Molina Healthcare (MOH) Financials

$192.11 +0.53 (+0.28%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$193.85 +1.74 (+0.91%)

As of 04:02 AM Eastern

Annual Income Statements for Molina Healthcare

This table shows Molina Healthcare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	143	52	-512	707	737	673	659	792	1,091	1,179	472
Consolidated Net Income / (Loss)	143	52	-512	707	737	673	659	792	1,091	1,179	472
Net Income / (Loss) Continuing Operations	143	52	-512	707	737	673	659	792	1,091	1,179	472
Total Pre-Tax Income	322	205	-612	999	972	961	875	1,063	1,464	1,589	589
Total Operating Income	387	306	-555	1,131	1,044	1,078	1,020	1,173	1,573	1,707	781
Total Gross Profit	13,985	17,297	2,318	3,389	2,924	3,603	4,067	4,799	5,403	6,222	5,938
Total Revenue	14,178	17,782	19,883	18,890	16,829	19,423	27,771	31,974	34,072	40,650	45,426
Operating Revenue	14,178	17,782	19,883	18,890	16,829	19,423	27,771	31,974	34,072	40,650	45,426
Total Cost of Revenue	193	485	17,565	15,501	13,905	15,820	23,704	27,175	28,669	34,428	39,488
Operating Cost of Revenue	193	485	17,565	15,501	13,905	15,820	23,704	27,175	28,669	34,428	39,488
Total Operating Expenses	13,598	16,991	2,873	2,258	1,880	2,525	3,047	3,626	3,830	4,515	5,157
Selling, General & Admin Expense	1,146	1,393	1,594	1,394	1,302	1,511	2,129	2,369	2,590	2,843	3,099
Depreciation Expense	104	139	137	99	89	88	131	176	171	186	195
Other Operating Expenses / (Income)	12,348	15,459	438	765	489	926	787	873	1,069	1,486	1,863
Total Other Income / (Expense), net	-65	-101	-57	-132	-72	-117	-145	-110	-109	-118	-192
Interest Expense	66	101	118	115	87	102	120	110	109	118	192
Income Tax Expense	179	153	-100	292	235	288	216	271	373	410	117
Basic Earnings per Share	$2.75	$0.93	($9.07)	$11.57	$11.85	$11.40	$11.40	$13.72	$18.91	$20.52	$8.93
Weighted Average Basic Shares Outstanding	52M	55M	56.40M	61.10M	62.20M	59M	57.80M	57.80M	57.70M	57.40M	52.80M
Diluted Earnings per Share	$2.58	$0.92	($9.07)	$10.61	$11.47	$11.23	$11.25	$13.55	$18.77	$20.42	$8.92
Weighted Average Diluted Shares Outstanding	56M	56.20M	56.40M	66.60M	64.20M	59.90M	58.60M	58.50M	58.10M	57.70M	52.90M
Weighted Average Basic & Diluted Shares Outstanding	52M	55.90M	56.40M	61.10M	60.80M	58M	58.40M	57.90M	58.40M	55.50M	51.50M

This table shows Molina Healthcare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	245	216	301	301	326	251	298	255	79	-160	14
Consolidated Net Income / (Loss)	245	216	301	301	326	251	298	255	79	-160	14
Net Income / (Loss) Continuing Operations	245	216	301	301	326	251	298	255	79	-160	14
Total Pre-Tax Income	332	289	399	406	438	346	390	325	88	-214	29
Total Operating Income	359	316	426	434	467	380	433	373	137	-162	83
Total Gross Profit	1,242	1,594	1,517	1,512	1,697	1,496	1,668	1,598	1,433	1,239	1,526
Total Revenue	8,548	9,048	9,931	9,880	10,340	10,499	11,147	11,427	11,477	11,375	10,796
Operating Revenue	8,548	9,048	9,931	9,880	10,340	10,499	11,147	11,427	11,477	11,375	10,796
Total Cost of Revenue	7,306	7,454	8,414	8,368	8,643	9,003	9,479	9,829	10,044	10,136	9,270
Operating Cost of Revenue	7,306	7,454	8,414	8,368	8,643	9,003	9,479	9,829	10,044	10,136	9,270
Total Operating Expenses	883	1,278	1,091	1,078	1,230	1,115	1,235	1,225	1,296	1,401	1,443
Selling, General & Admin Expense	608	740	749	734	676	684	774	736	729	835	779
Depreciation Expense	42	43	45	46	47	48	48	58	45	44	39
Other Operating Expenses / (Income)	233	495	297	298	507	383	413	431	522	522	532
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	93
Total Other Income / (Expense), net	-27	-27	-27	-28	-29	-34	-43	-48	-49	-52	-54
Interest Expense	27	27	27	28	29	34	43	48	49	52	54
Income Tax Expense	87	73	98	105	112	95	92	70	9.00	-54	15
Basic Earnings per Share	$4.24	$3.72	$5.21	$5.18	$5.67	$4.46	$5.47	$4.75	$1.51	($2.80)	$0.27
Weighted Average Basic Shares Outstanding	58.30M	57.70M	58.60M	58.60M	57.20M	57.40M	54.20M	54.20M	51.40M	52.80M	52.10M
Diluted Earnings per Share	$4.21	$3.69	$5.17	$5.17	$5.65	$4.43	$5.45	$4.75	$1.51	($2.79)	$0.27
Weighted Average Diluted Shares Outstanding	58.30M	58.10M	58.60M	58.60M	57.20M	57.70M	54.20M	54.20M	51.40M	52.90M	52.10M
Weighted Average Basic & Diluted Shares Outstanding	58.30M	58.40M	58.60M	58.60M	57.20M	55.50M	54.20M	54.20M	51.40M	51.50M	52.10M

