Metrics
The numbers behind Molina Healthcare, Inc.: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in US$ millions unless noted.
Reading notes: Currency USD, figures in millions as printed on each filing's statements ('In millions, except per-share data'). Each fiscal year's income statement, balance sheet, cash-flow statement and premium-revenue-by-segment breakdown are cited to that year's own Form 10-K (each 10-K prints the current year in its first data column). Revenue breakdown uses the 10-K Item 1 'consolidated premium revenue by segment' table (premium revenue only). Its total ties exactly to the Consolidated Statements of Income 'Premium revenue' line each year. The Marketplace/Medicare/Other allocation in data/financials/segment.json differs for FY2021-FY2023 because that feed reports total segment revenue (including premium tax and other revenue), not premium-only; the filing's premium-only table was used. The 'Other' premium segment was first broken out as a separate line in the FY2024 10-K table (FY2024 shown as a dash / zero) and carried a $90M figure in FY2025; FY2021-FY2023 10-K tables have no 'Other' premium row.
Share Price — Full Available History — 23 Years
The stock closed at $224.82 on Jul 16, 2026 — up 2,429% over the window shown (+15.1% a year), trading between $7.44 and $419.53. At that close the stock trades at 25× FY2025 diluted EPS as reported below.
Source: market price feed, monthly closes, sampled from 5,796 source observations, Jul 2003–Jul 2026. Price return only, excludes dividends. Prices are split-adjusted (×1.5 on May 23, 2011).
Market capitalization $12.6bn and enterprise value $12.2bn.
Market cap = 56.2M shares outstanding × the Jul 16, 2026 close of $224.82. Enterprise value adds total debt of $3.8bn and subtracts cash and equivalents of $4.2bn (net cash of $482mn), from the FY2025 balance sheet. Market-derived figures, shown without filing links.
FY2025 at a Glance
Revenue (US$ millions)
Operating income (US$ millions)
Net income (US$ millions)
Diluted EPS
Source: FY2025 consolidated statements [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Premium Revenue by Segment
| Premium Revenue by Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Medicaid | 20,461 | 24,827 | 26,327 | 30,579 | 32,240 |
| Medicare | 3,361 | 3,795 | 4,179 | 5,542 | 6,235 |
| Marketplace | 3,033 | 2,261 | 2,023 | 2,506 | 4,487 |
| Other | — | — | — | — | 90 |
| Total premium revenue | 26,855 | 30,883 | 32,529 | 38,627 | 43,052 |
| Total premium revenue growth, derived | — | +15.0% | +5.3% | +18.7% | +11.5% |
Source: Form 10-K Item 1 Business, consolidated premium revenue by segment (premium revenue only; ties to the income-statement premium revenue line) [5] [6] [7] [8]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Income [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates from S&P Capital IQ (CapIQ), shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-22. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Balance Sheet
Source: Consolidated Balance Sheets [9] [10] [11] [12]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows [13] [14] [15] [16]. Click any linked figure to open the filing page with the row highlighted.
Medical Care Ratio by Segment
| Medical Care Ratio by Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Medicaid MCR | 88.7% | 88.0% | 88.7% | 90.3% | 91.8% |
| Medicare MCR | 87.2% | 88.5% | 90.7% | 89.1% | 92.4% |
| Marketplace MCR | 86.9% | 87.2% | 75.3% | 75.4% | 90.6% |
Source: company filings [17] [18] [19] [20]. Click any linked figure to open the filing page with the row highlighted.
Medical Margin by Segment
| Medical Margin by Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Medicaid | 2,322 | 2,981 | 2,973 | 2,979 | 2,652 |
| Medicare | 430 | 437 | 388 | 603 | 475 |
| Marketplace | 399 | 290 | 499 | 617 | 423 |
| Total medical margin | 3,151 | 3,708 | 3,860 | 4,199 | 3,564 |
Source: company filings [17] [18] [19] [20]. Click any linked figure to open the filing page with the row highlighted.
Operating and Tax Ratios
| Operating and Tax Ratios | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| G A expense ratio | 7.4% | 7.2% | 7.2% | 6.7% | 6.6% |
| Premium tax ratio | 2.8% | 2.7% | 3.2% | 3.7% | 4.1% |
| Effective income tax rate | 24.7% | 25.5% | 25.5% | 25.8% | 19.8% |
Source: company filings [21] [22] [23] [24]. Click any linked figure to open the filing page with the row highlighted.
