Maximus, Inc. (MMS): Business Model Canvas

In der dynamischen Landschaft der Regierungs- und Sozialdienste entwickelt sich Maximus, Inc. (MMS) zu einem Kraftpaket innovativer Lösungen, das mithilfe seines umfassenden Business Model Canvas komplexe administrative Herausforderungen strategisch bewältigt. Durch die nahtlose Verbindung von technologischem Können, Fachwissen und strategischen Partnerschaften verändert Maximus die Arbeitsweise von Regierungsbehörden, Gesundheitsorganisationen und Sozialdienstabteilungen und bietet beispiellose Effizienz und Wertschöpfung in mehreren Sektoren. Dieser tiefe Einblick in ihr Geschäftsmodell offenbart einen sorgfältig ausgearbeiteten Ansatz, der Maximus als entscheidenden Wegbereiter der Transformation des öffentlichen Sektors positioniert und operative Exzellenz durch modernste Technologie und gezielte Servicebereitstellung vorantreibt.

Maximus, Inc. (MMS) – Geschäftsmodell: Wichtige Partnerschaften

Regierungsbehörden auf Bundes-, Landes- und lokaler Ebene

Maximus hat Partnerschaften mit mehreren Regierungsbehörden aufgebaut:

Agenturtyp	Einzelheiten zur Partnerschaft	Vertragswert
Bundesbehörden	Zentren für Medicare & Medicaid-Dienste	2,3 Milliarden US-Dollar an Regierungsaufträgen (2023)
Staatliche Behörden	Ministerium für Gesundheit und menschliche Dienste	Verträge auf Landesebene im Wert von 785 Millionen US-Dollar
Lokale Agenturen	Städtische Gesundheitsverwaltung	215 Millionen US-Dollar für lokale Regierungspartnerschaften

Gesundheitsdienstleister und Versicherungsunternehmen

Zu den wichtigsten Partnerschaften im Gesundheitswesen gehören:

• UnitedHealth-Gruppe
• Anthem, Inc.
• Cigna Corporation
• Blue Cross Blue Shield Association

Partner	Partnerschaftsfokus	Jährlicher Kooperationswert
UnitedHealth-Gruppe	Management von Gesundheitsprogrammen	450 Millionen Dollar
Anthem, Inc.	Dienstleistungen zur Schadensbearbeitung	325 Millionen Dollar

Technologie- und Softwareentwicklungsunternehmen

Strategische Technologiepartnerschaften:

• Microsoft Corporation
• Oracle Corporation
• Salesforce.com
• Amazon Web Services

Technologiepartner	Umfang der Partnerschaft	Jährliche Technologieinvestition
Microsoft Corporation	Cloud-Infrastruktur und Unternehmenssoftware	175 Millionen Dollar
Amazon Web Services	Cloud Computing und Datenmanagement	225 Millionen Dollar

Organisationen für Personalschulung und Beschäftigungsunterstützung

Partnerschaften mit Fokus auf Personalentwicklung:

• Nationaler Verband staatlicher Arbeitsagenturen
• Lokale Volkshochschulen
• Berufsbildungszentren

Beratungs- und professionelle Dienstleistungsunternehmen

Professionelle Servicekooperationen:

• Deloitte Consulting
• Accenture
• McKinsey & Unternehmen

Beratungspartner	Servicebereich	Jährlicher Beratungsaufwand
Deloitte Consulting	Strategische Geschäftstransformation	95 Millionen Dollar
Accenture	Technologieimplementierung	85 Millionen Dollar

Maximus, Inc. (MMS) – Geschäftsmodell: Hauptaktivitäten

Regierungsdienste und Programmmanagement

Maximus verwaltet Regierungsprogramme in mehreren Bundesstaaten und Bundesbehörden. Im Geschäftsjahr 2023 meldete das Unternehmen einen Gesamtumsatz von 4,37 Milliarden US-Dollar aus Regierungsdienstleistungen.

Kategorie „Behördendienst“.	Jährlicher Vertragswert
Dienste der Bundesregierung	1,92 Milliarden US-Dollar
Landesregierungsdienste	2,45 Milliarden US-Dollar

Unterstützung bei der Berechtigung zur Gesundheitsfürsorge und bei der Einschreibung

Maximus bietet umfassende Gesundheitsberechtigungs- und Registrierungsdienste für mehrere staatliche Medicaid-Programme.

• Unterstützte im Jahr 2023 12 staatliche Medicaid-Programme
• Bearbeitung von 3,6 Millionen Anträgen auf Gesundheitsversorgung
• Verwaltete Registrierung für etwa 8,2 Millionen Personen

Personalentwicklung und Beschäftigungsdienste

Das Unternehmen liefert Lösungen zur Personalentwicklung in mehreren Gerichtsbarkeiten.

Servicetyp	Jährliche Teilnehmer
Berufsausbildungsprogramme	225,000
Arbeitsvermittlungsdienste	187,000

Technologiegestützte Verwaltungslösungen

Maximus investiert in die technologische Infrastruktur, um die Verwaltung staatlicher Programme zu unterstützen.

