NYSE : CNC
Centene Corporation — Financial statements
Healthcare · Healthcare Plans · United States
Last price 68.45 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 33.89B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 175.82B | 171.56B | 142.30B | 135.64B | 127.13B | 112.32B |
| Total Interest & Dividend Income | 1.55B | 1.57B | 1.64B | 1.30B | 520.00M | 819.00M |
| Gain (Loss) on Sale of Investments | -229.00M | |||||
| Other Revenue | 3.04B | 3.02B | 3.20B | 4.46B | 8.35B | 5.66B |
| Total Revenue | 180.41B | 176.15B | 147.15B | 141.39B | 136.00B | 118.57B |
| Policy Benefits | 159.95B | 157.70B | 125.71B | 118.89B | 111.53B | 98.60B |
| Amortization of Goodwill & Intangibles | 657.00M | 685.00M | 692.00M | 718.00M | 817.00M | 770.00M |
| Depreciation & Amortization | 571.00M | 590.00M | 549.00M | 575.00M | 614.00M | 565.00M |
| Selling, General & Administrative | 12.71B | 12.88B | 12.30B | 12.41B | 11.37B | 9.38B |
| Other Operating Expenses | 3.06B | 3.01B | 2.97B | 3.89B | 7.29B | 5.18B |
| Total Operating Expenses | 176.94B | 174.87B | 142.22B | 136.48B | 131.62B | 114.50B |
| Operating Income | 3.46B | 1.29B | 4.92B | 4.91B | 4.38B | 4.08B |
| Interest Expense | -634.00M | -678.00M | -702.00M | -725.00M | -665.00M | -665.00M |
| EBT Excluding Unusual Items | 2.83B | 608.00M | 4.22B | 4.19B | 3.71B | 3.41B |
| Merger & Restructuring Charges | -397.00M | -28.00M | -95.00M | -156.00M | -1.84B | -211.00M |
| Impairment of Goodwill | -6.72B | |||||
| Gain (Loss) on Sale of Assets | -516.00M | -511.00M | 61.00M | -352.00M | 301.00M | |
| Asset Writedown | -75.00M | -13.00M | -97.00M | -233.00M | ||
| Legal Settlements | -6.00M | -1.26B | ||||
| Other Unusual Items | 3.00M | 1.00M | 83.00M | 15.00M | 30.00M | -125.00M |
| Pretax Income | 1.92B | -6.73B | 4.26B | 3.60B | 1.96B | 1.81B |
| Income Tax Expense | 459.00M | -51.00M | 963.00M | 899.00M | 760.00M | 477.00M |
| Earnings From Continuing Ops. | 1.46B | -6.68B | 3.29B | 2.70B | 1.20B | 1.34B |
| Net Income to Company | 1.46B | -6.68B | 3.29B | 2.70B | 1.20B | 1.34B |
| Minority Interest in Earnings | -1.00M | 3.00M | 11.00M | 3.00M | 11.00M | |
| Net Income | 1.46B | -6.67B | 3.31B | 2.70B | 1.20B | 1.35B |
| Net Income to Common | 1.46B | -6.67B | 3.31B | 2.70B | 1.20B | 1.35B |
| Shares Outstanding (Basic) | 492.90M | 493.12M | 521.79M | 543.32M | 575.19M | 582.83M |
| Shares Outstanding (Diluted) | 496.12M | 493.12M | 523.74M | 545.70M | 582.04M | 590.52M |
| EPS (Basic) | 2.96 | -13.53 | 6.33 | 4.97 | 2.09 | 2.31 |
| EPS (Diluted) | 2.95 | -13.53 | 6.31 | 4.95 | 2.07 | 2.28 |
| Free Cash Flow | 3.94B | 4.32B | -490.00M | 7.25B | 5.26B | 3.29B |
| Free Cash Flow Per Share | 7.95 | 8.76 | -0.94 | 13.29 | 9.03 | 5.58 |
| Operating Margin | 1.92% | 0.73% | 3.35% | 3.48% | 3.22% | 3.44% |
