Molina Healthcare Inc. (MOH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.4	$1.51	+7.9%	—	$10.9B	—
Q1 26	$1.91	$2.35	+23.0%	—	$10.8B	—
Q4 25	$0.33	-$2.75	-933.3%	—	$11.4B	—
Q3 25	$3.89	$1.84	-52.7%	—	$11.5B	—
Q2 25	$5.53	$5.48	-0.9%	—	$11.4B	—
Q1 25	$5.96	$6.08	+2.0%	—	$11.1B	—
Q4 24	$5.88	$5.05	-14.1%	—	$10.5B	—
Q3 24	$5.94	$6.01	+1.2%	—	$10.3B	—
Q2 24	$5.6	$5.86	+4.6%	—	$9.9B	—
Q1 24	$5.64	$5.73	+1.6%	—	$9.9B	—
Q4 23	$4.35	$4.38	+0.7%	—	$9B	—
Q3 23	$4.88	$5.05	+3.5%	—	$8.5B	—
Q2 23	$5.1	$5.65	+10.8%	—	$8.3B	—
Q1 23	$5.12	$5.81	+13.5%	—	$8.1B	—
Q4 22	$4.02	$4.1	+2.0%	—	$8.2B	—
Q3 22	$4.21	$4.36	+3.6%	—	$7.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.18	—	—	$45.4B	—
FY24	—	$21.1	—	—	$40.6B	—
FY23	—	$18.7	—	—	$34.1B	—
FY22	—	$13.7	—	—	$32B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$17.8B	$19.9B	$18.9B	$16.8B	$19.4B	$27.8B	$32B	$34.1B	$40.6B	$45.4B
YoY change	+25.4%	+11.8%	-4.99%	-10.9%	+15.4%	+43%	+15.1%	+6.56%	+19.3%	+11.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	17.8B	19.9B	18.9B	16.8B	19.4B	27.8B	32B	34.1B	40.6B	45.4B
Cost of revenue	15.9B	18B	16.3B	14.4B	16.7B	24.5B	28B	29.7B	35.9B	41.4B
Gross profit	1.8B	1.9B	2.6B	2.4B	2.7B	3.3B	3.9B	4.3B	4.7B	4.1B
Gross margin	10.3%	9.46%	13.9%	14.5%	13.8%	11.8%	12.3%	12.7%	11.7%	8.97%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.4B	1.6B	1.3B	1.3B	1.5B	2.1B	2.3B	2.5B	2.7B	3B
Operating expenses	1.4B	1.6B	1.4B	1.3B	1.5B	2.1B	2.4B	2.6B	2.8B	3.1B
Operating income	306M	149M	1.1B	1B	1.1B	1B	1.4B	1.6B	1.7B	781M
Operating margin	1.72%	0.75%	5.99%	6.2%	5.55%	3.67%	4.32%	4.62%	4.2%	1.72%
Non-operating income, net	38M	-643M	-17M	15M	-15M	-25M	-208M	—	—	—
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	52M	-512M	707M	737M	673M	659M	792M	1.1B	1.2B	472M
Net margin	0.29%	-2.58%	3.74%	4.38%	3.46%	2.37%	2.48%	3.2%	2.9%	1.04%
EBITDA	488M	388M	1.2B	1.1B	1.2B	1.1B	1.6B	1.7B	1.9B	976M
EPS	0.14	-8.53	11.4	11.9	11.3	11.4	13.7	18.7	21.1	9.18
Diluted EPS	0.14	-9.07	10.6	11.5	11.2	11.3	13.6	18.7	20.4	8.92

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	8.5B	9B	9.9B	9.9B	10.3B	10.5B	11.1B	11.4B	11.5B	11.4B	10.8B	10.9B
Cost of revenue	7.5B	8B	8.7B	8.7B	9.2B	9.4B	9.9B	10.3B	10.6B	10.7B	9.8B	9.9B
Gross profit	1.1B	1B	1.2B	1.2B	1.2B	1.1B	1.3B	1.2B	927M	701M	1B	929M
Gross margin	12.5%	11.5%	12.3%	12.3%	11.5%	10.6%	11.5%	10.2%	8.08%	6.16%	9.47%	8.54%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	608M	645M	711M	691M	676M	665M	774M	711M	729M	795M	779M	724M
