Competition

Competitors describe Maximus, Inc.'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

Conduent (CNDT)

The closest US-listed pure-play government-services BPO rival to Maximus: its Government segment administers Medicaid healthcare, eligibility and enrollment, benefits payments and case management for federal, state and local agencies — the same programs that anchor Maximus's US Services and US Federal Services segments.

Conduent's own sizing of the business-process-services market it and Maximus compete in — an addressable $219 billion in 2025 where it claims analyst-recognized leadership.

We estimate our addressable market size in the global business process services industry to be $219 billion in 2025, according to third-party industry reports. Many industry analysts and advisors place us as a leader across several segments in this large, diverse and growing market.

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Conduent's description of its government portfolio reads as a point-for-point overlap with Maximus's core work — Medicaid claims, eligibility determination, enrollment and benefits delivery for state agencies.

Our government portfolio includes government healthcare, eligibility and enrollment solutions, digital payments and child support payments, ensuring efficient Medicaid healthcare claims processing and delivery of benefits to the most vulnerable populations while reducing the risk of fraud. Our solutions help state agencies determine eligibility, streamline enrollment, adjudicate claims and meet requirements for government-funded healthcare programs.

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On its Q1 FY2026 call, Conduent quantifies a re-entry into the federal health-and-human-services market — Maximus's home turf — led by a $23 million government-Medicaid-claims win.

Cliff Skelton, President & CEO: In the Public Sector segment, we signed more than $66 million in new business in Q1. This was driven by a large deal in government Medicaid claims for $23 million in new business.

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Serco Group (SRP.L)

A global government-services outsourcer that competes head-on with Maximus in US and UK citizen services — most directly through Serco Inc.'s CMS Eligibility Support Services contract running eligibility and contact-center support for the health-insurance Exchanges, the franchise at the heart of Maximus.

Serco's FY2025 report details its CMS Eligibility Support Services contract — eligibility and enrollment support for the ACA health-insurance Exchanges, the same CMS work that is Maximus's flagship US contract.

CMS Eligibility Support Services contract: In July 2023, Serco Inc. was awarded a follow-on contract with the US Government (acting through the Centers for Medicare and Medicaid Services (CMS)) for the provision of support for the Exchanges implemented to provide affordable health insurance and insurance affordability programmes.

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Serco management sizes its US government-services business and frames the runway — a $2 billion portfolio it estimates is still only just over 1% of the market Maximus also serves.

Anthony Kirby, CEO: In recent years, we've doubled the revenue and tripled the profit of our U.S. business to a $2 billion portfolio, delivering 10% margins, and we estimate that we still only have just over 1% market share.

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Serco reports a decade-high bid pipeline, a measure of the competitive capacity chasing the same government contracts Maximus bids for.

Our pipeline was £12.1bn at the end of December 2025, 8% higher than the £11.2bn level at the end of December 2024 and the highest level in over a decade. The pipeline consists of over 70 bids, with an average ACV of £30m and an average contract length of around five years.

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Capita (CPI.L)

The UK government's self-described number-one BPS supplier and the one competitor that names Maximus directly; its Public Service division runs the Health Assessment Advisory Service and other citizen-services contracts that collide with Maximus's UK health-and-disability-assessment and welfare-to-work businesses.

Capita's Public Service division lists its competitors in the UK government market and names Maximus explicitly — the one direct competitor filing in this set to do so.

Public Service operates in highly fragmented markets with a variety of services offered. Competitors within the market include but are not limited to: Atos, G4S, Sopra Steria, CGI, Tata Consulting Services, Serco, Accenture and Maximus.

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Capita attributes Public Service growth to the Health Assessment Advisory Service and disability-related contract wins — precisely the UK clinical-assessment and welfare lines Maximus operates.

strong performance in Public Service which saw growth from the Health Assessment Advisory Service and Disabled Student Allowance contract wins and growth from existing contracts including Transport for London and the Royal Navy training contract.

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Capita quantifies its UK government contract-win momentum — £1.19bn of total contract value, up 28% — including an NHS England contract, a benchmark of competitive scale against Maximus's UK footprint.

