MOLINA HEALTHCARE, INC. MOH
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 8.93 | 20.52 | 18.91 | 13.72 | 11.40 | 11.40 | 11.85 | 11.57 | -9.07 | 0.93 |
| EPS, diluted | 8.92 | 20.42 | 18.77 | 13.55 | 11.25 | 11.23 | 11.47 | 10.61 | -9.07 | 0.92 |
| Shares, diluted (wtd. avg.) | $52.9M | $57.7M | $58.1M | $58.5M | $58.6M | $59.9M | $64.2M | $66.6M | $56.4M | $56.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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