This table details how cash moves in and out of Molina Healthcare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	790	486	378	-364	-418	1,715	283	-458	860	-167	-393
Net Cash From Operating Activities	1,125	673	804	-314	434	1,898	2,119	773	1,662	644	-535
Net Cash From Continuing Operating Activities	1,125	673	804	-314	434	1,898	2,119	773	1,662	644	-535
Net Income / (Loss) Continuing Operations	143	52	-512	707	737	673	659	792	1,091	1,179	472
Consolidated Net Income / (Loss)	143	52	-512	707	737	673	659	792	1,091	1,179	472
Depreciation Expense	126	182	178	127	89	88	131	176	171	186	195
Non-Cash Adjustments To Reconcile Net Income	23	26	931	81	24	72	1,143	311	115	116	47
Changes in Operating Assets and Liabilities, net	803	382	175	-1,229	-416	1,065	186	-506	285	-837	-1,249
Net Cash From Investing Activities	-1,420	-206	-1,062	1,143	-293	-400	-1,653	-790	-744	-464	312
Net Cash From Continuing Investing Activities	-1,420	-206	-1,062	1,143	-293	-400	-1,653	-790	-744	-464	312
Purchase of Property, Plant & Equipment	-132	-176	-86	-30	-57	-74	-77	-91	-84	-100	-101
Acquisitions	-450	-48	-	0.00	0.00	-755	-129	-134	-3.00	-344	-245
Purchase of Investments	-1,929	-1,929	-2,697	-1,444	-2,536	-670	-2,713	-1,913	-1,433	-1,132	-751
Sale and/or Maturity of Investments	1,126	1,966	1,759	2,445	2,302	1,097	1,329	1,398	772	1,111	1,408
Other Investing Activities, net	-35	-19	-38	-18	-2.00	2.00	-63	-50	4.00	1.00	1.00
Net Cash From Financing Activities	1,085	19	636	-1,193	-559	217	-183	-441	-58	-347	-170
Net Cash From Continuing Financing Activities	1,085	19	636	-1,193	-559	217	-183	-441	-58	-347	-170
Repayment of Debt	0.00	0.00	11	-662	-211	-948	-722	33	2.00	-330	-1,071
Repurchase of Common Equity	-	0.00	0.00	-549	-561	-636	-128	-400	0.00	-1,000	-1,000
Issuance of Debt	694	19	625	18	220	1,809	740	0.00	0.00	1,040	1,938
Other Financing Activities, net	-	0.00	0.00	0.00	-7.00	-8.00	-73	-74	-60	-57	-37
Cash Interest Paid	38	66	78	93	78	112	127	108	108	121	181

This table details how cash moves in and out of Molina Healthcare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	663	-712	-336	-154	461	-138	214	-363	-268	24	1,073
Net Cash From Operating Activities	949	-690	214	-219	873	-224	190	-302	-125	-298	1,082
Net Cash From Continuing Operating Activities	949	-690	214	-219	873	-224	190	-302	-125	-298	1,082
Net Income / (Loss) Continuing Operations	245	216	301	301	326	251	298	255	79	-160	14
Consolidated Net Income / (Loss)	245	216	301	301	326	251	298	255	79	-160	14
Depreciation Expense	42	43	45	46	47	48	48	58	45	44	39
Non-Cash Adjustments To Reconcile Net Income	-477	27	36	-194	73	-435	27	3.00	-3.00	20	485
Changes in Operating Assets and Liabilities, net	1,139	-976	-168	-372	427	-88	-183	-618	-246	-202	544
Net Cash From Investing Activities	-280	-25	-488	53	-48	19	-123	128	77	230	11
Net Cash From Continuing Investing Activities	-280	-25	-488	53	-48	19	-123	128	77	230	11
Purchase of Property, Plant & Equipment	-26	5.00	-27	-27	-35	-11	-22	-42	-38	1.00	-27
Acquisitions	-3.00	-	-295	-	-49	-	-245	-	-	-	0.00
Purchase of Investments	-371	-138	-380	-214	-395	-143	-189	-232	-186	-144	-249
Sale and/or Maturity of Investments	124	102	211	295	365	240	331	386	300	391	295
Other Investing Activities, net	-4.00	6.00	3.00	-1.00	66	-67	2.00	16	1.00	-18	-8.00
Net Cash From Financing Activities	-6.00	3.00	-62	12	-364	67	147	-189	-220	92	-20
Net Cash From Continuing Financing Activities	-6.00	3.00	-62	12	-364	67	147	-189	-220	92	-20
Repayment of Debt	-5.00	3.00	-6.00	12	-163	-173	33	-189	-169	-746	-6.00
Repurchase of Common Equity	-	-	0.00	-	-	-500	-500	-	-500	-	0.00
Issuance of Debt	-	-	0.00	-	-	740	650	-	450	838	0.00
Other Financing Activities, net	-1.00	-	-56	-	-1.00	-	-36	-	-1.00	-	-14

This table presents Molina Healthcare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,576	7,449	8,471	7,154	6,787	9,532	12,209	12,314	14,892	15,630	15,564
Total Current Assets	5,306	5,988	7,511	6,462	5,967	7,876	10,064	10,084	12,542	12,773	12,444
Cash & Equivalents	2,329	2,819	3,186	2,826	2,452	4,154	4,438	4,006	4,848	4,662	4,248
Short-Term Investments	1,801	1,758	2,524	1,681	1,946	1,875	3,202	3,499	4,259	4,325	4,008
Accounts Receivable	597	974	871	1,330	1,406	1,672	2,177	2,302	3,104	3,299	3,533
Prepaid Expenses	192	131	239	149	163	175	247	277	331	487	655
Plant, Property, & Equipment, net	393	454	342	241	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	877	1,007	618	451	820	1,656	2,145	2,230	2,350	2,857	3,120
Long-Term Investments	109	110	119	120	79	136	212	238	261	286	299
Goodwill	519	620	255	190	172	941	1,252	1,390	1,449	1,938	2,195
Noncurrent Deferred & Refundable Income Taxes	18	10	103	117	79	69	106	220	227	207	178
Other Noncurrent Operating Assets	109	127	141	24	490	510	575	382	413	426	448
Total Liabilities & Shareholders' Equity	6,576	7,449	8,471	7,154	6,787	9,532	12,209	12,314	14,892	15,630	15,564
Total Liabilities	5,019	5,800	7,134	5,507	4,827	7,436	9,579	9,350	10,677	11,134	11,495
Total Current Liabilities	3,822	4,570	5,557	4,246	3,269	4,965	7,047	6,855	8,168	7,896	7,372
Accounts Payable	362	385	366	390	502	641	842	889	1,252	1,331	1,093
Current Deferred Revenue	223	315	282	211	249	375	370	359	418	51	66
Other Current Liabilities	2,788	3,398	4,256	3,404	2,518	3,949	5,835	5,607	6,498	6,514	6,213
Total Noncurrent Liabilities	1,197	1,230	1,577	1,261	1,558	2,471	2,532	2,495	2,509	3,238	4,123
Long-Term Debt	962	975	1,318	1,020	1,237	2,127	2,173	2,176	2,180	2,923	3,766
Other Noncurrent Operating Liabilities	37	42	61	44	321	344	359	319	329	315	357
Total Equity & Noncontrolling Interests	1,557	1,649	1,337	1,647	1,960	2,096	2,630	2,964	4,215	4,496	4,069
Total Preferred & Common Equity	1,557	1,649	1,337	1,647	1,960	2,096	2,630	2,964	4,215	4,496	4,069
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,557	1,649	1,337	1,647	1,960	2,096	2,630	2,964	4,215	4,496	4,069
Common Stock	803	841	1,044	643	175	199	236	328	410	462	452
Retained Earnings	758	810	298	1,012	1,781	1,860	2,399	2,796	3,887	4,091	3,602
Accumulated Other Comprehensive Income / (Loss)	-4.00	-2.00	-5.00	-8.00	4.00	37	-5.00	-160	-82	-57	15

