Maximus, Inc. (MMS) Bundle
A Brief History of Maximus, Inc. (MMS)
Foundation and Early Years
Maximus, Inc. was founded in 1975 by David Francis in Reston, Virginia. Initially focused on providing consulting services, the company gradually transitioned into a leading provider of health and human services. Over the years, Maximus expanded its capabilities to support government agencies across several states.
Initial Public Offering
In 1997, Maximus went public, listing its shares on the New York Stock Exchange under the ticker symbol MMS. The IPO raised approximately $38 million to fund further expansion.
Business Diversification and Growth
Throughout the late 1990s and early 2000s, Maximus diversified its service offerings, entering new markets including outsourcing services, information technology, and program management. By 2005, the company’s revenues exceeded $1 billion.
Acquisitions
Maximus pursued strategic acquisitions to enhance its service portfolio. Notable acquisitions include:
- 1998: Acquired the Public Consulting Group, expanding its consulting services.
- 2005: Acquired the health and human services division of the IT firm, MCI, for approximately $36 million.
- 2010: Acquired the assets of the Virginia-based firm, the Washington Consulting Group, significantly enhancing its capabilities in health services.
- 2017: Acquired the company, Acentra Health, which expanded its footprint in the health consulting sector.
Financial Performance
Maximus has displayed steady financial growth over the years. Here are some key financial highlights from recent fiscal years:
| Fiscal Year | Revenue (in millions) | Net Income (in millions) | EPS (Earnings Per Share) |
|---|---|---|---|
| 2020 | $1,017 | $97 | $2.45 |
| 2021 | $1,186 | $112 | $2.79 |
| 2022 | $1,369 | $134 | $3.20 |
| 2023 | $1,487 | $148 | $3.56 |
Impact of the COVID-19 Pandemic
The global pandemic in 2020 significantly impacted operations across various sectors. Maximus adapted by expanding its remote services and digital capabilities, increasing its contract portfolio to address these new needs.
Recent Developments
As of 2023, Maximus continues to grow its market presence with strategic focus areas including:
- Enhancing technology solutions for health services.
- Expanding into new states and international markets.
- Continuing to build partnerships with government agencies.
As of Q2 2023, Maximus had a market capitalization of approximately $4.2 billion.
A Who Owns Maximus, Inc. (MMS)
Corporate Ownership Structure
Corporate Ownership Structure
Maximus, Inc. (MMS) operates under a corporate ownership structure that consists of institutional investors, individual shareholders, and insiders. As of the latest reports, the distribution of ownership is as follows:
| Ownership Type | Percentage of Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 91.2% | 35,200,000 |
| Insider Ownership | 2.5% | 1,000,000 |
| Retail Investors | 6.3% | 2,500,000 |
Major Institutional Shareholders
The significant institutional shareholders of Maximus include:
| Institution | Percentage Owned | Shares Held |
|---|---|---|
| BlackRock, Inc. | 13.5% | 5,400,000 |
| The Vanguard Group, Inc. | 11.8% | 4,700,000 |
| Wellington Management Group LLP | 8.1% | 3,200,000 |
| State Street Corporation | 6.5% | 2,600,000 |
Insider Holdings
Insider ownership at Maximus is characterized by several key executives holding substantial stakes in the company.
| Name | Position | Shares Owned |
|---|---|---|
| Bruce Caswell | President & CEO | 500,000 |
| David Francis | Executive Vice President | 300,000 |
| Linda T. Watson | Chief Financial Officer | 200,000 |
Shareholder Voting Power
Maximus, Inc.'s governance structure allows shareholders to influence company policies through voting rights, categorized as follows:
- Voting Rights: One vote per share owned
- Majority Vote Threshold: 50% + 1 vote for ordinary resolutions
- Special Resolutions Threshold: 75% for significant transactions
Recent Financial Performance
As of Q3 2023, Maximus reported the following financial metrics reflecting its market performance:
| Metric | Value |
|---|---|
| Market Capitalization | $2.5 billion |
| Total Revenue (Q3 2023) | $1.1 billion |
| Net Income (Q3 2023) | $150 million |
| EPS (Earnings Per Share) | $1.50 |
Conclusion of Ownership Analysis
The ownership composition of Maximus, Inc. underscores a strong influence from institutional investors, alongside notable insider ownership, which reflects confidence in the company's strategic direction and business model.
Maximus, Inc. (MMS) Mission Statement
Overview
Maximus, Inc. is committed to providing high-quality services to government agencies, specifically in the realms of health and human services. Their mission statement encapsulates their dedication to improving the lives of individuals through effective program management and service delivery.
Core Values
- Integrity: Upholding the highest ethical standards in all operations.
- Customer Focus: Prioritizing the needs of clients and stakeholders.
- Innovation: Embracing technology to enhance service delivery.
- Collaboration: Building partnerships to deliver better outcomes.
- Quality: Delivering unparalleled service quality and excellence.
