Molina Healthcare Inc MOH

Health CareHealthcare Providers & ServicesUnited States of America

Last close 208.45 USD on Nov 2, 2026, +20.1% year to date

Quant rating

Quant rating B Rank 96 of 565 in Health Care

Growth A 48 of 565
Valuation C 373 of 565
Quality A 47 of 565
Revisions C 294 of 565
Momentum C 259 of 565

Wall Street consensus Hold (2.76)Average target 221.69 USD +6.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.9B
Enterprise value: 6.3B
52-week range: 121.21 – 244.89
3-year range: 121.21 – 419.53
Dividend yield: –
Beta (5 years): 0.74
Shares outstanding: 52.2M
Next earnings: Feb 3, 2027

About the company

Molina Healthcare, Inc. is a provider of managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces. The Company operates through four segments: Medicaid, Medicare, Marketplace and Other. The Medicaid, Medicare, and Marketplace segments represent the government-funded or sponsored programs under which it offers managed healthcare services. Medicaid provides healthcare and long-term services and support to low-income Americans. Medicare is a federal program that provides eligible persons aged 65 and over, and some disabled persons, with a variety of hospital, medical insurance, and prescription drug benefits. The Marketplace insurance exchanges allow individuals and small groups to purchase federally subsidized health insurance. It arranges healthcare services for its members through contracts with a network of providers, including independent physicians and physician groups, hospitals, ancillary providers, and pharmacies.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	45,426	40,650	34,072	31,974	27,771	–
Revenue growth	11.7%	19.3%	6.6%	15.1%	43.0%	18.5%
EPS (basic, normalized)	11.03	22.65	20.88	17.92	13.54	–
EPS growth	−51.3%	8.5%	16.5%	32.3%	–	–
Gross margin	13.1%	15.3%	15.9%	15.0%	14.6%	14.8%
Net margin	1.0%	2.9%	3.2%	2.5%	2.4%	2.4%
ROE	11.0%	27.1%	30.4%	28.3%	27.9%	24.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,579
Current ratio	1.69x
Long-term debt (mil)	3,950
Net debt (mil)	−4,629
Total equity (mil)	4,155
Net debt / equity	−1.11x
Net debt / EBITDA	−4.49x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	45,426	+11.7%	0.1x	1,032	−49.0%	6.1x	11.03	−51.3%	18.9x
2026	44,410	−2.2%	0.1x	725	−29.8%	8.6x	5.27	−52.2%	39.5x
2027	47,283	+6.5%	0.1x	1,001	+38.2%	6.2x	9.70	+83.8%	21.5x
2028	50,670	+7.2%	0.1x	1,254	+25.2%	5.0x	13.94	+43.7%	15.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	44,410	+0.3%	+0.3%	+0.2%	5.27	+0.5%	+0.5%	+2.0%
2027	47,283	−1.4%	−1.4%	+0.6%	9.70	−3.1%	−3.1%	+8.3%
2028	50,670	−1.0%	−0.9%	+1.8%	13.94	+2.3%	+3.2%	+14.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9,931	9,880	10,340	10,499	11,147	11,427	11,477	11,375	10,796	10,874
Sales mean (mil)	9,441	9,746	9,911	10,323	10,806	10,954	10,928	10,856	10,874	10,794
Surprise	+5.2%	+1.4%	+4.3%	+1.7%	+3.2%	+4.3%	+5.0%	+4.8%	−0.7%	+0.7%
EPS reported	5.73	5.86	6.01	5.05	6.08	5.48	1.84	−2.75	2.35	1.51
EPS mean	5.59	5.50	5.81	5.72	5.96	5.79	3.90	0.33	1.92	1.39
Surprise	+2.5%	+6.5%	+3.5%	−11.7%	+2.1%	−5.3%	−52.9%	−924.2%	+22.2%	+8.6%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MOH Molina Healthcare Inc	10.9B	−4.49x	1.0%	2.61x	39.5x	21.5x	8.6x	6.2x
UNH UnitedHealth Group Incorporated	359.4B	–	2.7%	3.45x	19.4x	17.1x	13.1x	11.9x
CVS CVS Health Corporation	113.2B	2.50x	0.4%	1.42x	11.0x	10.4x	8.3x	7.9x
HCA HCA Healthcare, Inc.	97.7B	3.41x	9.0%	−12.21x	15.6x	14.9x	9.5x	9.4x
ELV Elevance Health Inc	89.4B	–	2.8%	2.00x	14.2x	13.7x	10.0x	10.3x
CI The Cigna Group	78.0B	2.49x	2.2%	1.83x	9.7x	8.8x	7.7x	7.2x
Mean		0.98x	3.0%	−0.15x	18.2x	14.4x	9.5x	8.8x
Median		2.50x	2.4%	1.91x	14.9x	14.3x	9.1x	8.7x

