Maximus, Inc. (MMS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique du gouvernement et des services sociaux, Maximus, Inc. (MMS) apparaît comme une puissance de solutions innovantes, naviguant stratégiquement des défis administratifs complexes grâce à sa toile complète du modèle commercial. En mélangeant de manière transparente les prouesses technologiques, une expertise spécialisée et des partenariats stratégiques, Maximus transforme le fonctionnement des agences gouvernementales, des organisations de soins de santé et des services sociaux, offrant une efficacité et une valeur sans précédent dans plusieurs secteurs. Cette plongée profonde dans leur modèle commercial révèle une approche méticuleusement conçue qui positionne Maximus en tant que catalyseur critique de la transformation du secteur public, stimulant l'excellence opérationnelle grâce à la technologie de pointe et à la prestation de services ciblés.

Maximus, Inc. (MMS) - Modèle d'entreprise: partenariats clés

Agences gouvernementales aux niveaux fédéral, étatique et local

Maximus a établi des partenariats avec plusieurs agences gouvernementales:

Type d'agence	Détails du partenariat	Valeur du contrat
Agences fédérales	Centers for Medicare & Services Medicaid	2,3 milliards de dollars de contrats gouvernementaux (2023)
Agences d'État	Département de la santé et des services sociaux	785 millions de dollars en contrats au niveau de l'État
Agences locales	Administration des soins de santé municipaux	215 millions de dollars en partenariats gouvernementaux locaux

Fournisseurs de soins de santé et compagnies d'assurance

Les principaux partenariats de soins de santé comprennent:

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

Partenaire	Focus de partenariat	Valeur de collaboration annuelle
Groupe UnitedHealth	Gestion du programme de soins de santé	450 millions de dollars
Anthem, Inc.	Services de traitement des réclamations	325 millions de dollars

Entreprises de développement de technologies et de logiciels

Partenariats technologiques stratégiques:

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

Partenaire technologique	Portée du partenariat	Investissement technologique annuel
Microsoft Corporation	Infrastructure cloud et logiciel d'entreprise	175 millions de dollars
Services Web Amazon	Cloud Computing et gestion des données	225 millions de dollars

Organisations de formation de la main-d'œuvre et de soutien à l'emploi

Les partenariats se sont concentrés sur le développement de la main-d'œuvre:

• Association nationale des agences de main-d'œuvre d'État
• Collèges communautaires locaux
• Centres de formation professionnelle

Entreprises de conseil et de services professionnels

Collaborations de services professionnels:

• Deloitte Consulting
• Accentuation
• McKinsey & Entreprise

Partenaire de conseil	Aire de service	Dépenses de conseil annuelles
Deloitte Consulting	Transformation stratégique d'entreprise	95 millions de dollars
Accentuation	Mise en œuvre de la technologie	85 millions de dollars

Maximus, Inc. (MMS) - Modèle d'entreprise: activités clés

Services gouvernementaux et gestion des programmes

Maximus gère les programmes gouvernementaux dans plusieurs États et agences fédérales. Au cours de l'exercice 2023, la société a déclaré 4,37 milliards de dollars de revenus totaux des services gouvernementaux.

Catégorie de services gouvernementaux	Valeur du contrat annuel
Services du gouvernement fédéral	1,92 milliard de dollars
Services du gouvernement de l'État	2,45 milliards de dollars

Admissibilité aux soins de santé et soutien aux inscriptions

Maximus fournit des services d'éligibilité et d'inscription complets en matière de soins de santé pour plusieurs programmes d'État Medicaid.

• Soutenu 12 programmes d'État Medicaid en 2023
• 3,6 millions de demandes d'éligibilité en matière de santé
• Inscription gérée pour environ 8,2 millions de personnes

Services de développement de la main-d'œuvre et d'emploi

L'entreprise fournit des solutions de développement de la main-d'œuvre dans plusieurs juridictions.

Type de service	Participants annuels
Programmes de formation professionnelle	225,000
Services de placement sur l'emploi	187,000

Solutions administratives compatibles avec la technologie

Maximus investit dans des infrastructures technologiques pour soutenir la gestion du programme gouvernemental.

• Investissement technologique en 2023: 124 millions de dollars
• Déployé 37 plateformes administratives basées sur le cloud
• Implémentation de systèmes de gestion de cas axés sur l'IA

Mise en œuvre du programme des services sociaux

Maximus gère divers programmes de services sociaux aux niveaux fédéral et étatique.

