HealthEquity
HQY · Managed Health Care
$103.97
3.0%Molina Healthcare
MOH · Managed Health Care
$209.15
3.5%The short version
- 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% operating margin).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against −1.4% FCF margin).
| Latest fiscal year | HQY · FY26 | MOH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.7B | $10.8B |
| 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 |
FY17
HQY $178M
MOH $19.9B
FY18
HQY $230M
MOH $18.9B
FY19
HQY $287M
MOH $16.8B
FY20
HQY $532M
MOH $19.4B
FY21
HQY $734M
MOH $27.8B
FY22
HQY $757M
MOH $32.0B
FY23
HQY $862M
MOH $34.1B
FY24
HQY $1,000M
MOH $40.7B
FY25
HQY $1.2B
MOH $45.4B
FY26
HQY $1.3B
MOH —
HQY
MOH
FY17
HQY 23.1%
MOH −2.8%
FY18
HQY 23.7%
MOH 6.0%
FY19
HQY 27.0%
MOH 6.2%
FY20
HQY 14.5%
MOH 5.6%
FY21
HQY 4.6%
MOH 3.7%
FY22
HQY −3.2%
MOH 3.7%
FY23
HQY 1.1%
MOH 4.6%
FY24
HQY 11.8%
MOH 4.2%
FY25
HQY 13.5%
MOH 1.7%
FY26
HQY 24.6%
MOH —
HQY
MOH
FY17
HQY $42.0M
MOH $718M
FY18
HQY $76.2M
MOH −$344M
FY19
HQY $110M
MOH $377M
FY20
HQY $97.7M
MOH $1.8B
FY21
HQY $169M
MOH $2.0B
FY22
HQY $132M
MOH $682M
FY23
HQY $147M
MOH $1.6B
FY24
HQY $241M
MOH $544M
FY25
HQY $338M
MOH −$636M
FY26
HQY $455M
MOH —
HQY
MOH
FY17
HQY 33.7%
MOH —
FY18
HQY 52.8%
MOH —
FY19
HQY 68.4%
MOH —
FY20
HQY 6.5%
MOH —
FY21
HQY 1.7%
MOH —
FY22
HQY −0.8%
MOH —
FY23
HQY 0.3%
MOH —
FY24
HQY 3.5%
MOH —
FY25
HQY 5.0%
MOH —
FY26
HQY 8.9%
MOH —
HQY
MOH
Add another company
Compare up to four at once.
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.