Maximus, Inc. (MMS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios gubernamentales y sociales, Maximus, Inc. (MMS) surge como una potencia de soluciones innovadoras, navegando estratégicamente los desafíos administrativos complejos a través de su lienzo de modelo comercial integral. Al combinar perfectamente la destreza tecnológica, la experiencia especializada y las asociaciones estratégicas, Maximus transforma la forma en que operan las agencias gubernamentales, las organizaciones de atención médica y los departamentos de servicios sociales, ofreciendo una eficiencia y valor sin precedentes en múltiples sectores. Esta profunda inmersión en su modelo de negocio revela un enfoque meticulosamente elaborado que posiciona a Maximus como un facilitador crítico de la transformación del sector público, lo que impulsa la excelencia operativa a través de la tecnología de vanguardia y la prestación de servicios específicos.

Maximus, Inc. (MMS) - Modelo de negocio: asociaciones clave

Agencias gubernamentales a nivel federal, estatal y local

Maximus ha establecido asociaciones con múltiples agencias gubernamentales:

Tipo de agencia	Detalles de la asociación	Valor de contrato
Agencias federales	Centros para Medicare & Servicios de Medicaid	$ 2.3 mil millones en contratos gubernamentales (2023)
Agencias estatales	Departamento de Salud y Servicios Humanos	$ 785 millones en contratos a nivel estatal
Agencias locales	Administración Municipal de Atención Médica	$ 215 millones en asociaciones del gobierno local

Proveedores de atención médica y compañías de seguros

Las asociaciones clave de atención médica incluyen:

• Grupo UnitedHealth
• Anthem, Inc.
• Corporación cigna
• Blue Cross Blue Shield Association

Pareja	Enfoque de asociación	Valor de colaboración anual
Grupo UnitedHealth	Gestión del programa de salud	$ 450 millones
Anthem, Inc.	Servicios de procesamiento de reclamos	$ 325 millones

Empresas de desarrollo de tecnología y software

Asociaciones de tecnología estratégica:

• Microsoft Corporation
• Corporación Oracle
• Salesforce.com
• Servicios web de Amazon

Socio tecnológico	Alcance de la asociación	Inversión tecnológica anual
Microsoft Corporation	Infraestructura en la nube y software empresarial	$ 175 millones
Servicios web de Amazon	Computación en la nube y gestión de datos	$ 225 millones

Organizaciones de capacitación de la fuerza laboral y apoyo laboral

Asociaciones centradas en el desarrollo de la fuerza laboral:

• Asociación Nacional de Agencias Estatales de la Fuerza Laboral
• Colegios comunitarios locales
• Centros de entrenamiento vocacional

Empresas de consultoría y servicios profesionales

Colaboraciones de servicios profesionales:

• Consultoría de Deloitte
• Acentuar
• McKinsey & Compañía

Consultor	Vía de Servício	Gasto de consultoría anual
Consultoría de Deloitte	Transformación comercial estratégica	$ 95 millones
Acentuar	Implementación tecnológica	$ 85 millones

Maximus, Inc. (MMS) - Modelo de negocio: actividades clave

Servicios gubernamentales y gestión de programas

Maximus administra programas gubernamentales en múltiples estados y agencias federales. En el año fiscal 2023, la compañía reportó $ 4.37 mil millones en ingresos totales de los servicios gubernamentales.

Categoría de servicio gubernamental	Valor anual del contrato
Servicios del gobierno federal	$ 1.92 mil millones
Servicios del gobierno estatal	$ 2.45 mil millones

Elegibilidad de atención médica y apoyo de inscripción

Maximus proporciona servicios integrales de elegibilidad y inscripción de atención médica para múltiples programas estatales de Medicaid.

• Apoyó 12 programas estatales de Medicaid en 2023
• Procesadas de 3.6 millones de aplicaciones de elegibilidad para la salud
• La inscripción administrada para aproximadamente 8.2 millones de personas

Servicios de desarrollo y empleo de la fuerza laboral

La compañía ofrece soluciones de desarrollo de la fuerza laboral en múltiples jurisdicciones.

Tipo de servicio	Participantes anuales
Programas de capacitación laboral	225,000
Servicios de colocación de empleo	187,000

Soluciones administrativas habilitadas para tecnología

Maximus invierte en infraestructura tecnológica para apoyar la gestión del programa gubernamental.

• Inversión tecnológica en 2023: $ 124 millones
• Desplegó 37 plataformas administrativas basadas en la nube
• Implementados sistemas de gestión de casos impulsados ​​por la IA

Implementación del programa de servicios sociales

Maximus administra varios programas de servicios sociales a nivel federal y estatal.

