Maximus, Inc. (NYSE:MMS) is looking for acquisitions. During the Maximus Fiscal 2026 Third Quarter Earnings Conference Call, David Mutryn, CFO, said, "Turning to capital allocation priorities. Our overall priorities have not changed.

We prioritize organic investments, most of which are expensed and have committed to a dividend that we intend to grow over time with earnings. After that, we consider M&A opportunities and opportunistic share repurchases. In the recent past, between these 2, we have deployed capital exclusively on share repurchasing." "As we have been saying for the past several quarters, even amidst market conditions that remain favorable to share repurchases, we also continue to seek acquisition targets that can expand capabilities, customer access and longer-term organic growth opportunities." "We remain disciplined in our evaluation of targets and seek high probability revenue synergies capable of driving long-term organic growth and shareholder value.

We consider valuation carefully in the context of current market conditions and growth potential and the expected return must exceed our cost of capital." "Looking forward, we plan to continue to execute on these capital deployment priorities while considering market dynamics, near-term liquidity, the potential M&A opportunity set and all within the constraint of our stated target net debt ratio of 2x to 3x." "As I said, we consider both share repurchasing and M&A as important considerations over the long term. On the M&A front, we do see it as an important tool despite market conditions as we look toward long-term organic growth. We want to make sure we are investing in capabilities, customer sets, those sorts of things that can unlock pipeline and high probability of revenue synergies." "So that remains something we're focused on.

I think it's consistent with what we've been saying for several quarters now that we continue to evaluate opportunities on that front".