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Maximus (Maximus) Piotroski F-Score : 7 (As of Apr. 28, 2024)


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What is Maximus Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Maximus has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Maximus's Piotroski F-Score or its related term are showing as below:

MMS' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of Maximus was 9. The lowest was 4. And the median was 6.


Maximus Piotroski F-Score Historical Data

The historical data trend for Maximus's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Maximus Piotroski F-Score Chart

Maximus Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 5.00 6.00 5.00 7.00

Maximus Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 7.00 7.00 7.00

Competitive Comparison of Maximus's Piotroski F-Score

For the Specialty Business Services subindustry, Maximus's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Maximus's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Maximus's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Maximus's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 31.788 + 30.863 + 59.146 + 64.148 = $186 Mil.
Cash Flow from Operations was 309.696 + -5.286 + 144.589 + 21.608 = $471 Mil.
Revenue was 1206.852 + 1188.677 + 1259.953 + 1327.041 = $4,983 Mil.
Gross Profit was 228.603 + 264.364 + 290.894 + 300.054 = $1,084 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(4234.915 + 3898.856 + 3943.184 + 3985.797 + 4016.861) / 5 = $4015.9226 Mil.
Total Assets at the begining of this year (Dec22) was $4,235 Mil.
Long-Term Debt & Capital Lease Obligation was $1,341 Mil.
Total Current Assets was $1,110 Mil.
Total Current Liabilities was $658 Mil.
Net Income was 50.096 + 31.335 + 69.067 + 39.995 = $190 Mil.

Revenue was 1177.326 + 1125.785 + 1177.031 + 1249.246 = $4,729 Mil.
Gross Profit was 228.451 + 210.221 + 272.983 + 244.747 = $956 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(4181.868 + 4107.696 + 4057.923 + 3992.714 + 4234.915) / 5 = $4115.0232 Mil.
Total Assets at the begining of last year (Dec21) was $4,182 Mil.
Long-Term Debt & Capital Lease Obligation was $1,606 Mil.
Total Current Assets was $1,256 Mil.
Total Current Liabilities was $746 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Maximus's current Net Income (TTM) was 186. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Maximus's current Cash Flow from Operations (TTM) was 471. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=185.945/4234.915
=0.04390761

ROA (Last Year)=Net Income/Total Assets (Dec21)
=190.493/4181.868
=0.04555213

Maximus's return on assets of this year was 0.04390761. Maximus's return on assets of last year was 0.04555213. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Maximus's current Net Income (TTM) was 186. Maximus's current Cash Flow from Operations (TTM) was 471. ==> 471 > 186 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=1340.837/4015.9226
=0.33388019

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1606.056/4115.0232
=0.39029087

Maximus's gearing of this year was 0.33388019. Maximus's gearing of last year was 0.39029087. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=1109.619/658.366
=1.68541358

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1256.087/746.222
=1.68326182

Maximus's current ratio of this year was 1.68541358. Maximus's current ratio of last year was 1.68326182. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Maximus's number of shares in issue this year was 61.535. Maximus's number of shares in issue last year was 61.196. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1083.915/4982.523
=0.2175434

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=956.402/4729.388
=0.20222532

Maximus's gross margin of this year was 0.2175434. Maximus's gross margin of last year was 0.20222532. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=4982.523/4234.915
=1.17653436

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=4729.388/4181.868
=1.13092714

Maximus's asset turnover of this year was 1.17653436. Maximus's asset turnover of last year was 1.13092714. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+0+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Maximus has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Maximus  (NYSE:MMS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Maximus Piotroski F-Score Related Terms

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Maximus (Maximus) Business Description

Traded in Other Exchanges
Address
1600 Tysons Boulevard, McLean, VA, USA, 22102
Maximus Inc is an operator of government health and human services programs in the United States, United Kingdom, Canada, Australia, and Saudi Arabia. The company offers business solutions to improve the cost-effectiveness, efficiency, and quality of government-sponsored benefit programs, such as Medicaid, Medicare, Health Insurance BC, and child support programmes. Most of its revenue is derived from long-term contractual arrangements with governments around the world. The company generates maximum revenue from the U.S. Federal Services segment.
Executives
Teresa Weipert officer: General Mgr US Federal Segment 1891 METRO CENTER DRIVE, RESTON VA 20190
Ilene R. Baylinson officer: Group General Manager 1891 METRO CENTER DRIVE, RESTON VA 20190
Michelle F. Link officer: Chief Human Resources Officer 1891 METRO CENTER DRIVE, RESTON VA 20190
Gayathri Rajan director 1891 METRO CENTER DRIVE, RESTON X1 20190
David Mutryn officer: Chief Financial Officer 1891 METRO CENTER DRIVE, RESTON VA 20190
Theresa D Golinvaux officer: Principal Accounting Officer 9300 LEE HIGHWAY, FAIRFAX VA 20131
John Thomas Martinez officer: Secretary and General Counsel 1600 TYSONS BLVD, #1400, MCLEAN VA 22102
Michael J. Warren director C/O WALKER & DUNLOP, INC., 7272 WISCONSIN AVENUE, SUITE 1300, BETHESDA MD 20814
Bruce Caswell other: Group President - Human Svcs 11419 SUNSET HILLS ROAD, RESTON VA 20190-5207
Raymond B Ruddy director C/O MAXIMUS INC, 11419 SUNSET HILLS ROAD, RESTON VA 20190
David Francis officer: General Counsel C/O MAXIMUS INC, 11419 SUNSET HILLS RD, RESTON VA 20190
John J Haley director 901 N GLEBE ROAD, ARLINGTON VA 22203
Richard A Montoni director, officer: CEO and Director C/O MAXIMUS INC, 11419 SUNSET HILLS RD, RESTON VA 20190
Richard John Nadeau officer: Chief Financial Officer 1300 WILSON BLVD., SUITE 400, ARLINGTON VA 22209
Peter Pond director