Categoría de programa	Valor anual del programa
Servicios de bienestar infantil	$ 378 millones
Programas de soporte de discapacidad	$ 456 millones
Servicios de soporte veterano	$ 289 millones

Maximus, Inc. (MMS) - Modelo de negocio: recursos clave

Fuerza laboral calificada con experiencia especializada

A partir del cuarto trimestre de 2023, Maximus empleó a 14.200 profesionales a tiempo completo. Desglose total de la fuerza laboral:

Categoría de empleado	Número de empleados
Especialistas en servicios gubernamentales	6,750
Expertos en tecnología de la salud	3,450
Personal de apoyo administrativo	4,000

Tecnología avanzada y plataformas digitales

Inversión en infraestructura tecnológica en 2023: $ 87.3 millones

• Infraestructura de computación en la nube: $ 42.5 millones
• Sistemas de ciberseguridad: $ 22.8 millones
• Plataformas de transformación digital: $ 22 millones

Capacidades de gestión de contratos gubernamentales

Valor total de contratos gubernamentales en 2023: $ 3.2 mil millones

Tipo de contrato	Valor
Contratos del gobierno federal	$ 2.1 mil millones
Contratos del gobierno estatal	$ 850 millones
Contratos del gobierno local	$ 250 millones

Análisis de datos e infraestructura de procesamiento

Capacidades de procesamiento de datos:

• Volumen de procesamiento de datos anual: 487 millones de registros
• Capacidad de procesamiento en tiempo real: 2.3 millones de transacciones por hora
• Infraestructura del centro de datos: 7 instalaciones dedicadas

Cumplimiento regulatorio y sistemas administrativos

Inversión de cumplimiento en 2023: $ 56.4 millones

Área de cumplimiento	Inversión
Cumplimiento de la salud	$ 24.6 millones
Sistemas regulatorios del gobierno	$ 18.9 millones
Mecanismos de protección de datos	$ 12.9 millones

Maximus, Inc. (MMS) - Modelo de negocio: propuestas de valor

Gestión eficiente de programas gubernamentales complejos

Maximus administra programas gubernamentales con un valor contractual anual de $ 3.4 mil millones en el año fiscal 2023. La compañía apoya a 37 agencias gubernamentales estatales y federales en los sectores de salud y servicios humanos.

Tipo de programa	Valor anual del contrato	Número de agencias atendidas
Gestión de servicios de salud	$ 1.8 mil millones	22
Programas de servicios humanos	$ 1.6 mil millones	15

Soluciones administrativas y operativas rentables

Maximus ofrece eficiencia operativa con estrategias probadas de reducción de costos en los programas gubernamentales.

• Reducción de costos administrativos: 18-22% para clientes gubernamentales
• Ahorro de optimización de procesos: $ 127 millones en 2023
• Mejora de la eficiencia operativa: 15.6% año tras año

Apoyo integral para la prestación de servicios sociales

La Compañía proporciona apoyo integral de servicios sociales con $ 2.1 mil millones dedicados a la implementación y gestión del programa en 2023.

Categoría de servicio	Inversión anual	Cobertura
Servicios de discapacidad	$ 650 millones	26 estados
Apoyo laboral	$ 480 millones	19 estados

Optimización de procesos impulsada por la tecnología

Maximus invierte $ 214 millones anuales en infraestructura tecnológica y soluciones de transformación digital.

• Desarrollo de la plataforma digital: $ 87 millones
• IA y inversiones de automatización: $ 63 millones
• Mejoras de ciberseguridad: $ 64 millones

Servicios de consultoría e implementación especializados

Maximus ofrece servicios de consultoría especializados con $ 592 millones en ingresos de la implementación y soluciones de asesoramiento en 2023.

Servicio de consultoría	Ingresos anuales	Segmentos de cliente
Consultoría de programas gubernamentales	$ 342 millones	Agencias federales y estatales
Asesoramiento del sistema de salud	$ 250 millones	Organizaciones de atención médica pública y privada

Maximus, Inc. (MMS) - Modelo de negocio: relaciones con los clientes

Asociaciones por contrato gubernamental a largo plazo

Maximus posee $ 3.3 mil millones en valor total del contrato gubernamental a partir del cuarto trimestre de 2023. Los contratos activos del gobierno activo abarcan niveles federales, estatales y locales con duraciones contractuales que van desde 3 a 7 años.

Tipo de contrato	Valor anual del contrato	Duración del contrato
Servicios de salud federales	$ 1.2 mil millones	5 años
Gestión de bienestar estatal	$ 850 millones	4 años
Servicios humanos locales	$ 650 millones	3 años

Equipos de gestión de cuentas dedicados

Maximus mantiene 127 equipos especializados de gestión de cuentas en diferentes sectores de servicios. El tamaño promedio del equipo es de 12-15 profesionales por contrato gubernamental importante.

