What is Modivcare Inc's earnings per share (EPS)?

Modivcare Inc (MODV) reported diluted earnings per share of $-14.14 for fiscal year 2024. This represents a 2.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Modivcare Inc Financials

MODV

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Modivcare Inc (MODV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 21/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Modivcare Inc has an operating margin of -3.3%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 15/100, suggesting thin profitability after operating expenses. This is up from -5.1% the prior year.

Growth

Modivcare Inc's revenue grew a modest 1.3% year-over-year to $2.8B. This slow but positive growth earns a score of 36/100.

Liquidity

Modivcare Inc's current ratio of 0.79 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow

While Modivcare Inc generated -$6.4M in operating cash flow, capex of $27.6M consumed most of it, leaving -$34.0M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Modivcare Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.03x

For every $1 of reported earnings, Modivcare Inc generates $0.03 in operating cash flow (-$6.4M OCF vs -$201.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.8B

YoY+1.3%

5Y CAGR+13.0%

10Y CAGR+9.8%

Modivcare Inc generated $2.8B in revenue in fiscal year 2024. This represents an increase of 1.3% from the prior year.

EBITDA

$16.7M

YoY+146.7%

5Y CAGR-16.7%

10Y CAGR-12.0%

Modivcare Inc's EBITDA was $16.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 146.7% from the prior year.

Net Income

-$201.3M

YoY+1.6%

Modivcare Inc reported -$201.3M in net income in fiscal year 2024. This represents an increase of 1.6% from the prior year.

EPS (Diluted)

$-14.14

YoY+2.0%

Modivcare Inc earned $-14.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 2.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$34.0M

YoY+72.8%

Modivcare Inc generated -$34.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 72.8% from the prior year.

Cash & Debt

$112.6M

YoY+4978.1%

5Y CAGR+12.9%

10Y CAGR-1.8%

Modivcare Inc held $112.6M in cash against $986.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

20M

YoY+0.5%

5Y CAGR+1.9%

10Y CAGR+1.7%

Modivcare Inc had 20M shares outstanding in fiscal year 2024. This represents an increase of 0.5% from the prior year.

Margins & Returns

Gross Margin

15.1%

YoY-1.2pp

5Y CAGR+7.9pp

Modivcare Inc's gross margin was 15.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the prior year.

Operating Margin

-3.3%

YoY+1.8pp

5Y CAGR-5.0pp

10Y CAGR-7.3pp

Modivcare Inc's operating margin was -3.3% in fiscal year 2024, reflecting core business profitability. This is up 1.8 percentage points from the prior year.

Net Margin

-7.2%

YoY+0.2pp

5Y CAGR-7.3pp

10Y CAGR-9.1pp

Modivcare Inc's net profit margin was -7.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$27.6M

YoY-34.7%

5Y CAGR+20.5%

10Y CAGR+1.7%

Modivcare Inc invested $27.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 34.7% from the prior year.

MODV Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.8B+1.3%	$2.8B+9.9%	$2.5B+25.4%	$2.0B+45.9%	$1.4B-9.4%	$1.5B
Cost of Revenue	$2.4B+2.7%	$2.3B+13.4%	$2.0B+28.3%	$1.6B+46.9%	$1.1B-23.0%	$1.4B
Gross Profit	$420.4M-5.9%	$447.0M-5.4%	$472.3M+14.5%	$412.6M+42.3%	$289.9M+166.5%	$108.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$298.4M-2.0%	$304.6M-5.5%	$322.2M+18.6%	$271.7M+91.8%	$141.7M+110.7%	$67.2M
Operating Income	-$92.8M+33.7%	-$139.9M-345.2%	$57.1M-36.1%	$89.4M-26.8%	$122.0M+393.5%	$24.7M
Interest Expense	N/A	-$69.1M-11.6%	-$62.0M-26.2%	-$49.1M-178.9%	-$17.6M-1970.5%	-$850K
Income Tax	-$5.5M-27.5%	-$4.3M-42.3%	-$3.0M-135.2%	$8.6M-60.9%	$22.0M+220.9%	$6.9M
Net Income	-$201.3M+1.6%	-$204.5M-542.8%	-$31.8M-383.0%	-$6.6M-107.4%	$88.8M+9096.3%	$966K
EPS (Diluted)	$-14.14+2.0%	$-14.43-538.5%	$-2.26-380.9%	$-0.47-119.8%	$2.37+1011.5%	$-0.26