This table presents Molina Healthcare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	13,661	14,870	14,892	15,513	15,185	15,758	15,630	16,386	16,209	15,698	16,391
Total Current Assets	11,441	12,468	12,542	12,668	12,331	12,881	12,773	13,257	13,112	12,552	13,326
Cash & Equivalents	4,910	5,565	4,848	4,513	4,354	4,732	4,662	4,856	4,499	4,221	5,314
Short-Term Investments	3,886	4,111	4,259	4,424	4,347	4,482	4,325	4,438	4,310	4,226	3,937
Accounts Receivable	2,385	2,460	3,104	3,350	3,231	3,259	3,299	3,491	3,865	3,515	3,420
Prepaid Expenses	260	332	331	381	399	408	487	472	438	590	655
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,220	2,402	2,350	2,845	2,854	2,877	2,857	3,129	3,097	3,146	3,065
Long-Term Investments	249	261	261	261	268	289	286	311	291	300	312
Goodwill	1,348	1,471	1,449	1,927	1,913	1,923	1,938	2,175	2,168	2,202	2,092
Noncurrent Deferred & Refundable Income Taxes	220	255	227	228	232	227	207	193	185	179	215
Other Noncurrent Operating Assets	403	415	413	429	441	438	426	450	453	465	446
Total Liabilities & Shareholders' Equity	13,661	14,870	14,892	15,513	15,185	15,758	15,630	16,386	16,209	15,698	16,391
Total Liabilities	10,040	10,991	10,677	11,020	10,342	10,988	11,134	12,076	11,606	11,507	12,311
Total Current Liabilities	7,537	8,492	8,168	8,514	7,836	8,337	7,896	8,155	7,876	7,481	8,188
Accounts Payable	857	1,090	1,252	1,114	973	1,215	1,331	1,119	1,113	1,124	1,161
Current Deferred Revenue	414	691	418	328	13	364	51	369	57	73	401
Other Current Liabilities	6,266	6,711	6,498	7,072	6,850	6,758	6,514	6,667	6,706	6,284	6,626
Total Noncurrent Liabilities	2,503	2,499	2,509	2,506	2,506	2,651	3,238	3,921	3,730	4,026	4,123
Long-Term Debt	2,178	2,179	2,180	2,180	2,181	2,332	2,923	3,574	3,375	3,664	3,767
Other Noncurrent Operating Liabilities	325	320	329	326	325	319	315	347	355	362	356
Total Equity & Noncontrolling Interests	3,621	3,879	4,215	4,493	4,843	4,770	4,496	4,310	4,603	4,191	4,080
Total Preferred & Common Equity	3,621	3,879	4,215	4,493	4,843	4,770	4,496	4,310	4,603	4,191	4,080
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,621	3,879	4,215	4,493	4,843	4,770	4,496	4,310	4,603	4,191	4,080
Common Stock	341	373	410	390	439	453	462	434	454	420	471
Retained Earnings	3,426	3,671	3,887	4,188	4,489	4,326	4,091	3,904	4,159	3,762	3,616
Accumulated Other Comprehensive Income / (Loss)	-146	-165	-82	-85	-85	-9.00	-57	-28	-10	9.00	-7.00