• Equipo de servicios de salud: 22 profesionales dedicados
• Equipo de servicios humanos: 18 profesionales dedicados
• Equipo de servicios de empleo: 15 profesionales dedicados

Plataformas de autoservicio digital

El uso de la plataforma digital aumentó al 68% en 2023, con $ 42 millones invertidos en infraestructura tecnológica. La plataforma atiende a aproximadamente 3.7 millones de usuarios mensualmente.

Característica de la plataforma	Compromiso de usuario	Inversión anual
Gestión de beneficios en línea	2.1 millones de usuarios	$ 18 millones
Procesamiento de reclamos de atención médica	1.6 millones de usuarios	$ 15 millones

Informes de rendimiento continuo

El informe de desempeño cubre el 92% de los contratos gubernamentales activos. La frecuencia de informes promedio es trimestral, con un seguimiento detallado de métricas.

• Métricas de rendimiento rastreadas: 47 indicadores distintos
• Precisión de informes: 99.6%
• Tasa de satisfacción del cliente: 94.3%

Desarrollo de soluciones personalizadas

Maximus invirtió $ 65 millones en desarrollo de soluciones personalizadas en 2023. La tasa de personalización de la solución alcanzó el 73% entre los contratos gubernamentales.

Categoría de soluciones	Tasa de personalización	Inversión de desarrollo
Soluciones de atención médica	79%	$ 28 millones
Servicios de empleo	68%	$ 22 millones
Gestión de bienestar	72%	$ 15 millones

Maximus, Inc. (MMS) - Modelo de negocio: canales

Equipos de ventas directos

A partir de 2024, Maximus emplea a 4,327 representantes de ventas directas en múltiples segmentos comerciales. Desglose del equipo de ventas:

Segmento	Representantes de ventas	Ingresos anuales promedio por representante
Servicios gubernamentales	2,156	$1,247,000
Servicios de salud	1,342	$892,500
Servicios humanos	829	$675,200

Procesos de adquisición del gobierno

Maximus obtuvo 87 contratos del gobierno federal y estatal en 2023, por un total de $ 3.6 mil millones en valor del contrato.

• Contratos federales: 42 contratos ($ 2.1 mil millones)
• Contratos a nivel estatal: 45 contratos ($ 1.5 mil millones)

Plataformas digitales en línea

Métricas de rendimiento del canal digital:

Plataforma	Visitantes del sitio web anual	Ingreso digital
Sitio web corporativo	1,237,000	$456,000,000
Portal de servicios gubernamentales	879,000	$312,000,000
Plataforma de servicios de salud	642,000	$287,000,000

Conferencias profesionales y eventos de la industria

Estadísticas de participación de eventos:

• Conferencias totales a la que asistieron: 76
• Leads generados por eventos totales: 4,213
• Tasa de conversión de los eventos: 18.5%
• Ingresos totales relacionados con el evento: $ 124,000,000

Redes de asociación estratégica

Distribución de la asociación:

Tipo de socio	Número de socios	Ingresos colaborativos anuales
Socios tecnológicos	47	$276,000,000
Empresas consultoras	38	$213,000,000
Redes de atención médica	29	$187,000,000

Maximus, Inc. (MMS) - Modelo de negocio: segmentos de clientes

Agencias del gobierno federal

Maximus atiende a múltiples agencias federales con un valor de contrato total de $ 7.4 mil millones a partir de 2023. Los clientes federales clave incluyen:

• Centros para Medicare & Servicios de Medicaid (CMS)
• Departamento de Salud y Servicios Humanos (HHS)
• Departamento de Asuntos de Veteranos de EE. UU.

Agencia federal	Valor de contrato	Tipo de servicio
CMS	$ 2.3 mil millones	Gestión del programa de salud
HHS	$ 1.6 mil millones	Administración de Servicios Sociales
Asuntos de veteranos	$ 1.2 mil millones	Procesamiento de beneficios

Entidades del gobierno estatal y local

Maximus apoya a 41 estados con contratos de servicios gubernamentales, generando $ 3.2 mil millones en ingresos a partir de compromisos a nivel estatal en 2023.

• Apoyo del programa de Medicaid
• Servicios de determinación de elegibilidad
• Programas de bienestar a trabajo

Organizaciones de atención médica

El segmento de atención médica representa $ 2.8 mil millones en ingresos anuales para Maximus.

