NYSE : MOH
Molina Healthcare, Inc. — Financial statements
Healthcare · Healthcare Plans · United States
Last price 198.95 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.36B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 41.59B | 43.05B | 38.63B | 32.53B | 30.88B | 26.86B |
| Total Interest & Dividend Income | 391.00M | 420.00M | 452.00M | 394.00M | 149.00M | 42.00M |
| Gain (Loss) on Sale of Investments | 8.00M | -6.00M | 10.00M | |||
| Other Revenue | 93.00M | 91.00M | 85.00M | 80.00M | 75.00M | 77.00M |
| Total Revenue | 42.08B | 43.56B | 39.16B | 33.00B | 31.10B | 26.98B |
| Policy Benefits | 38.56B | 39.49B | 34.43B | 28.67B | 27.18B | 23.70B |
| Depreciation & Amortization | 161.00M | 195.00M | 186.00M | 171.00M | 176.00M | 131.00M |
| Selling, General & Administrative | 2.96B | 2.96B | 2.63B | 2.35B | 2.21B | 2.00B |
| Other Operating Expenses | 81.00M | 90.00M | 100.00M | 128.00M | 58.00M | 61.00M |
| Total Operating Expenses | 41.81B | 42.78B | 37.46B | 31.43B | 29.72B | 25.96B |
| Operating Income | 268.00M | 784.00M | 1.71B | 1.57B | 1.38B | 1.02B |
| Interest Expense | -213.00M | -192.00M | -118.00M | -109.00M | -110.00M | -120.00M |
| Other Non Operating Income (Expenses) | -25.00M | |||||
| EBT Excluding Unusual Items | 55.00M | 592.00M | 1.59B | 1.46B | 1.27B | 875.00M |
| Merger & Restructuring Charges | -96.00M | -3.00M | ||||
| Asset Writedown | -208.00M | |||||
| Pretax Income | -41.00M | 589.00M | 1.59B | 1.46B | 1.06B | 875.00M |
| Income Tax Expense | 7.00M | 117.00M | 410.00M | 373.00M | 271.00M | 216.00M |
| Net Income | -48.00M | 472.00M | 1.18B | 1.09B | 792.00M | 659.00M |
| Net Income to Common | -48.00M | 472.00M | 1.18B | 1.09B | 792.00M | 659.00M |
| Shares Outstanding (Basic) | 51.00M | 52.80M | 57.40M | 57.70M | 57.80M | 57.80M |
| Shares Outstanding (Diluted) | 51.00M | 52.90M | 57.70M | 58.10M | 58.50M | 58.60M |
| EPS (Basic) | -0.94 | 8.94 | 20.54 | 18.91 | 13.70 | 11.40 |
| EPS (Diluted) | -0.94 | 8.92 | 20.42 | 18.77 | 13.55 | 11.25 |
| Free Cash Flow | 238.00M | -636.00M | 544.00M | 1.58B | 682.00M | 2.04B |
| Free Cash Flow Per Share | 4.67 | -12.02 | 9.43 | 27.16 | 11.66 | 34.85 |
| Operating Margin | 0.64% | 1.80% | 4.36% | 4.77% | 4.44% | 3.78% |
| Profit Margin | -0.11% | 1.08% | 3.01% | 3.31% | 2.55% | 2.44% |
| Free Cash Flow Margin | 0.57% | -1.46% | 1.39% | 4.78% | 2.19% | 7.57% |
| EBITDA | 352.00M | 902.00M | 1.82B | 1.69B | 1.50B | 1.11B |
| EBITDA Margin | 0.84% | 2.07% | 4.66% | 5.11% | 4.83% | 4.11% |
| D&A For EBITDA | 84.00M | 118.00M | 117.00M | 113.00M | 122.00M | 90.00M |
| EBIT | 268.00M | 784.00M | 1.71B | 1.57B | 1.38B | 1.02B |
| EBIT Margin | 0.64% | 1.80% | 4.36% | 4.77% | 4.44% | 3.78% |
| Effective Tax Rate | 19.86% | 25.80% | 25.48% | 25.49% | 24.69% | |
| Revenue as Reported | 44.13B | 45.43B | 40.65B | 34.07B | 31.97B | 27.77B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Investments | 4.10B | 4.01B | 4.33B | 4.26B | 3.50B | 3.20B |
| Cash & Equivalents | 4.48B | 4.25B | 4.66B | 4.85B | 4.01B | 4.44B |
| Other Receivables | 3.36B | 3.58B | 3.35B | 3.16B | 2.34B | 2.19B |
| Property, Plant & Equipment | 324.00M | 136.00M | 147.00M | 163.00M | 169.00M | 404.00M |
| Goodwill | 1.96B | 1.67B | 1.24B | 1.11B | 982.00M | |
| Other Intangible Assets | 2.07B | 432.00M | 443.00M | 358.00M | 408.00M | 390.00M |