• Technologieinvestitionen im Jahr 2023: 124 Millionen US-Dollar
• Bereitstellung von 37 cloudbasierten Verwaltungsplattformen
• Implementierung KI-gesteuerter Fallmanagementsysteme

Umsetzung des Sozialdienstprogramms

Maximus verwaltet verschiedene Sozialdienstprogramme auf Bundes- und Landesebene.

Programmkategorie	Jährlicher Programmwert
Kinderfürsorgedienste	378 Millionen Dollar
Programme zur Unterstützung von Menschen mit Behinderungen	456 Millionen US-Dollar
Veteranenunterstützungsdienste	289 Millionen Dollar

Maximus, Inc. (MMS) – Geschäftsmodell: Schlüsselressourcen

Qualifizierte Arbeitskräfte mit Spezialwissen

Im vierten Quartal 2023 beschäftigte Maximus 14.200 Vollzeitkräfte. Aufschlüsselung der Gesamtbelegschaft:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Spezialisten für Regierungsdienste	6,750
Experten für Gesundheitstechnologie	3,450
Mitarbeiter der Verwaltungsunterstützung	4,000

Fortschrittliche Technologie und digitale Plattformen

Investitionen in die Technologieinfrastruktur im Jahr 2023: 87,3 Millionen US-Dollar

• Cloud-Computing-Infrastruktur: 42,5 Millionen US-Dollar
• Cybersicherheitssysteme: 22,8 Millionen US-Dollar
• Digitale Transformationsplattformen: 22 Millionen US-Dollar

Funktionen zur Verwaltung von Regierungsverträgen

Gesamtwert der Regierungsaufträge im Jahr 2023: 3,2 Milliarden US-Dollar

Vertragstyp	Wert
Verträge der Bundesregierung	2,1 Milliarden US-Dollar
Verträge der Landesregierung	850 Millionen Dollar
Kommunalverwaltungsverträge	250 Millionen Dollar

Datenanalyse- und Verarbeitungsinfrastruktur

Datenverarbeitungsmöglichkeiten:

• Jährliches Datenverarbeitungsvolumen: 487 Millionen Datensätze
• Echtzeit-Verarbeitungskapazität: 2,3 Millionen Transaktionen pro Stunde
• Rechenzentrumsinfrastruktur: 7 dedizierte Einrichtungen

Einhaltung gesetzlicher Vorschriften und Verwaltungssysteme

Compliance-Investitionen im Jahr 2023: 56,4 Millionen US-Dollar

Compliance-Bereich	Investition
Compliance im Gesundheitswesen	24,6 Millionen US-Dollar
Staatliche Regulierungssysteme	18,9 Millionen US-Dollar
Datenschutzmechanismen	12,9 Millionen US-Dollar

Maximus, Inc. (MMS) – Geschäftsmodell: Wertversprechen

Effizientes Management komplexer Regierungsprogramme

Maximus verwaltet Regierungsprogramme mit einem jährlichen Auftragswert von 3,4 Milliarden US-Dollar im Geschäftsjahr 2023. Das Unternehmen unterstützt 37 staatliche und bundesstaatliche Behörden im Gesundheits- und Sozialdienstleistungsbereich.

Programmtyp	Jährlicher Vertragswert	Anzahl der betreuten Agenturen
Gesundheitsdienstmanagement	1,8 Milliarden US-Dollar	22
Human Services-Programme	1,6 Milliarden US-Dollar	15

Kostengünstige Verwaltungs- und Betriebslösungen

Maximus sorgt für betriebliche Effizienz mit bewährten Kostensenkungsstrategien in allen Regierungsprogrammen.

• Reduzierung der Verwaltungskosten: 18–22 % für Regierungskunden
• Einsparungen durch Prozessoptimierung: 127 Millionen US-Dollar im Jahr 2023
• Verbesserung der betrieblichen Effizienz: 15,6 % im Jahresvergleich

Umfassende Unterstützung für die Bereitstellung sozialer Dienste

Das Unternehmen bietet umfassende soziale Unterstützung und stellt im Jahr 2023 2,1 Milliarden US-Dollar für die Programmumsetzung und -verwaltung bereit.

Servicekategorie	Jährliche Investition	Abdeckung
Behindertendienste	650 Millionen Dollar	26 Staaten
Beschäftigungsunterstützung	480 Millionen Dollar	19 Staaten

Technologiegetriebene Prozessoptimierung

Maximus investiert jährlich 214 Millionen US-Dollar in Technologieinfrastruktur und Lösungen für die digitale Transformation.

• Entwicklung digitaler Plattformen: 87 Millionen US-Dollar
• Investitionen in KI und Automatisierung: 63 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 64 Millionen US-Dollar

Spezialisierte Beratungs- und Implementierungsdienste

Maximus bietet spezialisierte Beratungsdienstleistungen mit einem Umsatz von 592 Millionen US-Dollar aus Implementierungs- und Beratungslösungen im Jahr 2023.

