MOLINA HEALTHCARE, INC.
$209.49
−0.36 (−0.17%) · delayed · Nov 13, 2026
Five-year price
52w $121.06 to $244.89
- Market cap
- $10.9B
- Enterprise value
- $10.5B
- P/E
- 23.5×
- 13.1× on 3y avg EPS
- EV / EBIT
- 13.4×
- FCF yield
- −5.8%
- ROIC
- 17.4%
- Debt / equity
- 0.93
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 85.3%
- ●ROE > 15% (5y avg)5y avg ROE 23.1%
- ●Stable operating marginsMargin volatility 1.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 90% (5y avg)
- ●Growing revenueRevenue CAGR 5y 18.5%
- ●Shrinking share countDiluted shares -11.7% over 5y
Value
20
- ○P/E below 15P/E 23.5
- ○EV/EBIT below 12EV/EBIT 13.4
- ○FCF yield above 6%FCF yield -5.8%
- ○Price below Graham NumberGraham Number $125.08
- ●P/B below 3P/B 2.7
Safety
40
- ○Debt / equity below 0.5D/E 0.93
- ●Debt payable in < 4 yrs of earningsNet debt $-0.5B
- ○Interest coverage > 8xCoverage 4.1x
- ●Current ratio > 1.5Current ratio 1.69
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $45.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.69
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 1856%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 13.1
- ○P/E × P/B ≤ 22.5Product 35.1
Valuation lab
What do you have to believe?
Starting cash flow
Net debt −$482M · 52M shares · 5y revenue CAGR 18.5%
Intrinsic value
$527.89
Price
$209.49
Margin of safety
60%
What the price implies
The market is paying for 6.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
69% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17,782 | 19,883 | 18,890 | 16,829 | 19,423 | 27,771 | 31,974 | 34,072 | 40,650 | 45,426 |
| Gross profit | 1,725 | 1,810 | 2,518 | 2,303 | 2,479 | — | — | — | — | — |
| Operating income | 306 | (555) | 1,131 | 1,044 | 1,078 | 1,020 | 1,173 | 1,573 | 1,707 | 781 |
| Operating margin | 1.7% | -2.8% | 6.0% | 6.2% | 5.6% | 3.7% | 3.7% | 4.6% | 4.2% | 1.7% |
| 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 |
| EPS (diluted) | 0.92 | -9.07 | 10.61 | 11.47 | 11.23 | 11.25 | 13.55 | 18.77 | 20.42 | 8.92 |
| Diluted shares | 56 | 56 | 67 | 64 | 60 | 59 | 59 | 58 | 58 | 53 |
Who owns it