Molina Healthcare Inc (NYSE: MOH) is a managed care company that provides government-sponsored health insurance programs to low-income individuals and families. Revenue is generated primarily through capitated premiums paid by state and federal agencies under Medicaid, Medicare, and Marketplace contracts, meaning Molina receives a fixed per-member-per-month payment and bears medical cost risk. The company operates across multiple U.S. states, competing for government contracts in the Medicaid managed care market. Its business model depends on winning and renewing state Medicaid contracts, controlling medical costs below the premium received, and growing membership through contract expansions and acquisitions. As a government-sponsored managed care organization, Molina's revenue is directly tied to government healthcare spending and Medicaid enrollment policy, both of which fluctuate with federal and state budget decisions. The 10-K was filed February 10, 2026, covering the fiscal year ended December 31, 2025.

Revenue model

Capitated premium revenue from state Medicaid agencies, the federal Medicare program, and Affordable Care Act Marketplace contracts. Molina receives a fixed per-member-per-month premium and earns a margin by managing medical costs below that premium.

Products and services

Medicaid managed care plans, Medicare Advantage plans, Dual Eligible Special Needs Plans (D-SNPs), and Affordable Care Act Marketplace health plans.

Customers and end markets

Low-income individuals and families enrolled in Medicaid; Medicare-eligible individuals; dual-eligible beneficiaries. Direct contractual customers are state Medicaid agencies and the federal Centers for Medicare and Medicaid Services (CMS).

Value-chain role

Managed care organization acting as intermediary between government payers and healthcare providers. Bears medical cost risk under capitated contracts.

Geographic exposure

United States, multi-state Medicaid and Medicare markets.

Source: SEC 10-K, filed 2026-02-10

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