A Business at a Glance
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MOLINA HEALTHCARE, INC.
MOH
$10.5B
Mkt Cap
$197.55
-1.37%
MOLINA HEALTHCARE, INC. (MOH) has a current P/E ratio of 22.9, compared to its historical median P/E of 18.5. The stock is currently considered Fair based on its historical valuation range.
MOLINA HEALTHCARE, INC. (MOH) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
MOLINA HEALTHCARE, INC. (MOH) has a market capitalization of $10.3B. It is classified as a large-cap stock.
MOLINA HEALTHCARE, INC. (MOH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.87%.
Based on historical P/E analysis, MOLINA HEALTHCARE, INC. (MOH) appears fair. The current P/E of 22.9 is 24% above its historical median of 18.5. The estimated fair value CAGR (P/E method) is 9.4%.
MOLINA HEALTHCARE, INC. (MOH) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
MOLINA HEALTHCARE, INC. (MOH) reported annual revenue of $45.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Molina Healthcare is a Fortune 500 managed healthcare company providing government-sponsored health insurance services across Medicaid, Medicare, and Marketplace segments, serving approximately 5.5 million members across 21 states as of December 31, 2025. The company operates as a pure-play government-sponsored healthcare business, earning revenue through premium payments from state and federal programs while managing medical care costs through a network of providers and care management protocols. Molina's business model is characterized by relatively stable, recurring premium revenue streams from government programs, though profitability is sensitive to the balance between state-set rates and actual medical cost trends; the company manages this through cost control initiatives including care management, value-based contracting, payment integrity programs, and centers of excellence for behavioral health, pharmacy, and long-term services and supports. The Medicaid segment, representing the largest portion of revenue and membership, covers low-income families, disabled individuals, and expansion populations across multiple program types; Medicare serves dual-eligible beneficiaries through managed plans and integrated product designs; and Marketplace serves individuals purchasing coverage through state insurance exchanges. Molina's competitive positioning rests on its scale, operational execution, and track record of winning state procurement contracts, with a 90% re-procurement win rate and 80% new contract win rate historically, combined with disciplined cost management and a focus on high-acuity populations. The company pursues growth through both organic expansion in existing markets and strategic acquisitions, having completed acquisitions totaling more than $10 billion in revenue since 2019, including the February 2025 acquisition of ConnectiCare for $350 million.
【Rate and trend rebalancing ahead】 Management expects the current imbalance between Medicaid rates and medical cost trends to gradually normalize, with rates anticipated to increase approximately 4% in 2026 while medical cost trend is projected at 5%, creating a temporary margin trough before recovery. The company is pursuing significant new contract wins, including a landmark Florida Medicaid contract expected to yield $6 billion in annual run-rate premium commencing in late 2026, along with newly awarded contracts in Idaho, Michigan, Massachusetts, Ohio, Wisconsin, Nevada, and Illinois that collectively represent substantial incremental revenue. Management is advancing medical cost management capabilities through artificial intelligence deployment and enhanced care protocols targeting high-acuity populations, while maintaining disciplined capital allocation with plans to return excess capital to shareholders through share repurchases and dividends. The company expects embedded earnings of greater than $11 per share from new and existing contracts at target margins, positioning the business for significant earnings accretion as the rate environment stabilizes and the company transitions to integrated dual-eligible product designs in Medicare.