Operating expenses	665M	683M	749M	734M	675M	685M	799M	736M	745M	819M	807M	744M
Operating income	359M	316M	426M	434M	467M	380M	433M	373M	137M	-162M	176M	145M
Operating margin	4.2%	3.49%	4.29%	4.39%	4.52%	3.62%	3.88%	3.26%	1.19%	-1.42%	1.63%	1.33%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	-93M	—
Pretax income	332M	289M	399M	406M	438M	346M	390M	325M	88M	-214M	29M	91M
Income tax	87M	73M	98M	105M	112M	95M	92M	70M	9M	-54M	15M	31M
Net income	245M	216M	301M	301M	326M	251M	298M	255M	79M	-160M	14M	60M
Net margin	2.87%	2.39%	3.03%	3.05%	3.15%	2.39%	2.67%	2.23%	0.69%	-1.41%	0.13%	0.55%
EBITDA	401M	359M	471M	480M	514M	428M	481M	431M	182M	-118M	215M	185M
EPS	4.2	3.7	5.21	5.1	5.72	4.48	5.52	4.72	1.55	-3.11	0.27	1.15
Diluted EPS	4.2	3.7	5.17	5.1	5.65	4.44	5.45	4.72	1.51	-3.15	0.27	1.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.1B	4.6B	7.2B	8.4B	12.6B	18.4B	19.2B	21.1B	16.3B	8.9B	9.9B
Enterprise value	160.8M	1.1B	4.2B	5.5B	8.9B	13.2B	14B	14.3B	10.4B	4.6B	5B
Shares outstanding	57M	60M	62M	62M	59.3M	58M	58M	58.3M	56M	51.4M	51.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	59.5	—	10.2	11.4	18.7	28	24.2	19.3	13.8	18.9	1.2K
P/S	0.17	0.23	0.38	0.5	0.65	0.66	0.6	0.62	0.4	0.2	0.23
P/B	1.88	3.44	4.38	4.29	6.02	7.01	6.46	5	3.63	2.19	2.34
EV/EBITDA	0.33	2.73	3.35	4.79	7.76	11.7	9.02	8.22	5.51	4.73	12.8
EV/Sales	0.01	0.05	0.22	0.33	0.46	0.48	0.44	0.42	0.26	0.1	0.12
Earnings yield	1.68%	—	9.81%	8.76%	5.34%	3.57%	4.14%	5.18%	7.23%	5.29%	0.08%
FCF yield	16.1%	15.6%	-4.77%	4.48%	14.5%	11.1%	3.56%	7.49%	3.34%	-7.13%	7.07%
PEG	—	—	—	—	—	—	—	—	—	—	-16.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	10.3%	9.46%	13.9%	14.5%	13.8%	11.8%	12.3%	12.7%	11.7%	8.97%	8.54%
Operating margin	1.72%	0.75%	5.99%	6.2%	5.55%	3.67%	4.32%	4.62%	4.2%	1.72%	1.4%
Net margin	0.29%	-2.58%	3.74%	4.38%	3.46%	2.37%	2.48%	3.2%	2.9%	1.04%	-0.02%
ROE	3.15%	-38.3%	42.9%	37.6%	32.1%	25.1%	26.7%	25.9%	26.2%	11.6%	-0.16%
ROA	0.7%	-6.04%	9.88%	10.9%	7.06%	5.4%	6.43%	7.33%	7.54%	3.03%	1.16%
ROIC	-6.05%	-6.76%	-57.1%	-83.2%	-47.8%	-29.3%	-47.9%	-46.8%	-92.2%	-264.1%	-37.4%
Return on tangible assets	0.88%	-6.43%	10.4%	11.4%	8.8%	6.79%	8.31%	9.1%	10%	4.22%	-0.05%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.31	1.35	1.52	1.83	1.59	1.43	1.47	1.54	1.62	1.69	1.68
Quick ratio	1.31	1.35	1.52	1.83	1.59	1.43	1.47	1.54	1.62	1.69	1.68
Debt / equity	1	1.62	0.89	0.76	1.12	0.91	0.81	0.57	0.69	0.97	0.95
Debt / assets	0.22	0.26	0.2	0.22	0.25	0.2	0.19	0.16	0.2	0.25	0.25
Net debt / EBITDA	-6.01	-9.13	-2.46	-2.54	-3.19	-4.66	-3.28	-3.85	-3.1	-4.41	-10.7