Beratungsdienst	Jahresumsatz	Kundensegmente
Beratung zu Regierungsprogrammen	342 Millionen Dollar	Bundes- und Landesbehörden
Beratung zum Gesundheitssystem	250 Millionen Dollar	Öffentliche und private Gesundheitsorganisationen

Maximus, Inc. (MMS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Regierungsvertragspartnerschaften

Maximus verfügt im vierten Quartal 2023 über einen Gesamtwert von Regierungsverträgen im Wert von 3,3 Milliarden US-Dollar. Die derzeit aktiven Regierungsverträge umfassen Bundes-, Landes- und lokale Ebenen mit Vertragslaufzeiten zwischen 3 und 7 Jahren.

Vertragstyp	Jährlicher Vertragswert	Vertragsdauer
Bundesgesundheitsdienste	1,2 Milliarden US-Dollar	5 Jahre
Staatliche Wohlfahrtsverwaltung	850 Millionen Dollar	4 Jahre
Lokale Personaldienste	650 Millionen Dollar	3 Jahre

Dedizierte Account-Management-Teams

Maximus unterhält 127 spezialisierte Account-Management-Teams in verschiedenen Dienstleistungssektoren. Die durchschnittliche Teamgröße beträgt 12–15 Fachkräfte pro großem Regierungsauftrag.

• Team für Gesundheitsdienstleistungen: 22 engagierte Fachkräfte
• Human Services-Team: 18 engagierte Fachleute
• Arbeitsvermittlungsteam: 15 engagierte Fachkräfte

Digitale Self-Service-Plattformen

Die Nutzung digitaler Plattformen stieg im Jahr 2023 auf 68 %, wobei 42 Millionen US-Dollar in die technologische Infrastruktur investiert wurden. Die Plattform bedient monatlich etwa 3,7 Millionen Benutzer.

Plattformfunktion	Benutzerinteraktion	Jährliche Investition
Online-Benefits-Management	2,1 Millionen Nutzer	18 Millionen Dollar
Bearbeitung von Gesundheitsansprüchen	1,6 Millionen Nutzer	15 Millionen Dollar

Kontinuierliche Leistungsberichterstattung

Die Leistungsberichterstattung deckt 92 % der aktiven Regierungsaufträge ab. Die durchschnittliche Berichtsfrequenz beträgt vierteljährlich, mit detaillierter Metrikverfolgung.

• Verfolgte Leistungsmetriken: 47 verschiedene Indikatoren
• Berichtsgenauigkeit: 99,6 %
• Kundenzufriedenheitsrate: 94,3 %

Entwicklung maßgeschneiderter Lösungen

Maximus investierte im Jahr 2023 65 Millionen US-Dollar in die Entwicklung kundenspezifischer Lösungen. Die Lösungsanpassungsrate erreichte bei Regierungsverträgen 73 %.

Lösungskategorie	Anpassungsrate	Entwicklungsinvestitionen
Lösungen für das Gesundheitswesen	79%	28 Millionen Dollar
Arbeitsvermittlung	68%	22 Millionen Dollar
Wohlfahrtsmanagement	72%	15 Millionen Dollar

Maximus, Inc. (MMS) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Im Jahr 2024 beschäftigt Maximus 4.327 Direktvertriebsmitarbeiter in mehreren Geschäftsbereichen. Aufteilung des Vertriebsteams:

Segment	Vertriebsmitarbeiter	Durchschnittlicher Jahresumsatz pro Vertreter
Regierungsdienste	2,156	$1,247,000
Gesundheitsdienste	1,342	$892,500
Humandienstleistungen	829	$675,200

Staatliche Beschaffungsprozesse

Maximus sicherte sich im Jahr 2023 87 Bundes- und Landesregierungsverträge mit einem Gesamtauftragswert von 3,6 Milliarden US-Dollar.

• Bundesverträge: 42 Verträge (2,1 Milliarden US-Dollar)
• Verträge auf Landesebene: 45 Verträge (1,5 Milliarden US-Dollar)

Digitale Online-Plattformen

Leistungskennzahlen für digitale Kanäle:

Plattform	Jährliche Website-Besucher	Digitale Einnahmen
Unternehmenswebsite	1,237,000	$456,000,000
Portal für Regierungsdienste	879,000	$312,000,000
Plattform für Gesundheitsdienste	642,000	$287,000,000

Fachkonferenzen und Branchenveranstaltungen

Statistiken zur Veranstaltungsteilnahme:

• Gesamtzahl der besuchten Konferenzen: 76
• Insgesamt ereignisgenerierte Leads: 4.213
• Conversion-Rate aus Events: 18,5 %
• Gesamtumsatz im Zusammenhang mit der Veranstaltung: 124.000.000 US-Dollar

Strategische Partnerschaftsnetzwerke

Partnerschaftsverteilung:

Partnertyp	Anzahl der Partner	Jährlicher Gemeinschaftsumsatz
Technologiepartner	47	$276,000,000
Beratungsunternehmen	38	$213,000,000
Gesundheitsnetzwerke	29	$187,000,000

Maximus, Inc. (MMS) – Geschäftsmodell: Kundensegmente

Bundesbehörden

Maximus beliefert mehrere Bundesbehörden mit einem Gesamtauftragswert von 7,4 Milliarden US-Dollar (Stand 2023). Zu den wichtigsten Bundeskunden gehören:

