Research Feed
Molina 10-K: MCR Blowout Across All Segments, Covenant Relief, Negative Cash Flow
Consolidated MCR: 91.7% vs 89.1% in FY2024 (+260bps) Every segment above target: Marketplace exploded. From profitable (75.4%) to barely breakeven (90.6%) in one year. Management attributes this to: - Higher utilization vs risk adjustment revenue - Special Enrollment Period bringing high-acuity memb
Molina Healthcare: 8x Trough P/E on Medicaid Self-Correction — If You Survive the Covenant
Fourth independent MCO confirmation of 2026 Medicaid trough. MOH at $131 (RSI 17, -54% 1Y) trades at 8x management's $5 trough EPS guide. The operating leverage is enormous: 100bps MCR improvement on $32B Medicaid base = ~$5/share. Embedded earnings from signed contracts exceed $11/share. But there'