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$679.7M+3.1%	$659.6M+1.4%	$650.7M-7.4%	$702.8M+0.1%	$702.0M+0.5%	$698.3M+2.0%	$684.5M-2.6%	$702.8M
Cost of Revenue	$584.1M+2.4%	$570.6M+3.2%	$553.0M-7.5%	$597.6M-0.1%	$597.9M+1.7%	$588.1M+0.8%	$583.6M-0.3%	$585.5M
Gross Profit	$95.6M+7.5%	$88.9M-9.0%	$97.7M-7.1%	$105.2M+1.0%	$104.1M-5.5%	$110.2M+9.2%	$100.9M-14.0%	$117.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$84.4M+19.5%	$70.6M-10.2%	$78.6M+5.8%	$74.2M+4.7%	$70.9M-6.8%	$76.1M-1.4%	$77.2M+2.3%	$75.5M
Operating Income	-$12.1M+95.5%	-$268.5M-5944.2%	-$4.4M-204.1%	$4.3M-18.9%	$5.3M+105.3%	-$98.9M-2813.7%	-$3.4M-121.7%	$15.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	-$18.7M-1.8%	-$18.4M
Income Tax	-$7.5M-9975.0%	$76K-97.9%	$3.5M+202.8%	-$3.5M+68.8%	-$11.1M-215.8%	$9.6M+1860.2%	-$543K-1362.8%	$43K
Net Income	-$73.1M+75.9%	-$303.7M-502.8%	-$50.4M-114.5%	-$23.5M+11.7%	-$26.6M+79.4%	-$128.9M-478.0%	-$22.3M-324.6%	-$5.3M
EPS (Diluted)	$-5.08+76.0%	$-21.16-501.1%	$-3.52	N/A	$-1.87+79.4%	$-9.07-477.7%	$-1.57	N/A

MODV Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.7B-6.4%	$1.8B-9.1%	$1.9B-4.1%	$2.0B+42.2%	$1.4B+138.7%	$597.4M
Current Assets	$495.4M+22.3%	$404.9M+17.0%	$346.2M-15.5%	$409.8M-2.3%	$419.5M+63.6%	$256.4M
Cash & Equivalents	$112.6M+4978.1%	$2.2M-84.7%	$14.5M-89.1%	$133.1M-27.4%	$183.3M+198.7%	$61.4M
Inventory	N/A	N/A	$2.0M+40.0%	$1.5M	$0	N/A
Accounts Receivable	$222.3M-0.1%	$222.5M-0.3%	$223.2M-4.3%	$233.1M+17.8%	$197.9M+9.7%	$180.4M
Goodwill	$680.3M-13.4%	$785.6M-18.9%	$968.7M+4.7%	$924.8M+107.9%	$444.9M+229.0%	$135.2M
Total Liabilities	$1.7B+5.1%	$1.6B+1.3%	$1.6B-3.9%	$1.7B+63.1%	$1.0B+400.5%	$202.7M
Current Liabilities	$624.5M+20.0%	$520.4M+5.9%	$491.6M-6.8%	$527.2M+66.0%	$317.7M+111.5%	$150.2M
Long-Term Debt	$986.4M+0.3%	$983.8M+0.4%	$979.4M+0.4%	$975.2M+100.7%	$486.0M	$0
Total Equity	-$38.5M-124.6%	$156.2M-55.9%	$354.6M-5.0%	$373.3M-9.3%	$411.6M+29.6%	$317.6M
Retained Earnings	-$225.7M-823.7%	-$24.4M-113.6%	$180.0M-15.0%	$211.8M-3.0%	$218.4M+18.9%	$183.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.4B+0.9%	$1.4B-16.1%	$1.7B+1.4%	$1.7B+0.2%	$1.7B-1.5%	$1.7B-5.0%	$1.8B-0.2%	$1.8B
Current Assets	$587.3M+6.0%	$554.0M+3.9%	$533.4M+7.7%	$495.4M+6.9%	$463.4M+1.5%	$456.7M+13.0%	$404.0M-0.2%	$404.9M
Cash & Equivalents	$78.2M+2.4%	$76.4M-34.1%	$116.0M+3.0%	$112.6M+132.9%	$48.3M+358.3%	$10.5M+2.0%	$10.3M+366.4%	$2.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$279.1M+7.7%	$259.1M+8.2%	$239.5M+7.7%	$222.3M-10.6%	$248.7M+8.3%	$229.6M+7.3%	$214.1M-3.8%	$222.5M
Goodwill	$416.9M0.0%	$416.9M-38.7%	$680.3M0.0%	$680.3M0.0%	$680.3M0.0%	$680.3M-13.4%	$785.6M0.0%	$785.6M
Total Liabilities	$1.9B+4.7%	$1.8B+1.9%	$1.8B+4.3%	$1.7B+1.4%	$1.7B+0.1%	$1.7B+2.4%	$1.6B+1.1%	$1.6B
Current Liabilities	$357.7M-48.0%	$688.3M+3.1%	$667.7M+6.9%	$624.5M+7.4%	$581.5M+2.3%	$568.6M+5.4%	$539.3M+3.6%	$520.4M
Long-Term Debt	$0-100.0%	$1.0B+1.5%	$1.0B+3.1%	$986.4M0.0%	$986.1M0.0%	$986.1M+0.1%	$984.9M+0.1%	$983.8M
Total Equity	-$464.1M-18.5%	-$391.6M-346.9%	-$87.6M-127.8%	-$38.5M-126.4%	-$17.0M-278.6%	$9.5M-93.0%	$135.8M-13.0%	$156.2M
Retained Earnings	-$652.9M-12.6%	-$579.8M-110.0%	-$276.1M-22.3%	-$225.7M-11.6%	-$202.2M-15.1%	-$175.6M-275.8%	-$46.7M-91.3%	-$24.4M

