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Molina Healthcare

MOH NYSE Managed Health Care Financials FY2016–FY2025

Molina Healthcare's revenue rose 11.8% to $45.4 billion in fiscal 2025. Its operating margin was 1.7%, down from 4.2% a year earlier. Free cash flow was −$636 million, against $544 million a year earlier. It paid out $1.0 billion in dividends and buybacks. The diluted share count fell 8.3%.

Last close · Oct 23, 2026

$209.15

3.5%
Value it Compare
Revenue Total sales reported in the income statement.
$45.4B
11.7% vs prior year
Operating margin Operating income as a share of revenue.
1.7%
2.5 pts
Net income Profit after all expenses, interest and tax.
$472M
60.0%
Free cash flow Cash from operations minus capital spending.
−$636M
216.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$10.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Health insurers don't report a gross profit: their main cost is medical claims, which the SEC's structured data doesn't count as cost of revenue, so gross profit and gross margin are left blank.

What Molina Healthcare does

No business description yet.

Legal name
MOLINA HEALTHCARE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001179929-26-000005
0001179929

Revenue and margins

Molina Healthcare had $45.4B of revenue in fiscal 2025, up 11.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 28.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$636M in fiscal 2025, −1.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Molina Healthcare returned $1.0B to shareholders in fiscal 2025. The diluted share count fell 8.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Molina Healthcare yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $4.3B and divides by 52.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Molina Healthcare can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $7.6B$7.5B$9.1B$9.0B$8.3B
Debt incl. finance leases $2.4B$2.4B$2.4B$3.1B$4.0B
Net debt / EBITDA −4.6x−3.8x−3.8x−3.1x−4.4x
Debt / equity 0.9x0.8x0.6x0.7x1.0x
Interest coverage 8.5x10.7x14.4x14.5x4.1x
Current ratio 1.4x1.5x1.5x1.6x1.7x
Quick ratio 1.4x1.5x1.5x1.6x1.7x
Total assets $12.2B$12.3B$14.9B$15.6B$15.6B
Total liabilities $9.6B$9.4B$10.7B$11.1B$11.5B
Shareholders' equity $2.6B$3.0B$4.2B$4.5B$4.1B
Net debt (− = net cash) −$5.2B−$5.1B−$6.7B−$5.8B−$4.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$3.6M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 14, 2026 Maurice HebertChief Accounting Officer Sold 600 $191.55 $0.1M Form 4
May 11, 2026 Jeff D. BarlowChief Legal Officer Sold 17,811 $186.12 $3.3M Form 4
Mar 12, 2026 Ronna RomneyDirector Sold 506 $146.92 $0.1M Form 4
Feb 11, 2026 Richard C ZoreticDirector Bought 800 $125.16 $0.1M Form 4
Nov 24, 2025 Richard M SchapiroDirector Sold 357 $143.02 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✕
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 84 / 84 / 8
Accruals ratio −4.2%3.5%6.5%
Altman Z'' 3.904.063.60

