Maximus (MMS) concentration risks

The company's disclosed concentration profile is substantially government-facing, layered across both a contract level and a counterparty level. Approximately 60% of revenue came from its ten largest contracts — a high share by disclosed size with a dependency character, meaning the business is levered to contract retention and renewal decisions by a small number of awarding agencies. Underneath that, approximately 55% of total revenue was derived from the U.S. federal government — a high share with mixed character, reflecting both a structural positioning in the government services market and dependency on federal budget appropriations and program continuity. State and local government agencies contributed approximately 33% of total revenue — a moderate share with mixed character, introducing some diversification across jurisdictions while still embedding the business firmly in the public-sector services ecosystem. The filing also discloses that approximately one-fifth of revenue came from contracts with a single federal agency — a small share by disclosed size but a named dependency that represents the most idiosyncratic point in the profile: a single awarding agency relationship large enough to be disclosed. Together, these exposures mean the company's top-line is almost entirely government-derived and concentrated in a handful of contracts and agencies. The key risks are political and budgetary rather than commercial: program cancellations, continuing resolutions, and agency consolidation are the variables most likely to affect results materially.

For the engine’s reasoning on MMS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.