Molina Healthcare, Inc

MOH Healthcare Healthcare Plans

Molina Healthcare, Inc’s revenue for fiscal 2025 (year ended December 2025) was $45.4 billion, up 11.7% from fiscal 2024.

Revenue
−3.44%
EPS
−51.7%
Free cash flow
−20.3%
Total debt
+2.54%

Quarter to September 2026, against a year earlier

208.21 3.43 +1.67%
Market cap
$10.9B
P/E
0.0×
Fwd P/E
59.6×
Dividend yield
—
F-score
4/9
Altman Z
4.28
Beneish M
−1.99
Dividend safety
n/a

Revenue by segment Fiscal 2023

  • Medicaid
  • Medicare
  • Marketplace
  • Other

Every year since 2013 →

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 3.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — 1 — 2 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 10,880.00
Revenue ttm 44,127.00
Net income ttm (48.00)
Free cash flow ttm 238.00
Net debt Q (4,629.00)
Valuation
P/E 0.00
Forward P/E 59.60 (above 35: high)
Price / sales 0.24
Forward P/S Powerpack
Price / FCF 44.79
Price / book 2.57
Financial health
Current ratio Q 1.69 (at or above 1.5: strong)
Debt / equity Q 0.95
Interest coverage Q 2.00
Growth
Revenue growth Q −3.44% (below 0%: shrinking)
Operating income growth Q −22.63% (below 0%: shrinking)
EPS, this year −52.32% (below 0%: weak)
EPS, next year A +84.27% (at or above 15%: strong)
Revenue, next year A −1.51% (below 0%: weak)
EPS, past 5 yrs −4.50% (below 0%: weak)
EPS, next 5 yrs A +7.69%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 30.98%
10-year low 10-year high
P/B against its own 10 years 26.87%
10-year low 10-year high
EV/Sales against its own 10 years 31.98%
10-year low 10-year high
EV/FCF against its own 10 years 90.83%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9,107 8,987 8,256 8,579
Receivables 3,104 3,299 3,533 3,359
Inventory — — — —
Other — — — —
12,542 12,773 12,444 12,514
2023 2024 2025 Q'26
Payables 1,252 1,331 1,093 1,183
ST’ Debt — — — —
Other 2,294 1,874 1,326 1,141
8,168 7,896 7,372 7,394

Compound Annual Growth %

10y 5y 3y
Sales 12.35% 18.52% 12.42%
Cash Flow 0.00% 0.00% 0.00%
Earnings 12.68% (6.85%) (15.85%)
Book Value 10.08% 14.19% 11.14%

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 0.27 1.19 0.73 — —
’25 5.45 4.75 1.51 (3.15) 8.92
’24 5.17 5.17 5.65 4.44 20.42
’23 5.52 5.35 4.21 3.70 18.77
’22 4.39 4.25 3.95 0.96 13.55
’21 3.89 3.16 2.46 1.74 11.25
’20 2.92 4.65 3.10 0.56 11.23
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,796 10,874 11,082 — —
’25 11,147 11,427 11,477 11,375 45,426
’24 9,931 9,880 10,340 10,499 40,650
’23 8,149 8,327 8,548 9,048 34,072
’22 7,770 8,054 7,927 8,223 31,974
’21 6,522 6,800 7,040 7,409 27,771
’20 4,549 4,618 5,021 5,235 19,423
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,082 (294) (159) — —
’25 190 (302) (125) (298) (535)
’24 214 (219) 873 (224) 644
’23 916 487 949 (690) 1,662
’22 363 368 254 (212) 773
’21 568 493 461 597 2,119
’20 143 614 (158) 1,299 1,898
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,055 (324) (196) — —
’25 168 (344) (163) (297) (636)
’24 187 (246) 838 (235) 544
’23 884 456 923 (685) 1,578
’22 340 341 223 (222) 682
’21 552 480 434 576 2,042
’20 122 590 (177) 1,289 1,824
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 17,782 19,883 18,890 16,829 19,423 27,771 31,974 34,072 40,650 45,426 44,127 +11.0% 44,742 47,629 50,939 +3.9%
Gross margin, % 14.19 11.66 17.94 17.37 18.55 14.64 15.01 15.86 15.31 13.07 12.60 (1.1) pt
EBT 205 (612) 999 972 961 875 1,063 1,464 1,589 589 (41) +12.4%
EBT margin, % 1.15 (3.08) 5.29 5.78 4.95 3.15 3.32 4.30 3.91 1.30 (0.09) +0.1 pt
Net income 52 (512) 707 737 673 659 792 1,091 1,179 472 (48) +27.8%
Per share, $
Per share, $ Revenue 320.97 355.05 309.67 270.56 329.20 480.47 553.18 590.50 708.19 860.34 861.86 +11.6%
Earnings 0.94 (9.07) 10.61 11.47 11.23 11.25 13.55 18.78 20.42 8.92 (0.96) +28.4%
Cash flow 12.15 14.36 (5.15) 6.98 32.17 36.66 13.37 28.80 11.22 (10.13) 6.46 n/m
Capex (3.18) (1.54) (0.49) (0.92) (1.25) (1.33) (1.57) (1.46) (1.74) (1.91) (1.82) (5.5%)
Free cash flow 8.97 12.82 (5.64) 6.06 30.92 35.33 11.80 27.35 9.48 (12.05) 4.65 n/m
Book value 29.77 23.88 27.00 31.51 35.53 45.50 51.28 73.05 78.33 77.06 81.15 +11.1%
Shares, m 55 56 61 62 59 58 58 58 57 53 52 (0.5%)
Valuation, ×
Valuation, × P/E 58.10 0.00 11.00 11.83 18.94 28.27 23.54 19.78 14.25 20.27 0.00 20.6
P/S 0.17 0.22 0.38 0.50 0.65 0.66 0.58 0.63 0.41 0.20 0.24 0.4
P/B 1.80 3.27 4.30 4.31 5.99 6.99 6.22 5.09 3.72 2.25 2.57 4.4
EV/Sales 0.00 0.03 0.21 0.33 0.46 0.47 0.42 0.43 0.27 0.11 0.14 0.3
EV/FCF 0.07 0.92 (11.75) 14.66 4.88 6.45 19.57 9.34 19.97 (7.68) 25.45 5.6
Cash, $m
Cash, $m Operating cash flow 673 804 (314) 434 1,898 2,119 773 1,662 644 (535) 331 n/m
Capex (176) (86) (30) (57) (74) (77) (91) (84) (100) (101) (93) (6.0%)
Free cash flow 497 718 (344) 377 1,824 2,042 682 1,578 544 (636) 238 n/m
Balance, $m
Balance, $m Working capital 1,418 1,954 2,216 2,698 2,911 3,017 3,229 4,374 4,877 5,072 5,120 +15.2%
Net debt (2,932) (3,710) (3,049) (2,930) (3,677) (5,248) (5,114) (6,722) (5,869) (4,306) (4,629) +4.4%
Shareholders’ equity 1,649 1,337 1,647 1,960 2,096 2,630 2,964 4,215 4,496 4,069 4,155 +10.6%
Returns, %
Returns, % ROA 0.74 (6.43) 9.05 10.57 8.25 6.06 6.46 8.02 7.73 3.03 (0.31) +2.3 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 3.24 (34.29) 47.39 40.86 33.19 27.89 28.32 30.39 27.07 11.02 (1.15) +7.8 pt
People
People Employees 21,000 20,000 11,000 10,000 10,500 14,000 15,000 123,123 18,000 19,000 — (1.1%)
Revenue/emp, $m 0.85 0.99 1.72 1.68 1.85 1.98 2.13 0.28 2.26 2.39 — +12.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Molina Healthcare provides managed healthcare services through Medicaid, Medicare and state insurance marketplaces. It sells health coverage and arranges care for people eligible for government-funded or subsidized programs, including low-income families, older adults and people with disabilities. Its primary customers are state Medicaid agencies and the federal government.

