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Side-by-side financial comparison of MAXIMUS, INC. (MMS) and NiSource (NI). Click either name above to swap in a different company.
NiSource is the larger business by last-quarter revenue ($1.9B vs $1.3B, roughly 1.4× MAXIMUS, INC.). NiSource runs the higher net margin — 13.7% vs 7.0%, a 6.7% gap on every dollar of revenue. On growth, NiSource posted the faster year-over-year revenue change (22.5% vs -4.1%). NiSource produced more free cash flow last quarter ($-133.7M vs $-250.7M). Over the past eight quarters, NiSource's revenue compounded faster (7.2% CAGR vs -0.1%).
Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing, among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $5.3 billion in fiscal year 2024.
NiSource Inc. is one of the largest fully regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The company, based in Merrillville, Indiana, has more than 8,000 employees. As of 2018, NiSource is the sole Indiana-based utility company.
MMS vs NI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $1.9B |
| Net Profit | $93.9M | $257.8M |
| Gross Margin | 23.7% | — |
| Operating Margin | 10.9% | 27.3% |
| Net Margin | 7.0% | 13.7% |
| Revenue YoY | -4.1% | 22.5% |
| Net Profit YoY | 128.0% | 15.1% |
| EPS (diluted) | $1.70 | $0.53 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.6B |
| Q4 25 | $93.9M | $257.8M | ||
| Q3 25 | $75.3M | $94.7M | ||
| Q2 25 | $106.0M | $102.2M | ||
| Q1 25 | $96.6M | $474.8M | ||
| Q4 24 | $41.2M | $223.9M | ||
| Q3 24 | $72.5M | $85.7M | ||
| Q2 24 | $89.8M | $85.8M | ||
| Q1 24 | $80.5M | $365.0M |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 25.3% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 25.3% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 10.9% | 27.3% | ||
| Q3 25 | 9.3% | 24.0% | ||
| Q2 25 | 12.3% | 21.1% | ||
| Q1 25 | 11.2% | 35.3% | ||
| Q4 24 | 6.2% | 27.1% | ||
| Q3 24 | 8.5% | 20.9% | ||
| Q2 24 | 10.8% | 22.5% | ||
| Q1 24 | 9.5% | 35.5% |
| Q4 25 | 7.0% | 13.7% | ||
| Q3 25 | 5.7% | 7.6% | ||
| Q2 25 | 7.9% | 8.2% | ||
| Q1 25 | 7.1% | 22.1% | ||
| Q4 24 | 2.9% | 14.5% | ||
| Q3 24 | 5.5% | 8.2% | ||
| Q2 24 | 6.8% | 8.1% | ||
| Q1 24 | 6.0% | 22.2% |
| Q4 25 | $1.70 | $0.53 | ||
| Q3 25 | $1.27 | $0.20 | ||
| Q2 25 | $1.86 | $0.22 | ||
| Q1 25 | $1.69 | $1.00 | ||
| Q4 24 | $0.69 | $0.47 | ||
| Q3 24 | $1.18 | $0.19 | ||
| Q2 24 | $1.46 | $0.19 | ||
| Q1 24 | $1.31 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $137.6M | $110.1M |
| Total DebtLower is stronger | — | $15.5B |
| Stockholders' EquityBook value | $1.7B | $9.5B |
| Total Assets | $4.2B | $35.9B |
| Debt / EquityLower = less leverage | — | 1.64× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $137.6M | $110.1M | ||
| Q3 25 | $222.4M | $95.0M | ||
| Q2 25 | $59.8M | $335.4M | ||
| Q1 25 | $108.1M | $259.4M | ||
| Q4 24 | $72.7M | $156.6M | ||
| Q3 24 | $183.1M | $126.2M | ||
| Q2 24 | $102.8M | $101.2M | ||
| Q1 24 | $77.4M | $102.2M |
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
| Q4 25 | $1.7B | $9.5B | ||
| Q3 25 | $1.7B | $9.1B | ||
| Q2 25 | $1.8B | $8.9B | ||
| Q1 25 | $1.7B | $8.9B | ||
| Q4 24 | $1.6B | $8.7B | ||
| Q3 24 | $1.8B | $8.3B | ||
| Q2 24 | $1.8B | $7.9B | ||
| Q1 24 | $1.8B | $7.9B |
| Q4 25 | $4.2B | $35.9B | ||
| Q3 25 | $4.1B | $34.4B | ||
| Q2 25 | $4.5B | $34.0B | ||
| Q1 25 | $4.2B | $33.1B | ||
| Q4 24 | $4.1B | $31.8B | ||
| Q3 24 | $4.1B | $30.8B | ||
| Q2 24 | $4.0B | $29.9B | ||
| Q1 24 | $4.0B | $29.3B |
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-244.4M | $712.6M |
| Free Cash FlowOCF − Capex | $-250.7M | $-133.7M |
| FCF MarginFCF / Revenue | -18.6% | -7.1% |
| Capex IntensityCapex / Revenue | 0.5% | 44.9% |
| Cash ConversionOCF / Net Profit | -2.60× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | $218.5M | $-420.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-244.4M | $712.6M | ||
| Q3 25 | $649.4M | $467.9M | ||
| Q2 25 | $-182.7M | $495.4M | ||
| Q1 25 | $42.7M | $686.4M | ||
| Q4 24 | $-80.0M | $539.8M | ||
| Q3 24 | $163.8M | $340.0M | ||
| Q2 24 | $199.3M | $445.5M | ||
| Q1 24 | $130.5M | $456.2M |
| Q4 25 | $-250.7M | $-133.7M | ||
| Q3 25 | $641.8M | $-172.6M | ||
| Q2 25 | $-198.2M | $-162.8M | ||
| Q1 25 | $25.5M | $49.1M | ||
| Q4 24 | $-103.0M | $-220.2M | ||
| Q3 24 | $131.9M | $-294.7M | ||
| Q2 24 | $164.6M | $-184.3M | ||
| Q1 24 | $105.2M | $-133.3M |
| Q4 25 | -18.6% | -7.1% | ||
| Q3 25 | 48.7% | -13.9% | ||
| Q2 25 | -14.7% | -13.1% | ||
| Q1 25 | 1.9% | 2.3% | ||
| Q4 24 | -7.3% | -14.3% | ||
| Q3 24 | 10.0% | -28.2% | ||
| Q2 24 | 12.5% | -17.5% | ||
| Q1 24 | 7.8% | -8.1% |
| Q4 25 | 0.5% | 44.9% | ||
| Q3 25 | 0.6% | 51.6% | ||
| Q2 25 | 1.1% | 52.8% | ||
| Q1 25 | 1.3% | 29.6% | ||
| Q4 24 | 1.6% | 49.4% | ||
| Q3 24 | 2.4% | 60.7% | ||
| Q2 24 | 2.6% | 59.7% | ||
| Q1 24 | 1.9% | 35.9% |
| Q4 25 | -2.60× | 2.76× | ||
| Q3 25 | 8.63× | 4.94× | ||
| Q2 25 | -1.72× | 4.85× | ||
| Q1 25 | 0.44× | 1.45× | ||
| Q4 24 | -1.94× | 2.41× | ||
| Q3 24 | 2.26× | 3.97× | ||
| Q2 24 | 2.22× | 5.19× | ||
| Q1 24 | 1.62× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
