Centene CorpCentene Corp
Centene Corp

Centene Corp

CNC
Health Care·Health Care Providers & Services

Centene Corp. is a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Medicaid, Medicare, Commercial, and Other. The Medicaid segment includes the Temporary Assistance for Needy Families program, Medicaid Expansion programs, the Aged, Blind or Disabled program, the Children's Health Insurance Program, Long-Term Services and Supports, Foster Care, Medicare-Medicaid Plans, which cover beneficiaries who are dually eligible for Medicaid and Medicare, and other state-based programs. The Medicare segment consists of Medicare Advantage, Medicare Supplement, Dual Eligible Special Needs Plans, and Medicare Prescription Drug Plans. The Commercial segment is involved in the Health Insurance Marketplace product along with individual, small group, and large group commercial health insurance products. The Other segment refers to pharmacy operations, Envolve Benefit Options’ vision and dental services, clinical healthcare, behavioral health, the TRICARE program, and corporate management companies. The company was founded in 1984 and is headquartered in St. Louis, MO.

Missouri; U.S.A
Market cap
$31.9BNo data
Revenue
$194.8B+19.4% YoY
Net income
$-6.7B−301.9% YoY
Free cash flow
$4.3B+981.8% YoY

Market

Listed stock
CNCPriceNYSE
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Financial performance

Revenue
$194.8B+19.4% YoY
Operating income
$-7.6B−340.1% YoY
Net income
$-6.7B−301.9% YoY
Free cash flow
$4.3B+981.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $126B, 2022 $144.5B, 2023 $154B, 2024 $163.1B, 2025 $194.8B. Operating income: 2021 $1.8B, 2022 $1.3B, 2023 $2.9B, 2024 $3.2B, 2025 $-7.6B. Net income: 2021 $1.3B, 2022 $1.2B, 2023 $2.7B, 2024 $3.3B, 2025 $-6.7B. Free cash flow: 2021 $3.3B, 2022 $5.3B, 2023 $7.3B, 2024 $-490M, 2025 $4.3B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
19.4%+1355 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $1.8B, 2022-12-31 $1.3B, 2023-12-31 $2.9B, 2024-12-31 $3.2B, 2025-12-31 $-7.6B. Net income: 2021-12-31 $1.3B, 2022-12-31 $1.2B, 2023-12-31 $2.7B, 2024-12-31 $3.3B, 2025-12-31 $-6.7B. Free cash flow: 2021-12-31 $3.3B, 2022-12-31 $5.3B, 2023-12-31 $7.3B, 2024-12-31 $-490M, 2025-12-31 $4.3B

Growth heatmap

2022202320242025CAGR
Revenue
+14.7%
+6.5%
+5.9%
+19.4%
+11.5%
Gross profit
+13.6%
-87.2%
-3.2%
-16.8%
-41.5%
Operating income
-26.1%
+122.3%
+8.4%
-340.1%
No data
Free cash flow
+59.5%
+38.0%
-106.8%
+981.8%
+7.0%

Earnings quality

Operating cash flow
$5.1B+3203.9% YoY
Net income
$-6.7B−301.9% YoY
Free cash flow
$4.3B+981.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -76%, 2024-12-31 5%, 2023-12-31 298%, 2022-12-31 521%, 2021-12-31 312%. Free cash flow: 2025-12-31 -65%, 2024-12-31 -15%, 2023-12-31 268%, 2022-12-31 437%, 2021-12-31 245%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data