Centene vs Molina Healthcare
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The short version
- Centene is the larger business, with $194.8B of revenue in fiscal 2025 against $45.4B for Molina Healthcare, about 4.3 times as much.
- Centene grew revenue faster (19.4%, against 11.8%).
- Molina Healthcare kept more of each dollar of sales as operating profit (1.7% operating margin, against −3.9%).
- Centene turned more of its sales into free cash flow (2.2% FCF margin, against −1.4%).
| Latest fiscal year | CNC · FY25 | MOH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.9B | $10.8B |
| Revenue | $194.8B | $45.4B |
| Free cash flow | $4.3B | −$636M |
| Net income | −$6.7B | $472M |
| Growth | ||
| Revenue growth | 19.4% | 11.8% |
| 5-year growth | 11.9% | 18.5% |
| Share count change | −5.9% | −8.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −3.9% | 1.7% |
| Net margin | −3.4% | 1.0% |
| FCF margin | 2.2% | −1.4% |
| Return on capital | −26.4% | — |
| Return on equity | −28.8% | 11.0% |
| Balance sheet | ||
| Net debt | −$2.8B | −$4.3B |
| Net debt / EBITDA | — | −4.4x |
| Dividends and buybacks | $475M | $1.0B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
CNC $40.6B
MOH $17.8B
FY17
CNC $48.4B
MOH $19.9B
FY18
CNC $60.1B
MOH $18.9B
FY19
CNC $74.6B
MOH $16.8B
FY20
CNC $111.1B
MOH $19.4B
FY21
CNC $126.0B
MOH $27.8B
FY22
CNC $144.5B
MOH $32.0B
FY23
CNC $154.0B
MOH $34.1B
FY24
CNC $163.1B
MOH $40.7B
FY25
CNC $194.8B
MOH $45.4B
CNC
MOH
Operating margin
FY16
CNC 3.1%
MOH 1.7%
FY17
CNC 2.5%
MOH −2.8%
FY18
CNC 2.4%
MOH 6.0%
FY19
CNC 2.4%
MOH 6.2%
FY20
CNC 2.8%
MOH 5.6%
FY21
CNC 1.4%
MOH 3.7%
FY22
CNC 0.9%
MOH 3.7%
FY23
CNC 1.9%
MOH 4.6%
FY24
CNC 2.0%
MOH 4.2%
FY25
CNC −3.9%
MOH 1.7%
CNC
MOH
Free cash flow
FY16
CNC $1.5B
MOH $497M
FY17
CNC $1.1B
MOH $718M
FY18
CNC $559M
MOH −$344M
FY19
CNC $753M
MOH $377M
FY20
CNC $4.6B
MOH $1.8B
FY21
CNC $3.3B
MOH $2.0B
FY22
CNC $5.3B
MOH $682M
FY23
CNC $7.3B
MOH $1.6B
FY24
CNC −$490M
MOH $544M
FY25
CNC $4.3B
MOH −$636M
CNC
MOH
Return on capital
FY16
CNC 16.4%
MOH —
FY17
CNC 12.8%
MOH —
FY18
CNC 10.1%
MOH —
FY19
CNC 10.3%
MOH —
FY20
CNC 9.1%
MOH —
FY21
CNC 4.3%
MOH —
FY22
CNC 2.7%
MOH —
FY23
CNC 8.4%
MOH —
FY24
CNC 9.3%
MOH —
FY25
CNC −26.4%
MOH —
CNC
MOH
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.