MMS
Maximus, Inc.
Is MMS Halal?
Government health, human-services and program-operations services — generally permissible activity, but the current debt/assets screen fails.
What You Should Know
Maximus' March 31, 2026 Form 10-Q reports assets of $4,239.174 million, long-term debt of $1,535.746 million, cash of $157.452 million, receivables of $1,114.960 million and quarterly revenue of $1,305.967 million. Debt/assets is 36.23%, above the examined FTSE, MSCI and Malaysia asset-based limits; liquidity/assets is 3.71% and receivables plus cash/assets is 30.02%. Gross interest income is not separately disclosed and no universal prohibited-revenue numerator is available.
⚠️ Concerns
- •Debt/assets is 36.23%, above examined 33% limits
- •Government health and human-services contract end uses require qualitative review
- •Debt covenants and refinancing exposure
- •Contract concentration and public-sector procurement
- •Gross interest income and prohibited-revenue allocation are unavailable
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,535.746 / 4,239.174
157.452 / 4,239.174
1,272.412 / 4,239.174
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.23%, above the examined 33.333% limit; liquidity/assets is 3.71% and receivables-plus-cash/assets is 30.02%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.23%, above the examined 33.33% limit; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.23%, above the examined 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; asset-based financial screens already fail on debt.
Business-activity disclosure
Maximus provides government health and human-services, employment and program-operations services. Government-program outsourcing is generally permissible at the activity level, but the filing does not provide a universal prohibited-revenue numerator for every contract or end use.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; contract-level allocation remains qualitative.
Purification
The filing does not separately disclose gross interest income; ZakatInvest does not infer a purification amount.
Inputs, assumptions and primary sources
- Amounts are USD millions from Maximus' March 31, 2026 Form 10-Q.
- Debt is reported current and non-current long-term debt totaling $1,535.746 million; operating lease liabilities are excluded.
- Cash is $157.452 million and net accounts receivable is $1,114.960 million.
- Second-quarter revenue is $1,305.967 million. The filing reports interest expense but does not separately disclose gross interest income.
- Government-services and program-operations activity is retained as qualitative analysis; no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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