Catégorie de programme	Valeur annuelle du programme
Services de protection de l'enfance	378 millions de dollars
Programmes de soutien aux personnes handicapées	456 millions de dollars
Services de soutien aux vétérans	289 millions de dollars

Maximus, Inc. (MMS) - Modèle d'entreprise: Ressources clés

Main-d'œuvre qualifiée avec une expertise spécialisée

Au quatrième trimestre 2023, Maximus employait 14 200 professionnels à temps plein. Répartition totale de la main-d'œuvre:

Catégorie des employés	Nombre d'employés
Spécialistes des services gouvernementaux	6,750
Experts en technologie de la santé	3,450
Personnel de soutien administratif	4,000

Technologie avancée et plateformes numériques

Investissement dans l'infrastructure technologique en 2023: 87,3 millions de dollars

• Infrastructure de cloud computing: 42,5 millions de dollars
• Systèmes de cybersécurité: 22,8 millions de dollars
• Plateformes de transformation numérique: 22 millions de dollars

Capacités gouvernementales de gestion des contrats

La valeur totale des contrats du gouvernement en 2023: 3,2 milliards de dollars

Type de contrat	Valeur
Contrats du gouvernement fédéral	2,1 milliards de dollars
Contrats du gouvernement de l'État	850 millions de dollars
Contrats du gouvernement local	250 millions de dollars

Infrastructure d'analyse et de traitement des données

Capacités de traitement des données:

• Volume annuel de traitement des données: 487 millions d'enregistrements
• Capacité de traitement en temps réel: 2,3 millions de transactions par heure
• Infrastructure du centre de données: 7 installations dédiées

Conformité réglementaire et systèmes administratifs

Investissement de conformité en 2023: 56,4 millions de dollars

Zone de conformité	Investissement
Conformité aux soins de santé	24,6 millions de dollars
Systèmes de réglementation du gouvernement	18,9 millions de dollars
Mécanismes de protection des données	12,9 millions de dollars

Maximus, Inc. (MMS) - Modèle d'entreprise: propositions de valeur

Gestion efficace des programmes gouvernementaux complexes

Maximus gère les programmes gouvernementaux avec une valeur de contrat annuelle de 3,4 milliards de dollars au cours de l'exercice 2023. La société soutient 37 agences gouvernementales d'État et fédérales dans les secteurs de la santé et des services sociaux.

Type de programme	Valeur du contrat annuel	Nombre d'agences servies
Gestion des services de santé	1,8 milliard de dollars	22
Programmes de services sociaux	1,6 milliard de dollars	15

Solutions administratives et opérationnelles rentables

Maximus offre une efficacité opérationnelle avec des stratégies de réduction des coûts éprouvées entre les programmes gouvernementaux.

• Réduction des coûts administratifs: 18-22% pour les clients gouvernementaux
• Économies d'optimisation des processus: 127 millions de dollars en 2023
• Amélioration de l'efficacité opérationnelle: 15,6% d'une année à l'autre

Support complet de la prestation des services sociaux

La Société fournit un soutien complet aux services sociaux avec 2,1 milliards de dollars dédiés à la mise en œuvre et à la gestion des programmes en 2023.

Catégorie de service	Investissement annuel	Couverture
Services d'invalidité	650 millions de dollars	26 États
Soutien à l'emploi	480 millions de dollars	19 États

Optimisation de processus axée sur la technologie

Maximus investit 214 millions de dollars par an dans les solutions d'infrastructure technologique et de transformation numérique.

• Développement de la plate-forme numérique: 87 millions de dollars
• IA et investissements d'automatisation: 63 millions de dollars
• Améliorations de la cybersécurité: 64 millions de dollars

Services de conseil et de mise en œuvre spécialisés

Maximus fournit des services de conseil spécialisés avec 592 millions de dollars de revenus provenant de solutions de mise en œuvre et de conseil en 2023.

Service de conseil	Revenus annuels	Segments du client
Conseil des programmes gouvernementaux	342 millions de dollars	Agences fédérales et étatiques
Conseil du système de santé	250 millions de dollars	Organisations de soins de santé publics et privés

Maximus, Inc. (MMS) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels du gouvernement à long terme

Maximus détient 3,3 milliards de dollars de valeur totale du contrat gouvernemental au quatrième trimestre 2023. Les contrats gouvernementaux actifs actuels s'étendent sur les niveaux fédéraux, étatiques et locaux avec des durées de contrat allant de 3 à 7 ans.

Type de contrat	Valeur du contrat annuel	Durée du contrat
Services de santé fédéraux	1,2 milliard de dollars	5 ans
Gestion du bien-être de l'État	850 millions de dollars	4 ans
Services sociaux locaux	650 millions de dollars	3 ans

Équipes de gestion des comptes dédiés

Maximus maintient 127 équipes de gestion des comptes spécialisés dans différents secteurs de service. La taille moyenne de l'équipe est de 12 à 15 professionnels par contrat gouvernemental majeur.

