MOLINA HEALTHCARE, INC. MOH

Financials SIC 6324 - Hospital & Medical Service Plans NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers derived NYSE

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the "Marketplace"). Molina was founded in 1980 as a provider organization serving low-income families in Southern California and reincorporated in Delaware in 2002. We served approximately 5.5 million members as of December 31, 2025, located across 21 states.

Our business footprint, as of December 31, 2025, is illustrated below.

(1)Medical care ratio represents medical care costs as a percentage of premium revenue.

We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other.

Last close 209.15 2026-10-23
Market cap $10.92B 2026-06-30 share count
52-week range 121.06 - 244.89

Valuation FY2025 figures against the last close

P/S0.2x
P/E23.4x
P/FCF—
EV/EBITDA6.6x
Dividend yield—
Diluted EPS8.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $45.43B$40.65B$34.07B$31.97B$27.77B$19.42B$16.83B$18.89B$19.88B$17.78B
Cost of revenue $39.49B$34.43B$28.67B$27.18B$23.70B$15.82B$13.90B———
Gross profit $5.94B$6.22B$5.40B$4.80B$4.07B$2.48B$2.30B$2.52B$1.81B$1.73B
SG&A $3.01B$2.74B$2.46B$2.31B$2.07B$1.48B$1.30B$1.33B$1.59B$1.39B
Total operating expenses $44.65B$38.94B$32.50B$30.80B$26.75B$18.34B$15.79B$17.76B$20.44B$17.48B
Operating income $781.0M$1.71B$1.57B$1.17B$1.02B$1.08B$1.04B$1.13B-$555.0M$306.0M
Interest expense $192.0M$118.0M$109.0M$110.0M$120.0M$102.0M$87.0M$115.0M$118.0M$101.0M
Pre-tax income $589.0M$1.59B$1.46B$1.06B$875.0M$961.0M$972.0M$999.0M-$612.0M$205.0M
Income tax $117.0M$410.0M$373.0M$271.0M$216.0M$288.0M$235.0M$292.0M$100.0M$153.0M
Net income $472.0M$1.18B$1.09B$792.0M$659.0M$673.0M$737.0M$707.0M-$512.0M$52.0M
EPS, basic 8.9320.5218.9113.7211.4011.4011.8511.57-9.070.93
EPS, diluted 8.9220.4218.7713.5511.2511.2311.4710.61-9.070.92
Shares, diluted (wtd. avg.) 52.9M57.7M58.1M58.5M58.6M59.9M64.2M66.6M56.4M56.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $4.25B$4.66B$4.85B$4.05B$4.51B$4.22B$2.51B$2.93B$3.29B$2.91B
Short-term investments $4.01B$4.33B$4.26B$3.50B$3.20B$1.88B$1.95B$1.68B$2.52B$1.76B
Receivables $3.53B$3.30B$3.10B$2.30B$2.18B$1.67B$1.41B$1.33B$871.0M$974.0M
Total current assets $12.44B$12.77B$12.54B$10.08B$10.06B$7.88B$5.97B$6.46B$7.51B$5.99B
Property, plant and equipment ———————$241.0M$342.0M$454.0M
Goodwill $1.96B$1.67B$1.24B$1.11B$982.0M$692.0M$143.0M$143.0M$186.0M$620.0M
Other intangibles $237.0M$267.0M$208.0M$275.0M$270.0M$249.0M$29.0M$47.0M$69.0M$140.0M
Total assets $15.56B$15.63B$14.89B$12.31B$12.21B$9.53B$6.79B$7.15B$8.47B$7.45B
Accounts payable $1.09B$1.33B$1.25B$889.0M$842.0M$641.0M$502.0M$390.0M$366.0M$385.0M
Short-term debt —————$0$18.0M——$472.0M
Total current liabilities $7.37B$7.90B$8.17B$6.86B$7.05B$4.96B$3.27B$4.25B$5.56B$4.57B
Long-term debt $3.77B$2.92B$2.18B$2.18B$2.17B$2.13B$1.24B$1.02B$1.32B$975.0M
Total liabilities $11.49B$11.13B$10.68B$9.35B$9.58B$7.44B$4.83B$5.51B$7.13B$5.80B
Retained earnings $3.60B$4.09B$3.89B$2.80B$2.40B$1.86B$1.78B$1.01B$298.0M$810.0M
Total equity $4.07B$4.50B$4.21B$2.96B$2.63B$2.10B$1.96B$1.65B$1.34B$1.65B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$535.0M$644.0M$1.66B$773.0M$2.12B$1.90B$434.0M-$314.0M$804.0M$673.0M
Depreciation and amortisation $195.0M$186.0M$171.0M$176.0M$131.0M$88.0M$89.0M$127.0M$178.0M$182.0M
Stock-based compensation $47.0M$116.0M$115.0M$103.0M$72.0M$57.0M$39.0M$27.0M$46.0M$26.0M
Capital expenditure $101.0M$100.0M$84.0M$91.0M$77.0M$74.0M$57.0M$30.0M$86.0M$176.0M
Investing cash flow $312.0M-$464.0M-$744.0M-$790.0M-$1.65B-$400.0M-$293.0M$1.14B-$1.06B-$206.0M
Financing cash flow -$170.0M-$347.0M-$58.0M-$441.0M-$183.0M$217.0M-$559.0M-$1.19B$636.0M$19.0M
Buybacks $1.00B$1.00B$0$400.0M$128.0M$606.0M$47.0M$0$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001179929-26-000005.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B Revenue, FY2016: 17.8B Gross profit, FY2016: 1.7B Net income, FY2016: 52M Revenue, FY2017: 19.9B Gross profit, FY2017: 1.8B Net income, FY2017: -512M Revenue, FY2018: 18.9B Gross profit, FY2018: 2.5B Net income, FY2018: 707M Revenue, FY2019: 16.8B Gross profit, FY2019: 2.3B Net income, FY2019: 737M Revenue, FY2020: 19.4B Gross profit, FY2020: 2.5B Net income, FY2020: 673M Revenue, FY2021: 27.8B Gross profit, FY2021: 4.1B Net income, FY2021: 659M Revenue, FY2022: 32B Gross profit, FY2022: 4.8B Net income, FY2022: 792M Revenue, FY2023: 34.1B Gross profit, FY2023: 5.4B Net income, FY2023: 1.1B Revenue, FY2024: 40.6B Gross profit, FY2024: 6.2B Net income, FY2024: 1.2B Revenue, FY2025: 45.4B Gross profit, FY2025: 5.9B Net income, FY2025: 472M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $17.78B $19.88B $18.89B $16.83B $19.42B $27.77B $31.97B $34.07B $40.65B $45.43B
Gross profit $1.73B $1.81B $2.52B $2.30B $2.48B $4.07B $4.80B $5.40B $6.22B $5.94B
Net income $52.0M -$512.0M $707.0M $737.0M $673.0M $659.0M $792.0M $1.09B $1.18B $472.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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