Technical analysis

1M+10.0%
3M+6.6%
1Y+36.2%
3Y−38.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Molina Healthcare Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	45,426	40,650	34,072	31,974	27,771	19,423
Cost of revenue	39,488	34,428	28,669	27,175	23,704	15,820
Gross profit	5,938	6,222	5,403	4,799	4,067	3,603
Selling, general & administrative expenses	4,869	4,228	3,531	3,184	2,821	2,390
Research & development	–	–	–	–	–	–
Depreciation/amortization	195	186	171	176	131	88.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.0	1.0	41.0	208	59.0	31.0
Other operating expenses	90.0	100	87.0	58.0	61.0	31.0
Operating income	781	1,707	1,573	1,173	995	1,063
Net interest income (expense)	−192	−118	−109	−110	−120	−102
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	589	1,589	1,464	1,063	875	961
Provision for taxes	117	410	373	271	216	288
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	472	1,179	1,091	792	659	673
Extraordinary items	–	–	–	–	–	–
Net income	472	1,179	1,091	792	659	673
EBIT, normalized	784	1,708	1,614	1,381	1,054	1,094
EBITDA, normalized	979	1,894	1,785	1,557	1,185	1,182
Basic EPS, normalized	11.03	22.65	20.88	17.92	13.54	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Molina Healthcare Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8,256	8,987	9,107	7,505	7,640	6,029
Receivables	3,584	3,355	3,157	2,337	2,177	1,672
Total inventory	–	–	–	–	–	–
Prepaid expenses	604	431	278	242	247	175
Other current assets	0	0	0	0	0	0
Total current assets	12,444	12,773	12,542	10,084	10,064	7,876
Property, plant & equipment	331	323	313	302	524	462
Goodwill	1,958	1,671	1,241	1,115	982	692
Intangibles	237	267	208	275	270	249
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	594	596	588	538	369	253
Total assets	15,564	15,630	14,892	12,314	12,209	9,532
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,053	1,293	1,211	826	792	608
Accrued expenses	15.0	15.0	20.0	41.0	35.0	21.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	25.0	23.0	21.0	22.0	15.0	12.0
Other current liabilities	6,279	6,565	6,916	5,966	6,205	4,324
Total current liabilities	7,372	7,896	8,168	6,855	7,047	4,965
Long-term debt	3,950	3,118	2,385	2,391	2,392	2,352
Minority interest	–	–	–	–	–	–
Other liabilities	173	120	124	104	140	119
Total liabilities	11,495	11,134	10,677	9,350	9,579	7,436
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	452	462	410	328	236	199
Retained earnings (accumulated deficit)	3,602	4,091	3,887	2,796	2,399	1,860
Treasury stock	–	–	–	–	–	–
Other equity	14.9	−57.1	−82.1	−160	−5.1	36.9
Total equity	4,069	4,496	4,215	2,964	2,630	2,096
Total liabilities & shareholders' equity	15,564	15,630	14,892	12,314	12,209	9,532

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Molina Healthcare Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	472	1,179	1,091	792	659	673
Depreciation, depletion & amortization	195	186	171	176	131	88.0
Deferred taxes	43.0	53.0	−31.0	−66.0	−24.0	−19.0
Non-cash items	44.0	124	117	319	130	84.0
Changes in working capital	−1,289	−898	314	−448	1,223	1,072
Cash from operations	−535	644	1,662	773	2,119	1,898
Investing activities
Capital expenditures	−101	−100	−84.0	−91.0	−77.0	−74.0
Other investing cash flows	413	−364	−660	−699	−1,576	−326
Cash from investing	312	−464	−744	−790	−1,653	−400
Financing activities
Financing cash flow items	−8.0	−87.0	−58.0	−41.0	−72.0	−6.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−162	−260	0	−400	−111	223
Cash from financing	−170	−347	−58.0	−441	−183	217
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−393	−167	860	−458	283	1,715
Free cash flow	−636	544	1,578	682	2,042	1,824

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.