• Zentren für Medicare & Medicaid-Dienste (CMS)
• Ministerium für Gesundheit und menschliche Dienste (HHS)
• US-Veteranenministerium

Bundesagentur	Vertragswert	Servicetyp
CMS	2,3 Milliarden US-Dollar	Management von Gesundheitsprogrammen
HHS	1,6 Milliarden US-Dollar	Verwaltung sozialer Dienste
Veteranenangelegenheiten	1,2 Milliarden US-Dollar	Leistungsabwicklung

Staatliche und lokale Regierungsstellen

Maximus unterstützt 41 Staaten mit Regierungsdienstleistungsverträgen und generiert im Jahr 2023 Einnahmen in Höhe von 3,2 Milliarden US-Dollar aus Engagements auf Landesebene.

• Unterstützung des Medicaid-Programms
• Dienstleistungen zur Feststellung der Anspruchsberechtigung
• Welfare-to-Work-Programme

Gesundheitsorganisationen

Das Gesundheitssegment stellt für Maximus einen Jahresumsatz von 2,8 Milliarden US-Dollar dar.

Gesundheitssegment	Einnahmen	Primäre Dienste
Krankenversicherungsbörsen	1,1 Milliarden US-Dollar	Unterstützung bei der Anmeldung
Gesundheitsberatung	890 Millionen Dollar	Betriebsoptimierung
Klinisches Management	810 Millionen Dollar	Programmimplementierung

Abteilungen für soziale Dienste

Maximus unterstützt Sozialdienstprogramme in 36 Bundesstaaten und generiert damit 1,5 Milliarden US-Dollar an damit verbundenen Dienstleistungen.

• Kinderfürsorgesysteme
• Behindertendienste
• Unterstützung bei Arbeitslosigkeit

Programme zur Personalentwicklung

Der Bereich Personalentwicklung erwirtschaftet jährlich 650 Millionen US-Dollar mit Dienstleistungen in 28 Bundesstaaten.

Programmtyp	Jahresumsatz	Schlüsseldienste
Berufsausbildung	280 Millionen Dollar	Kompetenzentwicklung
Arbeitsvermittlung	220 Millionen Dollar	Karriere-Matching
Professionelle Zertifizierung	150 Millionen Dollar	Schulungsprogramme

Maximus, Inc. (MMS) – Geschäftsmodell: Kostenstruktur

Personal- und Arbeitskosten

Für das Geschäftsjahr 2023 meldete Maximus, Inc. einen Personalaufwand von insgesamt 1.286,4 Millionen US-Dollar. Das Unternehmen beschäftigte rund 14.500 Vollzeitmitarbeiter in verschiedenen operativen Segmenten.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Gehälter und Löhne	1,086.4
Leistungen an Arbeitnehmer	200.0

Investitionen in die Technologieinfrastruktur

Im Jahr 2023 stellte Maximus 187,5 Millionen US-Dollar für Technologieinfrastruktur und Initiativen zur digitalen Transformation bereit.

• Cloud-Computing-Investitionen: 62,3 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 45,2 Millionen US-Dollar
• IT-Hardware und -Software: 80,0 Millionen US-Dollar

Forschung und Entwicklung

Maximus investierte für das Geschäftsjahr 2023 93,7 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf Technologielösungen für Behörden und das Gesundheitswesen.

F&E-Schwerpunktbereich	Investition (Millionen US-Dollar)
Gesundheitstechnologie	56.2
Innovation im öffentlichen Dienst	37.5

Compliance- und Regulierungsmanagement

Das Unternehmen verbrachte 42,6 Millionen US-Dollar zu Compliance- und Regulierungsmanagementaktivitäten im Jahr 2023.

• Systeme zur Einhaltung gesetzlicher Vorschriften: 22,4 Millionen US-Dollar
• Rechts- und Prüfungsdienstleistungen: 20,2 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Maximus stellte im Geschäftsjahr 2023 64,3 Millionen US-Dollar für Marketing- und Geschäftsentwicklungsbemühungen bereit.

Kategorie der Marketingausgaben	Betrag (in Millionen US-Dollar)
Digitales Marketing	24.5
Vertrieb und Geschäftsentwicklung	39.8

Maximus, Inc. (MMS) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Regierungsverträgen

Für das Geschäftsjahr 2023 meldete Maximus Einnahmen aus Regierungsverträgen in Höhe von 4,186 Milliarden US-Dollar, was etwa 85 % der Gesamteinnahmen des Unternehmens entspricht.

Regierungssegment	Umsatz (2023)	Prozentsatz der Gesamtsumme
Bundesdienste	1,92 Milliarden US-Dollar	39.2%
Staatliche und lokale Gesundheitsdienste	1,64 Milliarden US-Dollar	33.4%
Internationale Operationen	0,626 Milliarden US-Dollar	12.7%

Service-Implementierungsgebühren

Maximus generiert Implementierungsgebühren aus komplexen Regierungsprogrammübergängen und Technologiebereitstellungen.

