MOLINA HEALTHCARE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MOLINA HEALTHCARE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,782	19,883	18,890	16,829	19,423	27,771	31,974	34,072	40,650	45,426
Cost of revenue				13,905	15,820	23,704	27,175	28,669	34,428	39,488
Gross profit	1,725	1,810	2,518	2,303	2,479	4,067	4,799	5,403	6,222	5,938
General and administrative	1,393	1,594	1,333	1,296	1,480	2,068	2,311	2,462	2,743	3,009
Operating income	306	-555	1,131	1,044	1,078	1,020	1,173	1,573	1,707	781
Interest expense	101	118	115	87	102	120	110	109	118	192
Other non-operating income	-101	-57	-132	-72	-117	-145	-110	-109
Pre-tax income	205	-612	999	972	961	875	1,063	1,464	1,589	589
Income tax	153	-100	292	235	288	216	271	373	410	117
Net income	52	-512	707	737	673	659	792	1,091	1,179	472
EBITDA	488	-377	1,258	1,133	1,166	1,151	1,349	1,744	1,893	976
EPS, basic	0.93	-9.07	11.57	11.85	11.40	11.40	13.72	18.91	20.52	8.93
EPS, diluted	0.92	-9.07	10.61	11.47	11.23	11.25	13.55	18.77	20.42	8.92
Shares, basic (weighted)	55.4	56.4	61.1	62.2	59	57.8	57.8	57.7	57.4	52.8
Shares, diluted (weighted)	56.2	56.4	66.6	64.2	59.9	58.6	58.5	58.1	57.7	52.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,819	3,186	2,826	2,452	4,154	4,438	4,006	4,848	4,662	4,248
Short-term investments	1,758	2,524	1,681	1,946	1,875	3,202	3,499	4,259	4,325	4,008
Receivables	974	871	1,330	1,406	1,672	2,177	2,302	3,104	3,299	3,533
Other current assets	131	239	149	163	175	247	277	331	487	655
Total current assets	5,988	7,511	6,462	5,967	7,876	10,064	10,084	12,542	12,773	12,444
Property, plant and equipment	454	342	241	385	391	396	259	270	288	301
Lease right-of-use assets				65	71	128			35	30
Goodwill	620	186	143	143	692	982	1,115	1,241	1,671	1,958
Intangible assets	140	69	47	29	249	270	275	208	267	237
Other non-current assets	41	141	24	105	119	179	123	143	138	147
Total assets	7,449	8,471	7,154	6,787	9,532	12,209	12,314	14,892	15,630	15,564
Accounts payable	385	366	390	502	641	842	889	1,252	1,331	1,093
Deferred revenue	315	282	211	249	375	370	359	418	51	66
Short-term debt	472	653	241	18	0
Total current liabilities	4,570	5,557	4,246	3,269	4,965	7,047	6,855	8,168	7,896	7,372
Long-term debt	975	1,318	1,020	1,237	2,127	2,173	2,176	2,180	2,923	3,766
Lease liabilities				48	42	99	77	85	68	56
Other non-current liabilities	42	61	44	90	119	140	104	124	120	173
Total liabilities	5,800	7,134	5,507	4,827	7,436	9,579	9,350	10,677	11,134	11,495
Total debt	1,645	1,318	1,020	1,255	2,127	2,173	2,176	2,180	2,923	3,766
Paid-in capital	841	1,044	643	175	199	236	328	410	462	452
Retained earnings	810	298	1,012	1,781	1,860	2,399	2,796	3,887	4,091	3,602
Other comprehensive income	-2	-5	-8	4	37	-5	-160	-82	-57	15
Shareholders' equity	1,649	1,337	1,647	1,960	2,096	2,630	2,964	4,215	4,496	4,069
Total equity	1,649	1,337	1,647	1,960	2,096	2,630	2,964	4,215	4,496	4,069
Total liabilities and equity	7,449	8,471	7,154	6,787	9,532	12,209	12,314	14,892	15,630	15,564
Shares outstanding	57	60	62	62	59	58	58	58	56	51