Under managed care, Molina receives premiums and takes responsibility for arranging and paying for covered healthcare. Its Medicaid plans serve groups including families with children, people with disabilities and individuals who need long-term services and supports. Its Medicare plans include products for people eligible for both Medicare and Medicaid. Marketplace plans serve people buying coverage through insurance exchanges, many of whom receive premium subsidies.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by segment, and margins
Medicaid 27,707 81.32%
Medicare 4,227 12.41%
Marketplace 2,062 6.05%
Other 76 0.22%
Gross margin 15.86%
Operating margin 4.62%
Pre-tax margin 4.30%

Revenue by segment since 2013

Molina Healthcare, Inc vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ELV Elevance Health, Inc. $89.4B 17.7× 18.7× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $78.0B 12.2× 12.0× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $49.3B 38.4× 56.8× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $32.9B 22.4× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $10.9B — (loss-making) 59.6× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96%
OSCR Oscar Health, Inc. $9.6B 18.2× 15.8× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.3B — (loss-making) 80.8× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
PGNY Progyny, Inc. $2.3B 30.3× 22.7× +5.30% (above 0%: growing) +80.00% (above 0%: growing) −12.01% (below 0%: shrinking) 25.48% 11.41% Compare
ALHC Alignment Healthcare, Inc. $1.5B 46.4× — (loss-making) +36.69% (above 0%: growing) n/m −72.25% (below 0%: shrinking) 10.36% (0.28%) Compare
Median of peers $21.3B 22.4× 18.7× +16.43% +22.87% +43.77% 18.08% 3.75%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • CEO Joseph Zubretsky said Medicaid rate updates largely offset a slight increase in medical costs during the third quarter, while membership continued to decline.
  • CFO Mark Keim said delays to the Georgia and Texas contracts lowered Molina’s preliminary 2027 premium revenue outlook and postponed some expected operating leverage.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 108.09%
Held by the ten largest 58.14%
Holder Shares Stake Change
BlackRock 6.57m 12.64% +203.13k
Vanguard 5.57m 10.70% +53.26k
Capital Group 3.66m 7.03% −634.47k
AQR Capital Management 3.54m 6.81% +694.11k
Lingotto Investment Management LLP 2.51m 4.83% +2.51m
Victory Capital 1.98m 3.81% −90.08k
Fidelity (FMR) 1.87m 3.60% −1.33m
State Street 1.76m 3.38% +25.03k
Dimensional Fund Advisors 1.39m 2.68% −1.54k
T. Rowe Price 1.38m 2.66% −153.93k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 18.34m (15.26m) 81.60
2024 21.94m 15.40m 136.85
2023 21.49m 25.20m 169.88
2022 22.13m 41.67m 155.27
2021 19.96m 75.91m 149.56

Ownership

Directors and executive officers, together 1.44%
The Vanguard Group 12.64%
BlackRock, Inc. 6.77%
Capital World Investors 6.74%
FMR LLC 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Molina Healthcare, Inc (MOH) Latest News

29 Oct

Impact 4 · · The Motley Fool

22 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 3 · · healthcaredive.com

7 Oct

Impact 3 · · StockStory

1 Oct

28 Sep

stockrow.com/MOH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com