• Durchschnittliche Implementierungsgebührenspanne: 2,5 bis 12 Millionen US-Dollar pro Vertrag
• Typische Implementierungsprojektdauer: 6-18 Monate

Lizenzierung von Technologielösungen

Die Einnahmen aus Technologielizenzen beliefen sich im Jahr 2023 auf insgesamt 186,4 Millionen US-Dollar, was 3,8 % der Gesamteinnahmen des Unternehmens entspricht.

Kategorie „Technologielizenzierung“.	Einnahmen
Gesundheitsmanagementsoftware	97,2 Millionen US-Dollar
Vorteile von Verwaltungsplattformen	59,8 Millionen US-Dollar
Workforce-Management-Systeme	29,4 Millionen US-Dollar

Beratung und professionelle Dienstleistungen

Der Umsatz mit professionellen Dienstleistungen belief sich im Geschäftsjahr 2023 auf 342,6 Millionen US-Dollar.

• Durchschnittlicher Wert des Beratungsengagements: 750.000 bis 3,5 Millionen US-Dollar
• Typische Dauer eines Beratungsprojekts: 3-12 Monate

Leistungsbasierte Vertragsanreize

Leistungsbasierte Anreize generierten im Jahr 2023 einen zusätzlichen Umsatz von 94,3 Millionen US-Dollar.

Leistungsmetrik	Incentive-Bereich	Gesamter Incentive-Umsatz
Verbesserungen der Programmeffizienz	2-5 % des Vertragswertes	56,7 Millionen US-Dollar
Erfolge bei der Kostensenkung	1-3 % des Vertragswertes	37,6 Millionen US-Dollar

Maximus, Inc. (MMS) - Canvas Business Model: Value Propositions

Delivering efficient, accountable administration of complex public programs

You're looking at a company whose value proposition is deeply tied to its ability to manage massive, critical government workloads reliably. The proof is in the scale and the trust shown by contract renewals. Maximus, Inc. finished fiscal year 2025 with total revenue hitting $5.43 billion, which was a 2.4% increase year-over-year, or 3.9% on an organic basis. This stability comes from a deep pipeline of work; as of September 30, 2025, the company reported $4.7 billion in year-to-date signed contract awards, with another $331 million in contracts pending signing. This backlog shows the government relies on Maximus, Inc. to keep essential services running, which is the core of accountability in this space.

The effectiveness of this administration is reflected in the bottom line. For the full fiscal year 2025, the company achieved an adjusted EBITDA margin of 12.9%, showing improved operational efficiency over the prior year's 11.6%. That efficiency translates directly to shareholder value, with full-year adjusted diluted earnings per share reaching $7.36.

Here are the key financial results underpinning this value delivery for fiscal year 2025:

Metric	Amount/Value (FY 2025)
Total Revenue	$5.43 billion
Organic Growth	3.9%
Adjusted EBITDA Margin	12.9%
Free Cash Flow	$366 million
Total Debt (as of Sep 30, 2025)	$1.35 billion

Modernizing citizen services through digital and AI-driven solutions

Maximus, Inc. is actively demonstrating its value by integrating advanced technology into legacy government systems. They are deploying AI and automation under their Maximus Forward transformation initiative to shift personnel to higher-value functions. For instance, on their Federal No Surprises Act contract, an AI solution was implemented to streamline the independent dispute resolution process.

This focus on digital modernization is winning new, high-tech federal work:

• Awarded a $77 million contract to provide cybersecurity, cloud services, and engineering support for the Air Force Cyber Command and Control Systems.
• Achieved Cybersecurity Maturity Model Certification (CMMC) Level 2, confirming its ability to secure national defense data.
• Secured a potential five-year, $123 million contract with the National Energy Technology Laboratory for professional IT services.
• Won an approximately $10 million contract from the IRS for OCIO Development, Infrastructure, Security, and Modernization.

You can see the impact on citizen-facing services, too. Maximus, Inc. redesigned Louisiana's Medicaid site, boosting customer experience and digital access for over 1.4 million residents. That's a concrete example of digital transformation helping people connect to care.

Providing clinical assessment services with high quality and scale

The demand for clinical services is a major driver of Maximus, Inc.'s growth. The U.S. Federal Services segment, which includes much of this clinical work, expanded by 12.1% in fiscal year 2025. Organic growth for the full year was 3.9%, driven primarily by this high demand for clinical services within that segment. The segment's Q3 FY2025 revenue hit $761.2 million, fueled by elevated volumes in its clinical portfolio.

The company is using technology to scale these assessments. On its Medical Disability Exam (MDE) contract with the Department of Veterans Affairs (VA), Maximus, Inc. leveraged tools like AWS GovCloud and Amazon Textract to build an AI/machine learning-powered records processing system. This allows them to shift labor to quality assurance, directly supporting the VA's objectives through high-quality, scalable assessment support.

