NYSE · Healthcare

Molina Healthcare, Inc.

MOH · Healthcare Plans

$195.16

▲ 2.46 (1.28%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Molina Healthcare, Inc. at $195.16.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 9.0%

Operating Margin 1.7%

Net Income Margin 1.0%

Fin. Health B

Years to Pay Off Debt 8.4 yrs

Working Capital vs Long-Term Debt $1.3B

Working Capital $5.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.50x

Cash Flow D

Free Cash Flow -$636M

CapEx % of Net Income 21.4%

Owner Earnings $768M

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $10.2B

Enterprise Value $4.7B

P/E (TTM) 52.18

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 9.0%

Operating Margin 1.7%

Net Margin 1.0%

Company Info

Sector Healthcare

Industry Healthcare Plans

Employees 19000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Molina Healthcare, Inc. at $195.16.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $195.16, the stock trades at a 56% premium to its Graham Number of $125.20. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 10.7x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Molina Healthcare, Inc.

Molina Healthcare, Inc. provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces in the United States. It operates in four segments: Medicaid, Medicare, Marketplace, and Other. The company was founded in 1980 and is headquartered in Long Beach, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	9.0% ▼	11.7%	12.7%	12.3%	N/A
Operating Margin %	1.7% ▼	4.2%	4.6%	4.3%	N/A
Net Income %	1.0% ▼	2.9%	3.2%	2.5%	N/A
Diluted EPS	8.92 ▼	20.42	18.71	13.55	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$15.6B	$15.6B	$14.9B	$12.3B	N/A
Total Debt	$4.0B ↑	$3.1B	$2.4B	$2.4B	N/A
Working Capital	$5.1B ▲	$4.9B	$4.4B	$3.2B	N/A
Years to Pay Debt	8.37	2.64	2.19	3.02	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$636M ▼	$544M	$1.6B	$682M	N/A
Owner Earnings	$768M	$1.5B	$1.3B	$1.1B	N/A
CapEx % of Net Income	21.4%	8.5%	7.7%	11.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	0	0	-53,027
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	976,000	1,893,000	1,744,000	1,557,000
Total Unusual Items		0	0	-208,000	0
Total Unusual Items Excluding Goodwill		0	0	-208,000	0
Net Income From Continuing Operation Net Minority Interest	472,000	1,179,000	1,091,000	792,000
Reconciled Depreciation	195,000	186,000	171,000	176,000
Reconciled Cost Of Revenue	41,351,000	35,914,000	29,738,000	28,048,000
EBIT	781,000	1,707,000	1,573,000	1,173,000
Net Interest Income	-192,000	-118,000	-109,000	-110,000
Interest Expense	192,000	118,000	109,000	110,000
Normalized Income	472,000	1,179,000	1,091,000	946,973
Net Income From Continuing And Discontinued Operation	472,000	1,179,000	1,091,000	792,000
Total Expenses	44,645,000	38,943,000	32,499,000	30,593,000
Total Operating Income As Reported	781,000	1,707,000	1,573,000	1,173,000
Diluted Average Shares	52,900	57,700	58,300	58,500
Basic Average Shares	51,400	56,000	58,300	58,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	472,000	1,179,000	1,091,000	792,000
Net Income Common Stockholders	472,000	1,179,000	1,091,000	792,000
Net Income	472,000	1,179,000	1,091,000	792,000
Net Income Including Noncontrolling Interests	472,000	1,179,000	1,091,000	792,000
Net Income Continuous Operations	472,000	1,179,000	1,091,000	792,000
Tax Provision	117,000	410,000	373,000	271,000
Pretax Income	589,000	1,589,000	1,464,000	1,063,000
Other Income Expense				-208,000	-25,000
Other Non Operating Income Expenses					-25,000
Special Income Charges		0	0	-208,000	0
Write Off				208,000	0
Impairment Of Capital Assets		0	0	208,000	0
Net Non Operating Interest Income Expense	-192,000	-118,000	-109,000	-110,000
Interest Expense Non Operating	192,000	118,000	109,000	110,000
Operating Income	781,000	1,707,000	1,573,000	1,381,000
Operating Expense	3,294,000	3,029,000	2,761,000	2,545,000
Other Operating Expenses	90,000	100,000	128,000	58,000
Depreciation Amortization Depletion Income Statement	195,000	186,000	171,000	176,000
Depreciation And Amortization In Income Statement	195,000	186,000	171,000	176,000
Amortization	91,000	82,000	85,000	77,000
Amortization Of Intangibles Income Statement	91,000	82,000	85,000	77,000
Depreciation Income Statement	104,000	104,000	86,000	99,000
Selling General And Administration	3,009,000	2,743,000	2,462,000	2,311,000
General And Administrative Expense	3,009,000	2,743,000	2,462,000	2,311,000
Other Gand A	3,009,000	2,743,000	2,462,000	2,311,000
Gross Profit	4,075,000	4,736,000	4,334,000	3,926,000
Cost Of Revenue	41,351,000	35,914,000	29,738,000	28,048,000
Total Revenue	45,426,000	40,650,000	34,072,000	31,974,000
Operating Revenue	43,052,000	38,627,000	32,529,000	30,883,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	51,400	56,000	58,300	58,000
Share Issued	51,400	56,000	58,300	58,000
Total Debt	3,950,000	3,118,000	2,385,000	2,391,000
Tangible Book Value	1,874,000	2,558,000	2,766,000	1,574,000
Invested Capital	7,835,000	7,419,000	6,395,000	5,140,000
Working Capital	5,072,000	4,877,000	4,374,000	3,229,000
Net Tangible Assets	1,874,000	2,558,000	2,766,000	1,574,000
Capital Lease Obligations	184,000	195,000	205,000	215,000
Common Stock Equity	4,069,000	4,496,000	4,215,000	2,964,000
Total Capitalization	7,835,000	7,419,000	6,395,000	5,140,000
Total Equity Gross Minority Interest	4,069,000	4,496,000	4,215,000	2,964,000
