$Molina Healthcare (MOH.US)$ 🎯 2024.4.8 The current price i...

New data: 23Q4, revenue increased by 10%. Operating profit increased by only 1% due to the decline in gross margin. Net profit increased unexpectedly due to no major write-offs last year.

In 2023, revenue increased 6.6%, operating profit increased 13.9%, net profit increased 37.8%, and interest expenses accounted for 6.9% of operating profit. This is quite surprising, because of 9.107 billion dollars in cash and only 2.18 billion dollars in arrears, interest income should be correct. The return on net assets increased to 30.4%.

The balance ratio fell from 75.9% to 71.7%. The asset side is dominated by current assets, cash has increased dramatically, and accounts receivable have increased a lot. The ratio is still normal. Debt-side payables have increased a lot, and long-term loans, which account for 52% of net assets, have not changed much.

The net operating cash flow was higher than the net investment, generating more shareholders' surpluses.

Currently, the price-earnings ratio is 20.1. The valuation is within a reasonable range, and no adjustments will be made for the time being.