HealthEquity vs Molina Healthcare
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KIRA’s take AI analyst
I put HealthEquity and Molina Healthcare side by side, using each one’s latest annual report. Here is what stands out:
- Molina Healthcare is the larger business, with $45.4B of revenue in fiscal 2025 against $1.3B for HealthEquity, about 35 times as much.
- Molina Healthcare grew revenue faster (11.8%, against 9.5%).
- HealthEquity kept more of each dollar of sales as operating profit (24.6% operating margin, against 1.7%).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against −1.4%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
HealthEquity
HQY
4/9
Operating marginNet marginFCF marginPiotroski F-score
Molina Healthcare
MOH
5/9
Revenue growth5-year growthReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | HQY FY26 | MOH FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.7B | $10.5B |
| Revenue | $1.3B | $45.4B |
| Free cash flow | $455M | −$636M |
| Net income | $215M | $472M |
| Growth | ||
| Revenue growth | 9.5% | 11.8% |
| 5-year growth | 12.4% | 18.5% |
| Share count change | −1.5% | −8.3% |
| Profitability | ||
| Gross margin | 69.5% | — |
| Operating margin | 24.6% | 1.7% |
| Net margin | 16.4% | 1.0% |
| FCF margin | 34.7% | −1.4% |
| Return on capital | 8.9% | — |
| Return on equity | 10.2% | 11.0% |
| Balance sheet | ||
| Net debt | $639M | −$4.3B |
| Net debt / EBITDA | 1.3x | −4.4x |
| Dividends and buybacks | $299M | $1.0B |
| Valuation & quality | ||
| P/E | 37.5x | — |
| Piotroski F-score | 9 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.