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Side-by-side financial comparison of MAXIMUS, INC. (MMS) and Voya Financial, Inc. (VOYA). Click either name above to swap in a different company.
Voya Financial, Inc. is the larger business by last-quarter revenue ($2.0B vs $1.3B, roughly 1.6× MAXIMUS, INC.). MAXIMUS, INC. runs the higher net margin — 30.2% vs 9.6%, a 20.6% gap on every dollar of revenue. On growth, Voya Financial, Inc. posted the faster year-over-year revenue change (3.1% vs -2.8%). Over the past eight quarters, Voya Financial, Inc.'s revenue compounded faster (96.1% CAGR vs -0.3%).
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.
Voya Financial is an American financial, retirement, investment and insurance company based in New York City. Voya began as ING U.S., the United States operating subsidiary of ING Group, which was spun off in 2013 and established independent financial backing through an initial public offering. In April 2014, the company rebranded itself as Voya Financial. Voya's predecessors had first entered the U.S. market in the 1970s.
MMS vs VOYA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $2.0B |
| Net Profit | $394.0M | $195.0M |
| Gross Margin | 26.2% | — |
| Operating Margin | 11.4% | — |
| Net Margin | 30.2% | 9.6% |
| Revenue YoY | -2.8% | 3.1% |
| Net Profit YoY | -4.1% | 29.1% |
| EPS (diluted) | $7.27 | $1.75 |
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.
| Q1 26 | $1.3B | $2.0B | ||
| Q4 25 | $1.3B | $603.0M | ||
| Q3 25 | $1.3B | $572.0M | ||
| Q2 25 | $1.3B | $542.0M | ||
| Q1 25 | $1.4B | $538.0M | ||
| Q4 24 | $1.4B | $561.0M | ||
| Q3 24 | $1.3B | $542.0M | ||
| Q2 24 | $1.3B | $528.0M |
| Q1 26 | $394.0M | $195.0M | ||
| Q4 25 | $93.9M | $140.0M | ||
| Q3 25 | $75.3M | $192.0M | ||
| Q2 25 | $106.0M | $166.0M | ||
| Q1 25 | $96.6M | $156.0M | ||
| Q4 24 | $41.2M | $97.0M | ||
| Q3 24 | $72.5M | $114.0M | ||
| Q2 24 | $89.8M | $205.0M |
| Q1 26 | 26.2% | — | ||
| 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 26 | 11.4% | — | ||
| Q4 25 | 10.9% | 28.0% | ||
| Q3 25 | 9.3% | 53.7% | ||
| Q2 25 | 12.3% | 34.7% | ||
| Q1 25 | 11.2% | 32.2% | ||
| Q4 24 | 6.2% | 21.4% | ||
| Q3 24 | 8.5% | 21.4% | ||
| Q2 24 | 10.8% | 52.3% |
| Q1 26 | 30.2% | 9.6% | ||
| Q4 25 | 7.0% | 23.2% | ||
| Q3 25 | 5.7% | 33.6% | ||
| Q2 25 | 7.9% | 30.6% | ||
| Q1 25 | 7.1% | 29.0% | ||
| Q4 24 | 2.9% | 17.3% | ||
| Q3 24 | 5.5% | 21.0% | ||
| Q2 24 | 6.8% | 38.8% |
| Q1 26 | $7.27 | $1.75 | ||
| Q4 25 | $1.70 | $1.41 | ||
| Q3 25 | $1.27 | $1.80 | ||
| Q2 25 | $1.86 | $1.66 | ||
| Q1 25 | $1.69 | $1.42 | ||
| Q4 24 | $0.69 | $0.99 | ||
| Q3 24 | $1.18 | $0.98 | ||
| Q2 24 | $1.46 | $1.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $157.5M | $969.0M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $1.7B | $6.5B |
| Total Assets | $4.2B | $173.4B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.5M | $969.0M | ||
| Q4 25 | $137.6M | — | ||
| Q3 25 | $222.4M | — | ||
| Q2 25 | $59.8M | — | ||
| Q1 25 | $108.1M | — | ||
| Q4 24 | $72.7M | — | ||
| Q3 24 | $183.1M | — | ||
| Q2 24 | $102.8M | — |
| Q1 26 | — | $2.5B | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.1B |
| Q1 26 | $1.7B | $6.5B | ||
| Q4 25 | $1.7B | $5.0B | ||
| Q3 25 | $1.7B | $5.0B | ||
| Q2 25 | $1.8B | $4.6B | ||
| Q1 25 | $1.7B | $4.4B | ||
| Q4 24 | $1.6B | $4.0B | ||
| Q3 24 | $1.8B | $4.7B | ||
| Q2 24 | $1.8B | $4.0B |
| Q1 26 | $4.2B | $173.4B | ||
| Q4 25 | $4.2B | $178.9B | ||
| Q3 25 | $4.1B | $177.4B | ||
| Q2 25 | $4.5B | $172.4B | ||
| Q1 25 | $4.2B | $163.9B | ||
| Q4 24 | $4.1B | $163.9B | ||
| Q3 24 | $4.1B | $166.9B | ||
| Q2 24 | $4.0B | $161.3B |
| Q1 26 | — | 0.39× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.52× |
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 | — | — |
| Free Cash FlowOCF − Capex | $450.0M | — |
| FCF MarginFCF / Revenue | 34.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $643.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-244.4M | $557.0M | ||
| Q3 25 | $649.4M | $168.0M | ||
| Q2 25 | $-182.7M | $742.0M | ||
| Q1 25 | $42.7M | $-179.0M | ||
| Q4 24 | $-80.0M | $79.0M | ||
| Q3 24 | $163.8M | $719.0M | ||
| Q2 24 | $199.3M | $316.0M |
| Q1 26 | $450.0M | — | ||
| Q4 25 | $-250.7M | — | ||
| Q3 25 | $641.8M | — | ||
| Q2 25 | $-198.2M | — | ||
| Q1 25 | $25.5M | — | ||
| Q4 24 | $-103.0M | — | ||
| Q3 24 | $131.9M | — | ||
| Q2 24 | $164.6M | — |
| Q1 26 | 34.5% | — | ||
| Q4 25 | -18.6% | — | ||
| Q3 25 | 48.7% | — | ||
| Q2 25 | -14.7% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | -7.3% | — | ||
| Q3 24 | 10.0% | — | ||
| Q2 24 | 12.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | -2.60× | 3.98× | ||
| Q3 25 | 8.63× | 0.88× | ||
| Q2 25 | -1.72× | 4.47× | ||
| Q1 25 | 0.44× | -1.15× | ||
| Q4 24 | -1.94× | 0.81× | ||
| Q3 24 | 2.26× | 6.31× | ||
| Q2 24 | 2.22× | 1.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MMS
Segment breakdown not available.
VOYA
| Premiums | $744.0M | 37% |
| Fee income | $604.0M | 30% |
| Other | $574.0M | 28% |
| Other revenues | $109.0M | 5% |