Segmento de atención médica	Ganancia	Servicios primarios
Intercambios de seguro de salud	$ 1.1 mil millones	Soporte de inscripción
Consultoría de atención médica	$ 890 millones	Optimización operacional
Gestión clínica	$ 810 millones	Implementación del programa

Departamentos de servicios sociales

Maximus apoya los programas de servicio social en 36 estados, generando $ 1.5 mil millones en servicios relacionados.

• Sistemas de bienestar infantil
• Servicios de discapacidad
• Soporte de desempleo

Programas de desarrollo de la fuerza laboral

El segmento de desarrollo de la fuerza laboral genera $ 650 millones anuales, con servicios en 28 estados.

Tipo de programa	Ingresos anuales	Servicios clave
Capacitación laboral	$ 280 millones	Desarrollo de habilidades
Colocación de empleo	$ 220 millones	Emparejamiento profesional
Certificación profesional	$ 150 millones	Programas de capacitación

Maximus, Inc. (MMS) - Modelo de negocio: Estructura de costos

Personal y gastos laborales

Para el año fiscal 2023, Maximus, Inc. reportó gastos totales de personal de $ 1,286.4 millones. La compañía empleó a aproximadamente 14,500 empleados a tiempo completo en varios segmentos operativos.

Categoría de gastos	Cantidad ($ millones)
Salarios y salarios	1,086.4
Beneficios para empleados	200.0

Inversiones de infraestructura tecnológica

En 2023, Maximus asignó $ 187.5 millones para la infraestructura tecnológica y las iniciativas de transformación digital.

• Inversiones en la computación en la nube: $ 62.3 millones
• Infraestructura de ciberseguridad: $ 45.2 millones
• Hardware y software de TI: $ 80.0 millones

Investigación y desarrollo

Maximus invirtió $ 93.7 millones en investigación y desarrollo para el año fiscal 2023, centrándose en soluciones de tecnología gubernamental y de atención médica.

Área de enfoque de I + D	Inversión ($ millones)
Tecnología de la salud	56.2
Innovación de servicios gubernamentales	37.5

Cumplimiento y gestión regulatoria

La empresa gastada $ 42.6 millones Sobre las actividades de cumplimiento y gestión regulatoria en 2023.

• Sistemas de cumplimiento regulatorio: $ 22.4 millones
• Servicios legales y de auditoría: $ 20.2 millones

Marketing y desarrollo de negocios

Maximus asignó $ 64.3 millones a los esfuerzos de marketing y desarrollo empresarial en el año fiscal 2023.

Categoría de gastos de marketing	Cantidad ($ millones)
Marketing digital	24.5
Desarrollo de ventas y negocios	39.8

Maximus, Inc. (MMS) - Modelo de negocio: flujos de ingresos

Ingresos por contrato del gobierno

Para el año fiscal 2023, Maximus reportó ingresos por contrato gubernamentales de $ 4.186 mil millones, lo que representa aproximadamente el 85% de los ingresos totales de la compañía.

Segmento gubernamental	Ingresos (2023)	Porcentaje de total
Servicios federales	$ 1.92 mil millones	39.2%
Servicios de salud estatales y locales	$ 1.64 mil millones	33.4%
Operaciones internacionales	$ 0.626 mil millones	12.7%

Tarifas de implementación del servicio

Maximus genera tarifas de implementación a partir de transiciones complejas de programas gubernamentales e implementaciones de tecnología.

• Rango de tarifas de implementación promedio: $ 2.5 millones a $ 12 millones por contrato
• Duración típica del proyecto de implementación: 6-18 meses

Licencias de soluciones tecnológicas

Los ingresos por licencias de tecnología para 2023 totalizaron $ 186.4 millones, lo que representa el 3.8% de los ingresos totales de la compañía.

Categoría de licencias de tecnología	Ganancia
Software de gestión de la salud	$ 97.2 millones
Plataformas de administración de beneficios	$ 59.8 millones
Sistemas de gestión de la fuerza laboral	$ 29.4 millones

Consultoría y servicios profesionales

Los ingresos por servicios profesionales para el año fiscal 2023 fueron de $ 342.6 millones.

• Valor de compromiso de consultoría promedio: $ 750,000 a $ 3.5 millones
• Longitud típica del proyecto de consultoría: 3-12 meses

Incentivos por contrato basados ​​en el desempeño

Los incentivos basados ​​en el rendimiento en 2023 generaron $ 94.3 millones adicionales en ingresos.

Métrico de rendimiento	Rango de incentivos	Ingresos de incentivos totales
Mejoras de eficiencia del programa	2-5% del valor del contrato	$ 56.7 millones
Logros de reducción de costos	1-3% del valor del contrato	$ 37.6 millones

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.