Molina Healthcare (MOH) concentration risks

The company's disclosed concentration profile is built around two interlocking exposures: a product-line tilt toward Medicaid and a geographic concentration within that program. Medicaid premium revenue constituted 75% of consolidated premium revenue in the year ended December 31, 2025 — a high share by disclosed size with mixed character. The structural dimension reflects the company's deliberate positioning as a managed Medicaid specialist; the dependency dimension reflects the exposure to government reimbursement rates, state contract renewals, and federal-state Medicaid funding dynamics that cannot be controlled by the company. Nested within that Medicaid concentration is a state-level geographic dependency: the top four health plans in California, New York, Texas, and Washington together accounted for approximately 54% of total Medicaid premium revenue — a high share by disclosed size with a dependency character. This means the majority of the Medicaid book is concentrated in four states, each of which sets its own actuarial rate adequacy, eligibility rules, and managed care procurement terms. A rate compression event or contract loss in any of these four markets would have an outsized effect on consolidated premium revenue relative to a more geographically diversified book. Together, these two disclosures mean the company's revenue profile is doubly concentrated: structurally in Medicaid as a product line, and geographically in a small number of states that dominate that already-concentrated book. State-level actuarial and political risk is the dominant variable to monitor.

For the engine’s reasoning on MOH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.