Centene vs HealthEquity
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The short version
- Centene is the larger business, with $194.8B of revenue in fiscal 2025 against $1.3B for HealthEquity, about 148 times as much.
- Centene grew revenue faster (19.4%, against 9.5%).
- HealthEquity kept more of each dollar of sales as operating profit (24.6% operating margin, against −3.9%).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against 2.2%).
- HealthEquity earned a higher return on the capital invested in it (8.9%, against −26.4%).
| Latest fiscal year | CNC · FY25 | HQY · FY26 |
|---|---|---|
| Size | ||
| Market cap | $34.9B | $8.7B |
| Revenue | $194.8B | $1.3B |
| Free cash flow | $4.3B | $455M |
| Net income | −$6.7B | $215M |
| Growth | ||
| Revenue growth | 19.4% | 9.5% |
| 5-year growth | 11.9% | 12.4% |
| Share count change | −5.9% | −1.5% |
| Profitability | ||
| Gross margin | — | 69.5% |
| Operating margin | −3.9% | 24.6% |
| Net margin | −3.4% | 16.4% |
| FCF margin | 2.2% | 34.7% |
| Return on capital | −26.4% | 8.9% |
| Return on equity | −28.8% | 10.2% |
| Balance sheet | ||
| Net debt | −$2.8B | $639M |
| Net debt / EBITDA | — | 1.3x |
| Dividends and buybacks | $475M | $299M |
| Valuation & quality | ||
| P/E | — | 37.5x |
| Piotroski F-score | 5 | 9 |
Revenue
FY17
CNC $48.4B
HQY $178M
FY18
CNC $60.1B
HQY $230M
FY19
CNC $74.6B
HQY $287M
FY20
CNC $111.1B
HQY $532M
FY21
CNC $126.0B
HQY $734M
FY22
CNC $144.5B
HQY $757M
FY23
CNC $154.0B
HQY $862M
FY24
CNC $163.1B
HQY $1,000M
FY25
CNC $194.8B
HQY $1.2B
FY26
CNC —
HQY $1.3B
CNC
HQY
Operating margin
FY17
CNC 2.5%
HQY 23.1%
FY18
CNC 2.4%
HQY 23.7%
FY19
CNC 2.4%
HQY 27.0%
FY20
CNC 2.8%
HQY 14.5%
FY21
CNC 1.4%
HQY 4.6%
FY22
CNC 0.9%
HQY −3.2%
FY23
CNC 1.9%
HQY 1.1%
FY24
CNC 2.0%
HQY 11.8%
FY25
CNC −3.9%
HQY 13.5%
FY26
CNC —
HQY 24.6%
CNC
HQY
Free cash flow
FY17
CNC $1.1B
HQY $42.0M
FY18
CNC $559M
HQY $76.2M
FY19
CNC $753M
HQY $110M
FY20
CNC $4.6B
HQY $97.7M
FY21
CNC $3.3B
HQY $169M
FY22
CNC $5.3B
HQY $132M
FY23
CNC $7.3B
HQY $147M
FY24
CNC −$490M
HQY $241M
FY25
CNC $4.3B
HQY $338M
FY26
CNC —
HQY $455M
CNC
HQY
Return on capital
FY17
CNC 12.8%
HQY 33.7%
FY18
CNC 10.1%
HQY 52.8%
FY19
CNC 10.3%
HQY 68.4%
FY20
CNC 9.1%
HQY 6.5%
FY21
CNC 4.3%
HQY 1.7%
FY22
CNC 2.7%
HQY −0.8%
FY23
CNC 8.4%
HQY 0.3%
FY24
CNC 9.3%
HQY 3.5%
FY25
CNC −26.4%
HQY 5.0%
FY26
CNC —
HQY 8.9%
CNC
HQY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.