Stockholders Equity	4,069,000	4,496,000	4,215,000	2,964,000
Gains Losses Not Affecting Retained Earnings	15,000	-57,000	-82,000	-160,000
Other Equity Adjustments	15,000	-57,000	-82,000	-160,000
Retained Earnings	3,602,000	4,091,000	3,887,000	2,796,000
Additional Paid In Capital	452,000	462,000	410,000	328,000
Total Liabilities Net Minority Interest	11,495,000	11,134,000	10,677,000	9,350,000
Total Non Current Liabilities Net Minority Interest	4,123,000	3,238,000	2,509,000	2,495,000
Other Non Current Liabilities	173,000	120,000	124,000	104,000
Long Term Debt And Capital Lease Obligation	3,950,000	3,118,000	2,385,000	2,391,000
Long Term Capital Lease Obligation	184,000	195,000	205,000	215,000
Long Term Debt	3,766,000	2,923,000	2,180,000	2,176,000
Current Liabilities	7,372,000	7,896,000	8,168,000	6,855,000
Current Deferred Liabilities	66,000	51,000	418,000	359,000
Current Deferred Revenue	66,000	51,000	418,000	359,000
Payables And Accrued Expenses	7,306,000	7,845,000	7,750,000	6,496,000
Payables	7,306,000	7,845,000	7,750,000	6,496,000
Other Payable	6,213,000	6,514,000	6,498,000	5,607,000
Accounts Payable	1,093,000	1,331,000	1,252,000	889,000
Total Assets	15,564,000	15,630,000	14,892,000	12,314,000
Total Non Current Assets	3,120,000	2,857,000	2,350,000	2,230,000
Other Non Current Assets	446,000	424,000	404,000	361,000
Non Current Deferred Assets	178,000	207,000	227,000	220,000
Non Current Deferred Taxes Assets	178,000	207,000	227,000	220,000
Goodwill And Other Intangible Assets	2,195,000	1,938,000	1,449,000	1,390,000
Other Intangible Assets	237,000	267,000	208,000	275,000
Goodwill	1,958,000	1,671,000	1,241,000	1,115,000
Net PPE	301,000	288,000	270,000	259,000
Accumulated Depreciation	-875,000	-806,000	-729,000	-695,000
Gross PPE	1,176,000	1,094,000	999,000	954,000
Other Properties	261,000	270,000	266,000	293,000
Machinery Furniture Equipment	876,000	788,000	687,000	615,000
Buildings And Improvements	38,000	35,000	41,000	41,000
Land And Improvements	1,000	1,000	5,000	5,000
Current Assets	12,444,000	12,773,000	12,542,000	10,084,000
Other Current Assets	655,000	487,000	331,000	277,000
Prepaid Assets					247,000
Receivables	3,533,000	3,299,000	3,104,000	2,302,000
Other Receivables			420,000	309,000	335,000
Accounts Receivable	3,533,000	3,299,000	3,104,000	1,993,000
Cash Cash Equivalents And Short Term Investments	8,256,000	8,987,000	9,107,000	7,505,000
Other Short Term Investments	4,008,000	4,325,000	4,259,000	3,499,000
Cash And Cash Equivalents	4,248,000	4,662,000	4,848,000	4,006,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-636,000	544,000	1,578,000	682,000
Repurchase Of Capital Stock	-1,000,000	-1,000,000	0	-400,000
Repayment Of Debt	-1,100,000	-300,000	0	0
Issuance Of Debt	1,938,000	1,040,000	0	0
Capital Expenditure	-101,000	-100,000	-84,000	-91,000
Interest Paid Supplemental Data	181,000	121,000	108,000	108,000
Income Tax Paid Supplemental Data	275,000	379,000	405,000	340,000
End Cash Position	4,348,000	4,741,000	4,908,000	4,048,000
Beginning Cash Position	4,741,000	4,908,000	4,048,000	4,506,000
Changes In Cash	-393,000	-167,000	860,000	-458,000
Financing Cash Flow	-170,000	-347,000	-58,000	-441,000
Cash Flow From Continuing Financing Activities	-170,000	-347,000	-58,000	-441,000
Net Other Financing Charges	-8,000	-87,000	-58,000	-41,000
Net Common Stock Issuance	-1,000,000	-1,000,000	0	-400,000
Common Stock Payments	-1,000,000	-1,000,000	0	-400,000
Net Issuance Payments Of Debt	838,000	740,000	0	0
Net Long Term Debt Issuance	838,000	740,000	0	0
Long Term Debt Payments	-1,100,000	-300,000	0	0
Long Term Debt Issuance	1,938,000	1,040,000	0	0
Investing Cash Flow	312,000	-464,000	-744,000	-790,000
Cash Flow From Continuing Investing Activities	312,000	-464,000	-744,000	-790,000
Net Other Investing Changes	1,000	1,000	4,000	-50,000
Net Investment Purchase And Sale	657,000	-21,000	-661,000	-515,000
Sale Of Investment	1,408,000	1,111,000	772,000	1,398,000
Purchase Of Investment	-751,000	-1,132,000	-1,433,000	-1,913,000
Net Business Purchase And Sale	-245,000	-344,000	-3,000	-134,000
Purchase Of Business	-245,000	-344,000	-3,000	-134,000
Net PPE Purchase And Sale	-101,000	-100,000	-84,000	-91,000
Purchase Of PPE	-101,000	-100,000	-84,000	-91,000
Operating Cash Flow	-535,000	644,000	1,662,000	773,000
Cash Flow From Continuing Operating Activities	-535,000	644,000	1,662,000	773,000
Change In Working Capital	-1,289,000	-898,000	314,000	-448,000
Change In Other Working Capital	-252,000	-385,000	57,000	-9,000
Change In Payables And Accrued Expense	-944,000	-378,000	1,104,000	-220,000
Change In Payable	-944,000	-378,000	1,104,000	-220,000
Change In Account Payable	-221,000	115,000	328,000	55,000
Change In Prepaid Assets	52,000	-57,000	-69,000	-124,000
Change In Receivables	-145,000	-78,000	-778,000	-95,000
Other Non Cash Items	-3,000	8,000	2,000	8,000
Stock Based Compensation	47,000	116,000	115,000	103,000
Asset Impairment Charge		0	0	208,000	0
Deferred Tax	43,000	53,000	-31,000	-66,000
Deferred Income Tax	43,000	53,000	-31,000	-66,000
Depreciation Amortization Depletion	195,000	186,000	171,000	176,000
Depreciation And Amortization	195,000	186,000	171,000	176,000
Amortization Cash Flow	188,000	170,000	161,000	159,000
Amortization Of Intangibles	188,000	170,000	161,000	159,000
Depreciation	7,000	16,000	10,000	17,000
Operating Gains Losses					25,000
Net Income From Continuing Operations	472,000	1,179,000	1,091,000	792,000

