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Centene

CNC NYSE Managed Health Care Financials FY2016–FY2025

Centene's revenue rose 19.4% to $194.8 billion in fiscal 2025. Its operating margin was −3.9%, down from 1.9% a year earlier. Free cash flow was $4.3 billion. It paid out $475 million in dividends and buybacks, 11% of free cash flow. The diluted share count fell 5.8%.

Last close · Oct 23, 2026

$70.17

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$194.8B
19.4% vs prior year
Operating margin Operating income as a share of revenue.
−3.9%
5.9 pts
Net income Profit after all expenses, interest and tax.
−$6.7B
301.9%
Free cash flow Cash from operations minus capital spending.
$4.3B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−26.4%
35.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$34.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Centene's 2025 net debt to EBITDA is blank: a write-down made its operating profit negative. Health insurers don't report a gross profit: their main cost is medical claims, which the SEC's structured data doesn't count as cost of revenue, so gross profit and gross margin are left blank.

What Centene does

No business description yet.

Legal name
CENTENE CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001071739-26-000049
0001071739

Revenue and margins

Centene had $194.8B of revenue in fiscal 2025, up 19.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 2.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Centene returned $475M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count fell 5.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Centene yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.8B and divides by 493.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Centene can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $14.7B$14.4B$19.7B$16.7B$20.3B
Debt incl. finance leases $19.0B$18.2B$18.0B$18.6B$17.5B
Net debt / EBITDA 1.4x1.4x−0.4x0.4x—
Debt / equity 0.7x0.8x0.7x0.7x0.9x
Interest coverage 2.7x2.0x4.0x4.5x−11.2x
Current ratio 1.1x1.1x1.1x1.1x1.1x
Quick ratio 1.1x1.1x1.1x1.1x1.1x
Total assets $78.4B$76.9B$84.6B$82.4B$76.7B
Total liabilities $51.4B$52.6B$58.7B$55.9B$56.7B
Shareholders' equity $26.8B$24.1B$25.8B$26.4B$20.0B
Net debt (− = net cash) $4.4B$3.8B−$1.7B$2.0B−$2.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$14.6M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 26, 2026 Christopher KosterSecretary & General Counsel Sold 56,500 $66.90 $3.8M Form 4
Aug 18, 2026 Christopher KosterSecretary & General Counsel Sold 47,603 $65.36 $3.1M Form 4
Jun 10, 2026 Kenneth A BurdickDirector Sold 80,000 $64.55 $5.2M Form 4
Dec 4, 2025 Kenneth A BurdickDirector Sold 32,796 $39.00 $1.3M Form 4
Dec 3, 2025 Kenneth A BurdickDirector Sold 33,211 $39.04 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 84 / 85 / 8
Accruals ratio −6.6%3.8%−14.8%
Altman Z'' 1.471.660.39

