Centene Corporation (CNC) vs Progyny, Inc. (PGNY)

Centene Corporation and Progyny, Inc. are both Healthcare Plans companies. Centene Corporation is the larger, with a market value of $30.6B against $2.0B — 15.4× the size. Centene Corporation has negative trailing earnings, so its P/E is not meaningful; Progyny, Inc. trades at 26.2×. Centene Corporation grew revenue faster over the last twelve months: 13.9% against 5.54%. Progyny, Inc. has the higher net margin (6.00% vs −2.51%) and the higher return on invested capital (32.4% vs −30.2%). Across the 20 metrics below, Progyny, Inc. leads on 14 and Centene Corporation on 6.

Valuation

Metric CNC PGNY Healthcare Plans median
P/E n/m 26.23 23.75
P/S 0.15 1.52 0.40
P/B 1.35 4.39 2.48
Price to free cash flow 3.41 11.15 11.15
EV/EBITDA n/m 15.03 10.94
EV/Sales 0.10 1.35 0.37
Earnings yield (16.82%) 3.81% 3.25%
Free cash flow yield 29.32% 8.97% 8.15%

Profitability

Metric CNC PGNY Healthcare Plans median
Gross margin 7.82% 24.57% 19.04%
Operating margin (2.78%) 8.55% 1.93%
Net margin (2.51%) 6.00% 1.04%
Free cash flow margin 4.41% 13.61% 3.18%
Return on equity (20.35%) 16.24% 12.48%
Return on assets (6.02%) 10.65% 2.98%
Return on invested capital (30.17%) 32.40% 2.04%

Growth

Metric CNC PGNY Healthcare Plans median
Revenue growth (TTM) 13.89% 5.54% 7.57%
EPS growth (last fiscal year) (314.42%) 14.04% —
Revenue growth, 5-year CAGR 11.88% 30.17% 11.88%
Net income growth, 5-year CAGR 0.00% 4.72% 0.00%

Health

Metric CNC PGNY Healthcare Plans median
Debt to equity 0.71 0.00 0.70
Current ratio 1.15 2.14 1.32
Net debt to EBITDA 0.46 (3.44) 0.05

Dividend

Metric CNC PGNY Healthcare Plans median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric CNC PGNY Healthcare Plans median
Market cap 30.59b 1.99b 20.34b

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