These metrics estimate what Molina Healthcare, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$125.20

Margin of Safety

Market Cap ÷ Company Value

1.93

P/B Ratio

2.50

Warren's Owner Earnings

$768M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$45.4B

vs > $1.5B revenue

❌ Strong Financial Condition

1.69x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-34.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

52.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.50x P/B (P/E×P/B: 130.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$18.21

Trading at 10.7x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$166.56

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	21.4%	8.5%	7.7%	11.5%	N/A
Repurchase of Capital Stock	-$1.0B	-$1.0B	$0M	-$400M	N/A
Free Cash Flow	-$636M ▼	$544M ▼	$1.6B ▲	$682M •	N/A •
Warren's Owner Earnings	$768M	$1.5B	$1.3B	$1.1B	N/A

Peers & Industry

No auto-detected peers for Healthcare Plans. You can manually compare MOH against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.46%

Low — management has little skin in the game

Return on Equity (ROE)

11.6%

Adequate — returns are moderate

Return on Assets (ROA)

3.0%

Fair — average asset utilization

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+26.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Joseph Michael Zubretsky

President, CEO & Director

Age 68

Pay: $2,140,795

0.454% of net income

Mark Lowell Keim

Senior EVP, CFO & Treasurer

Age 60

Pay: $1,312,049

0.278% of net income

James Edwin Woys

Senior EVP & COO

Age 66

Pay: $856,409

0.181% of net income

Debra Jean Bacon

Executive Vice President of Medicaid

Age 58

Pay: $723,031

0.153% of net income

Joann Zarza-Garrido

Vice President of Compliance

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.68%	6,083,536
Blackrock Inc.	7.47%	3,892,318
Capital World Investors	6.73%	3,504,192
FMR, LLC	5.71%	2,976,088
Harris Associates L.P.	4.50%	2,346,437
T. Rowe Price Investment Management, Inc.	4.17%	2,171,433
State Street Corporation	3.85%	2,008,163
Invesco Ltd.	3.25%	1,690,981

Risk Analysis

Beta (Market Risk)

0.85

Low volatility — more stable than the market

Short Interest

6.9% of float

Moderate short interest

Debt-to-Equity

0.97x

Conservative balance sheet — low financial risk

Current Ratio

1.63x

Adequate liquidity

52-Week Price Range

Low: $121.06 Current: $195.16 High: $333.00

Currently at 35% of 52-week range

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