Interest coverage	3.03	-4.19	9.69	12.2	10.4	8.29	10.7	14.4	14.5	4.07	0.97
Effective tax rate	74.6%	0%	29.2%	24.2%	30%	24.7%	25.5%	25.5%	25.8%	19.9%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	312	331.4	304.7	271.4	327.5	478.8	551.3	584.4	725.9	883.8	828.7
EPS (basic)	0.14	-8.53	11.4	11.9	11.3	11.4	13.7	18.7	21.1	9.18	9.18
EPS (diluted)	0.14	-9.07	10.6	11.5	11.2	11.3	13.6	18.7	20.4	8.92	0.15
Book value per share	28.9	22.3	26.6	31.6	35.3	45.3	51.1	72.3	80.3	79.2	80.2
FCF per share	8.72	12	-5.55	6.08	30.8	35.2	11.8	27.1	9.71	-12.4	5.21
Cash per share	80.3	95.2	72.7	70.9	101.7	131.7	129.4	156.2	160.5	160.6	170.8
Capex per share	3.09	1.43	0.48	0.92	1.25	1.33	1.57	1.44	1.79	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.99%	0.43%	0.16%	0.34%	0.38%	0.28%	0.28%	0.25%	0.25%	—	—
Capex / operating cash flow	409.3%	-37.7%	6.77%	6.86%	8.14%	12.9%	9.44%	8.8%	8.38%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$8.5B	$9B	$9.9B	$9.9B	$10.3B	$10.5B	$11.1B	$11.4B	$11.5B	$11.4B	$10.8B	$10.9B
YoY change	+7.83%	+10%	+21.9%	+18.7%	+21%	+16%	+12.2%	+15.7%	+11%	+8.34%	-3.15%	-4.84%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.6B	5.7B	4.5B	4.4B	6B	7.6B	7.5B	9.1B	9B	8.3B
Receivables	974M	871M	1.2B	1.2B	1.4B	1.8B	2B	2.7B	3.3B	3.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	6B	7.5B	6.5B	6B	7.9B	10.1B	10.1B	12.5B	12.8B	12.4B
Property, plant & equipment	295M	181M	87M	336M	342M	359M	218M	229M	253M	263M
Goodwill & intangibles	1.5B	510M	380M	344M	1.9B	2.5B	2.8B	2.9B	3.9B	4.4B
Total assets	7.4B	8.5B	7.2B	6.8B	9.5B	12.2B	12.3B	14.9B	15.6B	15.6B
Accounts payable	385M	366M	390M	502M	641M	842M	889M	1.3B	1.3B	1.1B
Short-term debt	472M	653M	241M	18M	—	—	—	—	—	—
Total current liabilities	4.6B	5.6B	4.2B	3.3B	5B	7B	6.9B	8.2B	7.9B	7.4B
Long-term debt	1.2B	1.5B	1.2B	1.5B	2.4B	2.4B	2.4B	2.4B	3.1B	4B
Total liabilities	5.8B	7.1B	5.5B	4.8B	7.4B	9.6B	9.3B	10.7B	11.1B	11.5B
Shareholders' equity	1.6B	1.3B	1.6B	2B	2.1B	2.6B	3B	4.2B	4.5B	4.1B
Total debt	1.6B	2.2B	1.5B	1.5B	2.4B	2.4B	2.4B	2.4B	3.1B	4B
Net debt	-1.2B	-1B	-1.4B	-966M	-1.8B	-2B	-1.6B	-2.5B	-1.5B	-298M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	9.7B	9.1B	8.9B	8.7B	9.2B	9B	9.3B	8.8B	8.4B	8.3B	9.3B	8.9B
Receivables	2.1B	2.7B	2.6B	2.5B	2.5B	3.3B	3.5B	3.9B	3.5B	3.5B	3.4B	3.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	12.5B	12.5B	12.7B	12.3B	12.9B	12.8B	13.3B	13.1B	12.6B	12.4B	13.3B	12.9B
Property, plant & equipment	—	229M	—	—	—	253M	—	—	—	263M	—	—
