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Centene Corporation

CNC Healthcare Healthcare Plans

Centene Corporation’s revenue for fiscal 2025 (year ended December 2025) was $194.8 billion, up 19.4% from fiscal 2024.

Revenue
+1.93%
EPS
+99.0%
Free cash flow
−437.4%
Total debt
−11.6%

Quarter to September 2026, against a year earlier

66.49 1.96 −2.86%
Market cap
$32.9B
P/E
22.4×
Fwd P/E
17.4×
Dividend yield
—
F-score
5/9
Altman Z
2.64
Beneish M
−3.07
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2015

  • Managed Care
  • Specialty Services

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 14.63
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — 1 — 2 — — —
Insider Ownership 1.60%

Capital & Financial Ratios $m

Size
Market Cap 32,940.00
Revenue ttm 203,895.00
Net income ttm 1,461.00
Free cash flow ttm 3,943.00
Net debt Q (8,044.00)
Valuation
P/E 22.40
Forward P/E 17.40
Price / sales 0.16
Forward P/S Powerpack
Price / FCF 8.33
Price / book 1.47
Financial health
Current ratio Q 1.16
Debt / equity Q 0.70
Interest coverage Q (2.06)
Growth
Revenue growth Q +1.93% (above 0%: growing)
Operating income growth Q +95.59% (above 0%: growing)
EPS, this year +152.82% (at or above 15%: strong)
EPS, next year A +4.84%
Revenue, next year A +2.34%
EPS, past 5 yrs —
EPS, next 5 yrs A +46.94% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.1×, against a ten-year median of 0.3×; over the ten years it ranged from 0.0× in 2026 to 0.5× in 2018.
P/E against its own 10 years 62.68%
10-year low 10-year high
P/S against its own 10 years 11.34%
10-year low 10-year high
P/B against its own 10 years 35.61%
10-year low 10-year high
EV/Sales against its own 10 years 11.56%
10-year low 10-year high
EV/FCF against its own 10 years 23.33%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 19,652 16,685 20,320 23,586
Receivables 15,532 19,713 18,105 20,329
Inventory — — — —
Other 5,572 1,601 1,945 1,546
40,756 37,999 40,370 45,461
2023 2024 2025 Q'26
Payables 16,420 13,174 13,774 15,459
ST’ Debt 119 110 50 88
Other 18,000 18,308 20,544 21,495
36,716 34,261 36,696 39,068