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Molina Healthcare MOH $10.8B 11.8% 1.7% −1.4% — — 4
Humana HUM $50.9B 10.1% 2.1% 0.3% 25.7% 45.0x 5 Compare →
Oscar Health OSCR $10.3B 27.5% −3.4% 9.1% — 23.8x 4 Compare →
Centene CNC $34.9B 19.4% −3.9% 2.2% −26.4% — 5 Compare →
Elevance Health ELV $95.7B 12.5% 3.6% 1.6% 15.2% 18.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $17.8B $19.9B $18.9B $16.8B $19.4B $27.8B $32.0B $34.1B $40.7B $45.4B
Operating income $306M −$555M $1.1B $1.0B $1.1B $1.0B $1.2B $1.6B $1.7B $781M
Interest expense $101M $118M $115M $87.0M $102M $120M $110M $109M $118M $192M
Pretax income $205M −$612M $999M $972M $961M $875M $1.1B $1.5B $1.6B $589M
Income tax $153M −$100M $292M $235M $288M $216M $271M $373M $410M $117M
Net income $52.0M −$512M $707M $737M $673M $659M $792M $1.1B $1.2B $472M
Diluted EPS $0.92 −$9.07 $10.61 $11.47 $11.23 $11.25 $13.55 $18.77 $20.42 $8.92
Diluted shares 0.06B 0.06B 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B
Cash flow
Cash from operations $673M $804M −$314M $434M $1.9B $2.1B $773M $1.7B $644M −$535M
Capital expenditure $176M $86.0M $30.0M $57.0M $74.0M $77.0M $91.0M $84.0M $100M $101M
Free cash flow $497M $718M −$344M $377M $1.8B $2.0B $682M $1.6B $544M −$636M
Depreciation and amortization $182M $178M $127M $89.0M $88.0M $131M $176M $171M $186M $195M
Stock-based compensation $26.0M $46.0M $27.0M $39.0M $57.0M $72.0M $103M $115M $116M $47.0M
Acquisitions $48.0M $0.0M $0.0M $0.0M $755M $129M $134M $3.0M $344M $245M
Share buybacks $0.0M $0.0M $0.0M $47.0M $606M $128M $400M $0.0M $1.0B $1.0B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $47.0M $606M $128M $400M $0.0M $1.0B $1.0B
Balance sheet
Cash and short-term investments $4.6B $5.7B $4.5B $4.4B $6.0B $7.6B $7.5B $9.1B $9.0B $8.3B
Total debt $1.4B $2.2B $1.5B $1.3B $2.1B $2.2B $2.2B $2.2B $2.9B $3.8B
Finance lease liabilities $0.0M $0.0M $0.0M $239M $237M $234M $237M $226M $218M $209M
Current assets $6.0B $7.5B $6.5B $6.0B $7.9B $10.1B $10.1B $12.5B $12.8B $12.4B
Current liabilities $4.6B $5.6B $4.2B $3.3B $5.0B $7.0B $6.9B $8.2B $7.9B $7.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $454M $342M $241M $385M $391M $396M $259M $270M $288M $301M
Total assets $7.4B $8.5B $7.2B $6.8B $9.5B $12.2B $12.3B $14.9B $15.6B $15.6B
Total liabilities $5.8B $7.1B $5.5B $4.8B $7.4B $9.6B $9.4B $10.7B $11.1B $11.5B
Shareholders' equity $1.6B $1.3B $1.6B $2.0B $2.1B $2.6B $3.0B $4.2B $4.5B $4.1B
Margins
Operating margin 1.7% −2.8% 6.0% 6.2% 5.6% 3.7% 3.7% 4.6% 4.2% 1.7%
EBITDA margin 2.7% −1.9% 6.7% 6.7% 6.0% 4.1% 4.2% 5.1% 4.7% 2.2%
Net margin 0.3% −2.6% 3.7% 4.4% 3.5% 2.4% 2.5% 3.2% 2.9% 1.0%
FCF margin 2.8% 3.6% −1.8% 2.2% 9.4% 7.4% 2.1% 4.6% 1.3% −1.4%
Returns
Return on capital employed 10.9% −19.2% 38.9% 32.5% 26.7% 21.0% 22.1% 25.8% 23.6% 9.8%
Return on equity 3.2% −34.3% 47.4% 40.9% 33.2% 27.9% 28.3% 30.4% 27.1% 11.0%
Return on assets 0.7% −6.4% 9.1% 10.6% 8.3% 6.1% 6.5% 8.0% 7.7% 3.0%
Growth
Revenue growth 25.4% 11.8% −5.0% −10.9% 15.4% 43.0% 15.1% 6.6% 19.3% 11.8%
Net income growth −63.6% −1,084.6% — 4.2% −8.7% −2.1% 20.2% 37.8% 8.1% −60.0%
EPS growth −64.3% −1,085.9% — 8.1% −2.1% 0.2% 20.4% 38.5% 8.8% −56.3%
FCF growth −50.0% 44.5% −147.9% — 383.8% 12.0% −66.6% 131.4% −65.5% −216.9%
Share count change 0.4% 0.4% 18.1% −3.6% −6.7% −2.2% −0.2% −0.7% −0.7% −8.3%
Financial health
Net debt / EBITDA −6.4x — −2.4x −2.6x −3.1x −4.6x −3.8x −3.8x −3.1x −4.4x
Debt / equity 0.9x 1.6x 0.9x 0.8x 1.1x 0.9x 0.8x 0.6x 0.7x 1.0x
Interest coverage 3.0x −4.7x 9.8x 12.0x 10.6x 8.5x 10.7x 14.4x 14.5x 4.1x
Current ratio 1.3x 1.4x 1.5x 1.8x 1.6x 1.4x 1.5x 1.5x 1.6x 1.7x
Quick ratio 1.3x 1.4x 1.5x 1.8x 1.6x 1.4x 1.5x 1.5x 1.6x 1.7x
Capital allocation
Capex / revenue 1.0% 0.4% 0.2% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2%
Stock comp / revenue 0.2% 0.2% 0.1% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.1%
Payouts / FCF 0.0% 0.0% — 12.5% 33.2% 6.3% 58.7% 0.0% 183.8% —
Quality scores
Piotroski F-score 4.0 3.0 4.0 7.0 5.0 6.0 5.0 8.0 4.0 4.0
Altman Z'' 2.2 1.4 3.9 4.9 3.7 3.1 3.4 3.9 4.1 3.6
Accruals ratio −8.9% −16.5% 13.1% 4.4% −15.0% −13.4% 0.2% −4.2% 3.5% 6.5%

Source: SEC EDGAR XBRL filings (CIK 0001179929). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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