The primary purpose of this report is to provide reference and benchmarking information for certain key financial metrics used in the day-to-day analysis of Medicaid managed care organization (MCO) financial performance. The financial metrics include the medical loss ratio, administrative loss ratio, underwriting ratio, and risk-based capital ratio. The financial results are summarized on a composite basis for all reporting MCOs. This report also explores the differences among the various types of MCOs using available segmentation attributes defined from the reported financial statements.