Across 2025, Public Service won contracts with a TCV of £1,185.8m, up 28% from 2024. There were material wins with Education Authority Northern Ireland, Gas Safe Register and with NHS England on our PCSE contract and a further expansion of scope on our successful contracts with the Royal Navy.

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Leidos (LDOS)

Through Leidos QTC, the largest provider of government-outsourced medical disability examinations — the clinical-assessment business Maximus also performs for the VA and, internationally, through its health-assessment contracts. Its Health & Civil segment is a direct read on that market's economics.

Leidos reports high veterans' disability-exam volume through its QTC clinics — the government medical-examination business it and Maximus both compete in.

Tom Bell, CEO: in our ongoing Veterans Benefits exam business, I'm pleased to report that our disability exam volume remained high through the first quarter and customer satisfaction, veteran satisfaction with their treatment at Leidos QTC clinics remains best in class.

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Leidos ties its Health & Civil segment's ~25% margin to medical-disability-exam volume — a benchmark for the profitability of the clinical-assessment work Maximus performs.

Health and Civil revenues increased by 1% year-over-year, with a non-GAAP operating income margin of 24.9%. Sustaining high performance levels was due to a consistent high volume of medical disability exams and our team's unwavering focus on delivering excellent innovation.

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Leidos management acknowledges the VA disability-exam market is a contested multi-vendor field — a fourth provider has entered — the same competitive dynamic that shapes Maximus's exam share.

Tom Bell, CEO: As you may have noticed, a fourth provider has been introduced in some regions, and we recognize that we need to stay ahead of the competition through innovation and technology, ensuring strong performance and customer satisfaction.

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ICF International (ICFI)

A federal-focused consulting and digital-services firm whose largest client is HHS — overlapping Maximus's health-and-human-services and government-modernization work — and whose disclosures document the DOGE-era budget pressure that is the shared macro risk for government-services vendors.

ICF quantifies its federal-government dependence and names HHS among its most significant clients — the same federal-health demand pool Maximus relies on — with federal revenue falling to 43% in 2025.

Our largest clients are U.S. federal government departments and agencies. Our federal government clients include every cabinet-level department, most significantly HHS, DoD, DoE, and DoT. Federal government clients generated approximately 43%, 54%, and 55% of our revenue in 2025, 2024, and 2023, respectively.

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ICF discloses DOGE-driven contract terminations and stop-work orders in early 2025 — concrete evidence of the federal-spending disruption that is the shared risk across Maximus's peer set.

we received contract terminations and temporary stop-work orders primarily in the first and second quarters of 2025. We expect that, due to changing government budgeting and spending priorities

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SAIC (SAIC)

A large federal IT and digital-modernization contractor; while defense-weighted, its priority civilian segment serves the same civilian agencies (Treasury/IRS, State, DHS, DOT/FAA) that fund Maximus's citizen-services and modernization work, making its federal-demand read-through relevant.

SAIC's CEO sizes the FY2026 civilian-agency funding backdrop — DOT/FAA and DHS budgets — the same non-defense federal pool that funds Maximus's government-services work.

Toni Townes-Whitley, CEO: Regarding nondefense budgets, the areas of focus for Science Applications International Corporation at our five largest civilian agency customers were well supported, including over $1 billion of additional budget for the Department of Transportation to fund improvements at the FAA. Over $40 billion to the Department of Homeland Security, focused in part on procuring advanced border security technology.

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SAIC management frames its separately-reported civilian business as a priority growth area — the civilian-agency digital-modernization space Maximus also targets.

Toni Townes-Whitley, CEO: So let's start with our civilian business. As you know, we report that separately. We've been focusing on really over even over the last year as we said the civilian business was a critical one for us. We want to see further growth in that business, and we have seen quite frankly growth in that business.

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Competition

Conduent (CNDT)

Serco Group (SRP.L)

Capita (CPI.L)

Leidos (LDOS)

ICF International (ICFI)

SAIC (SAIC)

More peer documents