MOHMOLINA HEALTHCARE, INC.

Hospital & Medical Service Plans

Revenue: $45.4B; 12% YoY
Operating margin: 1.7%; 59% YoY
EBITDA: $976M; 48% YoY
Market cap: $10.6B
Employees: 19,000; $2M revenue each
Net debt / EBITDA: -3.3×; −$3.3B net debt
AI in 10-K: 4.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-113% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-187% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentYes
53% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 69th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.6 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 3.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27.8B	$32.0B	$34.1B	$40.6B	$45.4B	12%
Operating income	$1.0B	$1.2B	$1.6B	$1.7B	$781M	54%
Net income	$659M	$792M	$1.1B	$1.2B	$472M	60%
Operating cash flow	$2.1B	$773M	$1.7B	$644M	−$535M	183%
Capex	$77M	$91M	$84M	$100M	$101M	1.0%
Stock-based comp	$72M	$103M	$115M	$116M	$47M	59%
Buybacks	$128M	$400M	$0	$1.0B	$1.0B	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $4M · 4
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.