Maximus, Inc. (MMS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do governo e dos serviços sociais, a Maximus, Inc. (MMS) surge como uma potência de soluções inovadoras, navegando estrategicamente desafios administrativos complexos por meio de sua abrangente modelo de negócios. Ao misturar perfeitamente proezas tecnológicas, conhecimentos especializados e parcerias estratégicas, o Maximus transforma como as agências governamentais, organizações de saúde e departamentos de serviço social operam, fornecendo eficiência e valor sem precedentes em vários setores. Esse mergulho profundo em seu modelo de negócios revela uma abordagem meticulosamente criada que posiciona o Maximus como um facilitador crítico da transformação do setor público, impulsionando a excelência operacional por meio de tecnologia de ponta e prestação de serviços direcionados.

Maximus, Inc. (MMS) - Modelo de Negócios: Parcerias -Chaves

Agências governamentais nos níveis federal, estadual e local

Maximus estabeleceu parcerias com várias agências governamentais:

Tipo de agência	Detalhes da parceria	Valor do contrato
Agências federais	Centros de Medicare & Serviços Medicaid	US $ 2,3 bilhões em contratos governamentais (2023)
Agências estaduais	Departamento de Saúde e Serviços Humanos	US $ 785 milhões em contratos de nível estadual
Agências locais	Administração Municipal de Saúde	US $ 215 milhões em parcerias do governo local

Provedores de saúde e companhias de seguros

As principais parcerias de saúde incluem:

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

Parceiro	Foco em parceria	Valor anual de colaboração
Grupo UnitedHealth	Gerenciamento de programas de assistência médica	US $ 450 milhões
Anthem, Inc.	Serviços de processamento de reivindicações	US $ 325 milhões

Empresas de tecnologia e desenvolvimento de software

Parcerias de tecnologia estratégica:

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

Parceiro de tecnologia	Escopo da parceria	Investimento de tecnologia anual
Microsoft Corporation	Infraestrutura em nuvem e software corporativo	US $ 175 milhões
Amazon Web Services	Computação em nuvem e gerenciamento de dados	US $ 225 milhões

Organizações de Treinamento e Suporte ao Emprego da Força de Trabalho

Parcerias focadas no desenvolvimento da força de trabalho:

• Associação Nacional de Agências de Força de Trabalho do Estado
• Faculdades comunitárias locais
• Centros de treinamento vocacional

Empresas de consultoria e serviços profissionais

Colaborações de serviços profissionais:

• Deloitte Consulting
• Accenture
• McKinsey & Empresa

Parceiro de consultoria	Área de serviço	Gastos anuais de consultoria
Deloitte Consulting	Transformação estratégica de negócios	US $ 95 milhões
Accenture	Implementação de tecnologia	US $ 85 milhões

Maximus, Inc. (MMS) - Modelo de Negócios: Atividades -chave

Serviços governamentais e gerenciamento de programas

Maximus gerencia programas governamentais em vários estados e agências federais. No ano fiscal de 2023, a empresa registrou US $ 4,37 bilhões em receita total dos serviços governamentais.

Categoria de Serviço do Governo	Valor anual do contrato
Serviços do governo federal	US $ 1,92 bilhão
Serviços do governo do estado	US $ 2,45 bilhões

Elegibilidade para a saúde e suporte de inscrição

O Maximus fornece serviços abrangentes de elegibilidade e inscrição para vários programas estaduais do Medicaid.

• 12 Programas estaduais do Medicaid em 2023
• Processados ​​3,6 milhões de aplicações de elegibilidade para a saúde
• Inscrição gerenciada por aproximadamente 8,2 milhões de indivíduos

Serviços de Desenvolvimento e Emprego da Força de Trabalho

A empresa oferece soluções de desenvolvimento da força de trabalho em várias jurisdições.

Tipo de serviço	Participantes anuais
Programas de treinamento de emprego	225,000
Serviços de colocação de emprego	187,000

Soluções administrativas habilitadas para tecnologia

Maximus investe em infraestrutura tecnológica para apoiar o gerenciamento do programa do governo.

• Investimento de tecnologia em 2023: US $ 124 milhões
• Implantado 37 plataformas administrativas baseadas em nuvem
• Implementou sistemas de gerenciamento de casos orientados por IA

Implementação do Programa de Serviços Sociais

Maximus gerencia vários programas de serviços sociais nos níveis federal e estadual.