| Profit Margin | 0.81% | -3.79% | 2.25% | 1.91% | 0.88% | 1.14% |
| Free Cash Flow Margin | 2.19% | 2.45% | -0.33% | 5.13% | 3.86% | 2.78% |
| EBITDA | 4.69B | 2.56B | 6.16B | 6.21B | 5.81B | 5.41B |
| EBITDA Margin | 2.60% | 1.45% | 4.19% | 4.39% | 4.27% | 4.57% |
| D&A For EBITDA | 1.23B | 1.27B | 1.24B | 1.29B | 1.43B | 1.33B |
| EBIT | 3.46B | 1.29B | 4.92B | 4.91B | 4.38B | 4.08B |
| EBIT Margin | 1.92% | 0.73% | 3.35% | 3.48% | 3.22% | 3.44% |
| Effective Tax Rate | 23.91% | 22.62% | 24.99% | 38.74% | 26.31% | |
| Revenue as Reported | 203.90B | 194.78B | 163.07B | 154.00B | 144.55B | 125.98B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Investments | 17.68B | 19.47B | 20.05B | 18.75B | 17.00B | 15.60B |
| Cash & Equivalents | 20.70B | 17.89B | 14.06B | 17.19B | 12.07B | 13.12B |
| Reinsurance Recoverable | 50.00M | 76.00M | 65.00M | 49.00M | 23.00M | 23.00M |
| Other Receivables | 20.45B | 18.21B | 19.83B | 15.64B | 13.38B | 12.31B |
| Property, Plant & Equipment | 2.11B | 2.35B | 2.43B | 2.42B | 4.99B | 6.96B |
| Goodwill | 10.84B | 10.84B | 17.56B | 17.56B | 18.81B | 19.77B |
| Other Intangible Assets | 4.04B | 4.53B | 5.41B | 6.10B | 6.91B | 7.82B |
| Other Current Assets | 1.38B | 1.76B | 1.42B | 5.42B | 2.33B | 1.51B |
| Other Long-Term Assets | 2.04B | 1.62B | 1.62B | 1.52B | 1.35B | 1.27B |
| Total Assets | 79.28B | 76.75B | 82.44B | 84.64B | 76.87B | 78.38B |
| Accounts Payable | 15.15B | 13.32B | 13.02B | 16.24B | 9.35B | 8.29B |
| Insurance & Annuity Liabilities | 1.35B | 1.59B | 2.01B | 1.46B | 1.63B | 2.33B |
| Unpaid Claims | 21.50B | 20.54B | 18.31B | 18.00B | 16.75B | 14.24B |
| Unearned Premiums | 680.00M | 736.00M | 661.00M | 715.00M | 478.00M | 434.00M |
| Current Portion of Long-Term Debt | 88.00M | 50.00M | 110.00M | 119.00M | 82.00M | 267.00M |
| Current Portion of Leases | 146.00M | 158.00M | 168.00M | 180.00M | 204.00M | |
| Long-Term Debt | 15.45B | 17.35B | 18.42B | 17.70B | 17.68B | 18.08B |
| Long-Term Leases | 615.00M | 738.00M | 891.00M | 3.39B | 4.11B | |
| Long-Term Deferred Tax Liabilities | 719.00M | 833.00M | 684.00M | 641.00M | 615.00M | 1.41B |
| Other Current Liabilities | 312.00M | 303.00M | 13.00M | |||
| Other Long-Term Liabilities | 1.73B | 1.20B | 1.83B | 2.74B | 2.48B | 1.99B |
| Total Liabilities | 56.97B | 56.69B | 55.94B | 58.69B | 52.63B | 51.35B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 20.93B | 20.78B | 20.56B | 20.30B | 20.06B | 19.67B |
| Retained Earnings | 11.23B | 8.67B | 15.35B | 12.04B | 9.34B | 8.14B |
| Treasury Stock | -9.44B | -9.44B | -9.00B | -5.86B | -4.21B | -1.09B |
| Comprehensive Income & Other | -514.00M | -58.00M | -504.00M | -652.00M | -1.13B | 77.00M |
| Total Common Equity | 22.21B | 19.95B | 26.41B | 25.84B | 24.06B | 26.80B |
| Minority Interest | 100.00M | 103.00M | 100.00M | 116.00M | 180.00M | 227.00M |