| Metric | Target | Period |
|---|---|---|
| Premium Revenue | approximately $42 billion | FY2026 |
| Adjusted Earnings Per Share | at least $5 | FY2026 |
| Medicaid Medical Care Ratio | 92.9% | FY2026 |
| Medicare Medical Care Ratio | 94% | FY2026 |
| Marketplace Medical Care Ratio | 85.5% | FY2026 |
| Medicaid Membership | approximately 4.5 million members | End of FY2026 |
| Marketplace Membership | approximately 250,000 | End of FY2026 |
Premium Revenue (FY2026): “we continue to expect full year premium revenue to be approximately $42 billion”
Adjusted Earnings Per Share (FY2026): “we reaffirm our full year EPS guidance of at least $5”
Medicaid Medical Care Ratio (FY2026): “In Medicaid, the full year MCR of 92.9% includes rate increases of 4% and medical cost trend at 5%”
Medicare Medical Care Ratio (FY2026): “Our MCR guidance on Medicare is 94%”
Marketplace Medical Care Ratio (FY2026): “In Marketplace, our full year MCR guidance is 85.5%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 45.1B | 45.4B | 40.6B | 34.1B | 32.0B | 27.8B |
| Net Income | 188M | 472M | 1.2B | 1.1B | 792M | 659M |
| EPS | $3.40 | $8.92 | $20.42 | $18.77 | $13.55 | $11.25 |
| Free Cash Flow | 251M | -636M | 544M | 1.6B | 682M | 2.0B |
| ROIC | 2.2% | 6.2% | 17.1% | 18.9% | 15.9% | 14.6% |
| Gross Margin | - | 13.1% | 15.3% | 15.9% | 15.0% | 14.6% |
| Debt/Equity | 0.92 | 0.93 | 0.66 | 0.52 | 0.74 | 0.83 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 431M | 781M | 1.7B | 1.6B | 1.2B | 1.0B |
| Operating Margin | 1.0% | 1.7% | 4.2% | 4.6% | 3.7% | 3.7% |
| ROE | 4.6% | 11.0% | 27.1% | 30.4% | 28.3% | 27.9% |
| Shares Outstanding | 52M | 53M | 58M | 58M | 58M | 59M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.7B | 14.2B | 17.8B | 19.9B | 18.9B | 16.8B | 19.4B | 27.8B | 32.0B | 34.1B | 40.6B | 45.4B | 45.1B |
| Gross Margin | 10.3% | 10.8% | 9.7% | 9.1% | 13.3% | 13.7% | 12.8% | 14.6% | 15.0% | 15.9% | 15.3% | 13.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 765M | 1.1B | 1.4B | 1.6B | 1.3B | 1.3B | 1.5B | 2.1B | 2.3B | 2.5B | 2.7B | 3.0B | 3.0B |
| EBIT | 193M | 387M | 306M | -555M | 1.1B | 1.0B | 1.1B | 1.0B | 1.2B | 1.6B | 1.7B | 781M | 431M |
| Op. Margin | 2.0% | 2.7% | 1.7% | -2.8% | 6.0% | 6.2% | 5.6% | 3.7% | 3.7% | 4.6% | 4.2% | 1.7% | 1.0% |
| Net Income | 62M | 143M | 52M | -512M | 707M | 737M | 673M | 659M | 792M | 1.1B | 1.2B | 472M | 188M |
| Net Margin | 0.6% | 1.0% | 0.3% | -2.6% | 3.7% | 4.4% | 3.5% | 2.4% | 2.5% | 3.2% | 2.9% | 1.0% | 0.4% |
| Non-Recurring | 0 | 0 | 0 | 584M | -7.0M | 6.0M | 0 | 0 | 208M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.8% | 6.5% | 1.9% | -19.4% | 26.6% | 25.1% | 18.1% | 14.6% | 15.9% | 18.9% | 17.1% | 6.2% | 2.2% |
| ROE | 6.5% | 11.1% | 3.2% | -34.3% | 47.4% | 40.9% | 33.2% | 27.9% | 28.3% | 30.4% | 27.1% | 11.0% | 4.6% |
| ROA | 1.7% | 2.6% | 0.7% | -6.4% | 9.0% | 10.6% | 8.2% | 6.1% | 6.5% | 8.0% | 7.7% | 3.0% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 1.1B | 673M | 804M | -314M | 434M | 1.9B | 2.1B | 773M | 1.7B | 644M | -535M | 357M |
| Free Cash Flow | 945M | 993M | 497M | 718M | -344M | 377M | 1.8B | 2.0B | 682M | 1.6B | 544M | -636M | 251M |
| Owner Earnings | 904M | 976M | 465M | 580M | -468M | 306M | 1.8B | 1.9B | 494M | 1.4B | 342M | -777M | 118M |
| CapEx | 115M | 132M | 176M | 86M | 30M | 57M | 74M | 77M | 91M | 84M | 100M | 101M | 106M |