Categoria de programa	Valor anual do programa
Serviços de bem -estar infantil	US $ 378 milhões
Programas de apoio à deficiência	US $ 456 milhões
Serviços de suporte veteranos	US $ 289 milhões

Maximus, Inc. (MMS) - Modelo de negócios: Recursos -chave

Força de trabalho qualificada com especialização especializada

A partir do quarto trimestre de 2023, Maximus empregou 14.200 profissionais em período integral. Redução total da força de trabalho:

Categoria de funcionários	Número de funcionários
Especialistas em serviços governamentais	6,750
Especialistas em tecnologia da saúde	3,450
Equipe de suporte administrativo	4,000

Tecnologia avançada e plataformas digitais

Investimento de infraestrutura tecnológica em 2023: US $ 87,3 milhões

• Infraestrutura de computação em nuvem: US $ 42,5 milhões
• Sistemas de segurança cibernética: US $ 22,8 milhões
• Plataformas de transformação digital: US $ 22 milhões

Capacidades de gerenciamento de contratos governamentais

Valor total do governo em 2023: US $ 3,2 bilhões

Tipo de contrato	Valor
Contratos do governo federal	US $ 2,1 bilhões
Contratos do governo do estado	US $ 850 milhões
Contratos do governo local	US $ 250 milhões

Análise de dados e infraestrutura de processamento

Recursos de processamento de dados:

• Volume anual de processamento de dados: 487 milhões de registros
• Capacidade de processamento em tempo real: 2,3 milhões de transações por hora
• Infraestrutura de data center: 7 instalações dedicadas

Conformidade regulatória e sistemas administrativos

Investimento de conformidade em 2023: US $ 56,4 milhões

Área de conformidade	Investimento
Conformidade com a saúde	US $ 24,6 milhões
Sistemas regulatórios do governo	US $ 18,9 milhões
Mecanismos de proteção de dados	US $ 12,9 milhões

Maximus, Inc. (MMS) - Modelo de Negócios: Proposições de Valor

Gerenciamento eficiente de programas governamentais complexos

Maximus gerencia programas governamentais com um valor anual de contrato de US $ 3,4 bilhões no ano fiscal de 2023. A Companhia apoia 37 agências governamentais estaduais e federais nos setores de saúde e serviços humanos.

Tipo de programa	Valor anual do contrato	Número de agências servidas
Gerenciamento de Serviços de Saúde	US $ 1,8 bilhão	22
Programas de serviços humanos	US $ 1,6 bilhão	15

Soluções administrativas e operacionais econômicas

O Maximus oferece eficiência operacional com estratégias de redução de custos comprovadas em programas governamentais.

• Redução de custos administrativos: 18-22% para clientes do governo
• Economia de otimização de processos: US $ 127 milhões em 2023
• Melhoria da eficiência operacional: 15,6% ano a ano

Apoio abrangente para prestação de serviços sociais

A empresa fornece suporte abrangente ao serviço social com US $ 2,1 bilhões dedicados à implementação e gerenciamento do programa em 2023.

Categoria de serviço	Investimento anual	Cobertura
Serviços de invalidez	US $ 650 milhões	26 estados
Apoio do emprego	US $ 480 milhões	19 estados

Otimização de processos orientada pela tecnologia

A Maximus investe US $ 214 milhões anualmente em soluções de infraestrutura de tecnologia e transformação digital.

• Desenvolvimento da plataforma digital: US $ 87 milhões
• Investimentos de IA e automação: US $ 63 milhões
• Aprimoramentos de segurança cibernética: US $ 64 milhões

Serviços especializados de consultoria e implementação

A Maximus fornece serviços de consultoria especializados com US $ 592 milhões em receita da implementação e soluções consultivas em 2023.

Serviço de consultoria	Receita anual	Segmentos de clientes
Consultoria de Programa do Governo	US $ 342 milhões	Agências federais e estaduais
Aviso de sistema de saúde	US $ 250 milhões	Organizações de saúde pública e privada

Maximus, Inc. (MMS) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de contratos governamentais de longo prazo

A Maximus detém US $ 3,3 bilhões em valor total do contrato governamental a partir do quarto trimestre de 2023. Os contratos atuais do governo ativos abrangem níveis federais, estaduais e locais, com durações de contratos que variam de 3 a 7 anos.

Tipo de contrato	Valor anual do contrato	Duração do contrato
Serviços Federais de Saúde	US $ 1,2 bilhão	5 anos
Gerenciamento de bem -estar estatal	US $ 850 milhões	4 anos
Serviços humanos locais	US $ 650 milhões	3 anos

Equipes de gerenciamento de contas dedicadas

O Maximus mantém 127 equipes especializadas em gerenciamento de contas em diferentes setores de serviços. O tamanho médio da equipe é de 12 a 15 profissionais por grande contrato governamental.

