Maximus (MMS) risk factors
Item 1A of every Maximus, Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.
- FY2025 10-K risk factors36 risks6 new2 dropped11 reworded
Maximus tightened disclosures around government contract dependency, noting that 60% of revenue now comes from top 10 contracts. New AI, ESG, and employee misconduct risks were added to reflect modern operating challenges.
Filed Nov 20, 2025 - FY2024 10-K risk factors32 risks
Maximus relies heavily on government contracts, with 50% from the federal government and 37% from state and local agencies. Performance-based contracts represented 55% of revenue and fixed-price contracts 13% in fiscal 2024. Debt stands at $1.1 billion under credit facilities with a 5.52% effective interest rate. Backlog totals $16.2 billion, while international revenue accounts for 12%.
Filed Nov 21, 2024