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北京时间·🕒 发布 04:26:49时区推断·⟳ 抓取 04:26:49·⚡ 决策 07-23 04:28:52 +2m03s·96.8 天前
Molina Healthcare二季度调整后EPS小幅超预期并上调全年指引，但GAAP利润低于预期且同比大降
本次调整后EPS 1.51美元略高于预期1.46美元，全年调整后EPS指引仅从市场预期5.15美元附近上调到至少5.25美元，超预期幅度较小。
📄 原文Wall St Engine@wallstengine↗ 原文
MOLINA HEALTHCARE $MOH Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $10.9B (Est. $10.85B) 🟢 🔹 Adj. EPS: $1.51 (Est. $1.46) 🟢; -…
不做 Molina Healthcare（MOH.US）
排期财报小幅beat不足以形成强正向edge，且GAAP EPS低于预期、利润同比大降，盘后不追多。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-22 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 本次调整后EPS 1.51美元略高于预期1.46美元，全年调整后EPS指引仅从市场预期5.15美元附近上调到至少5.25美元，超预期幅度较小。
- GAAP EPS 1.19美元低于预期1.29美元且同比下降76%，保费收入同比下降6%，财报质量并不单边利好。
- 这是排期财报类事件，缺少足以支撑盘后追多的强正向surprise。
主要风险
- 若公司电话会进一步确认Medicaid利润率见底并给出更强2027修复路径，可能触发后续重估。
- 未核查盘后真实成交价，当前结论仅基于快讯披露的财报增量强度。
原文全文
展开原文 · 782 字
MOLINA HEALTHCARE $MOH Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $10.9B (Est. $10.85B) 🟢
🔹 Adj. EPS: $1.51 (Est. $1.46) 🟢; -74% YoY
🔹 GAAP EPS: $1.19 (Est. $1.29) 🔴; -76% YoY
🔹 Premium Revenue: $10.2 billion; -6% YoY
Raises FY26 Guide:
🔹 Adjusted EPS: at least $5.25 (Est. $5.15) 🟢; raised by $0.25
🔹 GAAP EPS: at least $2.15
🔹 Premium Revenue: ~$42B; unchanged
Segment Premium Revenue:
🔹 Medicaid: $8.0B
🔹 Medicare: $1.6B
🔹 Marketplace: $628M
Other Q2 Metrics:
🔹 MCR: 92.2%
🔹 G&A Ratio: 6.7%
🔹 Pre-tax Margin: 0.8%
🔹 Membership: approximately 4.9 million members
Comments:
🔸 “Our second quarter results and full year guidance reflect solid performance in our Medicaid and Medicare segments.”
🔸 “This reinforces our belief that 2026 is the trough year for Medicaid pretax margins.”
🔹 Revenue: $10.9B (Est. $10.85B) 🟢
🔹 Adj. EPS: $1.51 (Est. $1.46) 🟢; -74% YoY
🔹 GAAP EPS: $1.19 (Est. $1.29) 🔴; -76% YoY
🔹 Premium Revenue: $10.2 billion; -6% YoY
Raises FY26 Guide:
🔹 Adjusted EPS: at least $5.25 (Est. $5.15) 🟢; raised by $0.25
🔹 GAAP EPS: at least $2.15
🔹 Premium Revenue: ~$42B; unchanged
Segment Premium Revenue:
🔹 Medicaid: $8.0B
🔹 Medicare: $1.6B
🔹 Marketplace: $628M
Other Q2 Metrics:
🔹 MCR: 92.2%
🔹 G&A Ratio: 6.7%
🔹 Pre-tax Margin: 0.8%
🔹 Membership: approximately 4.9 million members
Comments:
🔸 “Our second quarter results and full year guidance reflect solid performance in our Medicaid and Medicare segments.”
🔸 “This reinforces our belief that 2026 is the trough year for Medicaid pretax margins.”
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