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	52	-512	707	737	673	659	792	1,091	1,179	472
Depreciation and amortization	182	178	127	89	88	131	176	171	186	195
Stock-based compensation	26	46	27	39	57	72	103	115	116	47
Deferred income tax	22	-94	-6	10	-19	-24	-66	-31	53	43
Change in receivables	-348	103	-530	-76	-100	-415	-95	-778	-78	-145
Change in payables	-4	-12	45	9	86	138	55	328	115	-221
Cash from operations	673	804	-314	434	1,898	2,119	773	1,662	644	-535
Capital expenditures	-176	-86	-30	-57	-74	-77	-91	-84	-100	-101
Acquisitions	-48	0	0	0	-755	-129	-134	-3	-344	-245
Purchases of investments	-1,929	-2,697	-1,444	-2,536	-670	-2,713	-1,913	-1,433	-1,132	-751
Sales and maturities of investments	1,966	1,759	2,445	2,302	1,097	381	329	259	99	227
Cash from investing	-206	-1,062	1,143	-293	-400	-1,653	-790	-744	-464	312
Debt issued	0	325	0	0	1,429	740	0	0	740	838
Debt repaid			0	0	-338	-723	0	0
Stock issued	0	0
Share buybacks		0	0	-47	-606	-128	-400	0	-1,000	-1,000
Cash from financing	19	636	-1,193	-559	217	-183	-441	-58	-347	-170
Net change in cash	486	378	-364	-418	1,715	283	-458	860	-167	-393
Free cash flow	497	718	-344	377	1,824	2,042	682	1,578	544	-636
Interest paid	66	78	93	78	112	127	108	108	121	181
Income taxes paid	153	7	240	239	321	235	340	405	379	275

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $190.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.6%	Gross profit / revenue.
Operating margin	0.5%	Operating income / revenue.
EBITDA margin	0.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.0%	Pre-tax income / revenue.
Net margin	-0.0%	Net income / revenue.
FCF margin	0.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.8%	Cash from operations / revenue.
Return on equity (ROE)	-0.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.0%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-54.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-48.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-3.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-60.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-56.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-13.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-183.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-216.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-9.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.68x	Current assets / current liabilities.
Quick ratio	1.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.6%	Total debt / total assets.
Liabilities / assets	73.9%	Total liabilities / total assets.
Net debt	-$5.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-13.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.97x	Operating income / interest expense.
Working capital	$5.23B	Current assets - current liabilities.
Tangible book value	$4.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.78x	Revenue / average total assets.
Fixed asset turnover	143x	Revenue / average property, plant and equipment.
Receivables turnover	12.8x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	25.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$867.88	Revenue / diluted weighted shares.
FCF per share	$5.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.12	Cash from operations / diluted weighted shares.
Book value per share	$80.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$80.21	Tangible book value / shares outstanding.
Cash per share	$171.44	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	184.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.96B	Share price x shares outstanding.
Enterprise value	$4.82B	Market cap + total debt - cash - short-term investments.
P/S	0.22x	Market cap / revenue.
P/B	2.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.39x	Market cap / tangible book value, when positive.
P/FCF	36.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.3x	Market cap / cash from operations, when positive.
EV/Sales	0.11x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	-0.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

What was MOLINA HEALTHCARE, INC.'s revenue in fiscal 2025?

MOLINA HEALTHCARE, INC. reported revenue of $45.43B for fiscal 2025, 11.7% higher than the year before.

Was MOLINA HEALTHCARE, INC. profitable in fiscal 2025?

Yes. Net income was $472.0M, a net margin of 1%.

How much free cash flow did MOLINA HEALTHCARE, INC. generate in fiscal 2025?

Cash from operations of $535.0M minus capital expenditures of $101.0M left free cash flow of -$636.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to MOLINA HEALTHCARE, INC.