| Maint. CapEx | 134M | 126M | 182M | 178M | 127M | 89M | 88M | 131M | 176M | 171M | 186M | 195M | 186M |
| Growth CapEx | 0 | 6.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 134M | 126M | 182M | 178M | 127M | 89M | 88M | 131M | 176M | 171M | 186M | 195M | 186M |
| CapEx/OCF | 10.8% | 11.7% | 26.2% | 10.7% | N/A | 13.3% | 3.9% | 3.6% | 11.8% | 5.1% | 15.5% | N/A | 29.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 47M | 606M | 128M | 400M | 0 | 1.0B | 1.0B | 500M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.5% | 4.9% | 0.7% | 2.1% | N/A | 5.9% | 11.5% | 4.9% |
| Stock-Based Comp | 22M | 23M | 26M | 46M | 27M | 39M | 57M | 72M | 103M | 115M | 116M | 47M | 53M |
| Debt Repayment | 0 | 0 | 0 | 0 | 362M | 240M | 12M | 0 | 0 | 0 | 300M | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | -1.9B | -2.5B | -3.1B | -3.7B | -3.2B | -3.1B | -3.9B | -5.5B | -5.3B | -6.9B | -6.0B | -4.5B | -5.5B |
| Cash & Equiv. | 1.5B | 2.3B | 2.8B | 3.2B | 2.8B | 2.5B | 4.2B | 4.4B | 4.0B | 4.8B | 4.7B | 4.2B | 9.3B |
| Long-Term Debt | 690M | 1.2B | 975M | 1.3B | 1.0B | 1.2B | 2.1B | 2.2B | 2.2B | 2.2B | 2.9B | 3.8B | 3.8B |
| Debt/Equity | 0.68 | 1.03 | 0.88 | 1.47 | 0.77 | 0.64 | 1.01 | 0.83 | 0.74 | 0.52 | 0.66 | 0.93 | 0.92 |
| Interest Coverage | 3.4 | 5.9 | 3.0 | -4.7 | 9.8 | 12.0 | 10.6 | 8.5 | 10.7 | 14.4 | 14.5 | 4.1 | 17.2 |
| Equity | 1.0B | 1.6B | 1.6B | 1.3B | 1.6B | 2.0B | 2.1B | 2.6B | 3.0B | 4.2B | 4.5B | 4.1B | 4.1B |
| Total Assets | 4.4B | 6.6B | 7.4B | 8.5B | 7.2B | 6.8B | 9.5B | 12.2B | 12.3B | 14.9B | 15.6B | 15.6B | 16.4B |
| Total Liabilities | 3.4B | 5.0B | 5.8B | 7.1B | 5.5B | 4.8B | 7.4B | 9.6B | 9.3B | 10.7B | 11.1B | 11.5B | 12.3B |
| Intangibles | 89M | 122M | 140M | 69M | 47M | 29M | 249M | 270M | 275M | 208M | 267M | 237M | 0 |
| Retained Earnings | 615M | 758M | 810M | 298M | 1.0B | 1.8B | 1.9B | 2.4B | 2.8B | 3.9B | 4.1B | 3.6B | 3.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.29 | 2.58 | 0.92 | -9.07 | 10.61 | 11.47 | 11.23 | 11.25 | 13.55 | 18.77 | 20.42 | 8.92 | 3.40 |
| Owner EPS | 18.81 | 17.61 | 8.23 | 10.27 | -7.02 | 4.76 | 29.25 | 32.71 | 8.45 | 23.67 | 5.92 | -14.68 | 2.27 |
| Book Value | 21.01 | 28.09 | 29.17 | 23.68 | 24.72 | 30.50 | 34.97 | 44.90 | 50.71 | 72.52 | 77.87 | 76.90 | 78.46 |
| Cash Flow/Share | 22.05 | 20.30 | 11.91 | 14.24 | -4.71 | 6.75 | 31.67 | 36.17 | 13.22 | 28.59 | 11.15 | -10.11 | 7.19 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 48.1M | 55.4M | 56.5M | 56.4M | 66.6M | 64.3M | 59.9M | 58.6M | 58.5M | 58.1M | 57.7M | 52.9M | 52.0M |
| Valuation | |||||||||||||
| P/E Ratio | 41.7 | 23.9 | 60.2 | N/A | 10.7 | 11.9 | 18.4 | 28.7 | 24.5 | 19.0 | 14.3 | 18.5 | 58.0 |
| P/FCF | 2.7 | 3.4 | 6.3 | 6.1 | N/A | 23.2 | 6.8 | 9.3 | 28.5 | 13.1 | 31.0 | N/A | 40.9 |
| EV/EBIT | 3.7 | 1.6 | 1.5 | N/A | 4.0 | 5.4 | 7.9 | 13.2 | 12.0 | 8.8 | 6.3 | 5.5 | 11.1 |
| Price/Book | 2.6 | 2.2 | 1.9 | 3.3 | 4.6 | 4.5 | 5.9 | 7.2 | 6.6 | 4.9 | 3.8 | 2.1 | 2.5 |
| Price/Sales | 0.2 | 0.3 | 0.2 | 0.2 | 0.4 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.5 | 0.3 | 0.2 |
| FCF Yield | 36.5% | 29.1% | 15.9% | 16.3% | -4.5% | 4.3% | 14.7% | 10.8% | 3.5% | 7.6% | 3.2% | -7.3% | 2.4% |
| Market Cap | 2.6B | 3.4B | 3.1B | 4.4B | 7.6B | 8.7B | 12.4B | 18.9B | 19.4B | 20.7B | 16.9B | 8.7B | 10.3B |
