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Tuesday 3 November 2026
Export MOH’s income statement to Excel — free account
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%
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Analyst price targets
Free accountTen 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
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2023
| 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% |
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% |
From the latest earnings call
- 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 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.