Financial Performance
Maximus, Inc. reported the following financial figures for the fiscal year 2022:
| Metric | Amount |
|---|---|
| Revenue | $1.26 billion |
| Net Income | $115 million |
| Operating Income | $150 million |
| Total Assets | $1.45 billion |
| Total Liabilities | $600 million |
Service Areas
Maximus operates in multiple sectors, offering various services inclusive of:
- Health Services
- Human Services
- Education Services
- Veterans Services
- International Services
Recent Acquisitions
As of 2023, Maximus, Inc. has expanded its services through strategic acquisitions:
| Acquisition | Date | Value |
|---|---|---|
| Social Solutions | October 2020 | $250 million |
| Evergreen Public Health | February 2021 | $100 million |
| CRS, Inc. | March 2022 | $45 million |
| Behavioral Health Solutions | August 2022 | $75 million |
Market Position
As of 2023, Maximus holds a significant position in the market, with a reported market capitalization of approximately $3 billion, positioning it among the top service providers for government contracts in the United States.
Employee Engagement
Maximus values its employees, reflected in its commitment to a positive workplace. As of 2023, the company reported:
| Metric | Value |
|---|---|
| Employee Count | 25,000 |
| Employee Satisfaction Rate | 85% |
| Average Salary | $70,000 |
| Retention Rate | 92% |
Corporate Social Responsibility
Maximus engages in various corporate social responsibility initiatives, focusing on:
- Sustainability practices
- Community engagement programs
- Health and wellness initiatives
- Support for veterans and underserved populations
How Maximus, Inc. (MMS) Works
Business Model
Maximus, Inc. operates primarily in the public sector, providing various services including health and human services, workforce development, and information technology. The company focuses on delivering solutions that improve the efficiency and effectiveness of government programs.
Financial Performance
As of the fiscal year ending September 30, 2022, Maximus reported:
| Metric | Amount (in $ million) |
|---|---|
| Revenue | 1,868 |
| Net Income | 147 |
| EBITDA | 361 |
| Total Assets | 3,006 |
| Total Liabilities | 1,545 |
| Cash and Cash Equivalents | 392 |
Service Areas
Maximus operates through several key segments:
- Health Services
- Human Services
- Technology Solutions
- Workforce Services
Key Contracts
Maximus has secured several substantial government contracts, including:
- California Department of Health Care Services: $1.2 billion
- Florida Department of Children and Families: $400 million
- U.S. Department of Health and Human Services: $300 million
Employee Statistics
As of September 30, 2022, Maximus had:
| Category | Number of Employees |
|---|---|
| Full-Time Employees | 20,000 |
| Part-Time Employees | 5,000 |
| Contract Workers | 3,000 |
Market Position
Maximus holds a significant position in the government services market with a focus on:
- Public Health
- Social Services
- IT Solutions for Government
Recent Acquisitions
Maximus has expanded its capabilities through acquisitions:
- Acquisition of the health management solutions company, Health Data Insights, for $300 million in 2021.
- Acquisition of GDIT's public health business for $500 million in 2022.
Stock Performance
Maximus' stock performance as of October 2023:
| Metric | Value |
|---|---|
| Current Stock Price | $75.25 |
| Market Capitalization | $4.60 billion |
| P/E Ratio | 31.5 |
| Dividend Yield | 1.5% |
Future Outlook
The company anticipates growth driven by:
- Increased government spending on health and human services.
- Expansion into new markets and services.
- Continued focus on digital transformation initiatives.
How Maximus, Inc. (MMS) Makes Money
Government Contracts
Government Contracts
Maximus, Inc. primarily generates revenue through contracts with government entities. In fiscal year 2022, the company reported revenue of approximately $1.28 billion, with a significant portion derived from federal, state, and local government contracts.
Key Areas of Service
The company operates in various segments, including:
- Health Services
- Human Services
- Technology Solutions
Health Services Revenue
Health Services revenue contributed about 65% of total revenue in 2022, amounting to $832 million. This segment includes:
- Medicaid Enrollment Services
- Health Care Services
During the same year, Maximus processed over 9 million Medicaid applications.
Human Services Revenue
The Human Services segment generated around 25% of total revenue, approximately $320 million in 2022. Key services include:
- Employment Services
- Child Support Services
This segment served over 1 million individuals across various states.
Technology Solutions Revenue
In 2022, the Technology Solutions segment accounted for about 10% of overall revenue, or $128 million. This includes:
- Software Development
- IT Support Services
Maximus provided technology services to over 20 government agencies.
Financial Performance Overview
Below is a summary of Maximus, Inc.'s financial performance for the fiscal year 2022:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $1.28 billion |
| Health Services Revenue | $832 million |
| Human Services Revenue | $320 million |
| Technology Solutions Revenue | $128 million |
| Net Income | $90 million |
| Gross Margin | 21% |
| Operating Income | $110 million |
Acquisitions and Growth
Maximus has pursued growth through strategic acquisitions. In 2021, they acquired the Health Services division of a private company, which added approximately $200 million in annual revenue.
Market Position
As of 2022, Maximus holds a leading position in the government services sector, with over 40 government contracts and partnerships across the United States.
Future Outlook
The company anticipates revenue growth of approximately 10% annually over the next five years, supported by increased demand for government services and technology integration.
Summary of Market Trends
The following trends impact Maximus, Inc. and its revenue generation:
- Increased government spending on social services
- Growing focus on technology in service delivery
- Emphasis on health equity and access to care
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