Centene Corp.

CNC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$20,226	$30,585	$39,643	$46,439	$48,081	$35,028	$26,016	$67,278	$17,409	$9,657	$7,845	$6,041	$3,191	$2,112	$1,987	$1,235	$911	$853	$1,195	$1,060	$1,112	$1,157	$500	$352	$176	$117	$117
Enterprise value	$18,763	$33,419	$38,965	$53,501	$56,230	$41,077	$27,647	$67,996	$17,519	$9,891	$7,141	$5,132	$2,793	$1,767	$1,636	$1,114	$794	$629	$1,087	$898	$1,001	$1,026	$429	$284	$86	$95	$121
P/E (TTM) at period end	–	9.25×	14.67×	38.63×	35.69×	19.37×	19.69×	74.75×	21.03×	17.18×	22.10×	22.29×	19.34×	1055.94×	17.87×	13.03×	10.89×	10.22×	16.28×	–	20.00×	26.12×	15.03×	13.74×	13.65×	15.18×	–
P/S (TTM) at period end	0.10×	0.19×	0.26×	0.32×	0.38×	0.32×	0.35×	1.12×	0.36×	0.24×	0.34×	0.36×	0.29×	0.26×	0.38×	0.28×	0.22×	0.25×	0.43×	0.47×	0.74×	1.16×	0.65×	0.76×	0.54×	0.53×	0.58×
P/B at period end	1.01×	1.16×	1.53×	1.93×	1.79×	1.36×	2.07×	6.16×	2.54×	1.64×	3.64×	3.46×	2.59×	2.22×	2.12×	1.56×	1.52×	1.70×	2.88×	3.25×	3.16×	4.27×	2.27×	3.44×	2.75×	–	–
EV / EBITDA (TTM)	–	7.57×	9.23×	19.47×	18.03×	9.46×	11.41×	34.82×	11.23×	6.42×	8.75×	9.28×	8.12×	10.16×	6.24×	5.33×	4.36×	3.77×	13.09×	–	10.85×	13.77×	8.03×	8.30×	4.23×	12.56×	–
EV / Sales (TTM)	0.10×	0.20×	0.25×	0.37×	0.45×	0.37×	0.37×	1.13×	0.36×	0.24×	0.31×	0.31×	0.26×	0.22×	0.31×	0.25×	0.19×	0.19×	0.39×	0.39×	0.66×	1.03×	0.56×	0.61×	0.26×	0.43×	0.60×
Returns
Return on equity	(33.4%)	12.5%	10.5%	5.0%	5.0%	7.0%	10.5%	8.2%	12.1%	9.5%	16.5%	15.5%	13.4%	0.2%	11.9%	11.9%	13.9%	16.7%	17.7%	(13.4%)	15.8%	16.3%	15.1%	25.1%	20.1%	–	–
Return on invested capital	(36.2%)	7.7%	8.0%	2.4%	3.6%	6.0%	8.7%	7.7%	11.4%	9.2%	22.2%	26.2%	17.8%	8.9%	17.8%	13.8%	17.0%	20.9%	10.0%	(12.5%)	17.3%	17.3%	17.9%	46.1%	–	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.6%	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.10×	1.11×	1.11×	1.06×	1.11×	1.08×	1.57×	1.00×	0.93×	0.97×	0.99×	1.02×	1.15×	1.14×	1.12×	0.86×	0.86×	1.04×	0.92×	1.16×	1.27×	1.11×	0.86×	0.91×	1.52×	0.90×	–
Debt / equity	0.87×	0.70×	0.69×	0.75×	0.70×	0.65×	1.09×	0.61×	0.69×	0.79×	0.57×	0.50×	0.54×	0.57×	0.38×	0.42×	0.51×	0.53×	0.50×	0.54×	0.26×	0.17×	0.04×	–	–	(0.45×)	(0.24×)
Effective tax rate	0.8%	22.6%	25.0%	38.7%	26.3%	35.3%	26.5%	34.6%	28.7%	51.6%	48.6%	42.9%	39.8%	38.2%	37.5%	38.8%	35.5%	38.4%	35.9%	(101.5%)	35.2%	37.0%	37.6%	38.0%	41.5%	(7.6%)	–
Share count
Diluted shares outstanding	493	524	546	582	591	579	420	399	353	328	246	241	225	215	210	202	177	178	179	173	180	174	154	140	96	82	82