• Équipe des services de santé: 22 professionnels dévoués
• Équipe des services sociaux: 18 professionnels dévoués
• Équipe des services à l'emploi: 15 professionnels dévoués

Plates-formes de libre-service numériques

L'utilisation de la plate-forme numérique est passée à 68% en 2023, avec 42 millions de dollars investis dans des infrastructures technologiques. La plate-forme dessert environ 3,7 millions d'utilisateurs par mois.

Fonctionnalité de plate-forme	Engagement des utilisateurs	Investissement annuel
Gestion des avantages sociaux en ligne	2,1 millions d'utilisateurs	18 millions de dollars
Traitement des réclamations de soins de santé	1,6 million d'utilisateurs	15 millions de dollars

Rapports de performances continues

Les rapports sur les performances couvrent 92% des contrats gouvernementaux actifs. La fréquence de rapport moyenne est trimestrielle, avec un suivi détaillé des mesures.

• Métriques de performance suivies: 47 indicateurs distincts
• Précision des rapports: 99,6%
• Taux de satisfaction du client: 94,3%

Développement de solutions personnalisées

Maximus a investi 65 millions de dollars dans le développement de solutions personnalisées en 2023. Le taux de personnalisation de la solution a atteint 73% entre les contrats gouvernementaux.

Catégorie de solution	Taux de personnalisation	Investissement en développement
Solutions de soins de santé	79%	28 millions de dollars
Services à l'emploi	68%	22 millions de dollars
Gestion du bien-être	72%	15 millions de dollars

Maximus, Inc. (MMS) - Modèle d'entreprise: canaux

Équipes de vente directes

En 2024, Maximus emploie 4 327 représentants des ventes directes sur plusieurs segments d'entreprise. Répartition de l'équipe de vente:

Segment	Représentants des ventes	Revenu annuel moyen par représentant
Services gouvernementaux	2,156	$1,247,000
Services de santé	1,342	$892,500
Services sociaux	829	$675,200

Processus d'approvisionnement du gouvernement

Maximus a obtenu 87 contrats du gouvernement fédéral et des États en 2023, totalisant 3,6 milliards de dollars de valeur contractuelle.

• Contrats fédéraux: 42 contrats (2,1 milliards de dollars)
• Contrats au niveau de l'État: 45 contrats (1,5 milliard de dollars)

Plateformes numériques en ligne

Métriques de performance des canaux numériques:

Plate-forme	Visiteurs annuels du site Web	Revenus numériques
Site Web de l'entreprise	1,237,000	$456,000,000
Portail des services gouvernementaux	879,000	$312,000,000
Plateforme de services de santé	642,000	$287,000,000

Conférences professionnelles et événements de l'industrie

Statistiques de participation à l'événement:

• Conférences totales présentes: 76
• Total des pistes générées par l'événement: 4 213
• Taux de conversion des événements: 18,5%
• Revenu total lié à l'événement: 124 000 000 $

Réseaux de partenariat stratégiques

Distribution de partenariat:

Type de partenaire	Nombre de partenaires	Revenus collaboratifs annuels
Partenaires technologiques	47	$276,000,000
Cabinets de conseil	38	$213,000,000
Réseaux de soins de santé	29	$187,000,000

Maximus, Inc. (MMS) - Modèle d'entreprise: segments de clientèle

Agences gouvernementales fédérales

Maximus dessert plusieurs agences fédérales avec une valeur de contrat totale de 7,4 milliards de dollars en 2023. Les principaux clients fédéraux comprennent:

• Centers for Medicare & Medicaid Services (CMS)
• Département de la santé et des services humains (HHS)
• Département américain des anciens combattants

Agence fédérale	Valeur du contrat	Type de service
CMS	2,3 milliards de dollars	Gestion du programme de soins de santé
HHS	1,6 milliard de dollars	Administration des services sociaux
Anciens combattants	1,2 milliard de dollars	Traitement des avantages

Entités gouvernementales et locales

Maximus soutient 41 États avec des contrats de services gouvernementaux, générant 3,2 milliards de dollars de revenus des engagements au niveau de l'État en 2023.

• Support du programme Medicaid
• Services de détermination de l'admissibilité
• Programmes de bien-être au travail

Organisations de soins de santé

Le segment des soins de santé représente 2,8 milliards de dollars de revenus annuels pour Maximus.

