NYSE: CNC
Centene
Health Care · Hospital & Medical Service Plans
52-week range
$31.63$72.50
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$30.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.72B |
| FY2017, ended Dec 31, 2017 | $17.5B |
| FY2018, ended Dec 31, 2018 | $23.8B |
| FY2019, ended Dec 31, 2019 | $36.9B |
| FY2020, ended Dec 31, 2020 | $34.9B |
| FY2021, ended Dec 31, 2021 | $48.0B |
| FY2022, ended Dec 31, 2022 | $45.2B |
| FY2023, ended Dec 31, 2023 | $39.7B |
| FY2024, ended Dec 31, 2024 | $30.1B |
| FY2025, ended Dec 31, 2025 | $20.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $30.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$204B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $40.6B |
| FY2017, ended Dec 31, 2017 | $48.4B |
| FY2018, ended Dec 31, 2018 | $60.1B |
| FY2019, ended Dec 31, 2019 | $74.6B |
| FY2020, ended Dec 31, 2020 | $111B |
| FY2021, ended Dec 31, 2021 | $126B |
| FY2022, ended Dec 31, 2022 | $145B |
| FY2023, ended Dec 31, 2023 | $154B |
| FY2024, ended Dec 31, 2024 | $163B |
| FY2025, ended Dec 31, 2025 | $195B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $204B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $562M | $1.54B |
| FY2017, ended Dec 31, 2017 | $828M | $1.07B |
| FY2018, ended Dec 31, 2018 | $900M | $559M |
| FY2019, ended Dec 31, 2019 | $1.32B | $753M |
| FY2020, ended Dec 31, 2020 | $1.81B | $4.63B |
| FY2021, ended Dec 31, 2021 | $1.35B | $3.29B |
| FY2022, ended Dec 31, 2022 | $1.20B | $5.26B |
| FY2023, ended Dec 31, 2023 | $2.70B | $7.25B |
| FY2024, ended Dec 31, 2024 | $3.31B | −$490M |
| FY2025, ended Dec 31, 2025 | −$6.67B | $4.32B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.46B | $3.94B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$20.7B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.93B |
| FY2017, ended Dec 31, 2017 | $4.07B |
| FY2018, ended Dec 31, 2018 | $5.34B |
| FY2019, ended Dec 31, 2019 | $12.1B |
| FY2020, ended Dec 31, 2020 | $10.8B |
| FY2021, ended Dec 31, 2021 | $13.1B |
| FY2022, ended Dec 31, 2022 | $12.1B |
| FY2023, ended Dec 31, 2023 | $17.2B |
| FY2024, ended Dec 31, 2024 | $14.1B |
| FY2025, ended Dec 31, 2025 | $17.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $20.7B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$15.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.78B |
| FY2017, ended Dec 31, 2017 | $4.83B |
| FY2018, ended Dec 31, 2018 | $6.85B |
| FY2019, ended Dec 31, 2019 | $13.9B |
| FY2020, ended Dec 31, 2020 | $16.9B |
| FY2021, ended Dec 31, 2021 | $19.0B |
| FY2022, ended Dec 31, 2022 | $18.2B |
| FY2023, ended Dec 31, 2023 | $18.0B |
| FY2024, ended Dec 31, 2024 | $18.6B |
| FY2025, ended Dec 31, 2025 | $17.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $15.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 43.9% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.495M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 344M |
| FY2017, ended Dec 31, 2017 | 347M |
| FY2018, ended Dec 31, 2018 | 413M |
| FY2019, ended Dec 31, 2019 | 587M |
| FY2020, ended Dec 31, 2020 | 582M |
| FY2021, ended Dec 31, 2021 | 583M |
| FY2022, ended Dec 31, 2022 | 551M |
| FY2023, ended Dec 31, 2023 | 535M |
| FY2024, ended Dec 31, 2024 | 496M |
| FY2025, ended Dec 31, 2025 | 492M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 495M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $211M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $63.0M | $148M | $0 | $3.10B |
| FY2017, ended Dec 31, 2017 | $65.0M | $135M | $0 | — |
| FY2018, ended Dec 31, 2018 | $71.0M | $145M | $2.78B | $507M |
| FY2019, ended Dec 31, 2019 | $75.0M | $177M | $0 | — |
| FY2020, ended Dec 31, 2020 | $626M | $281M | $28.0M | $11.5B |
| FY2021, ended Dec 31, 2021 | $297M | $203M | $35.0M | — |
| FY2022, ended Dec 31, 2022 | $3.10B | $234M | $70.0M | — |
| FY2023, ended Dec 31, 2023 | $1.63B | $216M | $44.0M | — |
| FY2024, ended Dec 31, 2024 | $3.12B | $212M | $46.0M | — |
| FY2025, ended Dec 31, 2025 | $475M | $204M | $37.0M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $59.0M | $236M | $34.0M | — |
Revenue (TTM)
$204B
+9.7% YoY
Net income (TTM)
$1.46B
n/m YoY
Cash
$20.7B
+21.4% YoY
Total debt
$15.5B
−11.6% YoY
Valuation
At current price- Market Cap
- $33.9B
- P/E
- 23.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.2×
- Price / Book
- 1.5×
- EV / EBITDA
- 12.9×
Growth
Trailing 12 months- Revenue (TTM)
- $204B
- Revenue Growth YoY
- 9.7%
- Revenue CAGR 3Y
- 10.5%
- Revenue CAGR 5Y
- 11.9%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 7.9%
- Operating Margin
- 0.5%
- Net Margin
- 0.7%
- FCF Margin
- 1.9%
- Return on Equity
- 6.8%
Earnings
Trailing 12 months- Net Income
- $1.46B
- EPS (diluted)
- $2.91
- EBITDA
- $2.23B
- Operating Income
- $1.01B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $20.7B
- Total Debt
- $15.5B
- Net Cash
- $5.16B
- Total Assets
- $79.3B
- Total Liabilities
- $57.0B
- Shareholders' Equity
- $22.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.72B
- Capital Expenditure
- $781M
- Free Cash Flow
- $3.94B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.12
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.7% year over year, at $204B.
