Molina Healthcare, Inc.

What does Molina Healthcare own?

Molina owns a network of state-licensed health plan subsidiaries offering Medicaid, Medicare Advantage, and Marketplace coverage, plus acquired brands including ConnectiCare and the former Bright Health California Medicare plans Brand New Day and Central Health Plan.

Is Molina Healthcare publicly traded?

Yes. Molina trades on the New York Stock Exchange under the ticker MOH and has been public since 2003. It is a component of the S&P 500.

Who founded Molina Healthcare?

Dr. C. David Molina, an emergency room physician in Long Beach, California, founded the company in 1980 to serve low-income patients he saw relying on the emergency room for primary care.

Where is Molina Healthcare headquartered?

Molina is headquartered in Long Beach, California, USA, the same city where Dr. Molina opened his first clinic in 1980.

How many brands does Molina Healthcare own?

Molina operates primarily under its master Molina Healthcare brand through state plan subsidiaries. Named acquired brands retained include ConnectiCare in Connecticut, with other acquired books integrated under the Molina name.

Who owns Molina Healthcare?

Molina is publicly owned. Institutional investors including Vanguard, BlackRock, and Capital Group hold the largest share positions, and no single investor controls the company.

How large is Molina Healthcare?

For FY2025, Molina reported $45.4 billion in total revenue, $472 million in GAAP net income, approximately 5.5 million members across 21 states, and roughly 18,000 employees.

Dr. C. David Molina was an emergency room physician in Long Beach who grew frustrated seeing Medicaid patients use the emergency department for routine care because they had no regular doctor. In 1980 he opened a clinic to serve low-income families, then converted the practice into a health maintenance organization as California moved Medi-Cal patients into managed care.

Through the 1980s and 1990s Molina built Medi-Cal managed care contracts in California and began exporting the model to other states, winning Medicaid contracts in Utah, Michigan, Washington, and New Mexico. The formula was deliberately narrow: serve Medicaid members in underserved communities, keep provider networks lean, and stay out of the commercial market where larger insurers fought for employer accounts. The company incorporated in Delaware in 2002 and went public on the New York Stock Exchange in July 2003. Dr. Molina died in 1996; his sons carried on, with J. Mario Molina serving as CEO and John Molina as CFO.

The Affordable Care Act era was transformative. Molina became one of the largest Medicaid managed care organizations in the country and entered the ACA Marketplace business in 2014, membership swelling past 4 million. But the expansion strained the balance sheet. Losses mounted on Marketplace plans, medical cost trends outran premiums, and in May 2017 the board removed both J. Mario Molina and John Molina from their posts, ending family management after 37 years.

Joseph Zubretsky arrived in November 2017 and cut costs aggressively, exiting unprofitable markets and restructuring the Marketplace book. The turnaround worked: by 2019 Molina was again profitable and positioned as a buyer of distressed Medicaid books. Key deals followed: Affinity Health Plan in New York in 2020 for approximately $380 million, Magellan Complete Care in 2021 for approximately $820 million, and the California Medicare businesses of Bright Health, Brand New Day and Central Health Plan, acquired in 2023 for roughly $510 million. In February 2025 Molina completed its approximately $350 million purchase of ConnectiCare from EmblemHealth, entering the Connecticut commercial and Medicaid market.

The newest pressure came in the second half of 2025. Medical cost trends across Medicaid ran well above premium rates, pushing the medical care ratio to 91.7% for the year and producing a fourth-quarter GAAP loss of $160 million. For 2026 Molina guided to approximately $42 billion in premium revenue and adjusted earnings of at least $5.00 per share, a figure weighed down by a new Medicaid contract rollout and its underperforming Medicare Advantage Part D business, which the company will exit for 2027.

As a Medicaid-focused insurer, Molina's social impact metrics center on healthcare access for low-income populations rather than environmental programs. The company publishes a sustainability report covering its community investments and health equity programs, and it operates the Molina Healthcare Charitable Foundation, which funds health access projects in its service areas.

No major independent ESG certifications apply to Molina's business model. The company's corporate responsibility disclosures are self-reported rather than third-party certified.

The most consequential governance episode in Molina's history was the May 2017 board removal of CEO J. Mario Molina and CFO John Molina, sons of the founder, after deteriorating results and criticism of the brothers' compensation. The family initially contested the decision publicly before the board's move stood.

Like all Medicaid managed care companies, Molina operates under continuous regulatory scrutiny. State Medicaid agencies audit its plans regularly, and it has paid contract-related penalties and settlements in various states over network adequacy and claims processing, the ordinary friction of Medicaid contracting. None has been material enough to threaten a contract.

The company's 2025 results drew investor scrutiny rather than regulatory action: after Molina repeatedly cut earnings guidance through the second half of 2025 amid the Medicaid cost spike, shareholder lawsuits were filed alleging misleading statements about medical cost trends. Those securities suits were pending as of September 2026.