Centene vs Humana
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The short version
- Centene is the larger business, with $194.8B of revenue in fiscal 2025 against $129.7B for Humana, about 1.5 times as much.
- Centene grew revenue faster (19.4%, against 10.1%).
- Humana kept more of each dollar of sales as operating profit (2.1% operating margin, against −3.9%).
- Centene turned more of its sales into free cash flow (2.2% FCF margin, against 0.3%).
- Humana earned a higher return on the capital invested in it (25.7%, against −26.4%).
| Latest fiscal year | CNC · FY25 | HUM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.9B | $50.9B |
| Revenue | $194.8B | $129.7B |
| Free cash flow | $4.3B | $375M |
| Net income | −$6.7B | $1.2B |
| Growth | ||
| Revenue growth | 19.4% | 10.1% |
| 5-year growth | 11.9% | 10.9% |
| Share count change | −5.9% | −0.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −3.9% | 2.1% |
| Net margin | −3.4% | 0.9% |
| FCF margin | 2.2% | 0.3% |
| Return on capital | −26.4% | 25.7% |
| Return on equity | −28.8% | 7.0% |
| Balance sheet | ||
| Net debt | −$2.8B | −$7.5B |
| Net debt / EBITDA | — | −2.2x |
| Dividends and buybacks | $475M | $581M |
| Valuation & quality | ||
| P/E | — | 45.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CNC $40.6B
HUM $54.4B
FY17
CNC $48.4B
HUM $53.8B
FY18
CNC $60.1B
HUM $56.9B
FY19
CNC $74.6B
HUM $64.9B
FY20
CNC $111.1B
HUM $77.2B
FY21
CNC $126.0B
HUM $83.1B
FY22
CNC $144.5B
HUM $92.9B
FY23
CNC $154.0B
HUM $106.4B
FY24
CNC $163.1B
HUM $117.8B
FY25
CNC $194.8B
HUM $129.7B
CNC
HUM
Operating margin
FY16
CNC 3.1%
HUM 3.2%
FY17
CNC 2.5%
HUM 7.9%
FY18
CNC 2.4%
HUM 5.5%
FY19
CNC 2.4%
HUM 4.9%
FY20
CNC 2.8%
HUM 6.5%
FY21
CNC 1.4%
HUM 3.8%
FY22
CNC 0.9%
HUM 4.1%
FY23
CNC 1.9%
HUM 3.8%
FY24
CNC 2.0%
HUM 2.2%
FY25
CNC −3.9%
HUM 2.1%
CNC
HUM
Free cash flow
FY16
CNC $1.5B
HUM $1.4B
FY17
CNC $1.1B
HUM $3.5B
FY18
CNC $559M
HUM $1.6B
FY19
CNC $753M
HUM $4.5B
FY20
CNC $4.6B
HUM $4.7B
FY21
CNC $3.3B
HUM $920M
FY22
CNC $5.3B
HUM $3.5B
FY23
CNC $7.3B
HUM $3.0B
FY24
CNC −$490M
HUM $2.4B
FY25
CNC $4.3B
HUM $375M
CNC
HUM
Return on capital
FY16
CNC 16.4%
HUM 22.0%
FY17
CNC 12.8%
HUM —
FY18
CNC 10.1%
HUM —
FY19
CNC 10.3%
HUM —
FY20
CNC 9.1%
HUM —
FY21
CNC 4.3%
HUM 42.8%
FY22
CNC 2.7%
HUM 38.5%
FY23
CNC 8.4%
HUM 56.3%
FY24
CNC 9.3%
HUM 30.9%
FY25
CNC −26.4%
HUM 25.7%
CNC
HUM
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.