This table displays calculated financial ratios and metrics derived from Molina Healthcare's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	46.66%	25.42%	11.82%	-4.99%	-10.91%	15.41%	42.98%	15.13%	6.56%	19.31%	11.75%
EBITDA Growth	54.11%	-4.60%	-154.72%	536.97%	-7.49%	0.26%	-2.17%	19.80%	29.28%	8.54%	-48.44%
EBIT Growth	102.08%	-21.13%	-261.44%	325.51%	-4.94%	0.38%	-6.40%	17.89%	34.10%	8.52%	-54.25%
NOPAT Growth	93.90%	-54.84%	-600.52%	306.03%	-1.10%	-4.63%	1.76%	13.77%	34.13%	8.05%	-50.59%
Net Income Growth	130.65%	-63.64%	-1,084.62%	238.09%	4.24%	-8.68%	-2.08%	20.18%	37.75%	8.07%	-59.97%
EPS Growth	100.00%	-64.34%	-1,085.87%	216.98%	8.11%	-2.09%	0.18%	20.44%	38.52%	8.79%	-56.32%
Operating Cash Flow Growth	6.13%	-40.18%	19.47%	-139.05%	238.22%	337.33%	11.64%	-63.52%	115.01%	-61.25%	-183.07%
Free Cash Flow Firm Growth	-41.76%	-17.48%	78.69%	-123.87%	424.09%	157.82%	32.34%	-77.18%	260.37%	-90.43%	-444.38%
Invested Capital Growth	-40.63%	-29.82%	-78.89%	38.92%	15.90%	-51.72%	-57.00%	14.63%	-14.21%	37.64%	61.17%
Revenue Q/Q Growth	8.16%	3.87%	2.13%	-1.49%	-2.26%	5.21%	8.49%	2.61%	2.48%	3.70%	1.97%
EBITDA Q/Q Growth	-3.52%	-11.58%	-28,500.00%	72.36%	-3.37%	-10.64%	8.27%	-5.20%	13.47%	3.78%	-35.87%
EBIT Q/Q Growth	-4.79%	-21.13%	-127.65%	102.18%	-3.46%	-11.64%	8.15%	-6.83%	15.49%	3.90%	-40.97%
NOPAT Q/Q Growth	0.15%	-54.72%	-90.07%	137.41%	-3.70%	-13.83%	11.81%	-7.25%	15.83%	3.23%	-38.44%
Net Income Q/Q Growth	-2.44%	-59.69%	-72.39%	189.75%	-4.29%	-16.60%	11.69%	-5.60%	17.19%	3.06%	-46.55%
EPS Q/Q Growth	-6.52%	-60.00%	-71.78%	263.36%	-3.21%	-15.82%	11.72%	-5.44%	17.02%	3.76%	-44.73%
Operating Cash Flow Q/Q Growth	0.02%	-21.01%	-19.36%	8.72%	57.82%	198.90%	-24.88%	-51.14%	-22.34%	261.80%	-16.05%
Free Cash Flow Firm Q/Q Growth	-39.21%	55.31%	-18.01%	60.64%	-5.58%	189.08%	-22.13%	-60.53%	-22.27%	158.76%	-3.22%
Invested Capital Q/Q Growth	16.33%	-1.90%	-2.21%	8.86%	10.49%	-86.02%	-10.27%	10.46%	23.36%	22.78%	19.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.64%	97.27%	11.66%	17.94%	17.37%	18.55%	14.64%	15.01%	15.86%	15.31%	13.07%
EBITDA Margin	3.84%	2.92%	-1.43%	6.57%	6.82%	5.93%	4.05%	4.22%	5.12%	4.66%	2.15%
Operating Margin	2.73%	1.72%	-2.79%	5.99%	6.20%	5.55%	3.67%	3.67%	4.62%	4.20%	1.72%
EBIT Margin	2.74%	1.72%	-2.48%	5.90%	6.29%	5.47%	3.58%	3.67%	4.62%	4.20%	1.72%
Profit (Net Income) Margin	1.01%	0.29%	-2.58%	3.74%	4.38%	3.47%	2.37%	2.48%	3.20%	2.90%	1.04%
Tax Burden Percent	44.41%	25.37%	83.66%	70.77%	75.82%	70.03%	75.31%	74.51%	74.52%	74.20%	80.14%
Interest Burden Percent	82.99%	66.99%	123.89%	89.68%	91.78%	90.40%	87.94%	90.62%	93.07%	93.09%	75.42%
Effective Tax Rate	55.59%	74.63%	0.00%	29.23%	24.18%	29.97%	24.69%	25.49%	25.48%	25.80%	19.86%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	11.14%	3.24%	-34.29%	47.39%	40.87%	33.19%	27.89%	28.32%	30.39%	27.07%	11.02%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	7.05%	4.36%	-6.21%	14.26%	15.19%	13.03%	9.15%	9.57%	11.56%	11.19%	5.01%
Return on Assets (ROA)	2.60%	0.74%	-6.43%	9.05%	10.57%	8.25%	6.06%	6.46%	8.02%	7.73%	3.03%
Return on Common Equity (ROCE)	11.14%	3.24%	-34.29%	47.39%	40.87%	33.19%	27.89%	28.32%	30.39%	27.07%	11.02%
Return on Equity Simple (ROE_SIMPLE)	9.18%	3.15%	-38.29%	42.93%	37.60%	32.11%	25.06%	26.72%	25.88%	26.22%	0.00%
Net Operating Profit after Tax (NOPAT)	172	78	-389	800	792	755	768	874	1,172	1,267	626
NOPAT Margin	1.21%	0.44%	-1.95%	4.24%	4.70%	3.89%	2.77%	2.73%	3.44%	3.12%	1.38%
Net Nonoperating Expense Percent (NNEP)	-1.31%	-0.90%	-3.59%	-2.67%	-1.70%	-2.25%	-2.25%	-1.46%	-1.27%	-1.29%	-2.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	17.00%	18.33%	17.07%	7.99%
Cost of Revenue to Revenue	1.36%	2.73%	88.34%	82.06%	82.63%	81.45%	85.36%	84.99%	84.14%	84.69%	86.93%
SG&A Expenses to Revenue	8.08%	7.83%	8.02%	7.38%	7.74%	7.78%	7.67%	7.41%	7.60%	6.99%	6.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	95.91%	95.55%	14.45%	11.95%	11.17%	13.00%	10.97%	11.34%	11.24%	11.11%	11.35%
Earnings before Interest and Taxes (EBIT)	388	306	-494	1,114	1,059	1,063	995	1,173	1,573	1,707	781
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	544	519	-284	1,241	1,148	1,151	1,126	1,349	1,744	1,893	976
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	1.87	3.27	4.40	4.34	6.02	7.06	6.51	5.00	3.70	2.19
Price to Tangible Book Value (P/TBV)	3.68	3.47	4.05	4.98	4.76	10.92	13.48	12.25	7.62	6.51	4.76
Price to Revenue (P/Rev)	0.24	0.17	0.22	0.38	0.51	0.65	0.67	0.60	0.62	0.41	0.20
Price to Earnings (P/E)	23.58	59.29	0.00	10.26	11.54	18.74	28.19	24.35	19.31	14.12	18.90
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.24%	1.69%	0.00%	9.75%	8.66%	5.34%	3.55%	4.11%	5.18%	7.08%	5.29%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.05	0.00	0.03	0.22	0.31	0.44	0.46	0.43	0.41	0.25	0.09
Enterprise Value to EBITDA (EV/EBITDA)	1.36	0.08	0.00	3.29	4.59	7.45	11.45	10.17	7.96	5.44	4.23
Enterprise Value to EBIT (EV/EBIT)	1.91	0.13	0.00	3.66	4.97	8.07	12.96	11.69	8.82	6.03	5.29
Enterprise Value to NOPAT (EV/NOPAT)	4.32	0.53	0.00	5.10	6.65	11.36	16.79	15.70	11.84	8.13	6.60
Enterprise Value to Operating Cash Flow (EV/OCF)	0.66	0.06	0.68	0.00	12.14	4.52	6.09	17.75	8.35	15.99	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	1.54	0.10	0.77	0.00	9.58	6.05	6.88	32.05	9.00	69.79	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.00	1.62	0.89	0.63	1.01	0.83	0.73	0.52	0.65	0.93
Long-Term Debt to Equity	0.75	0.71	1.13	0.74	0.63	1.01	0.83	0.73	0.52	0.65	0.93
Financial Leverage	-1.72	-1.77	-2.30	-2.35	-1.78	-1.79	-2.06	-2.01	-1.78	-1.55	-1.30
Leverage Ratio	4.29	4.37	5.33	5.24	3.87	4.02	4.60	4.38	3.79	3.50	3.64
Compound Leverage Factor	3.56	2.93	6.61	4.70	3.55	3.64	4.05	3.97	3.53	3.26	2.75
Debt to Total Capital	50.82%	49.94%	61.87%	46.96%	38.69%	50.37%	45.24%	42.33%	34.09%	39.40%	48.07%
