At a glance
Molina Healthcare Inc is worth $10.34B, about 22 times its fiscal 2025 earnings. Revenue grew 11.7% to $45.43B in fiscal 2025, with 1.0% kept as profit; over 5 years it has grown 18.5% a year. It pays no dividend; it spent $2.53B buying back its shares over FY2021–FY2025. The stock returned +21.7% over the past year with dividends reinvested and −7.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.9% in the 2020 crash (S&P 500: 33.7%) and 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
Price history
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MOH +21.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $11.08B, down 3.4% from a year earlier, and net income was $38.0M (-51.9%).
- For fiscal 2025, revenue was $45.43B (+11.7% year over year; +18.5% a year from FY2020 to FY2025) with a 1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.5% good |
|---|---|
| Operating margin | 1.7% weak |
| Free cash flow margin | -1.4% weak |
| Return on equity (FY2025) | 11.6% watch |
| Return on assets (FY2025) | 3% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $19.42B | $673.0M | $1.82B |
| FY2021 | $27.77B | $659.0M | $2.04B |
| FY2022 | $31.97B | $792.0M | $682.0M |
| FY2023 | $34.07B | $1.09B | $1.58B |
| FY2024 | $40.65B | $1.18B | $544.0M |
| FY2025 | $45.43B | $472.0M | $-636.0M |
Valuation snapshot
| Market value | $10.34B |
|---|---|
| P/E ratio | 22.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Molina Healthcare’s market value went from $3.08B at the end of 2016 to $10.34B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.34B | +15.9% |
| 2025 | $8.92B | -46.4% |
| 2024 | $16.65B | -21.0% |
| 2023 | $21.06B | +9.2% |
| 2022 | $19.28B | +3.8% |
| 2021 | $18.58B | +47.3% |
| 2020 | $12.61B | +48.2% |
| 2019 | $8.51B | +17.3% |
| 2018 | $7.25B | +65.6% |
| 2017 | $4.38B | +42.0% |
| 2016 | $3.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MOH price data to Oct 28, 2026 | +14.2% | +21.7% | -16.2% | -7.8% | +13.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.2% |
| 2025 | -40.4% |
| 2024 | -19.4% |
| 2023 | +9.4% |
| 2022 | +3.8% |
| 2021 | +49.6% |
| 2020 | +56.7% |
| 2019 | +16.8% |
| 2018 | +51.6% |
| 2017 | +41.3% |
| 2016 | -9.8% |
| 2015 | +12.3% |
| 2014 | +54.0% |
| 2013 | +28.4% |
| 2012 | +21.2% |
| 2011 | +20.3% |
| 2010 | +21.8% |
| 2009 | +29.9% |
| 2008 | -54.5% |
| 2007 | +19.0% |
| 2006 | +22.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.1% over that stretch · deepest drop along the way 59%, back to its old high 27.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 29.9%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 10.9% over that stretch · deepest drop along the way 27.6%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($3.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Jeff D. Barlow Chief Legal Officer | sell | $3.3M |
| May 14, 2026 | Maurice Hebert Chief Accounting Officer | sell | $115K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Sep 30, 2026 |
| AQR Capital Management, LLC | 6.83% | Jun 30, 2026 |
| Giovanni Agnelli B.V. | 5.21% | Aug 28, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
| Capital World Investors | 4.9% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.44% | Sep 30, 2026 |
| Capital Research Global Investors | 4% | Jun 30, 2025 |
| FMR LLC | 3.6% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 1.9% | Dec 31, 2025 |
ETFs with the most weight in MOH
| IHF iShares U.S. Healthcare Providers ETF | 2.89% |
| SMRI Bushido Capital US Equity ETF | 2.43% |
| FXH First Trust Health Care AlphaDEX Fund | 2.38% |
| SOVF Sovereign's Capital Flourish Fund | 2.32% |
| ECML Euclidean Fundamental Value ETF | 2.21% |
| XHS SPDR S&P Health Care Services ETF | 2.03% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.92% |
| VFLO VictoryShares Free Cash Flow ETF | 1.41% |
What could go wrong
- Medicaid rates may not keep up. States set Molina's Medicaid premiums, usually once a year, and can cut them retroactively. Costs and use of care have outpaced those rates, pushing medical spending to 91.7% of premiums in 2025, from 89.1%.
