Humana

HUM · Managed Health Care

$422.07

0.3%

Molina Healthcare

MOH · Managed Health Care

$209.15

3.5%

The short version

Humana is the larger business, with $129.7B of revenue in fiscal 2025 against $45.4B for Molina Healthcare, about 2.9 times as much.
Molina Healthcare grew revenue faster (11.8%, against 10.1%).
Humana turned more of its sales into free cash flow (0.3% FCF margin, against −1.4% FCF margin).

Latest fiscal year	HUM · FY25	MOH · FY25
Size
Market cap	$50.9B	$10.8B
Revenue	$129.7B	$45.4B
Free cash flow	$375M	−$636M
Net income	$1.2B	$472M
Growth
Revenue growth	10.1%	11.8%
5-year growth	10.9%	18.5%
Share count change	−0.0%	−8.3%
Profitability
Gross margin	—	—
Operating margin	2.1%	1.7%
Net margin	0.9%	1.0%
FCF margin	0.3%	−1.4%
Return on capital	25.7%	—
Return on equity	7.0%	11.0%
Balance sheet
Net debt	−$7.5B	−$4.3B
Net debt / EBITDA	−2.2x	−4.4x
Dividends and buybacks	$581M	$1.0B
Valuation & quality
P/E	45.0x	—
Piotroski F-score	5	4

Revenue

FY16

HUM $54.4B

MOH $17.8B

FY17

HUM $53.8B

MOH $19.9B

FY18

HUM $56.9B

MOH $18.9B

FY19

HUM $64.9B

MOH $16.8B

FY20

HUM $77.2B

MOH $19.4B

FY21

HUM $83.1B

MOH $27.8B

FY22

HUM $92.9B

MOH $32.0B

FY23

HUM $106.4B

MOH $34.1B

FY24

HUM $117.8B

MOH $40.7B

FY25

HUM $129.7B

MOH $45.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM MOH

Operating margin

FY16

HUM 3.2%

MOH 1.7%

FY17

HUM 7.9%

MOH −2.8%

FY18

HUM 5.5%

MOH 6.0%

FY19

HUM 4.9%

MOH 6.2%

FY20

HUM 6.5%

MOH 5.6%

FY21

HUM 3.8%

MOH 3.7%

FY22

HUM 4.1%

MOH 3.7%

FY23

HUM 3.8%

MOH 4.6%

FY24

HUM 2.2%

MOH 4.2%

FY25

HUM 2.1%

MOH 1.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM MOH

Free cash flow

FY16

HUM $1.4B

MOH $497M

FY17

HUM $3.5B

MOH $718M

FY18

HUM $1.6B

MOH −$344M

FY19

HUM $4.5B

MOH $377M

FY20

HUM $4.7B

MOH $1.8B

FY21

HUM $920M

MOH $2.0B

FY22

HUM $3.5B

MOH $682M

FY23

HUM $3.0B

MOH $1.6B

FY24

HUM $2.4B

MOH $544M

FY25

HUM $375M

MOH −$636M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM MOH

Return on capital

FY16

HUM 22.0%

MOH —

FY17

HUM —

MOH —

FY18

HUM —

MOH —

FY19

HUM —

MOH —

FY20

HUM —

MOH —

FY21

HUM 42.8%

MOH —

FY22

HUM 38.5%

MOH —

FY23

HUM 56.3%

MOH —

FY24

HUM 30.9%

MOH —

FY25

HUM 25.7%

MOH —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HUM MOH

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