• Equipe de serviços de saúde: 22 profissionais dedicados
• Equipe de Serviços Humanos: 18 profissionais dedicados
• Equipe de serviços de emprego: 15 profissionais dedicados

Plataformas de autoatendimento digital

O uso da plataforma digital aumentou para 68% em 2023, com US $ 42 milhões investidos em infraestrutura tecnológica. A plataforma serve aproximadamente 3,7 milhões de usuários mensalmente.

Recurso da plataforma	Engajamento do usuário	Investimento anual
Gerenciamento de benefícios on -line	2,1 milhões de usuários	US $ 18 milhões
Processamento de reivindicações de assistência médica	1,6 milhão de usuários	US $ 15 milhões

Relatórios de desempenho contínuos

O relatório de desempenho abrange 92% dos contratos governamentais ativos. A frequência média de relatórios é trimestralmente, com rastreamento detalhado de métricas.

• Métricas de desempenho rastreadas: 47 indicadores distintos
• Precisão de relatórios: 99,6%
• Taxa de satisfação do cliente: 94,3%

Desenvolvimento de solução personalizada

A Maximus investiu US $ 65 milhões em desenvolvimento de soluções personalizadas em 2023. A taxa de personalização de soluções atingiu 73% em contratos governamentais.

Categoria de solução	Taxa de personalização	Investimento em desenvolvimento
Soluções de saúde	79%	US $ 28 milhões
Serviços de emprego	68%	US $ 22 milhões
Gerenciamento de bem -estar	72%	US $ 15 milhões

Maximus, Inc. (MMS) - Modelo de Negócios: Canais

Equipes de vendas diretas

A partir de 2024, a Maximus emprega 4.327 representantes de vendas diretas em vários segmentos de negócios. Redução da equipe de vendas:

Segmento	Representantes de vendas	Receita anual média por representante
Serviços do governo	2,156	$1,247,000
Serviços de Saúde	1,342	$892,500
Serviços humanos	829	$675,200

Processos de compras governamentais

Maximus garantiu 87 contratos do governo federal e estadual em 2023, totalizando US $ 3,6 bilhões em valor do contrato.

• Contratos federais: 42 contratos (US $ 2,1 bilhões)
• Contratos em nível estadual: 45 contratos (US $ 1,5 bilhão)

Plataformas digitais online

Métricas de desempenho do canal digital:

Plataforma	Visitantes anuais do site	Receita digital
Site corporativo	1,237,000	$456,000,000
Portal de serviços governamentais	879,000	$312,000,000
Plataforma de serviços de saúde	642,000	$287,000,000

Conferências profissionais e eventos da indústria

Estatísticas de participação do evento:

• Total de conferências participadas: 76
• Total de leads gerados por eventos: 4.213
• Taxa de conversão de eventos: 18,5%
• Receita total relacionada ao evento: US $ 124.000.000

Redes de parceria estratégica

Distribuição de parceria:

Tipo de parceiro	Número de parceiros	Receita colaborativa anual
Parceiros de tecnologia	47	$276,000,000
Empresas de consultoria	38	$213,000,000
Redes de saúde	29	$187,000,000

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

Agências do governo federal

Maximus atende a várias agências federais com um valor total de contrato de US $ 7,4 bilhões a partir de 2023. Os principais clientes federais incluem:

• Centros de Medicare & Serviços Medicaid (CMS)
• Departamento de Saúde e Serviços Humanos (HHS)
• Departamento de Assuntos dos Veteranos dos EUA

Agência Federal	Valor do contrato	Tipo de serviço
Cms	US $ 2,3 bilhões	Gerenciamento de programas de assistência médica
Hhs	US $ 1,6 bilhão	Administração de Serviços Sociais
Assuntos dos Veteranos	US $ 1,2 bilhão	Processamento de benefícios

Entidades do governo estadual e local

A Maximus suporta 41 estados com contratos de serviços governamentais, gerando US $ 3,2 bilhões em receita de compromissos em nível estadual em 2023.

• Suporte ao programa Medicaid
• Serviços de determinação de elegibilidade
• Programas de bem-estar ao trabalho

Organizações de saúde

O segmento de saúde representa US $ 2,8 bilhões em receita anual para Maximus.

Segmento de saúde	Receita	Serviços primários
Trocas de seguro de saúde	US $ 1,1 bilhão	Suporte de inscrição
Consultoria em Saúde	US $ 890 milhões	Otimização operacional
Gerenciamento clínico	US $ 810 milhões	Implementação do programa

Departamentos de Serviço Social

A Maximus suporta programas de serviço social em 36 estados, gerando US $ 1,5 bilhão em serviços relacionados.

