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Molina Healthcare

MOH on NYSE. Molina Healthcare sells government-funded health insurance to low-income and elderly people. Market value $10.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Health care stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
27.9%five-year median

Yearly profit per dollar of owners' money: 28 cents. Above 10 is good.

Price to book
quarterly report to June 2026
2.4×

What you pay for each dollar of net assets: $2.44.

Earnings yield
past 12 months to June 2026
-0.1%

Profit per $100 you pay: $-0.07.

Quality score: 100 of 100. Price score: 13 of 100. Our list needs 70 on quality and 60 on price.

$195.17 a share, 61% above its 1-year low

Over the past year the price has ranged from $121.06 to $244.89.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$27.8bn$32.0bn$34.1bn$40.6bn$45.4bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.06bn0.06bn0.06bn0.05bn0.05bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 18.5% a year
  • Buying back its own sharesYes, 11% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $10.9 billion last quarter, down 5% on a year ago.
  • Profit: $60 million, down 76% on a year ago.
  • Spare cash over the past 12 months: $271 million, down from $427 million.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$10.3bn
December 2024$10.5bn
March 2025$11.1bn
June 2025$11.4bn
September 2025$11.5bn
December 2025$11.4bn
March 2026$10.8bn
June 2026$10.9bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$326m
December 2024$251m
March 2025$298m
June 2025$255m
September 2025$79m
December 2025-$160m
March 2026$14m
June 2026$60m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
10 February 2026
Next quarterly (estimated, 10-Q)
22 October 2026

Who owns it

7 long-term investors we follow own it, up from 6 last quarter. 600 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $100,128 of shares on the open market. 4 sold $4m.

  • HEBERT MAURICE
    Chief Accounting Officer
    Sold
    Date
    14 May 2026
    Shares
    600
    Price
    $191.55
    Value
    $114,930
  • Barlow Jeff D.
    Chief Legal Officer
    Sold
    Date
    11 May 2026
    Shares
    17,811
    Price
    $186.12
    Value
    $3m
  • ROMNEY RONNA
    Director
    Sold
    Date
    12 March 2026
    Shares
    506
    Price
    $146.92
    Value
    $74,342
  • ZORETIC RICHARD C
    Director
    Bought
    Date
    11 February 2026
    Shares
    800
    Price
    $125.16
    Value
    $100,128
  • Schapiro Richard M
    Director
    Sold
    Date
    24 November 2025
    Shares
    357
    Price
    $143.02
    Value
    $51,058

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.