Watch for HSR clearance and closing conditions — the December 18, 2026 outside date with a 45-day extension option sets a clear timeline. Post-close, monitor integration of Agile Defense's ~1,100 cleared personnel and the earn-out revenue trajectory ($240M-$290M threshold) as key value drivers.
Price Chart
Executive Summary
Maximus announced a definitive agreement to acquire Agile Defense for $660M in cash (plus up to $50M earnout), expanding its defense and national security presence. The acquisition is expected to close in Q1 FY2027 and will be funded with debt, pushing pro forma leverage to 2.2-2.3x from 1.7x standalone. Separately, the company reported preliminary Q4 FY2026 leverage metrics and disclosed a $100M RWI policy.
Key Financial Metrics
Key Facts
- Cash purchase price of $660M for Agile Defense, subject to customary adjustments
- Up to $50M in additional contingent earn-out payments tied to 12-month revenue milestones
- Acquisition expected to close in Q1 FY2027 (calendar Q4 2026)
- Pro forma net leverage ratio of 2.2-2.3x vs standalone 1.7x, within target range of 2-3x
- $100M representation and warranty insurance policy in place at closing
- $15M escrow for indemnification obligations plus $8M escrow for post-closing adjustments
- Agile Defense brings ~1,100 cleared personnel, specialized cybersecurity/AI capabilities, and relationships with defense/national security agencies
- Agile Labs innovation engine expected to expand Maximus' technology capabilities
Financial Impact
$660M cash acquisition with up to $50M earnout; pro forma leverage increases ~0.5-0.6x to 2.2-2.3x
Risk Factors
- Regulatory delays or failure to obtain HSR clearance
- Integration risk with ~1,100 cleared personnel and multiple acquired entities
- Leverage increase to 2.2-2.3x reduces financial flexibility
- Earn-out may not be achieved if revenue milestones missed
- Potential pre-closing reorganization and litigation matters (RVCM indemnity)
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001032220-26-000038 |
| Document: mms-20261019.htm | 0001032220-26-000038 |
| Document: mms-2026x10x20ex991agilede.htm | 0001032220-26-000038 |
| Document: 0001032220-26-000038-index-headers.html | 0001032220-26-000038 |
| Document: 0001032220-26-000038-index.html | 0001032220-26-000038 |
| Document: 0001032220-26-000038.txt | 0001032220-26-000038 |
| 8-K Data (Synthetic) | 0001032220-26-000038 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Institutional Cluster | $63.08 | awaiting T+1 | — | $62.47 (−0.97%) |
Oct 21, 2026 6d ago | Institutional Cluster | $63.38 $63.02 | ▼ −0.57% | ▼ −0.05% | $62.47 (−1.44%) |
Oct 20, 2026 7d ago | 8-K | $61.09 $62.07 | ▲ +1.60% | ▲ +1.08% | $62.47 (+2.26%) |
Oct 8, 2026 19d ago | SC 13G | $58.77 $59.39 | ▲ +1.05% | ▲ +0.46% | $62.47 (+6.30%) |
Sep 10, 2026 6w ago | GOVT-CONTRACT | $56.92 $59.35 | ▲ +4.27% | ▲ +4.72% | $62.47 (+9.75%) |
Sep 4, 2026 7w ago | GOVT-CONTRACT | $56.33 $56.11 | ▼ −0.39% | ▲ +0.07% | $62.47 (+10.90%) |
Aug 24, 2026 9w ago | GOVT-CONTRACT | $58.53 $58.97 | ▲ +0.75% | ▲ +0.73% | $62.47 (+6.73%) |
Jul 29, 2026 13w ago | GOVT-CONTRACT | $60.64 $60.25 | ▼ −0.64% | ▼ −1.36% | $62.47 (+3.02%) |
May 7, 2026 24w ago | 8-K | $66.66 $64.27 | ▼ −3.59% | ▼ −4.42% | $62.47 (−6.29%) |
Apr 1, 2026 30w ago | GOVT-CONTRACT | $61.67 $63.00 | ▲ +2.15% | ▲ +1.68% | $62.47 (+1.30%) |
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