| Other Current Assets | 576.00M | 604.00M | 431.00M | 278.00M | 242.00M | 236.00M |
| Long-Term Deferred Tax Assets | 267.00M | 178.00M | 207.00M | 227.00M | 220.00M | 106.00M |
| Other Long-Term Assets | 474.00M | 416.00M | 389.00M | 361.00M | 318.00M | 263.00M |
| Total Assets | 15.65B | 15.56B | 15.63B | 14.89B | 12.31B | 12.21B |
| Accounts Payable | 1.18B | 1.04B | 1.28B | 1.21B | 826.00M | 792.00M |
| Accrued Expenses | 1.14B | 1.33B | 1.88B | 2.29B | 2.08B | 2.47B |
| Unpaid Claims | 4.99B | 4.89B | 4.64B | 4.20B | 3.53B | 3.36B |
| Unearned Premiums | 82.00M | 66.00M | 51.00M | 418.00M | 359.00M | 370.00M |
| Current Portion of Leases | 40.00M | 38.00M | 41.00M | 63.00M | 50.00M | |
| Long-Term Debt | 3.77B | 3.77B | 2.92B | 2.18B | 2.18B | 2.17B |
| Long-Term Leases | 179.00M | 240.00M | 263.00M | 290.00M | 292.00M | 318.00M |
| Other Long-Term Liabilities | 153.00M | 117.00M | 52.00M | 39.00M | 27.00M | 41.00M |
| Total Liabilities | 11.50B | 11.49B | 11.13B | 10.68B | 9.35B | 9.58B |
| Additional Paid-In Capital | 536.00M | 452.00M | 462.00M | 410.00M | 328.00M | 236.00M |
| Retained Earnings | 3.71B | 3.60B | 4.09B | 3.89B | 2.80B | 2.40B |
| Comprehensive Income & Other | -95.00M | 15.00M | -57.00M | -82.00M | -160.00M | -5.00M |
| Shareholders' Equity | 4.16B | 4.07B | 4.50B | 4.21B | 2.96B | 2.63B |
| Total Liabilities & Equity | 15.65B | 15.56B | 15.63B | 14.89B | 12.31B | 12.21B |
| Filing Date Shares Outstanding | 52.20M | 51.50M | 55.50M | 58.40M | 57.90M | 58.40M |
| Total Common Shares Outstanding | 52.00M | 51.00M | 56.00M | 58.00M | 58.00M | 58.00M |
| Total Debt | 3.95B | 4.05B | 3.22B | 2.51B | 2.53B | 2.54B |
| Net Cash (Debt) | 529.00M | 202.00M | 1.44B | 2.34B | 1.48B | 1.90B |
| Net Cash Per Share | 10.37 | 3.82 | 24.92 | 40.22 | 25.21 | 32.37 |
| Book Value Per Share | 79.90 | 79.78 | 80.29 | 72.67 | 51.10 | 45.34 |
| Tangible Book Value | 2.08B | 1.68B | 2.38B | 2.62B | 1.44B | 1.26B |
| Tangible Book Value Per Share | 40.04 | 32.92 | 42.54 | 45.10 | 24.84 | 21.69 |
| Land | 1.00M | 1.00M | 5.00M | 5.00M | 1.00M | |
| Buildings | 38.00M | 35.00M | 41.00M | 41.00M | 37.00M | |
| Machinery | 200.00M | 205.00M | 199.00M | 221.00M | 237.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -48.00M | 472.00M | 1.18B | 1.09B | 792.00M | 659.00M |
| Depreciation & Amortization | 84.00M | 118.00M | 117.00M | 113.00M | 122.00M | 90.00M |
| Other Amortization | 77.00M | 77.00M | 69.00M | 58.00M | 54.00M | 41.00M |
| Stock-Based Compensation | 105.00M | 47.00M | 116.00M | 115.00M | 103.00M | 72.00M |
| Change in Accounts Receivable | 147.00M | -145.00M | -78.00M | -778.00M | -95.00M | -415.00M |
| Change in Accounts Payable | 62.00M | -221.00M | 115.00M | 328.00M | 55.00M | 138.00M |
| Change in Unearned Revenue | 9.00M | -51.00M | -367.00M | 59.00M | -11.00M | -5.00M |
| Change in Income Taxes | -33.00M | -201.00M | -18.00M | -2.00M | 2.00M | 7.00M |
| Change in Insurance Reserves / Liabilities | 126.00M | -132.00M | -40.00M | 580.00M | 153.00M | 471.00M |
| Change in Other Net Operating Assets | -221.00M | -539.00M | -510.00M | 127.00M | -552.00M | 1.03B |
| Other Operating Activities | -70.00M | 40.00M | 61.00M | -29.00M | -58.00M | 34.00M |
| Operating Cash Flow | 331.00M | -535.00M | 644.00M | 1.66B | 773.00M | 2.12B |
| Capital Expenditures | -93.00M | -101.00M | -100.00M | -84.00M | -91.00M | -77.00M |
