CENTENE CORP CNC
Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company focused on underserved populations, Centene is committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace.
Centene provides access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well. We believe the best way to deliver healthcare is with a personal approach, with local brands and local teams who live in, care about and directly influence the communities they serve – a key differentiator in our ability to provide access to quality care for our members. Our state-based plans are built on community expertise and backed by the depth, breadth, and experience of a leading national company. Our model is structured around partnership. By working hand-in-hand with providers, policymakers, and communities, we connect people to what matters most – not just healthcare, but essentials like food, housing, utilities, and transportation – to drive meaningful health outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $174.58B | $145.50B | $140.09B | $135.48B | $117.98B | $103.80B | $70.36B | $56.44B | $45.62B | $37.58B |
| Cost of revenue | $2.67B | $2.73B | $3.56B | $7.03B | $4.89B | $3.30B | $2.46B | $2.39B | $1.85B | $1.86B |
| Gross profit | $14.21B | $17.07B | $17.64B | $16.92B | $14.49B | $100.50B | $67.90B | $54.05B | $43.77B | $35.72B |
| SG&A | $12.90B | $12.40B | $12.56B | $11.59B | $9.60B | $9.38B | $6.53B | $6.04B | $4.45B | $3.67B |
| Total operating expenses | $202.40B | $159.90B | $151.07B | $143.23B | $124.20B | $108.03B | $72.86B | $58.66B | $47.18B | $39.34B |
| Operating income | -$7.62B | $3.17B | $2.93B | $1.32B | $1.78B | $3.08B | $1.78B | $1.46B | $1.20B | $1.26B |
| Interest expense | $678.0M | $702.0M | $725.0M | $665.0M | $665.0M | $728.0M | $412.0M | $343.0M | $255.0M | $217.0M |
| Pre-tax income | -$6.73B | $4.26B | $3.60B | $1.96B | $1.81B | $2.77B | $1.78B | $1.37B | $1.13B | $1.16B |
| Income tax | $51.0M | $963.0M | $899.0M | $760.0M | $477.0M | $979.0M | $473.0M | $474.0M | $326.0M | $599.0M |
| Net income | -$6.67B | $3.31B | $2.70B | $1.20B | $1.35B | $1.81B | $1.32B | $900.0M | $828.0M | $562.0M |
| EPS, basic | -13.53 | 6.33 | 4.97 | 2.09 | 2.31 | 3.17 | 3.19 | 2.31 | 2.40 | 1.76 |
| EPS, diluted | -13.53 | 6.31 | 4.95 | 2.07 | 2.28 | 3.12 | 3.14 | 2.26 | 2.34 | 1.71 |
| Shares, diluted (wtd. avg.) | $493.1M | $523.7M | $545.7M | $582.0M | $590.5M | $579.1M | $420.4M | $398.5M | $353.4M | $328.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.89B | $14.06B | $17.19B | $12.33B | $13.21B | $10.96B | $12.13B | $5.35B | $4.09B | $3.94B |
| Short-term investments | $2.43B | $2.62B | $2.46B | $2.32B | $1.54B | $1.58B | $863.0M | $722.0M | $531.0M | $505.0M |
| Total current assets | $40.37B | $38.00B | $40.76B | $30.13B | $28.50B | $23.39B | $20.32B | $12.00B | $8.70B | $8.37B |
| Property, plant and equipment | $2.04B | $2.07B | $2.02B | $2.43B | $3.39B | $2.77B | $2.12B | $1.71B | $1.10B | $797.0M |
| Goodwill | $10.84B | $17.56B | $17.56B | $18.81B | $19.77B | $18.65B | $6.86B | $7.01B | $4.75B | $4.71B |
| Other intangibles | $4.53B | $5.41B | $6.10B | $6.91B | $7.82B | $8.39B | $2.06B | $2.24B | $1.40B | $1.54B |
| Total assets | $76.75B | $82.44B | $84.64B | $76.87B | $78.38B | $68.72B | $40.99B | $30.90B | $21.86B | $20.20B |
| Accounts payable | $13.77B | $13.17B | $16.42B | $9.53B | $8.49B | $7.07B | $4.16B | $4.05B | $4.17B | $3.76B |
| Short-term debt | $50.0M | $110.0M | $119.0M | $82.0M | $267.0M | $97.0M | $88.0M | $38.0M | $4.0M | $4.0M |
| Total current liabilities | $36.70B | $34.26B | $36.72B | $28.46B | $25.77B | $21.59B | $12.93B | $11.97B | $9.33B | $8.62B |
| Long-term debt | $17.35B | $18.42B | $17.71B | $17.94B | $18.57B | $16.68B | $13.64B | $6.65B | $4.70B | $4.65B |
| Total liabilities | $56.69B | $55.94B | $58.69B | $52.63B | $51.35B | $42.76B | $28.30B | $19.88B | $14.98B | $14.14B |
| Retained earnings | $8.67B | $15.35B | $12.04B | $9.34B | $8.14B | $6.79B | $4.98B | $3.66B | $2.75B | $1.92B |
| Total equity | $19.95B | $26.41B | $25.94B | $24.18B | $26.94B | $25.89B | $12.66B | $11.01B | $6.86B | $5.91B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.09B | $154.0M | $8.05B | $6.26B | $4.21B | $5.50B | $1.48B | $1.23B | $1.49B | $1.85B |
| Depreciation and amortisation | $590.0M | $549.0M | $575.0M | $614.0M | $565.0M | $487.0M | $342.0M | $237.0M | $161.0M | $101.0M |
| Stock-based compensation | $204.0M | $212.0M | $216.0M | $234.0M | $203.0M | $281.0M | $177.0M | $145.0M | $135.0M | $148.0M |
| Capital expenditure | $767.0M | $644.0M | $799.0M | $1.00B | $910.0M | $869.0M | $730.0M | $675.0M | $422.0M | $306.0M |
| Investing cash flow | $472.0M | -$1.05B | -$1.19B | -$2.92B | -$3.30B | -$6.96B | -$1.53B | -$4.58B | -$1.25B | -$2.47B |
| Financing cash flow | -$1.62B | -$2.41B | -$1.66B | -$4.20B | $1.36B | $260.0M | $6.83B | $4.61B | -$82.0M | $2.72B |
| Buybacks | $475.0M | $3.12B | $1.63B | $3.10B | $297.0M | $626.0M | $75.0M | $71.0M | $65.0M | $63.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001071739-26-000049.
Others in SIC 6324
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | $356.47B | 30.0x | 11.8% |
| ELV | Elevance Health, Inc. | $88.37B | 16.2x | 12.5% |
| CI | Cigna Group | $74.65B | 12.7x | 11.2% |
| HUM | HUMANA INC | $48.21B | 40.8x | 31.6% |
| MOH | MOLINA HEALTHCARE, INC. | $10.48B | 22.5x | 11.7% |
| OSCR | Oscar Health, Inc. | $9.75B | — | 39.0% |
| ALHC | Alignment Healthcare, Inc. | $2.81B | — | 46.1% |
| CLOV | CLOVER HEALTH INVESTMENTS, CORP. /DE | $2.23B | — | 40.3% |