- New federal law expected to shrink Medicaid. Molina expects the One Big Beautiful Bill Act to cut its 1.2 million Medicaid Expansion members by 15% to 20% over two to three years. The members who remain are expected to be sicker and costlier.
- Expired Marketplace subsidies threaten enrollment. Most of Molina's Marketplace members qualified for premium subsidies. Some expired at the end of 2025, likely shrinking enrollment and leaving sicker customers. Prices are set each spring for the next year.
- Losing state contracts could cut revenue. Revenue depends on winning and renewing state contract bids. Virginia did not award Molina a new contract, so its Virginia contracts ended June 30, 2025. Losing big contracts also weakens savings from scale.
- Very thin profit margins. Net income was about 1% of revenue in 2025. At margins that thin, small changes in costs, or in estimates of care given but not yet paid, can swing reported profit sharply.
- Heavy dependence on government policy. Almost all of Molina's premiums come from government programs. New laws, changes in how the Trump administration interprets and enforces them, and audits and investigations could all force costly changes.
Recent events
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Asset impairment
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
Molina pays no dividend, so it offers income investors no cash payouts. Instead, it returned $2.5 billion by repurchasing its own shares from fiscal 2021 through 2025, including $1 billion in each of 2024 and 2025. The share count fell about 11%, from 58.4 million in October 2021 to 52.2 million by October 16, 2026. Repurchases in early 2025 averaged $297.83 a share. Later that year they averaged $175.50. Free cash flow (cash left after running and investing in the business) was negative $636 million in 2025.
In downturns, the stock fell 59% from December 2007 to December 2008 and did not recover until April 2011. It dropped 29.9% in the 2020 COVID crash but recovered within weeks, and it gained 10.9% across the 2022 bear market. Company-specific troubles have hurt more: the shares' deepest drop in the three years to October 28, 2026 was 70.8%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Molina Healthcare pay a dividend?
No. Molina paid no dividends in fiscal 2021 through 2025. Instead it returns cash by repurchasing its own shares. It spent $2.5 billion over those five years, including $1 billion in 2025. That helped shrink the share count about 11% between October 2021 and October 2026. Repurchases give each remaining share a bigger slice of profits but put no cash in shareholders' pockets. The stock may not suit investors who need regular income.
How does Molina Healthcare make money?
Molina collects premiums for running government-funded health plans. These are mainly fixed monthly payments for each member. It then pays doctors, hospitals and other providers for members' care. In 2025 it took in $43.1 billion of premium revenue. About three-quarters came from Medicaid, and most of the rest from Medicare and Marketplace plans. Medical costs used 91.7% of those premiums, so profit depends on keeping care costs below the premiums it receives.
Why did Molina Healthcare stock fall?
Mainly because medical costs rose faster than premiums. Net income fell 60% in 2025 to $472 million, and diluted earnings per share fell to $8.92 from $20.42. Medical costs climbed to 91.7% of premiums from 89.1%. States rechecking Medicaid eligibility left a sicker member mix, and some Marketplace subsidies expired at the end of 2025, threatening enrollment. The shares fell 40.4% in 2025 and 41% over the three years to October 28, 2026. That includes a 14.2% gain in 2026 through that date.
What is Molina Healthcare's P/E ratio?
About 22, as of October 28, 2026. The price-to-earnings (P/E) ratio compares the share price with a year's profit per share. Here that profit is fiscal 2025 diluted earnings of $8.92. Molina's market value that day was about $10.3 billion. Net income had already fallen 60% in 2025, and earnings kept weakening. In the third quarter of fiscal 2026, net income was $38 million, down 51.9% from a year earlier, on revenue of $11.1 billion.
How will Medicaid cuts affect Molina Healthcare?
Molina expects fewer, costlier members. Medicaid Expansion members are low-income adults covered when states widened eligibility. In its annual report filed February 10, 2026, Molina said the One Big Beautiful Bill Act is expected to cut its 1.2 million Medicaid Expansion members by 15% to 20% over two to three years. It expects the members who remain to be sicker. States usually reset rates once a year, so payments tend to lag cost changes. The same report kept a long-term premium revenue growth target of 11% to 13%.