Molina Healthcare, Inc. (MOH) Key Metrics
MOH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $10.82B
- Enterprise value
- $5.02B
- P/E (TTM)
- — 10-yr median 18.9
- Forward P/E
- 18.9
- PEG ratio
- 0.89
- Price / sales
- 0.3 10-yr median 0.5
- Price / book
- 2.4 10-yr median 4.6
- EV / EBITDA
- 13.3 10-yr median 5.8
- Dividend yield
- —
- Beta
- 0.78
MOH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMOH valuation Price multiples at each fiscal year-end price.
MOH returns How much profit the business earns on the capital it uses.
MOH per-share figures Results divided by the shares outstanding at year-end.
MOH financial health Debt, liquidity and how easily interest is covered.
MOH efficiency & capital use Working capital cycle and where the cash goes.
MOH valuation history
MOH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MOH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MOH cash returned to shareholders
MOH price vs earnings per share
MOH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.81B | $16.79B | $20.99B | $19.32B | $18.64B | $12.74B | $8.71B | $7.79B | $4.29B | $3.04B |
| Enterprise value | $4.51B | $10.92B | $14.27B | $14.24B | $13.43B | $11.53B | $5.80B | $4.74B | $753.1M | $106.6M |
| P/E ratio | 18.7 | 14.2 | 19.2 | 24.4 | 28.3 | 18.9 | 11.8 | 11.0 | — | 379.8 |
| Price / sales | 0.2 | 0.4 | 0.6 | 0.6 | 0.7 | 0.7 | 0.5 | 0.4 | 0.2 | 0.2 |
| Price / book | 2.2 | 3.7 | 5.0 | 6.5 | 7.1 | 6.1 | 4.4 | 4.7 | 3.2 | 1.8 |
| Price / free cash flow | — | 30.9 | 13.3 | 28.3 | 9.1 | 7.0 | 23.5 | — | 6.0 | 6.1 |
| Price / operating cash flow | — | 26.1 | 12.6 | 25.0 | 8.8 | 6.7 | 20.4 | — | 5.3 | 4.5 |
| EV / sales | 0.1 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.3 | 0.3 | 0.0 | 0.0 |
| EV / EBITDA | 4.6 | 5.8 | 8.2 | 10.6 | 11.9 | 10.0 | 5.1 | 3.8 | — | 0.2 |
| EV / free cash flow | — | 20.1 | 9.0 | 20.9 | 6.6 | 6.4 | 15.7 | — | 1.0 | 0.2 |
| Earnings yield | 5.4% | 7.0% | 5.2% | 4.1% | 3.5% | 5.3% | 8.5% | 9.1% | −11.9% | 0.3% |
| Free cash flow yield | −7.2% | 3.2% | 7.5% | 3.5% | 11.0% | 14.3% | 4.2% | −4.4% | 16.7% | 16.4% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 11.3% | 6.0% | 0.3% | 2.1% | 0.7% | 4.8% | 0.5% | 7.1% | 0.0% | 0.0% |
| Share price at fiscal year-end | $173.54 | $291.05 | $361.31 | $330.22 | $318.08 | $212.68 | $135.69 | $116.22 | $76.68 | $54.26 |
| Per share | ||||||||||
| Revenue per share | $894.32 | $704.51 | $586.44 | $546.56 | $473.91 | $324.26 | $262.13 | $281.94 | $355.05 | $316.27 |
| Earnings per share | $9.29 | $20.43 | $18.78 | $13.54 | $11.25 | $11.24 | $11.48 | $10.55 | −$9.14 | $0.14 |
| Operating cash flow per share | −$10.53 | $11.16 | $28.61 | $13.21 | $36.16 | $31.55 | $6.65 | −$4.69 | $14.36 | $12.02 |
| Free cash flow per share | −$12.52 | $9.43 | $27.16 | $11.66 | $34.85 | $30.32 | $5.76 | −$5.13 | $12.82 | $8.88 |
| Cash per share | $162.54 | $155.75 | $156.75 | $128.29 | $130.38 | $100.65 | $68.50 | $67.27 | $101.96 | $81.73 |
| Book value per share | $80.11 | $77.92 | $72.55 | $50.67 | $44.88 | $34.99 | $30.53 | $24.58 | $23.88 | $29.45 |
| Tangible book value per share | $36.89 | $44.33 | $47.61 | $26.91 | $23.52 | $19.28 | $27.85 | $21.75 | $19.32 | $15.88 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $1.99 | $1.73 | $1.45 | $1.56 | $1.31 | $1.24 | $0.89 | $0.45 | $1.54 | $3.14 |