| Shareholders' Equity | 22.31B | 20.06B | 26.51B | 25.96B | 24.24B | 27.02B |
| Total Liabilities & Equity | 79.28B | 76.75B | 82.44B | 84.64B | 76.87B | 78.38B |
| Filing Date Shares Outstanding | 495.07M | 491.77M | 496.04M | 534.86M | 551.26M | 582.87M |
| Total Common Shares Outstanding | 494.97M | 491.76M | 495.91M | 534.48M | 550.75M | 582.48M |
| Total Debt | 15.54B | 18.16B | 19.43B | 18.88B | 21.33B | 22.66B |
| Net Cash (Debt) | 5.16B | -274.00M | -5.37B | -1.68B | -9.26B | -9.54B |
| Net Cash Per Share | 10.40 | -0.56 | -10.25 | -3.09 | -15.91 | -16.16 |
| Book Value Per Share | 44.87 | 40.57 | 53.26 | 48.35 | 43.68 | 46.00 |
| Tangible Book Value | 7.33B | 4.59B | 3.44B | 2.18B | -1.67B | -800.00M |
| Tangible Book Value Per Share | 14.81 | 9.33 | 6.94 | 4.08 | -3.02 | -1.37 |
| Land | 145.00M | 156.00M | 156.00M | 178.00M | 248.00M | |
| Buildings | 492.00M | 523.00M | 534.00M | 659.00M | 1.12B | |
| Machinery | 667.00M | 867.00M | 846.00M | 970.00M | 1.37B | |
| Leasehold Improvements | 277.00M | 273.00M | 252.00M | 467.00M | 732.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.46B | -6.67B | 3.31B | 2.70B | 1.20B | 1.35B |
| Depreciation & Amortization | 1.23B | 1.27B | 1.24B | 1.29B | 1.43B | 1.33B |
| Gain (Loss) on Sale of Assets | 516.00M | 511.00M | -120.00M | 280.00M | -93.00M | -76.00M |
| Gain (Loss) on Sale of Investments | 229.00M | |||||
| Stock-Based Compensation | 236.00M | 204.00M | 212.00M | 216.00M | 234.00M | 203.00M |
| Change in Accounts Receivable | 2.56B | 1.48B | -4.33B | -2.38B | -1.63B | -2.45B |
| Change in Accounts Payable | -2.16B | -657.00M | -528.00M | 3.40B | 421.00M | 1.14B |
| Change in Unearned Revenue | 29.00M | 80.00M | -54.00M | 238.00M | 31.00M | -109.00M |
| Change in Insurance Reserves / Liabilities | 184.00M | 2.34B | 368.00M | 1.26B | 2.40B | 1.80B |
| Change in Other Net Operating Assets | 715.00M | -201.00M | 48.00M | 1.03B | 1.09B | 1.14B |
| Other Operating Activities | -40.00M | -64.00M | 2.00M | -81.00M | -689.00M | -350.00M |
| Operating Cash Flow | 4.72B | 5.09B | 154.00M | 8.05B | 6.26B | 4.21B |
| Capital Expenditures | -781.00M | -767.00M | -644.00M | -799.00M | -1.00B | -910.00M |
| Cash Acquisitions | -1.46B | -534.00M | ||||
| Investment in Securities | 2.09B | 1.24B | -1.40B | -1.10B | -2.93B | -1.94B |
| Other Investing Activities | 19.00M | |||||
| Investing Cash Flow | 1.31B | 472.00M | -1.05B | -1.19B | -2.92B | -3.30B |
| Long-Term Debt Issued | 750.00M | 1.30B | 2.33B | 360.00M | 9.27B | |
| Total Debt Repaid | -2.06B | -1.90B | -622.00M | -2.32B | -1.49B | -7.43B |
| Net Debt Issued (Repaid) | -2.06B | -1.15B | 678.00M | 19.00M | -1.13B | 1.83B |
| Issuance of Common Stock | 34.00M | 37.00M | 46.00M | 44.00M | 70.00M | 35.00M |