• Sistemas de bem -estar infantil
• Serviços de invalidez
• Suporte ao desemprego

Programas de desenvolvimento da força de trabalho

O segmento de desenvolvimento da força de trabalho gera US $ 650 milhões anualmente, com serviços em 28 estados.

Tipo de programa	Receita anual	Serviços -chave
Treinamento no trabalho	US $ 280 milhões	Desenvolvimento de habilidades
Colocação de emprego	US $ 220 milhões	Correspondência de carreira
Certificação profissional	US $ 150 milhões	Programas de treinamento

Maximus, Inc. (MMS) - Modelo de negócios: estrutura de custos

Pessoal e despesas de mão -de -obra

Para o ano fiscal de 2023, a Maximus, Inc. registrou despesas totais de pessoal de US $ 1.286,4 milhões. A empresa empregou aproximadamente 14.500 funcionários em período integral em vários segmentos operacionais.

Categoria de despesa	Valor (US $ milhões)
Salários e salários	1,086.4
Benefícios dos funcionários	200.0

Investimentos de infraestrutura de tecnologia

Em 2023, o Maximus alocou US $ 187,5 milhões em infraestrutura de tecnologia e iniciativas de transformação digital.

• Investimentos em computação em nuvem: US $ 62,3 milhões
• Infraestrutura de segurança cibernética: US $ 45,2 milhões
• Hardware e software de TI: US $ 80,0 milhões

Pesquisa e desenvolvimento

A Maximus investiu US $ 93,7 milhões em pesquisa e desenvolvimento para o ano fiscal de 2023, com foco em soluções de tecnologia do governo e da saúde.

Área de foco em P&D	Investimento (US $ milhões)
Tecnologia de saúde	56.2
Inovação de serviços governamentais	37.5

Conformidade e gerenciamento regulatório

A empresa gastou US $ 42,6 milhões nas atividades de conformidade e gerenciamento regulatório em 2023.

• Sistemas de conformidade regulatória: US $ 22,4 milhões
• Serviços legais e de auditoria: US $ 20,2 milhões

Marketing e desenvolvimento de negócios

O Maximus alocou US $ 64,3 milhões aos esforços de marketing e desenvolvimento de negócios no ano fiscal de 2023.

Categoria de despesa de marketing	Valor (US $ milhões)
Marketing digital	24.5
Vendas e desenvolvimento de negócios	39.8

Maximus, Inc. (MMS) - Modelo de negócios: fluxos de receita

Receita do contrato governamental

Para o ano fiscal de 2023, Maximus registrou receitas de contrato governamental de US $ 4,186 bilhões, representando aproximadamente 85% da receita total da empresa.

Segmento do governo	Receita (2023)	Porcentagem de total
Serviços federais	US $ 1,92 bilhão	39.2%
Serviços de saúde estaduais e locais	US $ 1,64 bilhão	33.4%
Operações Internacionais	US $ 0,626 bilhão	12.7%

Taxas de implementação de serviço

O Maximus gera taxas de implementação a partir de transições complexas do programa governamental e implantações de tecnologia.

• Faixa média de taxa de implementação: US $ 2,5 milhões a US $ 12 milhões por contrato
• Duração do projeto de implementação típica: 6-18 meses

Licenciamento de solução tecnológica

As receitas de licenciamento de tecnologia para 2023 totalizaram US $ 186,4 milhões, representando 3,8% da receita total da empresa.

Categoria de licenciamento de tecnologia	Receita
Software de gerenciamento de assistência médica	US $ 97,2 milhões
Benefícios plataformas de administração	US $ 59,8 milhões
Sistemas de gerenciamento da força de trabalho	US $ 29,4 milhões

Consultoria e Serviços Profissionais

As receitas de serviços profissionais para o ano fiscal de 2023 foram de US $ 342,6 milhões.

• Valor médio de engajamento de consultoria: US $ 750.000 a US $ 3,5 milhões
• Comprimento típico do projeto de consultoria: 3-12 meses

Incentivos de contrato baseados em desempenho

Os incentivos baseados em desempenho em 2023 geraram receita adicional de US $ 94,3 milhões.

Métrica de desempenho	Intervalo de incentivo	Receita total de incentivo
Melhorias de eficiência do programa	2-5% do valor do contrato	US $ 56,7 milhões
Realizações de redução de custos	1-3% do valor do contrato	US $ 37,6 milhões

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.