MOLINA HEALTHCARE Business Summary

Molina Healthcare, Inc. (MOH) operates a premium-based revenue model, primarily securing fixed monthly payments from state and federal governments to manage healthcare for low-income and senior populations. For fiscal year 2026, the company projects approximately $42 billion in total premium revenue, distributed across its three core segments: Medicaid (projected $33.4 billion), Medicare ($6.6 billion), and the Health Insurance Marketplace ($2.2 billion). The firm is currently undergoing a strategic realignment, intentionally reducing its Marketplace exposure and planning a full exit from the traditional Medicare Advantage Part D (MAPD) product by 2027 to focus on higher-margin integrated dual-eligible offerings. Molina competes in a highly consolidated managed care landscape against Centene Corporation, Elevance Health, and Humana, distinguishing itself through a specialized focus on government-sponsored programs and a high win rate in state Medicaid RFP renewals. The company was established in 1980 by Dr. C. David Molina and is currently led by President and CEO Joseph M. Zubretsky, an industry veteran with a pedigree from The Hanover Insurance Group and Aetna. The senior leadership team includes Mark Keim, who serves as Senior EVP and CFO with expanded operational authority over the Medicaid and Marketplace divisions, and James Woys, Executive VP of Health Plan Services, who oversees centralized IT and pharmacy operations. Governance is provided by a board chaired by Dale B. Wolf, with notable members including Vice-Chair Ronna E. Romney and 2025 appointee Leo P. Grohowski. Molina’s ownership structure is characterized by massive institutional concentration, with Vanguard, BlackRock, and T. Rowe Price holding nearly 98% of shares, while the founding family retains influence through John C. Molina’s approximately 9.5% stake.