| Debt per share | $77.77 | $54.04 | $41.05 | $41.57 | $41.42 | $80.52 | $23.15 | $21.76 | $38.73 | $29.38 |
| Shares outstanding | 50.8M | 57.7M | 58.1M | 58.5M | 58.6M | 59.9M | 64.2M | 67.0M | 56.0M | 56.0M |
| Change in shares outstanding | −12.0% | −0.7% | −0.7% | −0.2% | −2.2% | −6.7% | −4.2% | +19.6% | 0.0% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.0% | 27.1% | 30.4% | 28.3% | 27.9% | 33.2% | 40.9% | 47.4% | −34.3% | 0.5% |
| Return on assets (ROA) | 3.0% | 7.7% | 8.0% | 6.5% | 6.1% | 8.2% | 10.6% | 9.0% | −6.4% | 0.1% |
| Return on tangible assets | 3.5% | 8.6% | 8.1% | 7.3% | 6.0% | 7.8% | 11.1% | 10.2% | −6.2% | 0.1% |
| Free cash flow margin | −1.4% | 1.3% | 4.6% | 2.1% | 7.4% | 9.3% | 2.2% | −1.8% | 3.6% | 2.8% |
| Income quality (OCF / net income) | −1.13 | 0.55 | 1.52 | 0.98 | 3.22 | 2.81 | 0.58 | −0.44 | — | 84.12 |
| Financial health | ||||||||||
| Total debt | $3.95B | $3.12B | $2.38B | $2.43B | $2.43B | $4.82B | $1.49B | $1.46B | $2.17B | $1.65B |
| Cash & short-term investments | $8.26B | $8.99B | $9.11B | $7.50B | $7.64B | $6.03B | $4.40B | $4.51B | $5.71B | $4.58B |
| Net debt | −$4.31B | −$5.87B | −$6.72B | −$5.07B | −$5.21B | −$1.21B | −$2.91B | −$3.05B | −$3.54B | −$2.93B |
| Debt / equity | 0.97 | 0.69 | 0.57 | 0.82 | 0.92 | 2.30 | 0.76 | 0.89 | 1.62 | 1.00 |
| Debt / assets | 0.25 | 0.20 | 0.16 | 0.20 | 0.20 | 0.51 | 0.22 | 0.20 | 0.26 | 0.22 |
| Net debt / EBITDA | −4.41 | −3.10 | −3.85 | −3.76 | −4.63 | −1.05 | −2.54 | −2.46 | — | −6.01 |
| Current ratio | 1.69 | 1.62 | 1.54 | 1.47 | 1.43 | 1.59 | 1.83 | 1.52 | 1.35 | 1.31 |
| Quick ratio | 1.69 | 1.62 | 1.54 | 1.47 | 1.88 | 1.96 | 2.42 | 1.52 | 1.32 | 1.31 |
| Interest coverage | 4.1 | 14.5 | 14.4 | 12.6 | 8.5 | 10.6 | 12.0 | 9.8 | -4.7 | 3.0 |
| Working capital | $5.07B | $4.88B | $4.37B | $3.23B | $3.02B | $2.91B | $2.70B | $2.22B | $1.95B | $1.42B |
| Invested capital | −$237.0M | −$1.37B | −$2.51B | −$2.11B | −$2.58B | $890.0M | −$952.0M | −$1.40B | −$2.20B | −$1.28B |
| Tangible asset value | $1.87B | $2.56B | $2.77B | $1.57B | $1.38B | $1.16B | $1.79B | $1.46B | $1.08B | $889.0M |
| Net current asset value | $949.0M | $1.64B | $1.86B | $734.0M | $485.0M | $440.0M | $1.14B | $955.0M | $377.0M | $188.0M |
| Graham number | $129.42 | $189.27 | $175.08 | $124.23 | $106.56 | $94.05 | $88.80 | $76.40 | — | $9.73 |
| Graham net-net per share | −$11.60 | $5.67 | $13.05 | −$2.03 | −$32.55 | −$18.21 | −$5.41 | −$0.04 | −$12.25 | −$8.27 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $1.00B | $1.00B | $60.0M | $400.0M | $128.0M | $606.0M | $47.0M | $549.0M | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | — | — | — | 0.0% |
| Dividends + buybacks / free cash flow | — | 183.8% | 3.8% | 58.7% | 6.3% | 33.4% | 12.7% | — | 0.0% | 0.0% |
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% | 0.4% | 1.0% |
| Capex / operating cash flow | — | 15.5% | 5.1% | 11.8% | 3.6% | 3.9% | 13.3% | — | 10.7% | 26.2% |
| Capex / depreciation | 0.52 | 0.54 | 0.49 | 0.52 | 0.59 | 0.84 | 0.64 | 0.24 | 0.48 | 0.97 |
| Stock-based compensation / revenue | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.1% |