Short-Term Debt to Total Capital	14.18%	14.33%	18.63%	7.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.64%	35.61%	43.24%	39.19%	38.69%	50.37%	45.24%	42.33%	34.09%	39.40%	48.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.18%	50.06%	38.13%	53.04%	61.31%	49.63%	54.76%	57.67%	65.91%	60.60%	51.93%
Debt to EBITDA	2.96	3.17	-7.64	1.17	1.08	1.85	1.93	1.61	1.25	1.54	3.86
Net Debt to EBITDA	-4.83	-5.86	13.48	-2.55	-2.82	-3.51	-5.04	-4.13	-4.12	-3.35	-4.91
Long-Term Debt to EBITDA	2.13	2.26	-5.34	0.98	1.08	1.85	1.93	1.61	1.25	1.54	3.86
Debt to NOPAT	9.36	21.19	-5.58	1.82	1.56	2.82	2.83	2.49	1.86	2.31	6.02
Net Debt to NOPAT	-15.30	-39.19	9.86	-3.96	-4.09	-5.35	-7.39	-6.37	-6.13	-5.01	-7.65
Long-Term Debt to NOPAT	6.75	15.11	-3.90	1.52	1.56	2.82	2.83	2.49	1.86	2.31	6.02
Altman Z-Score	3.19	3.22	2.85	4.51	4.90	4.06	4.28	4.78	4.54	4.60	4.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	1.31	1.35	1.52	1.83	1.59	1.43	1.47	1.54	1.62	1.69
Quick Ratio	1.24	1.21	1.18	1.37	1.78	1.55	1.39	1.43	1.50	1.56	1.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	482	398	711	-170	550	1,417	1,875	428	1,542	148	-508
Operating Cash Flow to CapEx	852.27%	382.39%	934.88%	-1,046.67%	761.40%	2,564.86%	2,751.95%	849.45%	1,978.57%	644.00%	-529.70%
Free Cash Flow to Firm to Interest Expense	7.30	3.94	6.02	-1.47	6.32	13.89	15.63	3.89	14.15	1.25	-2.65
Operating Cash Flow to Interest Expense	17.05	6.66	6.81	-2.73	4.99	18.61	17.66	7.03	15.25	5.46	-2.79
Operating Cash Flow Less CapEx to Interest Expense	15.05	4.92	6.08	-2.99	4.33	17.88	17.02	6.20	14.48	4.61	-3.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.58	2.54	2.50	2.42	2.41	2.38	2.55	2.61	2.50	2.66	2.91
Accounts Receivable Turnover	23.77	22.64	21.55	17.16	12.30	12.62	14.43	14.28	12.61	12.70	13.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	38.63	41.99	49.96	64.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.64	1.30	46.78	41.01	31.18	27.68	31.97	31.40	26.78	26.66	32.58
Days Sales Outstanding (DSO)	15.36	16.12	16.93	21.26	29.67	28.92	25.29	25.57	28.96	28.75	27.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	571.14	281.09	7.80	8.90	11.71	13.19	11.42	11.62	13.63	13.69	11.20
Cash Conversion Cycle (CCC)	-555.78	-264.96	9.13	12.36	17.96	15.74	13.88	13.94	15.33	15.05	16.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,073	-1,393	-2,492	-1,522	-1,280	-1,942	-3,049	-2,603	-2,973	-1,854	-720
Invested Capital Turnover	-15.44	-14.42	-10.24	-9.41	-12.01	-12.06	-11.13	-11.31	-12.22	-16.84	-35.30
Increase / (Decrease) in Invested Capital	-310	-320	-1,099	970	242	-662	-1,107	446	-370	1,119	1,134
Enterprise Value (EV)	742	41	549	4,082	5,268	8,574	12,897	13,718	13,876	10,298	4,131
Market Capitalization	3,372	3,083	4,378	7,251	8,508	12,612	18,576	19,285	21,064	16,648	8,920
Book Value per Share	$27.76	$29.02	$23.42	$26.40	$31.26	$35.35	$45.03	$50.75	$72.30	$78.60	$79.16
Tangible Book Value per Share	$16.33	$15.65	$18.95	$23.35	$28.52	$19.48	$23.60	$26.95	$47.44	$44.72	$36.46
Total Capital	3,166	3,294	3,506	3,105	3,197	4,223	4,803	5,140	6,395	7,419	7,835
Total Debt	1,609	1,645	2,169	1,458	1,237	2,127	2,173	2,176	2,180	2,923	3,766
Total Long-Term Debt	1,160	1,173	1,516	1,217	1,237	2,127	2,173	2,176	2,180	2,923	3,766
Net Debt	-2,630	-3,042	-3,829	-3,169	-3,240	-4,038	-5,679	-5,567	-7,188	-6,350	-4,789
Capital Expenditures (CapEx)	132	176	86	30	57	74	77	91	84	100	101
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,197	-2,687	-3,272	-2,050	-1,700	-3,118	-4,623	-4,276	-4,733	-4,110	-3,184
Debt-free Net Working Capital (DFNWC)	1,933	1,890	2,607	2,457	2,698	2,911	3,017	3,229	4,374	4,877	5,072
Net Working Capital (NWC)	1,484	1,418	1,954	2,216	2,698	2,911	3,017	3,229	4,374	4,877	5,072
Net Nonoperating Expense (NNE)	29	26	124	93	55	82	109	82	81	88	154
Net Nonoperating Obligations (NNO)	-2,630	-3,042	-3,829	-3,169	-3,240	-4,038	-5,679	-5,567	-7,188	-6,350	-4,789
Total Depreciation and Amortization (D&A)	156	213	210	127	89	88	131	176	171	186	195
Debt-free, Cash-free Net Working Capital to Revenue	-15.50%	-15.11%	-16.46%	-10.85%	-10.10%	-16.05%	-16.65%	-13.37%	-13.89%	-10.11%	-7.01%
Debt-free Net Working Capital to Revenue	13.63%	10.63%	13.11%	13.01%	16.03%	14.99%	10.86%	10.10%	12.84%	12.00%	11.17%
Net Working Capital to Revenue	10.47%	7.97%	9.83%	11.73%	16.03%	14.99%	10.86%	10.10%	12.84%	12.00%	11.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.75	$0.93	($9.07)	$11.57	$11.85	$11.40	$11.40	$13.72	$18.91	$20.52	$8.93
Adjusted Weighted Average Basic Shares Outstanding	52M	55M	56M	61M	62.20M	59M	57.80M	57.80M	57.70M	57.40M	52.80M
Adjusted Diluted Earnings per Share	$2.58	$0.92	($9.07)	$10.61	$11.47	$11.23	$11.25	$13.55	$18.77	$20.42	$8.92
Adjusted Weighted Average Diluted Shares Outstanding	56M	56M	56M	67M	64.20M	59.90M	58.60M	58.50M	58.10M	57.70M	52.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.20M	56.75M	59.73M	62.46M	60.80M	58M	58.40M	57.90M	58.40M	55.50M	51.50M
Normalized Net Operating Profit after Tax (NOPAT)	271	214	104	800	792	755	768	1,029	1,172	1,267	626
Normalized NOPAT Margin	1.91%	1.20%	0.52%	4.24%	4.70%	3.89%	2.77%	3.22%	3.44%	3.12%	1.38%
Pre Tax Income Margin	2.27%	1.15%	-3.08%	5.29%	5.78%	4.95%	3.15%	3.32%	4.30%	3.91%	1.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.88	3.03	-4.19	9.69	12.17	10.42	8.29	10.66	14.43	14.47	4.07
NOPAT to Interest Expense	2.60	0.77	-3.29	6.96	9.10	7.40	6.40	7.95	10.75	10.73	3.26
EBIT Less CapEx to Interest Expense	3.88	1.29	-4.92	9.43	11.52	9.70	7.65	9.84	13.66	13.62	3.54
NOPAT Less CapEx to Interest Expense	0.60	-0.97	-4.02	6.70	8.44	6.68	5.76	7.12	9.98	9.89	2.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	77.65%	76.12%	94.50%	19.42%	50.51%	0.00%	84.82%	211.86%