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$202,938	$194,777	$163,071	$153,999	$144,547	$125,982	$111,115	$74,639	$60,116	$48,382	$40,607	$22,760	$16,560	$10,863	$8,110	$5,211	$4,448	$4,103	$3,365	$2,769	$2,279	$1,506	$1,001	$770	$461	$327	$221	$201
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($61)	($57)	($2,252)	($1,881)	($1,233)	($809)	($635)	($380)	($270)	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$4,042	$3,308	$517	$398	$273	$192	$135	$82	$56	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($13,015)	($12,904)	($12,400)	($12,563)	($11,589)	($9,601)	($9,380)	($6,533)	($6,043)	($4,446)	($3,673)	($1,826)	($1,314)	($931)	($677)	($578)	($478)	($448)	($445)	($385)	($346)	($194)	($128)	($88)	($50)	($38)	($32)	($30)
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3,904)	($3,176)	($462)	($427)	($194)	($128)	($88)	($50)	($38)	–	–
Total costs and expenses	($208,578)	($202,400)	($159,896)	($151,069)	($143,229)	($124,198)	($108,033)	($72,858)	($58,658)	($47,183)	($39,344)	($22,055)	($16,096)	($10,586)	($8,002)	($5,008)	($4,291)	($3,965)	($3,233)	($2,714)	($2,308)	($1,427)	($936)	($723)	($430)	($308)	($215)	($208)
Operating income	($5,640)	($7,623)	$3,175	$2,930	$1,318	$1,784	$3,082	$1,781	$1,458	$1,199	$1,263	$705	$464	$277	$108	$204	$157	$138	$132	$55	($29)	$79	$65	$47	$32	$18	$7	($7)
Earnings
EBITDA	($4,394)	($6,348)	$4,416	$4,223	$2,748	$3,119	$4,341	$2,424	$1,953	$1,560	$1,541	$816	$553	$344	$174	$262	$209	$182	$167	$83	($8)	$92	$75	$53	$34	$20	$8	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($655)	($678)	($702)	($725)	($665)	($665)	($728)	($412)	($343)	($255)	($217)	($43)	($35)	($27)	($20)	($20)	($18)	($16)	($17)	($16)	($11)	($4)	($1)	($0)	($0)	–	–	–
Pre-tax income	($4,632)	($6,728)	$4,257	$3,598	$1,962	$1,813	$2,773	$1,782	$1,368	$1,134	$1,160	$697	$457	$269	$123	$188	$154	$138	$137	$64	($22)	$86	$70	$52	$41	$22	$7	($5)
Income tax expense	($474)	$51	($963)	($899)	($760)	($477)	($979)	($473)	($474)	($326)	($599)	($339)	($196)	($107)	($47)	($71)	($60)	($49)	($52)	($23)	($22)	($30)	($26)	($20)	($16)	($9)	$1	–
Net income	($5,100)	($6,674)	$3,305	$2,702	$1,202	$1,347	$1,808	$1,321	$900	$828	$562	$355	$271	$165	$2	$111	$95	$84	$83	$73	($44)	$56	$44	$33	$26	$13	$8	($9)
Per share
Diluted EPS (GAAP)	($10.44)	($13.53)	$6.31	$4.95	$2.07	$2.28	$3.12	$3.14	$2.26	$2.34	$1.71	$1.44	$1.12	$0.735	$0.01	$0.53	$0.47	$0.4725	$0.47	$0.41	($0.25)	$0.31	$0.26	$0.22	$0.18	$0.13	$0.0942	($0.11)
Basic EPS (GAAP)	($10.40)	($13.53)	$6.33	$4.97	$2.09	$2.31	$3.17	$3.19	$2.31	$2.40	$1.76	$1.49	$1.17	$0.76	$0.01	$0.555	$0.4875	$0.485	$0.4825	$0.42	($0.25)	$0.33	$0.27	$0.23	$0.21	$0.75	$0.67	($0.92)
Basic shares outstanding	492	493	522	543	575	583	571	413	390	345	319	238	233	217	206	201	195	172	173	174	173	169	163	143	126	96	82	82
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	98.5%	98.3%	18.7%	17.5%	18.1%	19.2%	17.6%	17.7%	17.3%	–	–
Operating margin	(2.8%)	(3.9%)	1.9%	1.9%	0.9%	1.4%	2.8%	2.4%	2.4%	2.5%	3.1%	3.1%	2.8%	2.5%	1.3%	3.9%	3.5%	3.4%	3.9%	2.0%	(1.3%)	5.3%	6.4%	6.1%	6.8%	5.7%	2.9%	(3.3%)
Net margin	(2.5%)	(3.4%)	2.0%	1.8%	0.8%	1.1%	1.6%	1.8%	1.5%	1.7%	1.4%	1.6%	1.6%	1.5%	0.0%	2.1%	2.1%	2.0%	2.5%	2.7%	(1.9%)	3.7%	4.4%	4.3%	5.6%	3.9%	3.5%	(4.7%)

Analyst consensus

Buy44 analysts

Bearish · 1 · Hold · 16 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$1.62	$1.33	Beat
Q4 2024	$0.80	$0.44	Beat
Q1 2025	$2.90	$2.52	Beat
Q2 2025	$-0.16	$0.11	Miss
Q3 2025	$0.50	$-0.14	Beat
Q4 2025	$-1.19	$-1.22	Beat
Q1 2026	$3.37	$2.23	Beat
Q2 2026	$2.51	$1.09	Beat

Peers

Company overview

IPO dateDec 13, 2001

CEOSarah McGinty London

Employees61,100

SectorHealthcare

IndustryMedical - Healthcare Plans

CountryUS

ExchangeNew York Stock Exchange

Websitewww.centene.com

Centene Corporation operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States. It operates through four segments: Medicaid, Medicare, Commercial, and Other. The Medicaid segment offers the temporary assistance for needy families; medicaid expansion; aged, blind, or disabled; and children's health insurance programs, as well as long-term services and supports; foster care; and medicare-medicaid plans. This segment also provides healthcare products and services. The Medicare segment offers special needs and medicare supplement, and prescription drug plans. The Commercial segment provides health insurance marketplace product for individual and commercial group. The Other segment operates clinical healthcare and pharmacies, as well as offers vision and dental, behavioral health, and centralized services. It provides services through primary and specialty care physicians, hospitals, behavioral health practitioners, and ancillary providers. The company was founded in 1984 and is headquartered in Saint Louis, Missouri.

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