| Repurchases of Common Stock | -59.00M | -475.00M | -3.12B | -1.63B | -3.10B | -297.00M |
| Other Financing Activities | -9.00M | -38.00M | -6.00M | -88.00M | -41.00M | -209.00M |
| Financing Cash Flow | -2.09B | -1.62B | -2.41B | -1.66B | -4.20B | 1.36B |
| Foreign Exchange Rate Adjustments | 8.00M | -32.00M | -11.00M | -11.00M | ||
| Miscellaneous Cash Flow Adjustments | -241.00M | -138.00M | -50.00M | -16.00M | ||
| Net Cash Flow | 3.70B | 3.80B | -3.30B | 5.12B | -884.00M | 2.26B |
| Free Cash Flow | 3.94B | 4.32B | -490.00M | 7.25B | 5.26B | 3.29B |
| Free Cash Flow Margin | 2.19% | 2.45% | -0.33% | 5.13% | 3.86% | 2.78% |
| Free Cash Flow Per Share | 7.95 | 8.76 | -0.94 | 13.29 | 9.03 | 5.58 |
| Levered Free Cash Flow | 3.08B | 5.05B | 638.12M | 6.05B | 3.21B | 3.99B |
| Unlevered Free Cash Flow | 3.48B | 5.48B | 1.08B | 6.50B | 3.63B | 4.40B |
| Cash Interest Paid | 627.00M | 647.00M | 688.00M | 688.00M | 657.00M | 658.00M |
| Cash Income Tax Paid | 448.00M | 1.00B | 887.00M | 1.20B | 678.00M | |
| Change in Working Capital | 1.32B | 3.04B | -4.50B | 3.55B | 2.32B | 1.52B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.61B | 20.23B | 30.58B | 39.64B | 46.44B | 48.08B |
| Enterprise Value | 28.45B | 20.86B | 33.71B | 40.68B | 53.24B | 57.56B |
| PE Ratio | 23.00 | 9.25 | 14.67 | 38.63 | 35.70 | |
| PS Ratio | 0.19 | 0.12 | 0.21 | 0.28 | 0.34 | 0.41 |
| PB Ratio | 1.53 | 1.01 | 1.15 | 1.53 | 1.92 | 1.78 |
| P/FCF Ratio | 8.59 | 4.68 | 5.46 | 8.83 | 14.59 | |
| P/OCF Ratio | 7.17 | 3.98 | 198.60 | 4.92 | 7.42 | 11.43 |
| EV/Sales Ratio | 0.16 | 0.12 | 0.23 | 0.29 | 0.39 | 0.48 |
| EV/EBITDA Ratio | 6.12 | 8.14 | 5.47 | 6.55 | 9.16 | 10.63 |
| EV/EBIT Ratio | 8.29 | 16.22 | 6.85 | 8.28 | 12.16 | 14.12 |
| EV/FCF Ratio | 7.29 | 4.83 | 5.61 | 10.13 | 17.47 | |
| Debt / Equity Ratio | 0.70 | 0.91 | 0.73 | 0.73 | 0.88 | 0.84 |
| Debt / EBITDA Ratio | 3.24 | 6.83 | 3.10 | 2.88 | 3.42 | 3.91 |
| Debt / FCF Ratio | 3.94 | 4.20 | 2.60 | 4.06 | 6.88 | |
| Net Debt / Equity Ratio | -0.23 | 0.01 | 0.20 | 0.07 | 0.38 | 0.35 |
| Net Debt / EBITDA Ratio | -1.10 | 0.11 | 0.87 | 0.27 | 1.59 | 1.76 |
| Net Debt / FCF Ratio | -1.31 | 0.06 | -10.95 | 0.23 | 1.76 | 2.90 |
| Quick Ratio | 1.12 | 1.04 | 1.06 | 0.96 | 0.97 | 1.04 |
| Current Ratio | 1.16 | 1.10 | 1.11 | 1.11 | 1.06 | 1.11 |
| Asset Turnover | 2.24 | 2.21 | 1.76 | 1.75 | 1.75 | 1.61 |
| Return on Equity (ROE) | 6.74% | -28.68% | 12.56% | 10.75% | 4.69% | 5.04% |
| Return on Assets (ROA) | 2.68% | 1.01% | 3.68% | 3.80% | 3.53% | 3.46% |
| Return on Invested Capital (ROIC) | 6.88% | 3.06% | 8.39% | 8.15% | 5.63% | 6.40% |
| Earnings Yield | 4.35% | -33.00% | 10.81% | 6.82% | 2.59% | 2.80% |
| FCF Yield | 11.64% | 21.36% | -1.60% | 18.30% | 11.32% | 6.85% |
| Buyback Yield / Dilution | -0.16% | 5.85% | 4.02% | 6.24% | 1.44% | -1.97% |