# Molina Healthcare Inc. (MOH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MOH/thesis · /stocks/MOH/memo

## Financial Snapshot

---
ticker: MOH
step: 04
generated: 2026-05-13
source: quick-research
---

### Molina Healthcare, Inc. (MOH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $31.97B | $34.07B | $40.65B | +19.3% |
| MCR (Medical Care Ratio) | ~88% | ~88% | ~90%+ | |
| Operating Margin | ~3.5% | ~3.5% | ~2.5% | |
| Net Income | ~$850M | ~$1.0B | ~$700M | -30% |
| EPS (adjusted diluted) | ~$17.00 | ~$20.88 | ~$18.00 | -14% |

*FY2022-FY2023: stable and profitable; MCR managed at ~88%. FY2024: Medicaid cost trends (acuity higher than expected post-COVID, redetermination of ineligible members slower than expected) drove MCR above 90%, compressing margins. FY2025: premium revenue $43.1B (+11%), but negative $535M operating cash flow — a serious deterioration. Q4 2025 reported a loss; FY2026 guidance sharply weaker than consensus.*

#### Cash Flow & Balance Sheet (FY2024/2025)

| Metric | Value |
|--------|-------|
| Free Cash Flow (FY2023) | ~$1.6B |
| Free Cash Flow (FY2024) | ~$544M (-66% YoY) |
| Operating Cash Flow (FY2025) | -$535M (negative — significant deterioration) |
| Total Debt | ~$3.77B (rising) |
| Cash & Equivalents | ~$4.5B (state-regulated reserves included) |
| MCR Medicaid (FY2025) | 91.8% |
| MCR Medicare (FY2025) | 92.4% |
| MCR Marketplace (FY2025) | 90.6% |

#### Key Ratios (approximate)
- P/E: ~10x (on depressed 2026 guidance EPS) | EV/EBITDA: ~8x
- Revenue Growth (FY2025): +11% | Premium Revenue: $43.1B
- Net Margin: ~1.5% (at current MCR levels — thin spread business)
- Members: ~5.6M (Sep 2025)

#### Growth Profile
Molina grew revenue rapidly through 2022-2024 via contract wins (Florida, California expansions) and acquisitions. However, profitability has severely deteriorated: Medicaid MCRs rose above 90% (vs. sustainable ~88%) due to post-COVID utilization normalization, acuity increases in managed LTSS populations, retroactive California Medicaid adjustments, and state rate increases lagging cost trends. The company is in a trough — management's FY2026 guidance implies a recovery to positive cash flow as rates catch up. Medicare Advantage Part D exit (2027) removes ~$1B of an underperforming segment.

#### Forward Estimates
- FY2026 guidance: Significantly below prior Street estimates — caused 28% stock decline in Feb 2026
- Consensus Hold: 12 analysts; avg. price target ~$167 (modest upside from ~$145-150)
- Q1 2026 actual EPS: beat estimates, stock +9.1%; guidance included in update
- Recovery thesis: MCR normalization in 2027-2028 as state rates catch up to costs
- Risk: Medicaid FMAP federal match rate reductions being discussed in Congress

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MOH/fundamental

## Navigation

- Overview: /stocks/MOH
- Financials (this page): /stocks/MOH/financials
- Thesis: /stocks/MOH/thesis
- Investment Memo: /stocks/MOH/memo
- Coverage universe: /stocks