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Centene CNC $34.9B 19.4% −3.9% 2.2% −26.4% — 5
Elevance Health ELV $95.7B 12.5% 3.6% 1.6% 15.2% 18.7x 6 Compare →
Humana HUM $50.9B 10.1% 2.1% 0.3% 25.7% 45.0x 5 Compare →
UnitedHealth UNH $378.8B 11.8% 4.2% 3.6% 11.2% 26.9x 7 Compare →
Molina Healthcare MOH $10.8B 11.8% 1.7% −1.4% — — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $40.6B $48.4B $60.1B $74.6B $111.1B $126.0B $144.5B $154.0B $163.1B $194.8B
Operating income $1.3B $1.2B $1.5B $1.8B $3.1B $1.8B $1.3B $2.9B $3.2B −$7.6B
Interest expense $217M $255M $343M $412M $728M $665M $665M $725M $702M $678M
Pretax income $1.2B $1.1B $1.4B $1.8B $2.8B $1.8B $2.0B $3.6B $4.3B −$6.7B
Income tax $599M $326M $474M $473M $979M $477M $760M $899M $963M −$51.0M
Net income $562M $828M $900M $1.3B $1.8B $1.3B $1.2B $2.7B $3.3B −$6.7B
Diluted EPS $1.71 $2.34 $2.26 $3.14 $3.12 $2.28 $2.07 $4.95 $6.31 −$13.53
Diluted shares 0.33B 0.35B 0.40B 0.42B 0.58B 0.59B 0.58B 0.55B 0.52B 0.49B
Cash flow
Cash from operations $1.9B $1.5B $1.2B $1.5B $5.5B $4.2B $6.3B $8.1B $154M $5.1B
Capital expenditure $306M $422M $675M $730M $869M $910M $1.0B $799M $644M $767M
Free cash flow $1.5B $1.1B $559M $753M $4.6B $3.3B $5.3B $7.3B −$490M $4.3B
Depreciation and amortization $278M $361M $495M $643M $1.3B $1.3B $1.4B $1.3B $1.2B $1.3B
Stock-based compensation $148M $135M $145M $177M $281M $203M $234M $216M $212M $204M
Acquisitions $1.3B $50.0M $2.1B $36.0M $4.0B $534M $1.5B $0.0M $0.0M $0.0M
Share buybacks $63.0M $65.0M $71.0M $75.0M $626M $297M $3.1B $1.6B $3.1B $475M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $63.0M $65.0M $71.0M $75.0M $626M $297M $3.1B $1.6B $3.1B $475M
Balance sheet
Cash and short-term investments $4.4B $4.6B $6.1B $13.0B $12.4B $14.7B $14.4B $19.7B $16.7B $20.3B
Total debt $4.8B $4.8B $6.9B $13.9B $16.9B $19.0B $18.2B $18.0B $18.6B $17.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $8.4B $8.7B $12.0B $20.3B $23.4B $28.5B $30.1B $40.8B $38.0B $40.4B
Current liabilities $8.6B $9.3B $12.0B $12.9B $21.6B $25.8B $28.5B $36.7B $34.3B $36.7B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $797M $1.1B $1.7B $2.1B $2.8B $3.4B $2.4B $2.0B $2.1B $2.0B
Total assets $20.2B $21.9B $30.9B $41.0B $68.7B $78.4B $76.9B $84.6B $82.4B $76.7B
Total liabilities $14.1B $15.0B $19.9B $28.3B $42.8B $51.4B $52.6B $58.7B $55.9B $56.7B
Shareholders' equity $5.9B $6.9B $10.9B $12.6B $25.8B $26.8B $24.1B $25.8B $26.4B $20.0B
Margins
Operating margin 3.1% 2.5% 2.4% 2.4% 2.8% 1.4% 0.9% 1.9% 2.0% −3.9%
EBITDA margin 3.8% 3.2% 3.3% 3.3% 3.9% 2.5% 1.9% 2.7% 2.7% −3.3%
Net margin 1.4% 1.7% 1.5% 1.8% 1.6% 1.1% 0.8% 1.8% 2.0% −3.4%
FCF margin 3.8% 2.2% 0.9% 1.0% 4.2% 2.6% 3.6% 4.7% −0.3% 2.2%
Returns
Return on capital 16.4% 12.8% 10.1% 10.3% 9.1% 4.3% 2.7% 8.4% 9.3% −26.4%
Return on capital employed 16.5% 10.0% 9.3% 7.6% 8.2% 3.6% 2.6% 6.1% 6.6% −17.3%
Return on equity 14.0% 13.0% 10.1% 11.3% 9.4% 5.1% 4.7% 10.8% 12.7% −28.8%
Return on assets 4.1% 3.9% 3.4% 3.7% 3.3% 1.8% 1.6% 3.4% 4.0% −8.4%
Growth
Revenue growth 78.4% 19.2% 24.3% 24.2% 48.9% 13.4% 14.7% 6.5% 5.9% 19.4%
Net income growth 58.3% 47.3% 8.7% 46.8% 36.9% −25.5% −10.8% 124.8% 22.3% −301.9%
EPS growth 18.8% 36.8% −3.4% 38.9% −0.6% −26.9% −9.2% 139.1% 27.5% −314.4%
FCF growth 204.1% −30.9% −47.6% 34.7% 515.4% −28.9% 59.5% 38.0% −106.8% —
Share count change 33.2% 7.8% 12.8% 5.5% 37.8% 2.0% −1.4% −6.2% −4.0% −5.9%
Financial health
Net debt / EBITDA 0.2x 0.1x 0.4x 0.4x 1.0x 1.4x 1.4x −0.4x 0.4x —
Debt / equity 0.8x 0.7x 0.6x 1.1x 0.7x 0.7x 0.8x 0.7x 0.7x 0.9x
Interest coverage 5.8x 4.7x 4.3x 4.3x 4.2x 2.7x 2.0x 4.0x 4.5x −11.2x
Current ratio 1.0x 0.9x 1.0x 1.6x 1.1x 1.1x 1.1x 1.1x 1.1x 1.1x
Quick ratio 1.0x 0.9x 1.0x 1.6x 1.1x 1.1x 1.1x 1.1x 1.1x 1.1x
Capital allocation
Capex / revenue 0.8% 0.9% 1.1% 1.0% 0.8% 0.7% 0.7% 0.5% 0.4% 0.4%
Stock comp / revenue 0.4% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1%
Payouts / FCF 4.1% 6.1% 12.7% 10.0% 13.5% 9.0% 58.9% 22.5% — 11.0%
Quality scores
Piotroski F-score 5.0 4.0 6.0 5.0 6.0 5.0 6.0 8.0 4.0 5.0
Altman Z'' 1.1 1.1 1.3 2.3 1.4 1.3 1.1 1.5 1.7 0.4
Accruals ratio −9.4% −3.1% −1.3% −0.5% −6.7% −3.9% −6.5% −6.6% 3.8% −14.8%

Source: SEC EDGAR XBRL filings (CIK 0001071739). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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