MODV Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$6.4M+92.3%	-$83.0M-694.6%	-$10.4M-105.6%	$186.8M-46.4%	$348.4M+471.8%	$60.9M
Capital Expenditures	$27.6M-34.7%	$42.3M+28.1%	$33.0M+54.8%	$21.3M+75.4%	$12.2M+11.9%	$10.9M
Free Cash Flow	-$34.0M+72.8%	-$125.3M-188.3%	-$43.4M-126.2%	$165.5M-50.8%	$336.3M+571.5%	$50.1M
Investing Cash Flow	-$27.6M+34.7%	-$42.3M+62.2%	-$111.8M+83.7%	-$685.6M-8.0%	-$635.0M-5748.3%	-$10.9M
Financing Cash Flow	$144.4M+27.7%	$113.1M+2869.2%	$3.8M-99.2%	$448.9M+9.9%	$408.3M+52710.8%	-$776K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$40.0M+292.6%	$10.2M+49.9%	$6.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$50.5M-127.3%	-$22.2M+72.9%	-$82.1M-373.2%	$30.0M+224.0%	$9.3M+116.8%	-$55.3M-678.3%	$9.6M+137.3%	-$25.6M
Capital Expenditures	$6.2M-7.0%	$6.6M+63.7%	$4.1M-24.1%	$5.3M-30.8%	$7.7M+15.4%	$6.7M-14.8%	$7.9M-29.5%	$11.1M
Free Cash Flow	-$56.7M-96.3%	-$28.9M+66.5%	-$86.2M-448.9%	$24.7M+1498.4%	$1.5M+102.5%	-$62.0M-3737.5%	$1.7M+104.6%	-$36.8M
Investing Cash Flow	-$6.2M+7.0%	-$6.6M-63.7%	-$4.1M+24.1%	-$5.3M+30.8%	-$7.7M-15.4%	-$6.7M+14.8%	-$7.9M+29.5%	-$11.1M
Financing Cash Flow	$58.6M+4703.5%	-$1.3M-101.4%	$93.0M+135.1%	$39.5M+9.0%	$36.3M-41.7%	$62.2M+874.9%	$6.4M-79.4%	$31.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MODV Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	15.1%-1.2pp	16.3%-2.6pp	18.9%-1.8pp	20.7%-0.5pp	21.2%+14.0pp	7.2%
Operating Margin	-3.3%+1.8pp	-5.1%-7.4pp	2.3%-2.2pp	4.5%-4.4pp	8.9%+7.3pp	1.6%
Net Margin	-7.2%+0.2pp	-7.4%-6.2pp	-1.3%-0.9pp	-0.3%-6.8pp	6.5%+6.4pp	0.1%
Return on Equity	N/A	-130.9%-121.9pp	-9.0%-7.2pp	-1.8%-23.3pp	21.6%+21.3pp	0.3%
Return on Assets	-12.2%-0.6pp	-11.6%-9.9pp	-1.6%-1.3pp	-0.3%-6.6pp	6.2%+6.1pp	0.2%
Current Ratio	0.79+0.0	0.78+0.1	0.70-0.1	0.78-0.5	1.32-0.4	1.71
Debt-to-Equity	-25.64-31.9	6.30+3.5	2.76+0.1	2.61+1.4	1.18+1.2	0.00
FCF Margin	-1.2%+3.3pp	-4.5%-2.8pp	-1.7%-10.0pp	8.3%-16.3pp	24.6%+21.3pp	3.3%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	14.1%+0.6pp	13.5%-1.5pp	15.0%+0.0pp	15.0%+0.1pp	14.8%-1.0pp	15.8%+1.0pp	14.7%-2.0pp	16.7%
Operating Margin	-1.8%+38.9pp	-40.7%-40.0pp	-0.7%-1.3pp	0.6%-0.1pp	0.8%+14.9pp	-14.2%-13.7pp	-0.5%-2.7pp	2.2%
Net Margin	-10.8%+35.3pp	-46.0%-38.3pp	-7.7%-4.4pp	-3.3%+0.5pp	-3.8%+14.7pp	-18.5%-15.2pp	-3.3%-2.5pp	-0.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-1354.5%-1338.1pp	-16.4%-13.1pp	-3.4%
Return on Assets	-5.1%+16.4pp	-21.6%-18.6pp	-3.0%-1.6pp	-1.4%+0.2pp	-1.6%+6.1pp	-7.7%-6.4pp	-1.3%-1.0pp	-0.3%
Current Ratio	1.64+0.8	0.800.0	0.800.0	0.790.0	0.800.0	0.80+0.1	0.75-0.0	0.78
Debt-to-Equity	0.00+2.6	-2.64+9.0	-11.60+14.0	-25.64+32.4	-58.02-161.7	103.63+96.4	7.25+1.0	6.30
FCF Margin	-8.3%-4.0pp	-4.4%+8.9pp	-13.2%-16.8pp	3.5%+3.3pp	0.2%+9.1pp	-8.9%-9.1pp	0.3%+5.5pp	-5.2%

