Discounted Cash Flow

Maximus, Inc.

MMS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $2.4b $178.4m $180.0m 7.4% $2.71
2017 $2.5b (2.0%) $209.4m (17.4%) $337.2m (87.3%) 8.5% (15.1%) $3.19 (17.7%)
2018 $2.4b (-2.4%) $220.8m (5.4%) $323.5m (-4.1%) 9.2% (8.0%) $3.37 (5.6%)
2019 $2.9b (20.7%) $240.8m (9.1%) $356.7m (10.3%) 8.3% (-9.6%) $3.73 (10.7%)
2020 $3.5b (19.9%) $214.5m (-10.9%) $244.6m (-31.4%) 6.2% (-25.7%) $3.40 (-8.8%)
2021 $4.3b (22.9%) $291.2m (35.8%) $517.3m (111.5%) 6.8% (10.5%) $4.69 (37.9%)
2022 $4.6b (8.9%) $203.8m (-30.0%) $233.7m (-54.8%) 4.4% (-35.7%) $3.30 (-29.6%)
2023 $4.9b (5.9%) $161.8m (-20.6%) $223.6m (-4.3%) 3.3% (-25.1%) $2.65 (-19.7%)
2024 $5.3b (8.2%) $306.9m (89.7%) $401.1m (79.3%) 5.8% (75.3%) $5.03 (89.8%)
2025 $5.4b (2.4%) $319.0m (3.9%) $366.2m (-8.7%) 5.9% (1.6%) $5.56 (10.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model