Molina Healthcare, Inc.

MOH

HealthcareMid CapUS Equities · NYSE / NASDAQ

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Company Profile

Molina Healthcare, Inc. provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces in the United States. It operates in four segments: Medicaid, Medicare, Marketplace, and Other. The company was founded in 1980 and is headquartered in Long Beach, California.

Valuation

Market Cap$10.0B

Current Price$195.13as of Jun 23, 2026

P/E Ratio21.28

P/B Ratio2.47

EV / EBITDA-

EV / Sales0.21

Profitability

Operating Margin1.7%

Net Profit Margin1.0%

EBITDA Margin-

Returns

ROE11.6%

ROCE9.5%

ROIC %-

ROA3.0%

Solvency

Current Ratio1.69

Debt / Equity0.97

Debt / Assets0.25

CFO / Net Profit-1.13

Price History▼ 32.98% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$45.4B▲ 11.7%

EBITDA-

Net Profit$472M▼ 60.0%

Cash from Ops (CFO)$-535M▼ 183.1%

Free Cash Flow (FCF)$-636M▼ 216.9%

Revenue CAGR 3Y12.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-15.8%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$45.4B	-	$472M	$-636M	11.6%	11.7%	-60.0%
2024	$40.6B	-	$1.2B	$544M	26.2%	19.3%	8.1%
2023	$34.1B	-	$1.1B	$1.6B	25.9%	6.6%	37.8%
2022	$32.0B	-	$792M	$682M	26.7%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	31,974	34,072	40,650	45,426
Operating Revenue	-	30,883	32,529	38,627	43,052
Cost Of Revenue	-	28,048	29,738	35,914	41,351
Gross Profit	-	3,926	4,334	4,736	4,075
Operating Expense	-	2,545	2,761	3,029	3,294
Selling General And Administration	-	2,311	2,462	2,743	3,009
Total Expenses	-	30,593	32,499	38,943	44,645
Operating Income	-	1,381	1,573	1,707	781
Total Operating Income As Reported	-	1,173	1,573	1,707	781
Normalized EBITDA	-	1,557	1,744	1,893	976
EBIT	-	1,173	1,573	1,707	781
Interest Expense	-	110	109	118	192
Net Interest Income	-	-110	-109	-118	-192
Other Non Operating Income Expenses	-25	-	-	-	-
Other Income Expense	-25	-208	-	-	-
Interest Expense Non Operating	-	110	109	118	192
Net Non Operating Interest Income Expense	-	-110	-109	-118	-192
Pretax Income	-	1,063	1,464	1,589	589
Tax Provision	-	271	373	410	117
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-53.03	0	0	0
Net Income Continuous Operations	-	792	1,091	1,179	472
Net Income From Continuing And Discontinued Operation	-	792	1,091	1,179	472
Net Income From Continuing Operation Net Minority Interest	-	792	1,091	1,179	472
Net Income	-	792	1,091	1,179	472
Net Income Common Stockholders	-	792	1,091	1,179	472
Net Income Including Noncontrolling Interests	-	792	1,091	1,179	472
Normalized Income	-	946.97	1,091	1,179	472
Diluted NI Availto Com Stockholders	-	792	1,091	1,179	472
Basic Average Shares	-	58	58.30	56	51.40
Diluted Average Shares	-	58.50	58.30	57.70	52.90
Reconciled Depreciation	-	176	171	186	195
Reconciled Cost Of Revenue	-	28,048	29,738	35,914	41,351
Total Unusual Items	0	-208	0	0	-
Total Unusual Items Excluding Goodwill	0	-208	0	0	-
Special Income Charges	0	-208	0	0	-
Write Off	0	208	-	-	-
Impairment Of Capital Assets	0	208	0	0	-
Depreciation Amortization Depletion Income Statement	-	176	171	186	195
Depreciation And Amortization In Income Statement	-	176	171	186	195
General And Administrative Expense	-	2,311	2,462	2,743	3,009
Other Gand A	-	2,311	2,462	2,743	3,009
Other Operating Expenses	-	58	128	100	90
Amortization	-	77	85	82	91
Amortization Of Intangibles Income Statement	-	77	85	82	91
Depreciation Income Statement	-	99	86	104	104

