Does Maximus, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Maximus, Inc. (MMS) 58.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 76, balance-sheet safety 39, capital discipline 81.

Is MMS stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 1% assumed growth, capped at 4%), estimated intrinsic value is $72.89 per share versus a recent price of $58.30 — 20% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MMS's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Maximus, Inc.

MMS · Technology · $3.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power38

Median gross margin 23.3% over 10y, very stable.

Returns on capital76

Median ROIC 16.0%, above the 9% hurdle in 80% of years.

Balance-sheet safety39

Net debt/EBITDA 2.0x, interest coverage 6x.

Capital discipline81

Owner earnings +6.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

20% below value

Owner earnings (normalized): $301.0M
Est. intrinsic value / share: $72.89
Recent price: $58.30
Discount to value: 20% below value

Conservative model: 9% discount rate, 1% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Maximus, Inc. booked $5.4B of revenue in FY2025 in the Technology sector and kept 24.6% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $720.1M (FY2009) to $5.4B (FY2025) — about 13.5% a year compounded over 16 years.

It earned 13.6% on invested capital in FY2025, with a median of 27.4% across 17 filed years. The Returns on Capital filter above scores it 76/100.

The balance sheet carried $1.3B of total debt in FY2025 against $319.0M of owner earnings — roughly 4.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 39/100.

The share count rose 59.6% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 81/100.

Put together: Capital Discipline is the strongest of the four filters (81/100) and Pricing Power the weakest (38/100), which is how MMS lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$5.4B FY2025

Gross marginRevenue kept after cost of goods24.6% FY2025

Return on invested capitalOperating profit on the capital employed13.6% FY2025

Owner earningsCash an owner could take out$319.0M FY2025

Gaps in a line mean that item isn’t in MMS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MMS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#144 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#142DIOD DIODES INC /DEL/58.1 out of 100, Shallow moatShallow moat
#143FISV FISERV INC58.1 out of 100, Shallow moatShallow moat
#145SHOP Shopify Inc.57.9 out of 100, Shallow moatShallow moat
#146NUTX NUTEX HEALTH INC.57.8 out of 100, Shallow moatShallow moat

Compare MMS with its nearest peers →All Technology companies on the Index →

Common questions about MMS

Does Maximus, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Maximus, Inc. (MMS) 58.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 76, balance-sheet safety 39, capital discipline 81.
Is MMS stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 1% assumed growth, capped at 4%), estimated intrinsic value is $72.89 per share versus a recent price of $58.30 — 20% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MMS's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MMS. See the disclaimer.