Segment des soins de santé	Revenu	Services primaires
Échanges d'assurance maladie	1,1 milliard de dollars	Assistance à l'inscription
Conseil des soins de santé	890 millions de dollars	Optimisation opérationnelle
Gestion clinique	810 millions de dollars	Mise en œuvre du programme

Départements de services sociaux

Maximus soutient les programmes de services sociaux dans 36 États, générant 1,5 milliard de dollars de services connexes.

• Systèmes de protection de l'enfance
• Services d'invalidité
• Support de chômage

Programmes de développement de la main-d'œuvre

Le segment du développement de la main-d'œuvre génère 650 millions de dollars par an, avec des services dans 28 États.

Type de programme	Revenus annuels	Services clés
Formation professionnelle	280 millions de dollars	Développement des compétences
Placement de l'emploi	220 millions de dollars	Match de carrière
Certification professionnelle	150 millions de dollars	Programmes de formation

Maximus, Inc. (MMS) - Modèle d'entreprise: Structure des coûts

Personnel et dépenses de main-d'œuvre

Pour l'exercice 2023, Maximus, Inc. a déclaré un total de dépenses de personnel de 1 286,4 millions de dollars. L'entreprise a employé environ 14 500 employés à temps plein dans divers segments opérationnels.

Catégorie de dépenses	Montant (millions de dollars)
Salaires et salaires	1,086.4
Avantages sociaux	200.0

Investissements infrastructures technologiques

En 2023, Maximus a alloué 187,5 millions de dollars pour les initiatives d'infrastructure technologique et de transformation numérique.

• Investissements en cloud computing: 62,3 millions de dollars
• Infrastructure de cybersécurité: 45,2 millions de dollars
• Matériel et logiciel informatique: 80,0 millions de dollars

Recherche et développement

Maximus a investi 93,7 millions de dollars dans la recherche et le développement pour l'exercice 2023, en se concentrant sur les solutions gouvernementales et technologiques de soins de santé.

Zone de focus R&D	Investissement (millions de dollars)
Technologie de santé	56.2
Innovation des services gouvernementaux	37.5

Compliance et gestion réglementaire

L'entreprise a dépensé 42,6 millions de dollars sur les activités de gestion de la conformité et de la réglementation en 2023.

• Systèmes de conformité réglementaire: 22,4 millions de dollars
• Services juridiques et d'audit: 20,2 millions de dollars

Marketing et développement commercial

Maximus a alloué 64,3 millions de dollars aux efforts de marketing et de développement commercial au cours de l'exercice 2023.

Catégorie de dépenses de marketing	Montant (millions de dollars)
Marketing numérique	24.5
Ventes et développement commercial	39.8

Maximus, Inc. (MMS) - Modèle d'entreprise: Strots de revenus

Revenus contractuels du gouvernement

Pour l'exercice 2023, Maximus a déclaré des revenus de contrat gouvernementaux de 4,186 milliards de dollars, ce qui représente environ 85% du total des revenus de l'entreprise.

Segment du gouvernement	Revenus (2023)	Pourcentage du total
Services fédéraux	1,92 milliard de dollars	39.2%
Services de santé d'État et locaux	1,64 milliard de dollars	33.4%
Opérations internationales	0,626 milliard de dollars	12.7%

Frais de mise en œuvre du service

Maximus génère des frais de mise en œuvre à partir de transitions de programme gouvernemental complexes et de déploiements technologiques.

• Plage de frais de mise en œuvre moyenne: 2,5 millions de dollars à 12 millions de dollars par contrat
• Durée du projet de mise en œuvre typique: 6 à 18 mois

Licence de solution technologique

Les revenus des licences technologiques pour 2023 ont totalisé 186,4 millions de dollars, ce qui représente 3,8% du total des revenus de l'entreprise.

Catégorie de licence technologique	Revenu
Logiciel de gestion des soins de santé	97,2 millions de dollars
Plateformes d'administration des avantages	59,8 millions de dollars
Systèmes de gestion de la main-d'œuvre	29,4 millions de dollars

Services de conseil et professionnels

Les revenus des services professionnels pour l'exercice 2023 étaient de 342,6 millions de dollars.

• Valeur d'engagement de consultation moyen: 750 000 $ à 3,5 millions de dollars
• Longueur du projet de conseil typique: 3-12 mois

Incitations contractuelles basées sur la performance

Les incitations basées sur les performances en 2023 ont généré 94,3 millions de dollars supplémentaires de revenus.

Métrique de performance	Plage d'incitation	Revenus incitatifs totaux
Améliorations de l'efficacité du programme	2 à 5% de la valeur du contrat	56,7 millions de dollars
Réalisations de réduction des coûts	1 à 3% de la valeur du contrat	37,6 millions de dollars

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.