Note: Shareholder equity is negative (-$38.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Modivcare Inc's annual revenue?

Modivcare Inc (MODV) reported $2.8B in total revenue for fiscal year 2024. This represents a 1.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Modivcare Inc's revenue growing?

Modivcare Inc (MODV) revenue grew by 1.3% year-over-year, from $2.8B to $2.8B in fiscal year 2024.

Is Modivcare Inc profitable?

No, Modivcare Inc (MODV) reported a net income of -$201.3M in fiscal year 2024, with a net profit margin of -7.2%.

What is Modivcare Inc's EBITDA?

Modivcare Inc (MODV) had EBITDA of $16.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Modivcare Inc have?

As of fiscal year 2024, Modivcare Inc (MODV) had $112.6M in cash and equivalents against $986.4M in long-term debt.

What is Modivcare Inc's gross margin?

Modivcare Inc (MODV) had a gross margin of 15.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Modivcare Inc's operating margin?

Modivcare Inc (MODV) had an operating margin of -3.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Modivcare Inc's net profit margin?

Modivcare Inc (MODV) had a net profit margin of -7.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Modivcare Inc's free cash flow?

Modivcare Inc (MODV) generated -$34.0M in free cash flow during fiscal year 2024. This represents a 72.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Modivcare Inc's operating cash flow?

Modivcare Inc (MODV) generated -$6.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Modivcare Inc's total assets?

Modivcare Inc (MODV) had $1.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Modivcare Inc's capital expenditures?

Modivcare Inc (MODV) invested $27.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Modivcare Inc have outstanding?

Modivcare Inc (MODV) had 20M shares outstanding as of fiscal year 2024.

What is Modivcare Inc's current ratio?

Modivcare Inc (MODV) had a current ratio of 0.79 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Modivcare Inc's debt-to-equity ratio?

Modivcare Inc (MODV) had a debt-to-equity ratio of -25.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Modivcare Inc's return on assets (ROA)?

Modivcare Inc (MODV) had a return on assets of -12.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Modivcare Inc's cash runway?

Based on fiscal year 2024 data, Modivcare Inc (MODV) had $112.6M in cash against an annual operating cash burn of $6.4M. This gives an estimated cash runway of approximately 211 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Modivcare Inc's debt-to-equity ratio negative or unusual?

Modivcare Inc (MODV) has negative shareholder equity of -$38.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Modivcare Inc's Piotroski F-Score?

Modivcare Inc (MODV) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Modivcare Inc's earnings high quality?

Modivcare Inc (MODV) has an earnings quality ratio of 0.03x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Modivcare Inc?

Modivcare Inc (MODV) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.