This table displays calculated financial ratios and metrics derived from Molina Healthcare's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	51,500,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	51,500,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.83%	10.03%	21.87%	18.65%	20.96%	16.04%	12.24%	15.66%	11.00%	8.34%	-3.15%
EBITDA Growth	5.53%	136.18%	-5.61%	-1.03%	28.18%	19.22%	2.12%	-10.21%	-64.59%	-127.57%	-74.64%
EBIT Growth	7.16%	200.95%	-6.37%	-2.03%	30.08%	20.25%	1.64%	-14.06%	-70.66%	-142.63%	-80.83%
NOPAT Growth	5.56%	213.30%	-6.05%	-2.22%	31.20%	16.72%	2.95%	-9.04%	-64.62%	-141.14%	-87.89%
Net Income Growth	6.52%	285.71%	-6.23%	-2.59%	33.06%	16.20%	-1.00%	-15.28%	-75.77%	-163.75%	-95.30%
EPS Growth	6.58%	284.38%	-6.34%	-3.36%	34.20%	20.05%	5.42%	-8.12%	-73.27%	-162.98%	-95.05%
Operating Cash Flow Growth	273.62%	-225.47%	-76.64%	-144.97%	-8.01%	67.54%	-11.22%	-37.90%	-114.32%	-33.04%	469.47%
Free Cash Flow Firm Growth	214.76%	263.56%	-167.26%	-303.14%	-191.39%	-239.12%	-60.59%	45.84%	-22.61%	-47.91%	107.41%
Invested Capital Growth	-33.44%	-14.21%	19.61%	40.08%	38.10%	37.64%	31.84%	42.31%	62.85%	61.17%	0.29%
Revenue Q/Q Growth	2.65%	5.85%	9.76%	-0.51%	4.66%	1.54%	6.17%	2.51%	0.44%	-0.89%	-5.09%
EBITDA Q/Q Growth	-17.32%	-10.47%	31.20%	1.91%	7.08%	-16.73%	12.38%	-10.40%	-57.77%	-164.84%	203.39%
EBIT Q/Q Growth	-18.96%	-11.98%	34.81%	1.88%	7.60%	-18.63%	13.95%	-13.86%	-63.27%	-218.25%	151.23%
NOPAT Q/Q Growth	-19.49%	-10.85%	36.07%	0.12%	8.03%	-20.69%	20.02%	-11.54%	-57.98%	-192.20%	135.33%
Net Income Q/Q Growth	-20.71%	-11.84%	39.35%	0.00%	8.31%	-23.01%	18.73%	-14.43%	-69.02%	-302.53%	108.75%
EPS Q/Q Growth	-21.31%	-12.35%	40.11%	0.00%	9.28%	-21.59%	23.02%	-12.84%	-68.21%	-284.77%	109.68%
Operating Cash Flow Q/Q Growth	94.87%	-172.71%	131.01%	-202.34%	498.63%	-125.66%	184.82%	-258.95%	58.61%	-138.40%	463.09%
Free Cash Flow Firm Q/Q Growth	156.59%	-50.99%	-148.60%	-232.36%	-15.44%	25.40%	43.90%	-12.09%	-161.34%	10.00%	102.81%
Invested Capital Q/Q Growth	-19.50%	23.36%	15.07%	22.97%	-23.44%	22.78%	7.17%	34.81%	20.50%	19.28%	-138.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.53%	17.62%	15.28%	15.30%	16.41%	14.25%	14.96%	13.98%	12.49%	10.89%	14.13%
EBITDA Margin	4.69%	3.97%	4.74%	4.86%	4.97%	4.08%	4.32%	3.77%	1.59%	-1.04%	1.13%
Operating Margin	4.20%	3.49%	4.29%	4.39%	4.52%	3.62%	3.88%	3.26%	1.19%	-1.42%	0.77%
EBIT Margin	4.20%	3.49%	4.29%	4.39%	4.52%	3.62%	3.88%	3.26%	1.19%	-1.42%	0.77%
Profit (Net Income) Margin	2.87%	2.39%	3.03%	3.05%	3.15%	2.39%	2.67%	2.23%	0.69%	-1.41%	0.13%
Tax Burden Percent	73.80%	74.74%	75.44%	74.14%	74.43%	72.54%	76.41%	78.46%	89.77%	74.77%	48.28%
Interest Burden Percent	92.48%	91.46%	93.66%	93.55%	93.79%	91.05%	90.07%	87.13%	64.23%	132.10%	34.94%
Effective Tax Rate	26.20%	25.26%	24.56%	25.86%	25.57%	27.46%	23.59%	21.54%	10.23%	0.00%	51.72%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	26.91%	30.39%	27.53%	25.12%	26.45%	27.07%	26.72%	23.93%	19.71%	11.02%	4.48%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	10.10%	8.75%	10.65%	11.39%	11.56%	9.64%	10.20%	9.03%	3.38%	-4.15%	2.11%
Return on Assets (ROA)	6.89%	5.98%	7.52%	7.90%	8.07%	6.37%	7.02%	6.17%	1.95%	-4.10%	0.36%
Return on Common Equity (ROCE)	26.91%	30.39%	27.53%	25.12%	26.45%	27.07%	26.72%	23.93%	19.71%	11.02%	4.48%
Return on Equity Simple (ROE_SIMPLE)	24.00%	0.00%	23.84%	21.95%	23.98%	0.00%	27.29%	24.55%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	265	236	321	322	348	276	331	293	123	-113	40
NOPAT Margin	3.10%	2.61%	3.24%	3.26%	3.36%	2.63%	2.97%	2.56%	1.07%	-1.00%	0.37%
Net Nonoperating Expense Percent (NNEP)	-0.29%	-0.32%	-0.30%	-0.30%	-0.29%	-0.36%	-0.50%	-0.60%	-0.72%	-0.84%	-0.44%
Return On Investment Capital (ROIC_SIMPLE)	-	3.69%	-	-	-	3.72%	4.20%	3.67%	1.57%	-1.45%	0.51%
Cost of Revenue to Revenue	85.47%	82.38%	84.72%	84.70%	83.59%	85.75%	85.04%	86.02%	87.51%	89.11%	85.87%
SG&A Expenses to Revenue	7.11%	8.18%	7.54%	7.43%	6.54%	6.51%	7.17%	6.44%	6.35%	7.34%	7.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.33%	14.12%	10.99%	10.91%	11.91%	10.62%	11.08%	10.72%	11.29%	12.32%	13.37%
Earnings before Interest and Taxes (EBIT)	359	316	426	434	467	380	433	373	137	-162	83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	401	359	471	480	514	428	481	431	182	-118	122
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.93	5.00	5.33	3.60	4.23	3.70	4.24	3.51	2.47	2.19	1.68
Price to Tangible Book Value (P/TBV)	7.94	7.62	9.33	5.95	7.09	6.51	8.56	6.63	5.21	4.76	3.45
Price to Revenue (P/Rev)	0.58	0.62	0.67	0.47	0.52	0.41	0.44	0.37	0.23	0.20	0.15
Price to Earnings (P/E)	20.53	19.31	22.36	16.39	17.65	14.12	15.55	14.29	11.75	18.90	36.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.87%	5.18%	4.47%	6.10%	5.67%	7.08%	6.43%	7.00%	8.51%	5.29%	2.74%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.34	0.41	0.47	0.28	0.33	0.25	0.29	0.24	0.12	0.09	0.02
Enterprise Value to EBITDA (EV/EBITDA)	7.39	7.96	9.87	6.22	7.14	5.44	6.44	5.62	3.47	4.23	1.73
Enterprise Value to EBIT (EV/EBIT)	8.34	8.82	10.97	6.93	7.92	6.03	7.15	6.30	4.00	5.29	2.48
Enterprise Value to NOPAT (EV/NOPAT)	11.22	11.84	14.70	9.29	10.61	8.13	9.60	8.36	5.20	6.60	3.01
Enterprise Value to Operating Cash Flow (EV/OCF)	5.31	8.35	17.64	41.87	73.15	15.99	19.76	19.41	0.00	0.00	2.99
Enterprise Value to Free Cash Flow (EV/FCFF)	5.72	9.00	31.62	0.00	0.00	69.79	25.97	24.63	0.00	0.00	3.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.52	0.49	0.45	0.49	0.65	0.83	0.73	0.87	0.93	0.92
Long-Term Debt to Equity	0.56	0.52	0.49	0.45	0.49	0.65	0.83	0.73	0.87	0.93	0.92
Financial Leverage	-1.98	-1.78	-1.73	-1.61	-1.73	-1.55	-1.48	-1.32	-1.37	-1.30	-1.41
Leverage Ratio	4.00	3.79	3.71	3.41	3.54	3.50	3.62	3.32	3.51	3.64	3.91
Compound Leverage Factor	3.70	3.47	3.48	3.19	3.32	3.19	3.26	2.90	2.25	4.81	1.37