Strength
Operating margin widened 3.6 pts in a year, to 0.5%.
Strength
Holds more cash than debt, with $5.16B in net cash.
Note
Free cash flow of $3.94B, 1.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K33Serious concerns
33Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 17, 2026 · Read the filing on EDGAR
- Revenue rose 19% to $194.8 billion, but Centene swung to a $6.7 billion net loss from a $3.3 billion profit, mainly on a $6.7 billion goodwill write-down.
- Medical costs rose faster than premiums, pushing the share of premiums spent on care to 91.9% from 88.3%; adjusted earnings per share fell to $2.08 from $7.17.
- Operating cash flow recovered to $5.1 billion from $154 million, and management describes its liquidity as strong.
- Centene expects fewer, sicker Marketplace members in 2026 after subsidies expired, and it lost or is protesting Medicaid contract awards in Georgia, Texas and Florida.
Business momentum
Sharp deterioration
“GAAP diluted loss per share of $(13.53) for 2025, driven by the goodwill impairment.”
Outlook
Cautious
“We anticipate that the combined effect of the expiration of the Enhanced APTCs, the Final Rule, and the OBBBA will reduce 2026 Marketplace membership and continue to increase the overall morbidity of the Marketplace population.”
Financial stress
Low
“While we are currently in a strong liquidity position and believe we have adequate access to capital, we may elect to increase borrowings on our Revolving Credit Facility, which matures in March 2030.”
Tone against the previous report
More negative
Red flags
- Medium
Large write-down
“In October 2025, we completed our quantitative goodwill impairment analysis and recorded a non-cash goodwill impairment of $6.7 billion in the third quarter of 2025.”
- Medium
Other
“Further, we are in the process of protesting the results of Medicaid procurement awards in Georgia and Texas.”
- Minor
Other
“In addition, we were not selected to continue providing services under the Florida Children's Medical Services (Florida CMS) program.”
Positives
Operating cash flow recovered sharply
“Operating cash flows of $5.1 billion for 2025, compared to $154 million for 2024.”
Medicare Advantage quality ratings improved again
“Based on the data, we had approximately 60% of our Medicare Advantage membership enrolled in plans rated 3.5 stars or higher, including approximately 20% in 4-star rated plans.”
Marketplace prices were raised for 2026 to reflect sicker members
“During the third quarter of 2025, we reacted to an evolving regulatory and market environment and took corrective pricing actions for 2026 in states covering 95% of Marketplace membership.”
Concerns
More of each premium dollar went to medical care
“HBR of 91.9% for 2025, compared to 88.3% for 2024.”
Commercial profit fell sharply despite strong Marketplace growth
“Gross margin decreased $2.6 billion in the year ended December 31, 2025, compared to the corresponding period in 2024 due to lower estimated risk adjustment revenue and increased Marketplace medical costs.”
Medicaid, the largest segment, saw lower profit on rising care costs
“Gross margin decreased due to higher medical costs driven primarily by behavioral health, home health and high-cost drugs, partially offset by rate and revenue increases.”
New risks since the previous report
Large government receivable for drug plans; payment delays could hurt cash flow
“As of December 31, 2025, the stand-alone Part D risk-sharing programs receivable balance for the 2025 plan year was $4.0 billion.”
Less federal protection against losses in stand-alone drug plans in 2026
“For 2026, CMS eliminated these narrowed risk corridors entirely, shifting PDPs back toward standard program financial risk‑sharing.”
Proposed 2027 Medicare rates may not keep up with medical costs
“We believe these rates are insufficient to reflect the increases in continuing medical cost trend.”
State tax increases on Marketplace plans cannot be passed on in 2026 premiums
“If the states increase the tax rates applicable to our Marketplace line of business during 2026, we cannot offset those increases by increasing premiums, as our Marketplace rates were approved and determined in 2025”
New federal law could cut Medicaid members and funding from 2027 and 2028
“Several other provisions of the OBBBA, such as adjustments to provider taxes and state directed payments beginning in 2028, may have the effect of reducing the amount of federal funding for Medicaid”
Biggest risks named
- Medical costs exceeding fixed premiums on narrow margins
- Marketplace membership loss and sicker members after subsidy expiry
- Medicaid eligibility and funding cuts under the new federal law
- Loss of state Medicaid contracts, including Georgia and Texas
- Medicare drug plan bidding, cost exposure and delayed government payments
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −5.7 | |
| New risks | −2 | |
| Score | 33 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 17, 2026 | 33 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 18, 2025 | 52 | Mixed | 1 minor | |
| 10-K | Feb 20, 2024 | 50 | Mixed | 2 medium1 minor | |
| 10-K | Feb 21, 2023 | 50 | Mixed | 2 medium | |
| 10-K | Feb 22, 2022 | 35 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 22, 2021 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 18, 2020 | 70 | Strong improvement | 1 medium | |
| 10-K | Feb 19, 2019 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 20, 2018 | 56 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 27, 2026. View filings on SEC EDGAR