Reducing government operating costs through business process outsourcing (BPO)

Cost reduction for the government client is achieved through the BPO model, which is evident in margin improvement and specific contract types. The company's ability to manage high-volume processes efficiently is a key value proposition here. For example, the U.S. Services Segment operating margin improved to 9.7% in fiscal year 2025, up from 1.2% in the prior fiscal year, following the divestiture of more volatile employment services businesses, allowing focus on core, high-margin BPO functions.

This BPO value is also seen in technology-enabled contact center work, such as the $76 million contract with the Federal Reserve System to provide contact center services through its Total Experience Management platform. Furthermore, the company continues its role as West Virginia's Medicaid and CHIP enrollment broker, showcasing continuity and satisfaction in essential, large-scale administrative outsourcing.

Maximus, Inc. (MMS) - Canvas Business Model: Customer Relationships

You're managing relationships with entities that control billions in spending, so trust isn't just a buzzword; it's the contract itself. Maximus, Inc.'s customer relationships are fundamentally long-term and built on deep integration with government agencies, which is evident in their revenue structure. For fiscal year 2025, the company reported total revenue of US$5.43 billion.

This reliance on government is significant, showing where that trust is placed. In 2025, about 56% of that revenue came from U.S. Federal Services, with an additional 32% from U.S. Services (state and local), meaning 88% of the business is domestic public sector work. Furthermore, the concentration risk underscores the depth of these ties: roughly 60% of 2025 revenue derived from its ten largest contracts, with about one-fifth tied to a single federal agency.

Metric	2025 Data Point	Implication for Relationship
FY2025 Total Revenue	US$5.43 billion	Scale of service delivery demands deep, established trust.
Revenue from U.S. Federal Services	56%	Primary focus on long-term federal partnerships.
Revenue from Top Ten Contracts	~60%	High dependency on performance within key government programs.
Revenue from Performance-Based Contracts	~54%	Relationship success is directly tied to measurable outcomes.

To manage this scale, Maximus deploys dedicated resources. As of September 30, 2025, the company supported its operations with about 37,200 employees and 9,300 contingent workers, all supporting these complex programs.

Dedicated contract management teams are essential for maintaining service continuity across these massive operations. For instance, in programs like the District of Columbia's TANF case management, which Maximus has supported since 2000, familiarity is key; approximately one-third of the staff members supporting this work are previous program participants, ensuring institutional knowledge remains embedded.

• Contract types heavily feature performance-based structures (~54% of 2025 revenue).
• Fixed-price contracts accounted for 13% of 2025 revenue.
• Focus areas include large eligibility, enrollment, and clinical assessment programs.

The sales process for large recompetes is inherently relationship-driven and consultative, as evidenced by the intense focus on contract protests and bid defense. While the potential $6.6 billion Contact Center Operations recompete with CMS was cancelled in late 2024/early 2025, the legal challenge itself demonstrated the high-stakes, consultative nature required to defend established, multi-year government partnerships. New wins, like the $86 million potential value Joint Cyber Command & Control (JCC2) Readiness contract awarded to the Air Force in November 2025, rely on leveraging existing technology expertise and proven leadership across federal agencies.

Continuous engagement is necessary to align services with evolving legislative priorities, especially given the company's stated focus on technology modernization and AI. Maximus emphasizes blending human-centered design with advanced technology to help agencies build trust through seamless experiences. They actively discuss strategies to transform service delivery, which directly addresses new mandates and policy shifts from government partners. This consultative approach is how they secure successor contracts, such as being awarded successor contracts for VA Medical Disability Examination services, ensuring uninterrupted support.

Maximus, Inc. (MMS) - Canvas Business Model: Channels

You're looking at how Maximus, Inc. (MMS) gets its services into the hands of its customers-primarily government entities. This is all about direct engagement and winning competitive bids for large, long-term contracts. The company's channel strategy is heavily weighted toward the U.S. public sector.

The pipeline for future work is substantial, indicating a significant volume of potential revenue flowing through these channels. As of September 30, 2025, the total sales pipeline for Maximus, Inc. stood at $51.3 billion.

Here is a breakdown of that pipeline as of that date:

• Proposals pending: $3.37 billion
• Proposals in preparation: $1.37 billion
• Opportunities tracking: $46.6 billion

New work opportunities made up approximately 64% of this total pipeline.

Direct contracting with U.S. Federal agencies

The U.S. Federal segment is a primary focus for capturing this pipeline activity. Opportunities within the U.S. Federal Services Segment accounted for approximately 66% of the total sales pipeline as of September 30, 2025. To give you a historical perspective on revenue concentration, in fiscal year 2023, approximately 48% of Maximus, Inc.'s total revenue came from the U.S. federal government.

Maximus Federal Services, Inc. utilizes several contract vehicles to secure this work, including General Services Administration (GSA) Awards Contracts and Other Transaction Agreements (OTAs). Specific contract vehicles mentioned include the GSA contract GS-35F-685GA and the Centers for Medicare and Medicaid Services (CMS) Strategic Partners Acquisition Readiness Contract (SPARC).

For the full fiscal year 2025, year-to-date signed contract awards totaled $4.7 billion as of September 30, 2025.

Direct contracting with U.S. State and Local governments

State and local governments represent another core channel. In fiscal year 2023, contracts with state and local government agencies accounted for approximately 37% of the company's total revenue. The company continues to secure and manage these state-level programs.