Compound Annual Growth %

10y 5y 3y
Sales 23.95% 11.88% 10.45%
Cash Flow 22.70% (1.56%) (6.68%)
Earnings 0.00% 0.00% 0.00%
Book Value 24.90% (5.00%) (6.08%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.07 Actual 0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −1.25 −1.19 Beat by 0.06
Q1 FY26 1.87 3.37 Beat by 1.50
Q2 FY26 0.89 2.51 Beat by 1.62
Q3 FY26 0.07 0.58 Beat by 0.51
Q4 FY26 −1.14 — Reports 5 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.11 2.19 (0.13) — —
’25 2.63 (0.51) (13.50) (2.24) (13.53)
’24 2.16 2.16 1.36 0.56 6.31
’23 2.04 1.92 0.87 0.08 4.95
’22 1.44 (0.29) 1.27 (0.38) 2.07
’21 1.19 (0.92) 0.99 1.01 2.28
’20 0.08 2.05 0.97 (0.02) 3.12
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 49,944 53,579 50,647 — —
’25 46,620 48,742 49,690 49,725 194,777
’24 40,407 39,836 42,023 40,805 163,071
’23 38,889 37,608 38,042 39,460 153,999
’22 37,185 35,936 35,865 35,561 144,547
’21 29,983 31,025 32,406 32,568 125,982
’20 26,025 27,712 29,090 28,288 111,115
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,366 3,590 (3,669) — —
’25 1,510 1,785 1,356 437 5,088
’24 (456) 2,175 (978) (587) 154
’23 4,269 2,546 1,021 217 8,053
’22 1,151 3,354 3,332 (1,576) 6,261
’21 43 1,685 1,802 675 4,205
’20 (240) 3,714 (952) 2,981 5,503
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4,166 3,416 (3,863) — —
’25 1,375 1,577 1,145 224 4,321
’24 (607) 1,989 (1,131) (741) (490)
’23 4,044 2,331 885 (6) 7,254
’22 909 3,072 3,085 (1,809) 5,257
’21 (144) 1,435 1,577 427 3,295
’20 (417) 3,479 (1,203) 2,775 4,634
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 40,607 48,382 60,116 74,639 111,115 125,982 144,547 153,999 163,071 194,777 203,895 +19.0% 199,337 195,160 201,273 +1.1%
Gross margin, % 13.65 11.99 14.01 11.85 13.69 11.27 11.52 11.24 10.32 7.12 7.78 (6.5) pt
EBT 1,160 1,134 1,368 1,782 2,773 1,813 1,962 3,598 4,257 (6,728) 1,920 n/m
EBT margin, % 2.86 2.34 2.28 2.39 2.50 1.44 1.36 2.34 2.61 (3.45) 0.94 (6.3) pt
Net income 561 808 894 1,309 1,794 1,336 1,202 2,699 3,294 (6,677) 1,461 n/m
Per share, $
Per share, $ Revenue 127.24 140.30 154.05 180.51 194.69 216.15 251.30 283.44 312.52 394.99 412.62 +13.4%
Earnings 1.76 2.40 2.31 3.19 3.17 2.31 2.09 4.97 6.33 (13.53) 2.97 n/m
Cash flow 5.80 4.32 3.16 3.59 9.64 7.21 10.89 14.82 0.30 10.32 9.56 +6.6%
Capex (0.96) (1.22) (1.73) (1.77) (1.52) (1.56) (1.75) (1.47) (1.23) (1.56) (1.58) +5.5%
Free cash flow 4.84 3.09 1.43 1.82 8.12 5.65 9.14 13.35 (0.94) 8.76 7.98 +6.8%
Book value 18.52 19.90 28.22 30.62 45.35 46.22 42.04 47.74 50.79 40.63 45.09 +9.1%
Shares, m 319 345 390 413 571 583 575 543 522 493 493 +5.0%
Valuation, ×
Valuation, × P/E 18.06 21.38 24.32 19.71 19.24 35.67 38.34 15.58 9.66 0.00 22.40 20.2
P/S 0.23 0.37 0.37 0.35 0.31 0.38 0.32 0.27 0.19 0.10 0.16 0.3
P/B 1.57 2.58 2.04 2.05 1.32 1.78 1.90 1.61 1.19 1.01 1.47 1.7
EV/Sales 0.23 0.37 0.38 0.36 0.35 0.41 0.34 0.26 0.21 0.09 0.12 0.3
EV/FCF 6.17 16.67 41.36 35.51 8.34 15.84 9.41 5.50 (68.28) 4.02 6.29 7.5
Cash, $m
Cash, $m Operating cash flow 1,851 1,489 1,234 1,483 5,503 4,205 6,261 8,053 154 5,088 4,724 +11.9%
Capex (306) (422) (675) (730) (869) (910) (1,004) (799) (644) (767) (781) +10.7%
Free cash flow 1,545 1,067 559 753 4,634 3,295 5,257 7,254 (490) 4,321 3,943 +12.1%
Balance, $m
Balance, $m Working capital (258) (629) 27 7,391 1,808 2,732 1,664 4,040 3,738 3,674 6,393 n/m
Net debt 220 96 622 740 4,399 4,181 3,625 (1,823) 1,848 (2,919) (8,044) n/m
Shareholders’ equity 5,909 6,864 11,013 12,659 25,885 26,940 24,181 25,937 26,500 20,033 22,283 +14.5%
Returns, %
Returns, % ROA 4.08 3.94 3.41 3.67 3.30 1.83 1.55 3.35 3.96 (8.38) 1.81 (12.5) pt
ROIC 12.88 10.77 7.83 8.31 6.36 3.58 2.96 7.59 7.00 (27.84) 4.42 (40.7) pt
ROE 13.92 12.96 10.07 11.16 9.38 5.10 4.70 10.78 12.61 (28.69) 6.74 (42.6) pt
People
People Employees 30,500 33,700 47,300 56,600 71,300 72,500 74,300 67,700 60,500 61,100 — +8.0%
Revenue/emp, $m 1.33 1.44 1.27 1.32 1.56 1.74 1.95 2.27 2.70 3.19 — +10.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Centene Corporation is a managed-care company that arranges and pays for healthcare coverage, rather than delivering most care itself. Founded in 1984 and headquartered in St. Louis, it serves people covered by public health programs and individual health insurance, with a focus on underserved populations.

Its Medicaid plans serve low-income families, children, people with disabilities, older adults needing long-term services, people in foster care and people eligible for both Medicaid and Medicare. Its Medicare business offers Medicare Advantage plans, plans for dual-eligible members, Medicare Supplement coverage and stand-alone Medicare Part D prescription-drug plans. Its Commercial segment sells Ambetter Health Marketplace coverage and certain individual, group, off-exchange and ICHRA-compatible plans.

Where the money comes from and where it goes Fiscal 2015

Fiscal 2015: revenue by segment, and margins
Managed Care 20,966 92.12%
Specialty Services 6,757 29.69%
Gross margin 12.07%
Operating margin 3.10%
Pre-tax margin 3.06%

Revenue by segment since 2014

Centene Corporation vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNH UnitedHealth Group Incorporated $359.4B 22.9× 21.1× −0.41% (below 0%: shrinking) +76.06% (above 0%: growing) −15.65% (below 0%: shrinking) 100.00% 5.82% Compare
CVS CVS Health Corporation $113.2B 23.2× 13.1× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43% Compare
ELV Elevance Health, Inc. $89.4B 17.7× 18.7× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $78.0B 12.2× 12.0× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $49.3B 38.4× 56.8× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $32.9B 22.4× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%)
MOH Molina Healthcare, Inc $10.9B — (loss-making) 59.6× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $9.6B 18.2× 15.8× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.3B — (loss-making) 80.8× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $63.6B 20.5× 19.9× +6.97% +22.87% +62.72% 21.42% 3.97%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • Sarah London said Centene raised its adjusted EPS outlook after first-half results and now expects Marketplace pre-tax margin of 4.5% to 5% in 2026.
  • Drew Asher said Centene expects Medicaid membership to decline 8% to 9% from year-end 2025 while maintaining a full-year HBR forecast around 93.5%.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
BofA Research Oct 28, 2026 Target raised Buy 80.00 → 82.00
Truist Oct 1, 2026 Target raised Buy 49.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.35%
Held by the ten largest 44.96%
Holder Shares Stake Change
Vanguard 58.85m 11.91% +1.07m
BlackRock 41.45m 8.39% +1.62m
AQR Capital Management 28.45m 5.76% −4.94m
State Street 21.97m 4.45% +319.24k
Geode Capital Management 13.31m 2.69% +322.22k
Wellington Management 13.30m 2.69% +10.76m
Ameriprise (Columbia Threadneedle) 12.42m 2.51% +2.29m
Invesco 11.18m 2.26% +563.67k
HARRIS ASSOCIATES L P 11.12m 2.25% −2.97m
Morgan Stanley 10.05m 2.03% +171.46k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.51m 4.65m 68.55

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 12.40%
BlackRock, Inc. 7.80%
AQR Capital Management, LLC AQR Capital Management Holdings, LLC One Greenwich Plaza, Suite 6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Centene Corporation (CNC) Latest News

30 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

28 Oct

Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · healthcaredive.com
Impact 4 · · Zacks
Impact 4 · · Investing.com
Impact 4 · · Zacks
Impact 4 · · PR Newswire earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

26 Oct

Impact 4 · · Trefis
Impact 4 · · healthcaredive.com
Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

CNC metrics, ten years each

stockrow.com/CNC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com