| Avg. Price | 42.40 | 65.46 | 55.69 | 62.64 | 106.43 | 131.70 | 172.73 | 257.85 | 317.97 | 310.81 | 341.38 | 240.81 | 197.55 |
| Year-End Price | 53.84 | 61.61 | 55.40 | 77.90 | 113.66 | 136.10 | 206.52 | 322.89 | 332.42 | 356.42 | 292.18 | 164.84 | 197.55 |
MOLINA HEALTHCARE, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
MOLINA HEALTHCARE, INC. trades at 22.9x trailing earnings, compared to its 15-year median P/E of 18.5x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 14.5% with a gross margin of 14.8%. Total shareholder yield (buybacks) is 4.9%. At current prices, the estimated annualized return to fair value is -0.7%.
MOLINA HEALTHCARE, INC. (MOH) has a net profit margin of 1.0%. This is a modest margin.
MOLINA HEALTHCARE, INC. (MOH) generated $-636 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
MOLINA HEALTHCARE, INC. (MOH) has a debt-to-equity ratio of 0.93. This indicates moderate leverage.
MOLINA HEALTHCARE, INC. (MOH) reported earnings per share (EPS) of $8.92 in its most recent fiscal year.
MOLINA HEALTHCARE, INC. (MOH) has a return on equity (ROE) of 11.0%. This indicates moderate shareholder returns.
MOLINA HEALTHCARE, INC. (MOH) has a 5-year average gross margin of 14.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for MOLINA HEALTHCARE, INC. (MOH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MOLINA HEALTHCARE, INC. (MOH) has a book value per share of $76.90, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the current imbalance between Medicaid rates and medical cost trends to gradually normalize, with rates anticipated to increase approximately 4% in 2026 while medical cost trend is projected at 5%, creating a temporary margin trough before recovery. The company is pursuing significant new contract wins, including a landmark Florida Medicaid contract expected to yield $6 billion in annual run-rate premium commencing in late 2026, along with newly awarded contracts in Idaho, Michigan, Massachusetts, Ohio, Wisconsin, Nevada, and Illinois that collectively represent substantial incremental revenue. Management is advancing medical cost management capabilities through artificial intelligence deployment and enhanced care protocols targeting high-acuity populations, while maintaining disciplined capital allocation with plans to return excess capital to shareholders through share repurchases and dividends. The company expects embedded earnings of greater than $11 per share from new and existing contracts at target margins, positioning the business for significant earnings accretion as the rate environment stabilizes and the company transitions to integrated dual-eligible product designs in Medicare.
Based on recent SEC filings and earnings calls, MOLINA HEALTHCARE, INC. (MOH) has provided the following forward guidance: Premium Revenue: approximately $42 billion (FY2026); Adjusted Earnings Per Share: at least $5 (FY2026); Medicaid Medical Care Ratio: 92.9% (FY2026); Medicare Medical Care Ratio: 94% (FY2026); Marketplace Medical Care Ratio: 85.5% (FY2026), plus 2 additional metrics.
Medicaid Membership (End of FY2026): “We expect to end the year with approximately 4.5 million members”
Marketplace Membership (End of FY2026): “we expect membership in our Marketplace segment to end the year at approximately 250,000”