does & How It Makes Money (MMS)
Updated October 2026 · reflects Maximus's latest reported financials
Government services contractor running public health and employment programs. Maximus earns revenue under contracts with federal, state and international government agencies to run their benefit, health and employment programs and to deliver technology and clinical assessment services.
How Maximus makes money
Maximus earns revenue under contracts with federal, state and international government agencies to run their benefit, health and employment programs and to deliver technology and clinical assessment services.
What Maximus does
Maximus, Inc., founded in 1975 and headquartered in McLean, Virginia, runs outsourced government programs. It has three segments. U.S. Federal Services handles business processes, eligibility and enrollment, outreach and clinical services for federal health and human services programs, plus technology work such as application modernization, analytics, cybersecurity, data management and infrastructure. U.S. Services supports state-level programs with eligibility and enrollment, multilingual contact centers, health plan choice counseling, independent assessments and employment services such as case management and job-readiness training. Outside the U.S. provides similar services to foreign governments, including health and disability assessments, employment program administration and digital customer service.
Products & services
- Eligibility and enrollment services
- Multilingual customer contact centers
- Health and disability assessments
- Employment and job-readiness services
- Government IT modernization and cybersecurity
- Independent health plan choice counseling
What is Maximus worth?
On an owner-earnings DCF, Maximus's most-likely value is about $163 versus a recent price near $59 (174% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$99) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $59 is below even the no-growth floor ($99); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -6.7%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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