For example, Maximus US Services, Inc. entered into a HYBRID CONTRACT with the State of Michigan, effective March 11, 2025, with a term running through March 10, 2030, which may be renewed. Furthermore, Maximus redesigned Louisiana's Medicaid site, which serves over 1.4M+ residents.

The company also emphasizes its ability to extend state contracts to other states and governmental subdivisions upon written agreement.

Direct contracting with international government ministries

Maximus, Inc. operates through an Outside the U.S. segment, which serves international government ministries. Based on fiscal year 2023 data, foreign government agencies contributed approximately 14% of the company's total revenue. The company is focused on delivering services across federal, state, local, and international government programs.

Proposal and bidding processes

The proposal and bidding process is the feeder mechanism for all the direct contracting channels. As noted, the total sales pipeline was $51.3 billion at the end of fiscal year 2025. This process involves several stages of engagement before a contract is officially signed.

The status of contract awards as of September 30, 2025, shows the conversion success from the pipeline:

Metric	Amount as of September 30, 2025
Year-to-date signed contract awards (FY 2025)	$4.7 billion
Contracts pending (awarded but unsigned)	$331 million

The book-to-bill ratio, which measures contract awards against revenue recognized over the trailing twelve months, was 0.9x at September 30, 2025. This means that in the trailing year, the value of new contract awards was slightly less than the revenue recognized from existing contracts.

The distribution of opportunity focus within the pipeline is heavily skewed toward the federal level, which is a key area for future channel execution:

• U.S. Federal Services Segment opportunities: approximately 66% of the total sales pipeline.

The company is actively managing this pipeline, with a recent appointment of a Chief Growth Officer for Federal Business to lead growth strategy and capture operations for Civilian, Health, and Defense and National Security markets.

Maximus, Inc. (MMS) - Canvas Business Model: Customer Segments

You're looking at the core of Maximus, Inc.'s business, which is almost entirely centered on serving government entities at every level. This focus means their success is directly tied to public policy, funding cycles, and the administration of vital citizen services. Honestly, the concentration risk is something you need to watch closely.

The customer base is clearly segmented by geography and funding source, which is reflected in the revenue split for fiscal year 2025. Here's the quick math on where the money came from:

Customer Segment Group	FY 2025 Revenue Percentage (Approximate)	FY 2025 Revenue Amount	FY 2025 Operating Margin
U.S. Federal Services	56%	$3.07 billion	15.3%
U.S. Services (State and Local)	32%	$1.76 billion	9.7%
Outside the U.S. (International)	11%	$599.9 million	3.7%
Total Company Revenue	99% (Rounding)	$5.43 billion	N/A

The U.S. Federal Government is the single largest customer group, accounting for about 55.2% of total revenue in fiscal year 2025. This segment is mission-driven, focusing on transforming government operations for health, civilian, and defense agencies. Maximus delivers solutions in areas like clinical services, eligibility and enrollment, and digital modernization. Still, this concentration means that about 60% of the company's total revenue is tied up in just its ten largest contracts, with nearly one-fifth of that coming from a single federal agency.

The U.S. State and Local Governments form the second pillar, representing approximately 32.5% of the revenue base. This group relies on Maximus for program operations, technology solutions, and professional services to manage complex state-level mandates. The segment saw revenue decrease by 7.7% in FY 2025, partly due to the winding down of excess volumes related to Medicaid redeterminations from the prior year. Their operating margin for the segment settled at 9.7% for the year.

International Governments make up the smallest piece of the pie, contributing about 10.9% of revenue, totaling around $599.9 million in fiscal year 2025. While this segment's revenue declined by 8.7%, its profitability improved significantly, with an operating margin of 3.7%, up from 1.2% the prior year, largely because of strategic divestitures of employment services businesses.

A critical subset of the state and federal customer base involves agencies managing large entitlement programs. Maximus positions itself as a trusted partner to help these agencies handle increasing caseloads and contain costs while improving citizen experience. You see their work directly supporting the administration of these massive programs:

• Eligibility and enrollment support for Medicaid and CHIP programs.
• Operations for state-based health insurance exchange activities (ACA marketplaces).
• Case management for Temporary Assistance for Needy Families (TANF).
• Administration of child support enforcement and collection services.
• Clinical assessments and independent determinations for appeals and reviews.

The company emphasizes its ability to translate public policy into operating models that achieve outcomes at scale, a key value proposition for these specific government agencies. Finance: draft 13-week cash view by Friday.

Maximus, Inc. (MMS) - Canvas Business Model: Cost Structure

You're managing a business that relies heavily on government contracts, so understanding where every dollar goes in the cost structure of Maximus, Inc. is key to seeing their margin potential. Honestly, their costs are dominated by the people needed to execute complex, regulated work.

High personnel costs for the large, specialized workforce

The sheer scale of the workforce is a primary cost driver. Maximus, Inc. maintains a substantial base of direct labor and support staff to manage its large government programs. As of September 30, 2025, the company reported approximately 37,200 employees and an additional 9,300 contingent workers. This large, specialized workforce means labor, including subcontracted labor, makes up about two-thirds of the total Cost of Revenue.

