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Elevance Health vs Molina Healthcare: revenue, profit, margins and growth compared

Elevance Health brought in $199.1B of revenue in fiscal 2025, Molina Healthcare $45.4B in fiscal 2025. Revenue changed by +12.5% at Elevance Health and +11.7% at Molina Healthcare on the year before, so Elevance Health grew faster. Elevance Health kept 2.8% of its revenue as net profit, Molina Healthcare 1.0%. Free cash flow was $3.2B at Elevance Health and -$636M at Molina Healthcare.

Side by side, latest fiscal year

ELVMOH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$199.1B$45.4B
Revenue growth+12.5%+11.7%
Net income$5.7B$472M
Net margin2.8%1.0%
Free cash flow$3.2B-$636M
Free cash flow margin1.6%-1.4%
Earnings per share (diluted)$25.21$8.92
Cash$9.5B$4.2B
Debt$31.9B$3.8B
Price to earnings15.721.4
Market value$85.9B$10B
Dividend yieldn/an/a
Rank by revenue in sector#6 of 523 · Health care#17 of 523 · Health care

Over the years

Revenue
ELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BMOH FY2018: $18.9BMOH FY2019: $16.8BMOH FY2020: $19.4BMOH FY2021: $27.8BMOH FY2022: $32BMOH FY2023: $34.1BMOH FY2024: $40.7BMOH FY2025: $45.4BFY18FY19FY20FY21FY22FY23FY24FY25
ELV $199.1BMOH $45.4B
Net income
ELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BMOH FY2018: $707MMOH FY2019: $737MMOH FY2020: $673MMOH FY2021: $659MMOH FY2022: $792MMOH FY2023: $1.1BMOH FY2024: $1.2BMOH FY2025: $472MFY18FY19FY20FY21FY22FY23FY24FY25
ELV $5.7BMOH $472M
Net margin
ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%MOH FY2018: 3.7%MOH FY2019: 4.4%MOH FY2020: 3.5%MOH FY2021: 2.4%MOH FY2022: 2.5%MOH FY2023: 3.2%MOH FY2024: 2.9%MOH FY2025: 1.0%FY18FY19FY20FY21FY22FY23FY24FY25
ELV 2.8%MOH 1.0%
Revenue growth
ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%MOH FY2019: -10.9%MOH FY2020: +15.4%MOH FY2021: +43.0%MOH FY2022: +15.1%MOH FY2023: +6.6%MOH FY2024: +19.3%MOH FY2025: +11.7%FY19FY20FY21FY22FY23FY24FY25
ELV +12.5%MOH +11.7%
Free cash flow
ELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BMOH FY2018: -$344MMOH FY2019: $377MMOH FY2020: $1.8BMOH FY2021: $2BMOH FY2022: $682MMOH FY2023: $1.6BMOH FY2024: $544MMOH FY2025: -$636MFY18FY19FY20FY21FY22FY23FY24FY25
ELV $3.2BMOH -$636M

Fiscal years as each company reports them; the two may end in different months.

Questions about Elevance Health and Molina Healthcare

Which is bigger by revenue, Elevance Health or Molina Healthcare?

Elevance Health is bigger by revenue: $199.1B in fiscal 2025, against $45.4B for Molina Healthcare in fiscal 2025.

Which keeps more of its revenue as profit, Elevance Health or Molina Healthcare?

Elevance Health had a net margin of 2.8% in fiscal 2025; Molina Healthcare had 1.0% in fiscal 2025.

Which grew revenue faster, Elevance Health or Molina Healthcare?

In their latest fiscal years revenue changed by +12.5% at Elevance Health and +11.7% at Molina Healthcare.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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