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Molina Healthcare, Inc.this co.	MOH	$10.0B	21.28↓ discount	2.47	11.6%	-
Revvity, Inc.	RVTY	$11.4B	47.36	1.58	3.3%	18.15
BrightSpring Health Services, Inc.	BTSG	$11.3B	59.39	6.04	10.2%	30.34
Baxter International Inc.	BAX	$10.0B	-10.44	1.63	-15.6%	23.25
Krystal Biotech, Inc.	KRYS

Learn while you research

Hand-picked academy chapters to deepen your understanding of Molina Healthcare, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sector Analysis Matters

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$45.4B

$472M

$-636M

11.6%

11.7%

-60.0%

2024

$40.6B

$1.2B

$544M

26.2%

19.3%

8.1%

2023

$34.1B

$1.1B

$1.6B

25.9%

6.6%

37.8%

2022

$32.0B

$792M

$682M

26.7%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

31,974

34,072

40,650

45,426

Operating Revenue

30,883

32,529

38,627

43,052

Cost Of Revenue

28,048

29,738

35,914

41,351

Gross Profit

3,926

4,334

4,736

4,075

Operating Expense

2,545

2,761

3,029

3,294

Selling General And Administration

2,311

2,462

2,743

3,009

Total Expenses

30,593

32,499

38,943

44,645

Operating Income

1,381

1,573

1,707

781

Total Operating Income As Reported

1,173

1,573

1,707

781

Normalized EBITDA

1,557

1,744

1,893

976

EBIT

1,173

1,573

1,707

781

Interest Expense

110

109

118

192

Net Interest Income

-110

-109

-118

-192

Other Non Operating Income Expenses

-25

Other Income Expense

-25

-208

Interest Expense Non Operating

110

109

118

192

Net Non Operating Interest Income Expense

-110

-109

-118

-192

Pretax Income

1,063

1,464

1,589

589

Tax Provision

271

373

410

117

Tax Rate For Calcs

Tax Effect Of Unusual Items

-53.03

Net Income Continuous Operations

792

1,091

1,179

472

Net Income From Continuing And Discontinued Operation

792

1,091

1,179

472

Net Income From Continuing Operation Net Minority Interest

792

1,091

1,179

472

Net Income

792

1,091

1,179

472

Net Income Common Stockholders

792

1,091

1,179

472

Net Income Including Noncontrolling Interests

792

1,091

1,179

472

Normalized Income

946.97

1,091

1,179

472

Diluted NI Availto Com Stockholders

792

1,091

1,179

472

Basic Average Shares

58.30

51.40

Diluted Average Shares

58.50

58.30

57.70

52.90

Reconciled Depreciation

176

171

186

195

Reconciled Cost Of Revenue

28,048

29,738

35,914

41,351

Total Unusual Items

-208

Total Unusual Items Excluding Goodwill

-208

Special Income Charges

-208

Write Off

208

Impairment Of Capital Assets

208

Depreciation Amortization Depletion Income Statement

176

171

186

195

Depreciation And Amortization In Income Statement

176

171

186

195

General And Administrative Expense

2,311

2,462

2,743

3,009

Other Gand A

2,311

2,462

2,743

3,009

Other Operating Expenses

128

100

Amortization

Amortization Of Intangibles Income Statement

Depreciation Income Statement

104

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Molina Healthcare, Inc.this co.

MOH

$10.0B

21.28↓ discount

2.47

11.6%

Revvity, Inc.

RVTY

$11.4B

47.36

1.58

3.3%

18.15

BrightSpring Health Services, Inc.

BTSG

$11.3B

59.39

6.04

10.2%

30.34

Baxter International Inc.

BAX

$10.0B

-10.44

1.63

-15.6%

23.25

Krystal Biotech, Inc.

KRYS

Molina Healthcare, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Molina Healthcare, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on