Selling, general, and administrative (SG&A) expenses, which are primarily composed of labor costs for non-client-facing and corporate resources, also reflect this personnel base. For the nine months ended June 30, 2025, SG&A expenses totaled $354.6 million (or $354,592 thousand). This compares to $337.6 million (or $337,649 thousand) for the same nine-month period in fiscal year 2024. Fluctuations in SG&A are mainly driven by changes in this administrative cost base, not directly by revenue changes.

Here are some key cost-related financial snapshots for Maximus, Inc. as of late 2025:

Financial Metric (Period Ended Sept 30, 2025)	Amount	Context
Full Year Revenue (FY2025)	$5.43 billion	Reported full-year revenue.
Full Year Cost of Revenue (FY2025)	Not explicitly stated as total	Labor is approximately two-thirds of this component.
Full Year SG&A Expenses (FY2025)	Not explicitly stated as total	SG&A is primarily labor costs.
Nine Months Ended June 30, 2025 SG&A	$354.6 million	$354,592 thousand.
Full Year Free Cash Flow (FY2025)	$366 million	Cash generated after capital expenditures.

Significant investment in technology, including AI and digital transformation

Maximus, Inc. is actively making investments to enhance resources for contract initiatives, which includes technology spending. The company highlights its competitive strength in technology modernization. For fiscal 2026, Maximus is prioritizing the deployment of AI-enabled automation designed to drive productivity and operating leverage. These technology investments translate into specific accounting line items, such as capitalized software costs, which are then reflected in depreciation and amortization expenses as the assets become operational. For instance, the CFO noted that some capitalized software projects are now operational, leading to higher depreciation.

The company's focus on technology is a strategic lever to improve margins, as seen in the fiscal 2026 guidance which anticipates margin expansion using technology upgrades.

Costs associated with bidding and recompeting for large contracts

The pursuit of new and existing work involves significant, though often unquantified in total, costs related to proposal development, compliance, and the bidding process itself. A clear example of the stakes involved in recompetes is the Centers for Medicare & Medicaid Services (CMS) Contact Center Operations contract. The value of this single contract, which was being recompeted earlier than expected, is equivalent to approximately 10% to 15% of total Company revenue on an annual basis. The contract type is cost-plus-award-fee, which traditionally carries low single-digit margins. The company's sales pipeline at June 30, 2025, totaled $44.7 billion, showing the scale of effort required for proposal preparation and tracking.

The company's cost structure must absorb the expense of positioning for these large opportunities, which is a defintely necessary part of securing future revenue streams.

Amortization of intangible assets (a non-cash cost)

Amortization of intangible assets is a non-cash charge that reflects the periodic expensing of acquired assets like customer relationships and technology. Maximus, Inc. has a significant balance of these assets stemming from a 2021 acquisition, which totaled $422.9 million as of June 30, 2025. Substantially all of these assets are being amortized over the remaining eight years.

Reported amortization expenses for fiscal year 2025 periods show the impact of this non-cash charge:

• For the nine months ended June 30, 2025, amortization of intangible assets was $69.0 million (or $69,041 thousand).
• For the six months ended March 31, 2025, the charge was $46.0 million (or $46,031 thousand).
• The initial fiscal year 2025 guidance from November 2024 forecasted a full-year expense of $92 million for amortization of intangible assets.

This non-cash cost is explicitly excluded when calculating the company's adjusted earnings per share guidance for fiscal year 2025.

Maximus, Inc. (MMS) - Canvas Business Model: Revenue Streams

You're looking at the top-line picture for Maximus, Inc. as of the close of fiscal year 2025. The total full-year revenue landed at $5.43 billion for fiscal year 2025. This top number shows growth, but the real story is where that money came from, and honestly, it's heavily weighted toward one area. The U.S. Federal Services segment was the engine, bringing in $3.07 billion in revenue for FY 2025, which was a solid 12.1% increase year-over-year.

Here's how the main revenue segments stacked up for the full fiscal year 2025:

Revenue Segment	FY 2025 Revenue Amount	Percentage of Total Revenue (Approximate)
U.S. Federal Services	$3.07 billion	56%
U.S. Services (State and Local)	$1.76 billion	32%
Outside the U.S.	$599.9 million	11%
Total Full-Year Revenue	$5.43 billion	100%

When you break down the contract structure, you see a clear preference for payment tied to results. Approximately 54% of total revenue came from performance-based contracts. That's a big chunk, meaning a significant portion of what Maximus earns depends on hitting specific service levels or achieving stated outcomes for the government client. Still, that leaves nearly half of the revenue coming from other structures, like fixed-price work, which was about 13% of revenue.

The sources of this revenue are concentrated in a few key areas of government service delivery:

• Clinical services volume within the U.S. Federal Services Segment.
• Program operations for U.S. state and local government programs.
• Support for Medicaid, ACA marketplaces, and child support programs.
• Revenue streams tied to eligibility, enrollment, and clinical assessment work.