Molina HEALTHCARE, Inc. (MOH) intrinsic value & 10-year financials
Molina HEALTHCARE, Inc. (MOH) has a Graham intrinsic value of $296.28 per share. At $204.79 on Oct 27, 2026, the stock trades 31% below that value. Over the last 10 fiscal years revenue grew 11.0% a year to $45.4B, with an average return on invested capital of 78.8%.
- Graham intrinsic value
- $296.28
- Share price (Oct 27, 2026)
- $204.79
- Price vs Graham value
- 31% below
- Market cap
- $10.8B
- Revenue (FY2025)
- $45.4B
- Revenue growth (10-yr CAGR)
- 11.0%
- ROIC (10-yr avg)
- 78.8%
- Free cash flow (FY2025)
- -$636.0M
MOH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $45.4B | $472.0M | $8.92 | -$636.0M | 1.7% | 18.3% |
| FY2024 | $40.6B | $1.2B | $20.42 | $544.0M | 4.2% | 52.2% |
| FY2023 | $34.1B | $1.1B | $18.77 | $1.6B | 4.6% | 71.8% |
| FY2022 | $32.0B | $792.0M | $13.55 | $682.0M | 3.7% | 82.9% |
| FY2021 | $27.8B | $659.0M | $11.25 | $2.0B | 3.7% | 150.8% |
| FY2020 | $19.4B | $673.0M | $11.23 | $1.8B | 5.6% | 109.6% |
| FY2019 | $16.8B | $737.0M | $11.47 | $370.0M | 6.2% | 119.8% |
| FY2018 | $18.9B | $707.0M | $10.61 | -$344.0M | 6.0% | 267.3% |
| FY2017 | $19.9B | -$512.0M | -$9.07 | $718.0M | -2.8% | -116.8% |
| FY2016 | $17.8B | $52.0M | $0.92 | $497.0M | 1.7% | 32.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MOLINA HEALTHCARE, INC. is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
MOLINA HEALTHCARE, INC. has earned high returns on invested capital, averaging 37.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, MOLINA HEALTHCARE, INC. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MOLINA HEALTHCARE, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $296.28 per share.