Non-Premium Revenue and Medicare Enrollment
| Non-Premium Revenue and Medicare Enrollment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Premium tax revenue | 787 | 873 | 1,069 | 1,486 | 1,863 |
| Investment income | 52 | 143 | 394 | 452 | 420 |
| Other revenue | 77 | 75 | 80 | 85 | 91 |
| Medicare membership | 142,000 | 156,000 | 172,000 | 242,000 | 262,000 |
Source: company filings [1] [5] [2] [6]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Total revenue | Operating income | Net income | Diluted net income per share | Net cash provided by (used in) operating activities |
|---|---|---|---|---|---|
| FY2016 | 17,782 | 306 | 52 | 0.92 | — |
| FY2017 | 19,883 | (555) | (512) | (9.07) | — |
| FY2018 | 18,890 | 1,131 | 707 | 10.61 | — |
| FY2019 | 16,829 | 1,044 | 737 | 11.47 | — |
| FY2020 | 19,423 | 1,078 | 673 | 11.23 | 1,898 |
| FY2021 | 27,771 | 1,020 | 659 | 11.25 | 2,119 |
| FY2022 | 31,974 | 1,173 | 792 | 13.55 | 773 |
| FY2023 | 34,072 | 1,573 | 1,091 | 18.77 | 1,662 |
| FY2024 | 40,650 | 1,707 | 1,179 | 20.42 | 644 |
| FY2025 | 45,426 | 781 | 472 | 8.92 | (535) |
Source: consolidated statements across filings; older years from the standardized feed [13] [1] [14] [2]. Click any linked figure to open the filing page with the row highlighted.
Operating KPIs
| KPI | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total membership | 5,199,000 | 5,258,000 | 4,995,000 | 5,535,000 | 5,491,000 |
| Medicaid membership | 4,329,000 | 4,754,000 | 4,542,000 | 4,890,000 | 4,568,000 |
| Marketplace membership | 728,000 | 348,000 | 281,000 | 403,000 | 655,000 |
| Consolidated medical care ratio (MCR) | 88.3% | 88.0% | 88.1% | 89.1% | 91.7% |
Source: company-reported operating metrics [5] [25] [6] [26]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Mean target
Median target
High target
Low target
Street ratings: 3 strong buy, 15 hold, 1 sell. Consensus: Hold.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-22. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Traceability
349 of 371 figures on this page (94%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
Currency USD, figures in millions as printed on each filing's statements ('In millions, except per-share data').
Each fiscal year's income statement, balance sheet, cash-flow statement and premium-revenue-by-segment breakdown are cited to that year's own Form 10-K (each 10-K prints the current year in its first data column).
Revenue breakdown uses the 10-K Item 1 'consolidated premium revenue by segment' table (premium revenue only). Its total ties exactly to the Consolidated Statements of Income 'Premium revenue' line each year. The Marketplace/Medicare/Other allocation in data/financials/segment.json differs for FY2021-FY2023 because that feed reports total segment revenue (including premium tax and other revenue), not premium-only; the filing's premium-only table was used.
The 'Other' premium segment was first broken out as a separate line in the FY2024 10-K table (FY2024 shown as a dash / zero) and carried a $90M figure in FY2025; FY2021-FY2023 10-K tables have no 'Other' premium row.
FY2016-FY2020 long-term-record figures come from the standardized data feed (SEC XBRL via fiscal.ai) and are shown without page links; FY2021-FY2025 long-term rows are filing-cited. FY2016-FY2019 operating cash flow is not carried in the feed and is left blank.
Balance sheet 'Goodwill and intangible assets, net' is the filing's single combined line; the data feed's goodwill-only figure (e.g. $1,671M FY2024) is a component of it and is not a discrepancy.
Quarterly block covers Q1 FY25 through Q1 FY26 (fiscal quarters ending 2025-03-31 to 2026-03-31). Income and balance-sheet figures are printed in the 10-Qs; Q4 FY25 income is derived from the FY2025 10-K less the nine-month YTD, and single-quarter operating cash flows are derived from the printed YTD cash-flow statements. All derived operating-cash-flow quarters reconcile exactly and match data/financials/cash_flow_quarterly.json (190, -302, -125, -298, 1,082).