Debt to Total Capital	35.97%	34.09%	32.67%	31.05%	32.84%	39.40%	45.33%	42.30%	46.65%	48.07%	48.01%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	35.97%	34.09%	32.67%	31.05%	32.84%	39.40%	45.33%	42.30%	46.65%	48.07%	48.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	64.03%	65.91%	67.33%	68.95%	67.16%	60.60%	54.67%	57.70%	53.35%	51.93%	51.99%
Debt to EBITDA	1.42	1.25	1.27	1.27	1.28	1.54	1.88	1.82	2.41	3.86	6.11
Net Debt to EBITDA	-5.05	-4.12	-4.09	-3.97	-3.93	-3.35	-3.17	-3.09	-3.34	-4.91	-9.39
Long-Term Debt to EBITDA	1.42	1.25	1.27	1.27	1.28	1.54	1.88	1.82	2.41	3.86	6.11
Debt to NOPAT	2.15	1.86	1.89	1.91	1.90	2.31	2.80	2.71	3.60	6.02	10.60
Net Debt to NOPAT	-7.67	-6.13	-6.09	-5.93	-5.84	-5.01	-4.73	-4.59	-5.00	-7.65	-16.31
Long-Term Debt to NOPAT	2.15	1.86	1.89	1.91	1.90	2.31	2.80	2.71	3.60	6.02	10.60
Altman Z-Score	4.03	4.26	4.41	4.34	4.42	4.32	4.26	4.34	4.13	4.07	3.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.47	1.54	1.49	1.57	1.55	1.62	1.63	1.66	1.68	1.69	1.63
Quick Ratio	1.43	1.50	1.44	1.52	1.50	1.56	1.57	1.61	1.60	1.60	1.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,237	606	-295	-979	-1,130	-843	-473	-530	-1,386	-1,247	35
Operating Cash Flow to CapEx	3,650.00%	0.00%	792.59%	-811.11%	2,494.29%	-2,036.36%	863.64%	-719.05%	-328.95%	0.00%	4,007.41%
Free Cash Flow to Firm to Interest Expense	45.81	22.45	-10.91	-34.97	-38.98	-24.80	-11.00	-11.05	-28.29	-23.99	0.65
Operating Cash Flow to Interest Expense	35.15	-25.56	7.93	-7.82	30.10	-6.59	4.42	-6.29	-2.55	-5.73	20.04
Operating Cash Flow Less CapEx to Interest Expense	34.19	-25.37	6.93	-8.79	28.90	-6.91	3.91	-7.17	-3.33	-5.71	19.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.40	2.50	2.48	2.59	2.56	2.66	2.62	2.77	2.83	2.91	2.75
Accounts Receivable Turnover	14.21	12.61	12.18	13.32	13.71	12.70	12.24	12.24	13.15	13.30	13.04
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	29.57	26.78	31.79	34.47	28.53	26.66	31.79	35.43	32.80	32.58	34.46
Days Sales Outstanding (DSO)	25.69	28.96	29.96	27.40	26.63	28.75	29.82	29.83	27.75	27.45	27.98
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	12.34	13.63	11.48	10.59	12.79	13.69	11.48	10.30	11.13	11.20	10.59
Cash Conversion Cycle (CCC)	13.34	15.33	18.48	16.81	13.83	15.05	18.34	19.53	16.62	16.24	17.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,879	-2,973	-2,525	-1,945	-2,401	-1,854	-1,721	-1,122	-892	-720	-1,716
Invested Capital Turnover	-9.80	-12.22	-12.66	-14.41	-12.48	-16.84	-19.72	-28.31	-27.06	-35.30	-26.23
Increase / (Decrease) in Invested Capital	-972	-370	616	1,301	1,478	1,119	804	823	1,509	1,134	5.00
Enterprise Value (EV)	11,358	13,876	16,933	10,634	13,020	10,298	12,250	10,421	5,289	4,131	1,069
Market Capitalization	19,116	21,064	23,951	17,422	20,191	16,648	18,281	16,146	10,372	8,920	6,865
Book Value per Share	$66.54	$72.30	$76.67	$82.65	$81.40	$78.60	$77.66	$84.93	$77.32	$79.16	$79.22
Tangible Book Value per Share	$41.30	$47.44	$43.79	$50.00	$48.58	$44.72	$38.47	$44.93	$36.70	$36.46	$38.60
Total Capital	6,058	6,395	6,673	7,024	7,102	7,419	7,884	7,978	7,855	7,835	7,847
Total Debt	2,179	2,180	2,180	2,181	2,332	2,923	3,574	3,375	3,664	3,766	3,767
Total Long-Term Debt	2,179	2,180	2,180	2,181	2,332	2,923	3,574	3,375	3,664	3,766	3,767
Net Debt	-7,758	-7,188	-7,018	-6,788	-7,171	-6,350	-6,031	-5,725	-5,083	-4,789	-5,796
Capital Expenditures (CapEx)	26	-5.00	27	27	35	11	22	42	38	-1.00	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,700	-4,733	-4,783	-4,206	-4,670	-4,110	-4,192	-3,573	-3,376	-3,184	-4,113
Debt-free Net Working Capital (DFNWC)	3,976	4,374	4,154	4,495	4,544	4,877	5,102	5,236	5,071	5,072	5,138
Net Working Capital (NWC)	3,976	4,374	4,154	4,495	4,544	4,877	5,102	5,236	5,071	5,072	5,138
Net Nonoperating Expense (NNE)	20	20	20	21	22	25	33	38	44	47	26
Net Nonoperating Obligations (NNO)	-7,758	-7,188	-7,018	-6,788	-7,171	-6,350	-6,031	-5,725	-5,083	-4,789	-5,796
Total Depreciation and Amortization (D&A)	42	43	45	46	47	48	48	58	45	44	39
Debt-free, Cash-free Net Working Capital to Revenue	-17.14%	-13.89%	-13.34%	-11.24%	-11.91%	-10.11%	-10.01%	-8.23%	-7.58%	-7.01%	-9.12%
Debt-free Net Working Capital to Revenue	11.96%	12.84%	11.59%	12.02%	11.59%	12.00%	12.19%	12.06%	11.38%	11.17%	11.40%
Net Working Capital to Revenue	11.96%	12.84%	11.59%	12.02%	11.59%	12.00%	12.19%	12.06%	11.38%	11.17%	11.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.24	$3.72	$5.21	$5.18	$5.67	$4.46	$5.47	$4.75	$1.51	($2.80)	$0.27
Adjusted Weighted Average Basic Shares Outstanding	58.30M	57.70M	58.60M	58.60M	57.20M	57.40M	54.20M	54.20M	51.40M	52.80M	52.10M
Adjusted Diluted Earnings per Share	$4.21	$3.69	$5.17	$5.17	$5.65	$4.43	$5.45	$4.75	$1.51	($2.79)	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	58.30M	58.10M	58.60M	58.60M	57.20M	57.70M	54.20M	54.20M	51.40M	52.90M	52.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.30M	58.40M	58.60M	58.60M	57.20M	55.50M	54.20M	54.20M	51.40M	51.50M	52.10M
Normalized Net Operating Profit after Tax (NOPAT)	265	236	321	322	348	276	331	293	123	-113	123
Normalized NOPAT Margin	3.10%	2.61%	3.24%	3.26%	3.36%	2.63%	2.97%	2.56%	1.07%	-1.00%	1.14%
Pre Tax Income Margin	3.88%	3.19%	4.02%	4.11%	4.24%	3.30%	3.50%	2.84%	0.77%	-1.88%	0.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.30	11.70	15.78	15.50	16.10	11.18	10.07	7.77	2.80	-3.12	1.54
NOPAT to Interest Expense	9.81	8.75	11.90	11.49	11.99	8.11	7.69	6.10	2.51	-2.18	0.74
EBIT Less CapEx to Interest Expense	12.33	11.89	14.78	14.54	14.90	10.85	9.56	6.90	2.02	-3.10	1.04
NOPAT Less CapEx to Interest Expense	8.85	8.93	10.90	10.53	10.78	7.78	7.18	5.22	1.73	-2.16	0.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	21.48%	0.00%	0.00%	0.00%	43.71%	84.82%	127.55%	132.74%	169.88%	211.86%	265.96%