| Cash Acquisitions | -245.00M | -344.00M | -3.00M | -134.00M | -129.00M | |
| Investment in Securities | 22.00M | 657.00M | -21.00M | -661.00M | -515.00M | -1.38B |
| Other Investing Activities | -27.00M | 1.00M | 1.00M | 4.00M | -50.00M | -63.00M |
| Investing Cash Flow | -98.00M | 312.00M | -464.00M | -744.00M | -790.00M | -1.65B |
| Short-Term Debt Issued | 1.10B | 300.00M | ||||
| Long-Term Debt Issued | 838.00M | 740.00M | 740.00M | |||
| Total Debt Issued | 838.00M | 1.94B | 1.04B | 740.00M | ||
| Total Debt Repaid | -740.00M | -1.10B | -300.00M | -723.00M | ||
| Net Debt Issued (Repaid) | 98.00M | 838.00M | 740.00M | 17.00M | ||
| Repurchases of Common Stock | -15.00M | -1.04B | -1.06B | -60.00M | -454.00M | -181.00M |
| Other Financing Activities | -22.00M | 29.00M | -30.00M | 2.00M | 13.00M | -19.00M |
| Financing Cash Flow | 61.00M | -170.00M | -347.00M | -58.00M | -441.00M | -183.00M |
| Net Cash Flow | 294.00M | -393.00M | -167.00M | 860.00M | -458.00M | 283.00M |
| Free Cash Flow | 238.00M | -636.00M | 544.00M | 1.58B | 682.00M | 2.04B |
| Free Cash Flow Margin | 0.57% | -1.46% | 1.39% | 4.78% | 2.19% | 7.57% |
| Free Cash Flow Per Share | 4.67 | -12.02 | 9.43 | 27.16 | 11.66 | 34.85 |
| Levered Free Cash Flow | 416.38M | -100.00M | 509.12M | 836.00M | 325.38M | 849.50M |
| Unlevered Free Cash Flow | 549.50M | 20.00M | 582.88M | 904.12M | 394.12M | 924.50M |
| Cash Interest Paid | 181.00M | 181.00M | 121.00M | 108.00M | 108.00M | 127.00M |
| Cash Income Tax Paid | 275.00M | 275.00M | 379.00M | 405.00M | 340.00M | 235.00M |
| Change in Working Capital | 90.00M | -1.29B | -898.00M | 314.00M | -448.00M | 1.22B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.79B | 8.92B | 16.65B | 21.06B | 19.28B | 18.58B |
| Enterprise Value | 10.26B | 8.55B | 14.45B | 17.88B | 17.43B | 16.57B |
| PE Ratio | 18.90 | 14.12 | 19.31 | 24.35 | 28.19 | |
| PS Ratio | 0.25 | 0.20 | 0.42 | 0.64 | 0.62 | 0.69 |
| PB Ratio | 2.56 | 2.19 | 3.70 | 5.00 | 6.51 | 7.06 |
| P/FCF Ratio | 43.94 | 30.60 | 13.35 | 28.28 | 9.10 | |
| P/OCF Ratio | 31.60 | 25.85 | 12.67 | 24.95 | 8.77 | |
| EV/Sales Ratio | 0.24 | 0.20 | 0.37 | 0.54 | 0.56 | 0.61 |
| EV/EBITDA Ratio | 28.21 | 9.48 | 7.92 | 10.60 | 11.60 | 14.93 |
| EV/EBIT Ratio | 37.05 | 10.91 | 8.46 | 11.37 | 12.62 | 16.24 |
| EV/FCF Ratio | 41.72 | 26.55 | 11.33 | 25.56 | 8.11 | |
| Debt / Equity Ratio | 0.95 | 0.99 | 0.72 | 0.60 | 0.85 | 0.97 |
| Debt / EBITDA Ratio | 10.85 | 4.43 | 1.75 | 1.48 | 1.65 | 2.22 |
| Debt / FCF Ratio | 16.60 | 5.93 | 1.59 | 3.71 | 1.24 | |
| Net Debt / Equity Ratio | -0.13 | -0.05 | -0.32 | -0.55 | -0.50 | -0.72 |
| Net Debt / EBITDA Ratio | -1.50 | -0.22 | -0.79 | -1.39 | -0.98 | -1.71 |
| Net Debt / FCF Ratio | -2.22 | 0.32 | -2.64 | -1.48 | -2.16 | -0.93 |
| Quick Ratio | 1.61 | 1.60 | 1.56 | 1.50 | 1.43 | 1.39 |
| Current Ratio | 1.69 | 1.69 | 1.62 | 1.54 | 1.47 | 1.43 |
| Asset Turnover | 2.69 | 2.79 | 2.57 | 2.43 | 2.54 | 2.48 |
| Return on Equity (ROE) | -1.15% | 11.02% | 27.07% | 30.39% | 28.32% | 27.89% |
| Return on Assets (ROA) | 1.07% | 3.14% | 6.99% | 7.23% | 7.04% | 5.86% |
| Return on Invested Capital (ROIC) | 3.30% | 7.94% | 17.54% | 19.18% | 19.29% | 15.83% |
| Earnings Yield | -0.45% | 5.29% | 7.08% | 5.18% | 4.11% | 3.55% |
| FCF Yield | 2.28% | -7.13% | 3.27% | 7.49% | 3.54% | 10.99% |
| Buyback Yield / Dilution | 6.12% | 8.32% | 0.69% | 0.68% | 0.17% | 2.17% |