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CENTENE CORP

CNC· NYSE· Hospital & Medical Service Plans

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
2.5%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+11.0%
We record prices for the companies we cover; CNC is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
493.1M
Revenue
$174.6B
Free cash flow
$4.3B
Owner earnings
$4.1B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
8.1%
Operating
-4.4%
Net
-3.8%
Free cash flow
2.5%
Owner earnings
2.4%
Stock pay
0.1%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
-33.4%
ROE, 5 yr avg
-0.1%

Growth (CAGR)

Revenue, 3 yr
8.8%
Revenue, 5 yr
11.0%
Revenue, 9 yr
18.6%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
–
Free cash flow, 3 yr
-6.3%
Free cash flow, 5 yr
-1.4%
Free cash flow, 9 yr
12.1%

Financial health · FY2025

Cash and investments
$20.3B
Total debt
$17.4B
Net cash
$2.9B
Debt/Equity
0.9x
Debt/FCF
4.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-3.2%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$174.6B

+18.6% a year over 9 years

FY2016: Revenue $37.6BFY2017: Revenue $45.6BFY2018: Revenue $56.4BFY2019: Revenue $70.4BFY2020: Revenue $103.8BFY2021: Revenue $118.0BFY2022: Revenue $135.5BFY2023: Revenue $140.1BFY2024: Revenue $145.5BFY2025: Revenue $174.6B
FY2016FY2025

Margins

Gross8.1%Operating-4.4%Net-3.8%

FY2025

FY2016: Gross –, Operating 3.4%, Net 1.5%FY2017: Gross –, Operating 2.6%, Net 1.8%FY2018: Gross –, Operating 2.6%, Net 1.6%FY2019: Gross –, Operating 2.5%, Net 1.9%FY2020: Gross –, Operating 3.0%, Net 1.7%FY2021: Gross 12.3%, Operating 1.5%, Net 1.1%FY2022: Gross 12.5%, Operating 1.0%, Net 0.9%FY2023: Gross 12.6%, Operating 2.1%, Net 1.9%FY2024: Gross 11.7%, Operating 2.2%, Net 2.3%FY2025: Gross 8.1%, Operating -4.4%, Net -3.8%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$4.3BOwner earnings$4.1B

Free cash flow +12.1% a year

FY2016: Free cash flow $1.5B, Owner earnings $1.4BFY2017: Free cash flow $1.1B, Owner earnings $932.0MFY2018: Free cash flow $559.0M, Owner earnings $414.0MFY2019: Free cash flow $753.0M, Owner earnings $576.0MFY2020: Free cash flow $4.6B, Owner earnings $4.4BFY2021: Free cash flow $3.3B, Owner earnings $3.1BFY2022: Free cash flow $5.3B, Owner earnings $5.0BFY2023: Free cash flow $7.3B, Owner earnings $7.0BFY2024: Free cash flow -$490.0M, Owner earnings -$702.0MFY2025: Free cash flow $4.3B, Owner earnings $4.1B
FY2016FY2025

Diluted shares

493.1M

+50.4% over 9 years, net dilution

FY2016: Diluted shares 328.0MFY2017: Diluted shares 353.4MFY2018: Diluted shares 398.5MFY2019: Diluted shares 420.4MFY2020: Diluted shares 579.1MFY2021: Diluted shares 590.5MFY2022: Diluted shares 582.0MFY2023: Diluted shares 545.7MFY2024: Diluted shares 523.7MFY2025: Diluted shares 493.1M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC 10.0%FY2017: ROIC 12.3%FY2018: ROIC 8.3%FY2019: ROIC 9.8%FY2020: ROIC 6.6%FY2021: ROIC 4.2%FY2022: ROIC 2.9%FY2023: ROIC 9.2%FY2024: ROIC 8.7%FY2025: ROIC –
FY2016FY2025

Net cash

$2.9B

$2.9B more cash than debt

FY2016: Net cash -$220.0MFY2017: Net cash -$96.0MFY2018: Net cash -$622.0MFY2019: Net cash -$740.0MFY2020: Net cash -$4.4BFY2021: Net cash -$4.2BFY2022: Net cash -$3.6BFY2023: Net cash $1.8BFY2024: Net cash -$1.8BFY2025: Net cash $2.9B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$37.6B$45.6B$56.4B$70.4B$103.8B$118.0B$135.5B$140.1B$145.5B$174.6B
Revenue growth65.1%21.4%23.7%24.7%47.5%13.7%14.8%3.4%3.9%20.0%
Gross margin–––––12.3%12.5%12.6%11.7%8.1%
Operating margin3.4%2.6%2.6%2.5%3.0%1.5%1.0%2.1%2.2%-4.4%
Net income$562.0M$828.0M$900.0M$1.3B$1.8B$1.3B$1.2B$2.7B$3.3B-$6.7B
Net margin1.5%1.8%1.6%1.9%1.7%1.1%0.9%1.9%2.3%-3.8%
Diluted EPS$1.71$2.34$2.26$3.14$3.12$2.28$2.07$4.95$6.31$-13.53
Return on invested capital?10.0%12.3%8.3%9.8%6.6%4.2%2.9%9.2%8.7%–
Cash
Operating cash flow$1.9B$1.5B$1.2B$1.5B$5.5B$4.2B$6.3B$8.1B$154.0M$5.1B
Capital expenditure$306.0M$422.0M$675.0M$730.0M$869.0M$910.0M$1.0B$799.0M$644.0M$767.0M
Free cash flow$1.5B$1.1B$559.0M$753.0M$4.6B$3.3B$5.3B$7.3B-$490.0M$4.3B
Stock-based compensation$148.0M$135.0M$145.0M$177.0M$281.0M$203.0M$234.0M$216.0M$212.0M$204.0M
Owner earnings?$1.4B$932.0M$414.0M$576.0M$4.4B$3.1B$5.0B$7.0B-$702.0M$4.1B
Free cash flow per share$4.71$3.02$1.40$1.79$8.00$5.58$9.03$13.29$-0.94$8.76
Capital allocation
Dividends paid––––––––––
Share repurchases$63.0M$65.0M$71.0M$75.0M$626.0M$297.0M$3.1B$1.6B$3.1B$475.0M
Diluted shares328.0M353.4M398.5M420.4M579.1M590.5M582.0M545.7M523.7M493.1M
Share count change?33.2%7.8%12.8%5.5%37.8%2.0%-1.4%-6.2%-4.0%-5.8%
Balance sheet
Cash and equivalents$3.9B$4.1B$5.3B$12.1B$10.8B$13.1B$12.1B$17.2B$14.1B$17.9B
Short-term investments$505.0M$531.0M$722.0M$863.0M$1.6B$1.5B$2.3B$2.5B$2.6B$2.4B
Total debt$4.7B$4.7B$6.7B$13.7B$16.8B$18.8B$18.0B$17.8B$18.5B$17.4B
Net debt$220.0M$96.0M$622.0M$740.0M$4.4B$4.2B$3.6B-$1.8B$1.8B-$2.9B
Shareholders' equity$5.9B$6.8B$10.9B$12.6B$25.8B$26.8B$24.1B$25.8B$26.4B$20.0B

Latest filings

All on EDGAR
2026-10-278-KEarnings release
2026-10-2710-QQuarterly report
2026-07-288-KEarnings release
2026-07-2810-QQuarterly report
2026-04-288-KEarnings release
2026-04-2810-QQuarterly report
2026-03-26DEF 14AProxy statement
2026-02-1710-KAnnual report
2026-02-068-KEarnings release
2025-10-2910-QQuarterly report

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