| SG&A / revenue | 6.6% | 6.7% | 7.6% | 7.2% | 7.4% | 7.6% | 7.7% | 7.1% | 8.0% | 7.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.4 | 28.7 | 29.0 | 25.6 | 25.3 | 28.9 | 29.7 | 21.3 | 17.3 | 16.7 |
| Days of inventory on hand | — | — | — | — | -37.8 | -41.6 | -49.3 | — | 1.7 | — |
| Days payables outstanding | 10.7 | 13.1 | 13.1 | 11.3 | 11.1 | 12.5 | 11.3 | 8.5 | 7.6 | 8.6 |
| Cash conversion cycle (days) | 16.7 | 15.6 | 15.8 | 14.3 | -23.6 | -25.2 | -31.0 | 12.8 | 11.4 | 8.2 |
| Receivables turnover | 13.30 | 12.70 | 12.61 | 14.28 | 14.43 | 12.62 | 12.30 | 17.16 | 21.11 | 21.83 |
| Payables turnover | 34.12 | 27.81 | 27.78 | 32.41 | 33.03 | 29.30 | 32.27 | 43.03 | 47.94 | 42.68 |
| Inventory turnover | — | — | — | — | — | — | — | — | 213.05 | — |
| Asset turnover | 2.91 | 2.66 | 2.50 | 2.61 | 2.55 | 2.38 | 2.41 | 2.42 | 2.50 | 2.53 |
| Average receivables | $3.42B | $3.20B | $2.70B | $2.24B | $1.92B | $1.54B | $1.37B | $1.10B | $942.0M | $811.5M |
| Average payables | $1.21B | $1.29B | $1.07B | $865.5M | $741.5M | $571.5M | $446.0M | $378.0M | $375.5M | $373.5M |
| Average inventory | — | — | — | — | −$2.54B | −$1.91B | −$1.95B | — | $84.5M | $0 |
| Intangibles / total assets | 14.1% | 12.4% | 9.7% | 11.3% | 10.3% | 9.9% | 2.5% | 2.7% | 3.0% | 10.2% |
Computed from MOH's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MOH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Molina Healthcare traded at 18.7 times earnings, against a 10-year median of 18.9. Molina Healthcare earned a return on equity of 11.0% in fiscal 2025. It ended the year with $4.0 billion of debt and $8.3 billion in cash and short-term investments, a net cash position of $4.3 billion. It returned $1.0 billion to shareholders: $0 in dividends and $1.0 billion in share buybacks. The share count fell 9.3% from 56.0M to 50.8M over 9 years.
See the MOH income statement, the MOH chart for price history, or the MOH stock overview for the latest quote and news.
MOH key metrics FAQ
What is Molina Healthcare's P/E ratio?
Molina Healthcare traded at 18.7 times earnings at the end of fiscal 2025.
What is Molina Healthcare's EV/EBITDA?
Molina Healthcare's enterprise value was 4.6 times EBITDA at the end of fiscal 2025 (enterprise value $4.5 billion, EBITDA $976.0 million); the current EV/EBITDA is 13.3.
What is Molina Healthcare's return on equity?
Molina Healthcare's return on equity (ROE) was 11.0% in fiscal 2025: net income of $472.0 million on average shareholders' equity of $4.3 billion.
How much debt does Molina Healthcare have?
Molina Healthcare had total debt of $4.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.97 and more cash than debt.
Does Molina Healthcare buy back its shares?
Yes. Molina Healthcare spent $1.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −12.0% over the year, to 50.8M..
What is Molina Healthcare's free cash flow yield?
Molina Healthcare generated -$636.0 million of free cash flow in fiscal 2025, a free cash flow yield of −7.2% on its market value at year-end ($8.8 billion).
What is Molina Healthcare's current ratio?
Molina Healthcare's current ratio was 1.69 at the end of fiscal 2025: current assets were 1.69 times current liabilities.