Goodwill & intangibles	1.5B	2.9B	1.9B	1.9B	1.9B	3.9B	2.2B	2.2B	2.2B	4.4B	2.1B	2.1B
Total assets	14.9B	14.9B	15.5B	15.2B	15.8B	15.6B	16.4B	16.2B	15.7B	15.6B	16.4B	16B
Accounts payable	1.1B	1.3B	1.1B	973M	1.2B	1.3B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	8.5B	8.2B	8.5B	7.8B	8.3B	7.9B	8.2B	7.9B	7.5B	7.4B	8.2B	7.7B
Long-term debt	2.4B	2.4B	2.4B	2.4B	2.5B	3.1B	3.8B	3.6B	3.9B	4B	3.9B	4B
Total liabilities	11B	10.7B	11B	10.3B	11B	11.1B	12.1B	11.6B	11.5B	11.5B	12.3B	11.8B
Shareholders' equity	3.9B	4.2B	4.5B	4.8B	4.8B	4.5B	4.3B	4.6B	4.2B	4.1B	4.1B	4.2B
Total debt	2.4B	2.4B	2.4B	2.4B	2.5B	3.1B	3.8B	3.6B	3.9B	4B	3.9B	4B
Net debt	-3.2B	-2.5B	-2.1B	-2B	-2.2B	-1.5B	-1.1B	-936M	-369M	-298M	-1.4B	-1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	52M	-512M	707M	737M	673M	659M	792M	1.1B	1.2B	472M
Depreciation & amortization	182M	178M	127M	89M	88M	131M	176M	171M	186M	—
Stock-based compensation	26M	46M	27M	39M	57M	72M	103M	115M	116M	47M
Change in working capital	-286M	41M	-455M	-44M	98M	-275M	-49M	-393M	-348M	-618M
Operating cash flow	43M	-228M	443M	831M	909M	596M	964M	955M	1.2B	-535M
Capital expenditure	-176M	-86M	-30M	-57M	-74M	-77M	-91M	-84M	-100M	—
Investing cash flow	-206M	-1.1B	1.1B	-293M	-400M	-1.7B	-790M	-744M	-464M	413M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	0	0	-47M	-606M	-128M	-400M	0	-1B	-1B
Financing cash flow	37M	655M	-644M	175M	27M	-183M	-441M	-58M	-347M	-170M
Net change in cash	-126M	-635M	942M	713M	536M	-1.2B	-267M	153M	383M	-292M
Free cash flow	497M	718M	-344M	377M	1.8B	2B	682M	1.6B	544M	-636M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	245M	216M	301M	301M	326M	251M	298M	255M	79M	-160M	14M	60M
Depreciation & amortization	42M	43M	45M	46M	47M	48M	48M	58M	45M	44M	39M	40M
Stock-based compensation	33M	27M	36M	32M	30M	18M	27M	3M	-3M	20M	33M	26M
Change in working capital	406M	-765M	-363M	-353M	628M	-260M	-29M	-409M	454M	-53M	192M	-368M
Operating cash flow	695M	-478M	47M	23M	1B	96M	359M	-84M	-125M	-298M	1.1B	-294M
Capital expenditure	-26M	5M	-27M	-27M	-35M	-11M	-22M	-42M	—	—	—	—
Investing cash flow	-280M	-25M	-488M	53M	-48M	19M	-123M	128M	115M	229M	38M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	-500M	-500M	-500M	0	-500M	0	0	0
Financing cash flow	-6M	3M	-62M	12M	-364M	67M	147M	11M	-220M	92M	-20M	-4M
Net change in cash	409M	-500M	-503M	88M	616M	182M	383M	55M	-230M	23M	1.1B	-298M
Free cash flow	923M	-685M	187M	-246M	838M	-235M	168M	-344M	-163M	-297M	1.1B	-324M

Molina Healthcare Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement