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Tuesday 3 November 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
18.06 | 21.38 | 24.32 | 19.71 | 19.24 | 35.67 | 38.34 | 15.58 | 9.66 | 0.00 |
Piotroski F-Score |
4 | 4 | 5 | 5 | 5 | 5 | 7 | 8 | 5 | 5 |
Altman Z-Score |
2.71 | 3.23 | 2.95 | 2.90 | 2.41 | 2.43 | 2.67 | 2.60 | 2.76 | 2.64 |
P/S ratio |
0.23 | 0.37 | 0.37 | 0.35 | 0.31 | 0.38 | 0.32 | 0.27 | 0.19 | 0.10 |
P/FCF ratio |
6.02 | 16.58 | 40.25 | 34.52 | 7.39 | 14.58 | 8.72 | 5.75 | 0.00 | 4.70 |
Altman Z″-Score (non-manufacturers) |
1.08 | 1.07 | 1.29 | 2.34 | 1.43 | 1.27 | 1.14 | 1.47 | 1.66 | 0.39 |
Beneish M-Score |
(1.70) | (2.47) | (2.18) | (2.29) | (2.16) | (2.31) | (2.79) | (2.70) | (1.99) | (3.07) |
P/Operating CF |
5.85 | 39.31 | (35.49) | (39.93) | 11.49 | 71.15 | (29.10) | 192.37 | (53.85) | 46.43 |
P/B ratio |
1.57 | 2.58 | 2.04 | 2.05 | 1.32 | 1.78 | 1.90 | 1.61 | 1.19 | 1.01 |
Price to Tangible BV |
0.00 | 24.67 | 12.79 | 6.96 | 0.00 | 0.00 | 0.00 | 18.32 | 8.95 | 4.35 |
EV/Sales |
0.23 | 0.37 | 0.38 | 0.36 | 0.35 | 0.41 | 0.34 | 0.26 | 0.21 | 0.09 |
EV/EBITDA |
6.18 | 11.40 | 11.84 | 11.03 | 8.91 | 16.74 | 18.01 | 9.45 | 7.58 | 0.00 |
EV/Operating CF |
5.15 | 11.95 | 18.74 | 18.03 | 7.03 | 12.42 | 7.90 | 4.96 | 217.26 | 3.41 |
EV/FCF |
6.17 | 16.67 | 41.36 | 35.51 | 8.34 | 15.84 | 9.41 | 5.50 | (68.28) | 4.02 |
Quick Ratio |
0.89 | 0.86 | 0.94 | 1.49 | 1.02 | 1.04 | 0.97 | 0.96 | 1.06 | 1.05 |
Current Ratio |
0.97 | 0.93 | 1.00 | 1.57 | 1.08 | 1.11 | 1.06 | 1.11 | 1.11 | 1.10 |
Net Debt/EBITDA |
0.14 | 0.06 | 0.32 | 0.31 | 1.01 | 1.34 | 1.32 | (0.43) | 0.42 | 0.46 |
Debt/Assets |
23.05% | 21.50% | 21.64% | 33.48% | 24.42% | 24.04% | 23.44% | 21.06% | 22.48% | 22.67% |
Debt/Equity |
0.79 | 0.68 | 0.61 | 1.08 | 0.65 | 0.70 | 0.75 | 0.69 | 0.70 | 0.87 |
Asset Turnover |
2.95 | 2.30 | 2.28 | 2.08 | 2.03 | 1.71 | 1.86 | 1.91 | 1.95 | 2.45 |
Operating CF/Net income |
3.29 | 1.80 | 1.37 | 1.12 | 3.04 | 3.12 | 5.21 | 2.98 | 0.05 | (0.76) |
Capex/Depreciation |
(1.10) | (1.17) | (1.36) | (1.14) | (0.69) | (0.68) | (0.70) | (0.62) | (0.52) | (0.60) |
Interest Coverage |
5.82 | 4.70 | 4.25 | 4.32 | 4.23 | 2.68 | 1.98 | 4.04 | 4.52 | (11.24) |
| 13.92% | 12.96% | 10.07% | 11.16% | 9.38% | 5.10% | 4.70% | 10.78% | 12.61% | (28.69%) | |
| 4.08% | 3.94% | 3.41% | 3.67% | 3.30% | 1.83% | 1.55% | 3.35% | 3.96% | (8.38%) | |
ROIC |
12.88% | 10.77% | 7.83% | 8.31% | 6.36% | 3.58% | 2.96% | 7.59% | 7.00% | (27.84%) |
Return on Tangible Assets |
104.27% | 174.32% | 51.93% | 13.89% | 39.46% | 22.00% | 29.35% | 44.59% | 56.93% | (116.86%) |
Average Days of Receivables |
28.90 | 25.75 | 31.27 | 30.55 | 31.85 | 35.46 | 33.51 | 36.81 | 44.12 | 33.93 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
9.05% | 9.19% | 10.05% | 8.75% | 8.44% | 7.62% | 8.02% | 8.16% | 7.60% | 6.63% |
Intangible Assets out of Total Assets |
0.31 | 0.28 | 0.30 | 0.22 | 0.39 | 0.35 | 0.33 | 0.28 | 0.28 | 0.20 |
Share Based Compensation of Revenue |
0.36% | 0.28% | 0.24% | 0.24% | 0.25% | 0.16% | 0.16% | 0.14% | 0.13% | 0.10% |
Graham Net Nets |
(0.64) | (0.36) | (0.35) | (0.31) | (0.57) | (0.48) | (0.49) | (0.43) | (0.57) | (0.81) |
Graham Number |
25.94 | 32.78 | 38.79 | 46.88 | 56.43 | 49.01 | 44.36 | 72.77 | 84.64 | 0.00 |
Earnings Yield |
5.54% | 4.68% | 4.11% | 5.07% | 5.20% | 2.80% | 2.61% | 6.42% | 10.35% | (33.07%) |
Free Cash Flow Yield |
16.60% | 6.03% | 2.48% | 2.90% | 13.53% | 6.86% | 11.46% | 17.38% | (1.55%) | 21.29% |
Revenue per Share |
127.24 | 140.30 | 154.05 | 180.51 | 194.69 | 216.15 | 251.30 | 283.44 | 312.52 | 394.99 |
Operating CF per Share |
5.80 | 4.32 | 3.16 | 3.59 | 9.64 | 7.21 | 10.89 | 14.82 | 0.30 | 10.32 |
Capex per Share |
(0.96) | (1.22) | (1.73) | (1.77) | (1.52) | (1.56) | (1.75) | (1.47) | (1.23) | (1.56) |
Free Cash Flow per Share |
4.84 | 3.09 | 1.43 | 1.82 | 8.12 | 5.65 | 9.14 | 13.35 | (0.94) | 8.76 |
Cash per Share |
13.90 | 13.35 | 15.54 | 31.41 | 21.69 | 25.15 | 25.03 | 36.17 | 31.98 | 41.21 |
Shareholders Equity per Share |
18.52 | 19.90 | 28.22 | 30.62 | 45.35 | 46.22 | 42.04 | 47.74 | 50.79 | 40.63 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
18.52 | 19.90 | 28.22 | 30.62 | 45.35 | 46.22 | 42.04 | 47.74 | 50.79 | 40.63 |
Free Cash Flow |
1,545.00 | 1,067.00 | 559.00 | 753.00 | 4,634.00 | 3,295.00 | 5,257.00 | 7,254.00 | (490.00) | 4,321.00 |
Working Capital |
(258.00) | (629.00) | 27.00 | 7,391.00 | 1,808.00 | 2,732.00 | 1,664.00 | 4,040.00 | 3,738.00 | 3,674.00 |
Capital Expenditures |
(306.00) | (422.00) | (675.00) | (730.00) | (869.00) | (910.00) | (1,004.00) | (799.00) | (644.00) | (767.00) |
Net Current Asset Value |
(5,923.00) | (6,288.00) | (7,890.00) | (8,012.00) | (19,441.00) | (22,938.00) | (22,561.00) | (17,948.00) | (17,946.00) | (16,344.00) |
EV/EBIT |
7.54 | 14.83 | 15.86 | 15.01 | 12.54 | 29.26 | 37.55 | 13.62 | 10.54 | 0.00 |
Capex to Sales |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
Price to Operating Income |
7.37 | 14.75 | 15.43 | 14.60 | 11.12 | 26.92 | 34.80 | 14.25 | 9.96 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.35 | 0.33 | 0.29 | 0.30 | 0.45 | 0.39 | 0.59 | 0.64 | 0.60 | 0.63 |
Cash ROIC |
10.30% | 6.60% | 2.35% | 1.91% | 8.42% | 5.45% | 9.29% | 11.44% | (0.79%) | 7.48% |
Accounts Receivable Turnover |
18.07 | 14.60 | 14.04 | 13.10 | 13.94 | 11.49 | 11.33 | 10.69 | 9.25 | 10.30 |
Accounts Payable Turnover |
14.80 | 10.74 | 12.58 | 16.02 | 17.07 | 14.37 | 14.20 | 10.54 | 9.88 | 13.43 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
39.17 | 35.70 | 28.60 | 23.10 | 26.91 | 27.73 | 27.18 | 43.85 | 32.88 | 27.79 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
2,247.00 | 3,314.00 | 4,281.50 | 5,698.50 | 7,971.50 | 10,967.00 | 12,755.00 | 14,402.00 | 17,622.50 | 18,909.00 |
Average Payables |
2,369.50 | 3,964.00 | 4,108.00 | 4,107.50 | 5,616.50 | 7,781.00 | 9,009.00 | 12,972.50 | 14,797.00 | 13,474.00 |
Average Assets |
13,768.00 | 21,026.00 | 26,378.00 | 35,947.50 | 54,856.50 | 73,547.00 | 77,622.50 | 80,755.50 | 83,543.00 | 79,596.00 |
Average Common Equity |
4,038.50 | 6,386.50 | 8,938.50 | 11,836.00 | 19,272.00 | 26,412.50 | 25,560.50 | 25,059.00 | 26,218.50 | 23,266.50 |
Columns are period end dates · fundamentals updated 2 Nov 2026