Molina Healthcare
MOH · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Molina Healthcare reported revenue of $45.4B in the fiscal year ended Dec 2025, up 11.7% from the year before. Operating income was $781M, an operating margin of 1.7%, and net income was $472M. Operating cash flow of −$535M less capital expenditure of $101M left free cash flow of −$636M. It held more cash than debt (net cash $482M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $27.8B | $32B | $34.1B | $40.7B | $45.4B |
| Cost of revenue | $23.7B | $27.2B | $28.7B | $34.4B | $39.5B |
| Gross profit | $4.1B | $4.8B | $5.4B | $6.2B | $5.9B |
| Operating income | $1B | $1.2B | $1.6B | $1.7B | $781M |
| Interest expense | $120M | $110M | $109M | $118M | $192M |
| Pre-tax income | $875M | $1.1B | $1.5B | $1.6B | $589M |
| Income tax | $216M | $271M | $373M | $410M | $117M |
| Net income | $659M | $792M | $1.1B | $1.2B | $472M |
| Diluted EPS | 11.25 | 13.55 | 18.77 | 20.42 | 8.92 |
| Diluted shares | 59M | 59M | 58M | 58M | 53M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.4B | $4B | $4.8B | $4.7B | $4.2B |
| Receivables | $2.2B | $2.3B | $3.1B | $3.3B | $3.5B |
| Current assets | $10.1B | $10.1B | $12.5B | $12.8B | $12.4B |
| Goodwill | $982M | $1.1B | $1.2B | $1.7B | $2B |
| Total assets | $12.2B | $12.3B | $14.9B | $15.6B | $15.6B |
| Deferred revenue | $370M | $359M | $418M | $51M | $66M |
| Current liabilities | $7B | $6.9B | $8.2B | $7.9B | $7.4B |
| Long-term debt | $2.2B | $2.2B | $2.2B | $2.9B | $3.8B |
| Total liabilities | $9.6B | $9.4B | $10.7B | $11.1B | $11.5B |
| Shareholders' equity | $2.6B | $3B | $4.2B | $4.5B | $4.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $773M | $1.7B | $644M | −$535M |
| Capital expenditure | $77M | $91M | $84M | $100M | $101M |
| Free cash flow | $2B | $682M | $1.6B | $544M | −$636M |
| Depreciation & amortisation | $131M | $176M | $171M | $186M | $195M |
| Stock-based compensation | $72M | $103M | $115M | $116M | $47M |
| Acquisitions | $129M | $134M | $3M | $344M | $245M |
| Share buybacks | $128M | $400M | $0 | $1B | $1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.1% | 6.6% | 19.3% | 11.7% |
| Operating income growth (YoY) | – | 15.0% | 34.1% | 8.5% | −54.2% |
| EPS growth (YoY) | – | 20.4% | 38.5% | 8.8% | −56.3% |
| Gross margin | 14.6% | 15.0% | 15.9% | 15.3% | 13.1% |
| Operating margin | 3.7% | 3.7% | 4.6% | 4.2% | 1.7% |
| Net margin | 2.4% | 2.5% | 3.2% | 2.9% | 1.0% |
| Return on equityBlank when equity is negative | 25.1% | 26.7% | 25.9% | 26.2% | 11.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.8% | 21.5% | 23.4% | 22.1% | 9.5% |
| Free cash flow margin | 7.4% | 2.1% | 4.6% | 1.3% | −1.4% |
| Cash conversion (CFO ÷ net income) | 3.22x | 0.98x | 1.52x | 0.55x | −1.13x |
| Receivable days | 29 | 26 | 33 | 30 | 28 |
| Interest cover | 8.50x | 10.7x | 14.4x | 14.5x | 4.07x |
| Debt ÷ equity | 0.83x | 0.73x | 0.52x | 0.65x | 0.93x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.3B | −$1.8B | −$2.7B | −$1.7B | −$482M |
| Current ratio | 1.43x | 1.47x | 1.54x | 1.62x | 1.69x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.