MOH Research Note — The Cost Ratio Test
Molina’s cash flow supports the recovery case, while Marketplace losses and the October medical-cost test keep conviction limited.
Health Care
MOH Deep Coverage Review — Analysis as of August 10, 2026
Molina’s cash flow and long-term structure support recovery, but Marketplace losses and Medicaid policy pressure leave little room for error.
UNH Research Note — Recovery Still Has Conditions
UnitedHealth has two quarters of medical-cost improvement, but the recovery remains narrow and legal risk is unresolved.
UNH Deep Coverage Review — Analysis as of August 10, 2026
UnitedHealth has two quarters of medical-cost improvement, while flat revenue, weaker Optum results and federal scrutiny keep the recovery conditional.