Financials Breakdown Chart

Key Financial Trends

Below are concise, data-driven takeaways on Molina Healthcare (MOH) from the quarterly statements over the last four years. The bullets are grouped to highlight positives first, then neutral observations, and finally potential negatives.

Operating revenue climbed to about $11.38 billion in Q4 2025, up from roughly $8.23 billion in Q4 2022 and $10.50 billion in Q4 2024.
In Q3 2025, MOH posted a positive quarterly bottom line: net income from continuing operations of $79 million and Basic EPS of $1.51 per share.
In Q4 2025, investing cash flow was helped by asset sales, with $391 million from sale/maturity of investments and an overall net cash from investing activities of $230 million.
Long-term debt remained in the low-to-mid $3.3–3.6 billion range in 2025, with total liabilities around $11–11.5 billion, indicating a relatively stable capital structure.
Total assets hovered around $15–$16 billion through 2025, showing balance sheet size held steady despite quarterly fluctuations.
Weighted-average shares outstanding stayed in the mid-50s millions (roughly 51–58 million), yielding per-share metrics that have been volatile but generally supported by earnings in several quarters.
Net income attributable to common shareholders was negative in Q4 2025: −$160 million (EPS −$2.80 per share).
Total operating income in Q4 2025 was negative at −$162 million.
Cash flow from continuing operating activities was negative in key 2025 quarters (Q3 2025: −$125 million; Q4 2025: −$298 million).
Gross margin compressed in Q4 2025 to about 11% from roughly 14–15% in late 2024, reflecting higher costs relative to revenue growth.

05/14/26 04:25 AM ETAI Generated. May Contain Errors.

Molina Healthcare Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Molina Healthcare's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Molina Healthcare's net income appears to be on an upward trend, with a most recent value of $472 million in 2025, rising from $143 million in 2015. The previous period was $1.18 billion in 2024. See Molina Healthcare's forecast for analyst expectations on what's next for the company.

Molina Healthcare's total operating income in 2025 was $781 million, based on the following breakdown:

Total Gross Profit: $5.94 billion
Total Operating Expenses: $5.16 billion

Over the last 10 years, Molina Healthcare's total revenue changed from $14.18 billion in 2015 to $45.43 billion in 2025, a change of 220.4%.

Molina Healthcare's total liabilities were at $11.50 billion at the end of 2025, a 3.2% increase from 2024, and a 129.0% increase since 2015.

In the past 10 years, Molina Healthcare's cash and equivalents has ranged from $2.33 billion in 2015 to $4.85 billion in 2023, and is currently $4.25 billion as of their latest financial filing in 2025.

Over the last 10 years, Molina Healthcare's book value per share changed from 27.76 in 2015 to 79.16 in 2025, a change of 185.1%.

Related Companies

Financial statements for NYSE:MOH last updated on 4/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Molina Healthcare (MOH) Financials

Financials Breakdown Chart

Key Financial Trends

Molina Healthcare Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Molina Healthcare (MOH) Financials

Annual Income Statements for Molina Healthcare

Quarterly Income Statements for Molina Healthcare

Annual Cash Flow Statements for Molina Healthcare

Quarterly Cash Flow Statements for Molina Healthcare

Annual Balance Sheets for Molina Healthcare

Quarterly Balance Sheets for Molina Healthcare

Annual Metrics And Ratios for Molina Healthcare

Quarterly Metrics And Ratios for Molina Healthcare

Financials Breakdown Chart

Key Financial Trends

Molina Healthcare Financials - Frequently Asked Questions

When does Molina Healthcare's fiscal year end?

How has Molina Healthcare's net income changed over the last 10 years?

What is Molina Healthcare's operating income?

How has Molina Healthcare's revenue changed over the last 10 years?

How much debt does Molina Healthcare have?

How much cash does Molina Healthcare have?

How has Molina Healthcare's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools