Centene vs Elevance Health
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KIRA’s take AI analyst
I put Centene and Elevance Health side by side, using each one’s latest annual report. Here is what stands out:
- Elevance Health is the larger business, with $199.1B of revenue in fiscal 2025 against $194.8B for Centene.
- Centene grew revenue faster (19.4%, against 12.5%).
- Elevance Health kept more of each dollar of sales as operating profit (3.6% operating margin, against −3.9%).
- Centene turned more of its sales into free cash flow (2.2% FCF margin, against 1.6%).
- Elevance Health earned a higher return on the capital invested in it (15.2%, against −26.4%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Centene
CNC
4/9
Revenue growth5-year growthFCF marginShare count change
Elevance Health
ELV
5/9
Operating marginNet marginReturn on capitalReturn on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CNC FY25 | ELV FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.9B | $93.9B |
| Revenue | $194.8B | $199.1B |
| Free cash flow | $4.3B | $3.2B |
| Net income | −$6.7B | $5.7B |
| Growth | ||
| Revenue growth | 19.4% | 12.5% |
| 5-year growth | 11.9% | 10.3% |
| Share count change | −5.9% | −3.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −3.9% | 3.6% |
| Net margin | −3.4% | 2.8% |
| FCF margin | 2.2% | 1.6% |
| Return on capital | −26.4% | 15.2% |
| Return on equity | −28.8% | 13.3% |
| Balance sheet | ||
| Net debt | −$2.8B | −$3.3B |
| Net debt / EBITDA | — | −0.4x |
| Dividends and buybacks | $475M | $4.1B |
| Valuation & quality | ||
| P/E | — | 18.3x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.