MOLINA HEALTHCARE, INC（MOH）の決算・業績分析
MOLINA HEALTHCARE, INCの2025年有価証券報告書をAI分析。売上高$45.4B(+11.7%)。営業利益$781M。Financials。
目次
MOLINA HEALTHCARE, INCの2025年度 業績サマリー
MOLINA HEALTHCARE, INC（証券コード: MOH）の2025年度決算・業績分析。売上高は$45.4B（前年比+11.7%）。営業利益は$781M（前年比-54.2%）。純利益は$472M（前年比-60.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
MOLINA HEALTHCARE, INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $32.0B (+15.1% YoY) in FY2024, driven by Medicaid expansion and successful RFP wins (XBRL).
- Net income grew 20.2% YoY to $792M, with ROE reaching 30.1% (XBRL).
- Net debt turned negative at -$1.8B (-1.4x EBITDA), reflecting strong liquidity (XBRL).
- Operating margin improved to 3.7% (+0.2% YoY), while net margin rose to 2.5% (+0.3% YoY) (XBRL).
MOLINA HEALTHCARE, INCの売上高変化の要因
- •Revenue grew 15.1% YoY to $32.0B, with a 5-year CAGR of 12.5% (XBRL). The historical time series shows steady growth from $18.9B (FY2020) to $34.1B (FY2025 guidance). Segment-specific revenue data is not disclosed in XBRL or 10-K (N/A). Growth drivers include Medicaid expansion, successful RFP wins, and stable premium rates in core markets (10-K).
MOLINA HEALTHCARE, INCの営業利益変化の要因
- •Operating margin improved to 3.7% (+0.2% YoY), while net margin rose to 2.5% (+0.3% YoY) (XBRL). EBITDA margin held at 4.2%, with operating income growing 15.0% YoY to $1.2B. Net income surged 20.2% YoY to $792M, reflecting improved cost management and premium growth (XBRL).
MOLINA HEALTHCARE, INCの事業リスクと対応
Failure to renew Medicaid contracts could reduce premium revenues (10-K).
Inadequate or delayed premium payments may harm cash flow (10-K).
Marketplace business volatility affects revenue predictability (10-K).
State rate adjustments without premium increases risk margin compression (10-K).
Over-reliance on top states (California, New York, Texas, Washington) exposes revenue to jurisdiction-specific risks (10-K).
Medicaid premium revenue constitutes 79% of total premium revenue (10-K).
Top four states account for 51% of Medicaid premium revenue (10-K).
MOLINA HEALTHCARE, INCの事業内容
Molina Healthcare provides managed healthcare services under Medicaid, Medicare, and state insurance marketplaces, generating revenue through premium payments from these programs (10-K). The company operates four segments: Medicaid (largest, serving low-income individuals), Medicare (seniors), Marketplace (state insurance marketplaces), and Other (insignificant). Key customers include government programs and state marketplaces, with no significant customer concentration (10-K). Competitive advantages include a 90% Medicaid RFP re-procurement win rate, strong medical cost ratio (MCR) management, and AI-driven operational efficiency (10-K).
MOLINA HEALTHCARE, INCのAI業績分析レポート（2024年度）
Molina Healthcare, Inc. (MOH) FY2024 Annual Report Analysis
Highlights
Business Overview
Molina Healthcare provides managed healthcare services under Medicaid, Medicare, and state insurance marketplaces, generating revenue through premium payments from these programs (10-K). The company operates four segments: Medicaid (largest, serving low-income individuals), Medicare (seniors), Marketplace (state insurance marketplaces), and Other (insignificant). Key customers include government programs and state marketplaces, with no significant customer concentration (10-K). Competitive advantages include a 90% Medicaid RFP re-procurement win rate, strong medical cost ratio (MCR) management, and AI-driven operational efficiency (10-K).
Revenue Analysis
Revenue grew 15.1% YoY to $32.0B, with a 5-year CAGR of 12.5% (XBRL). The historical time series shows steady growth from $18.9B (FY2020) to $34.1B (FY2025 guidance). Segment-specific revenue data is not disclosed in XBRL or 10-K (N/A). Growth drivers include Medicaid expansion, successful RFP wins, and stable premium rates in core markets (10-K).
Profitability Analysis
Operating margin improved to 3.7% (+0.2% YoY), while net margin rose to 2.5% (+0.3% YoY) (XBRL). EBITDA margin held at 4.2%, with operating income growing 15.0% YoY to $1.2B. Net income surged 20.2% YoY to $792M, reflecting improved cost management and premium growth (XBRL).
Balance Sheet Analysis
Equity ratio stands at 17.7%, with total equity growing to $2.6B (XBRL). Long-term debt is $2.2B, but net debt is -$1.8B (-1.4x EBITDA) due to $4.0B in cash reserves. Current ratio of 1.54x indicates strong short-term liquidity (XBRL).
Cash Flow Analysis
Operating cash flow reached $773M, with free cash flow (FCF) of $682M after $91M in CapEx (XBRL). Financing activities included $400M in share repurchases. Investing cash flow was -$790M, reflecting capital expenditures and asset acquisitions (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
N/A
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 18.9B | 16.8B | 19.4B | 27.8B | 32.0B | 34.1B |
| Operating Income | 1.1B | 1.0B | 1.1B | 1.0B | 1.2B | 1.6B |
| Net Income | 707M | 737M | 673M | 659M | 792M | 1.1B |
| Total Assets | 7.2B | 9.5B | 12.2B | 12.3B | 14.9B | 15.6B |
| Total Equity | 1.3B | 1.6B | 2.0B | 2.1B | 2.6B | 3.0B |
| Operating Cash Flow | -314M | 434M | 1.9B | 2.1B | 773M | 1.7B |
Financialsの企業一覧
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