CNC · Centene Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $194.78B | $163.07B | $154.00B | $144.55B | $125.98B | $111.11B |
| Cost of Revenue | $2.67B | $2.73B | $3.56B | $7.03B | $4.89B | $3.30B |
| Gross Profit | $14.21B | $17.07B | $14.49B | $137.51B | $121.09B | $107.81B |
| R&D | - | - | - | - | - | - |
| SG&A | $12.90B | $12.40B | $12.56B | $11.59B | $10.17B | $9.87B |
| Total Operating Expenses | $202.40B | $159.90B | $151.07B | $143.23B | $124.20B | $108.03B |
| D&A | $1.27B | $1.24B | $1.29B | $1.55B | $1.48B | $1.26B |
| Operating Income | ($7.62B) | $3.17B | $2.93B | $1.32B | $1.78B | $3.08B |
| Interest Expense | $678.00M | $702.00M | $725.00M | $665.00M | $665.00M | $728.00M |
| Income Tax | ($51.00M) | $963.00M | $899.00M | $760.00M | $477.00M | $979.00M |
| Net Income | ($6.67B) | $3.31B | $2.70B | $1.20B | $1.35B | $1.81B |
| EPS - Basic | ($13.53) | $6.33 | $4.97 | $2.09 | $2.31 | $3.17 |
| EPS - Diluted | ($13.53) | $6.31 | $4.95 | $2.07 | $2.28 | $3.12 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.89B | $14.06B | $17.19B | $12.07B | $13.12B | $10.80B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $40.37B | $38.00B | $40.76B | $30.13B | $28.50B | $23.39B |
| Total Assets | $76.75B | $82.44B | $84.64B | $76.87B | $78.38B | $68.72B |
| Current Liabilities | $36.70B | $34.26B | $36.72B | $28.46B | $25.77B | $21.59B |
| Long-term Debt | $17.35B | $18.42B | $17.71B | $17.94B | $18.57B | $16.68B |
| Total Liabilities | $56.69B | $55.94B | $58.69B | $52.63B | $51.35B | $42.76B |
| Stockholders' Equity | $19.95B | $26.41B | $25.84B | $24.06B | $26.80B | $25.77B |
| Retained Earnings | $8.67B | $15.35B | $12.04B | $9.34B | $8.14B | $6.79B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.09B | $154.00M | $8.05B | $6.26B | $4.21B | $5.50B |
| Investing Cash Flow | $472.00M | ($1.05B) | ($1.19B) | ($2.92B) | ($3.30B) | ($6.96B) |
| Financing Cash Flow | ($1.62B) | ($2.41B) | ($1.66B) | ($4.20B) | $1.36B | $260.00M |
| CapEx | $767.00M | $644.00M | $799.00M | $1.00B | $910.00M | $869.00M |
| Free Cash Flow | $4.32B | ($490.00M) | $7.25B | $5.26B | $3.29B | $4.63B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 7.3% | 10.5% | 9.4% | 95.1% | 96.1% | 97.0% |
| Operating margin | -3.9% | 1.9% | 1.9% | 0.9% | 1.4% | 2.8% |
| EBITDA margin | -3.3% | 2.7% | 2.7% | 2.0% | 2.6% | 3.9% |
| Net margin | -3.4% | 2.0% | 1.8% | 0.8% | 1.1% | 1.6% |
| Free cash flow margin | 2.2% | -0.3% | 4.7% | 3.6% | 2.6% | 4.2% |
| FCF / Net income | -0.65 | -0.15 | 2.68 | 4.37 | 2.45 | 2.56 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 6.6% | 7.6% | 8.2% | 8.0% | 8.1% | 8.9% |
| Effective tax rate | - | 22.6% | 25.0% | 38.7% | 26.2% | 35.1% |
| Return on assets | -8.7% | 4.0% | 3.2% | 1.6% | 1.7% | 2.6% |
| Return on equity | -33.4% | 12.5% | 10.5% | 5.0% | 5.0% | 7.0% |
| Return on invested capital | -16.1% | 5.5% | 5.0% | 1.9% | 2.9% | 4.7% |
| Liquidity | ||||||
| Current ratio | 1.10 | 1.11 | 1.11 | 1.06 | 1.11 | 1.08 |
| Quick ratio | 1.10 | 1.11 | 1.11 | 1.06 | 1.11 | 1.08 |
| Cash ratio | 0.49 | 0.41 | 0.47 | 0.42 | 0.51 | 0.50 |
| Leverage | ||||||
| Debt / Equity | 0.87 | 0.70 | 0.69 | 0.75 | 0.69 | 0.65 |
| Debt / Assets | 0.23 | 0.22 | 0.21 | 0.23 | 0.24 | 0.24 |
| Debt / EBITDA | - | 4.17 | 4.19 | 6.25 | 5.70 | 3.84 |
| Interest coverage | -11.2x | 4.5x | 4.0x | 2.0x | 2.7x | 4.2x |
| Equity multiplier | 3.85 | 3.12 | 3.28 | 3.20 | 2.92 | 2.67 |
| Liabilities / Assets | 0.74 | 0.68 | 0.69 | 0.68 | 0.66 | 0.62 |
| Efficiency | ||||||
| Asset turnover | 2.54 | 1.98 | 1.82 | 1.88 | 1.61 | 1.62 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | 9.6x | 15.0x | 39.6x | 36.1x | 19.2x |
| P / B | 1.0x | 1.2x | 1.6x | 2.0x | 1.8x | 1.3x |
| P / S | 0.1x | 0.2x | 0.3x | 0.3x | 0.4x | 0.3x |
| EV / EBITDA | - | 8.2x | 9.7x | 18.7x | 16.6x | 9.4x |
| Growth | ||||||
| Revenue growth (YoY) | 19.4% | 5.9% | 6.5% | 14.7% | 13.4% | 48.9% |
| Revenue CAGR (3y) | 10.5% | 9.0% | 11.5% | 24.6% | 28.0% | 31.9% |
| Revenue CAGR (5y) | 11.9% | 16.9% | 20.7% | 24.5% | 25.4% | 37.3% |
| Gross profit growth (YoY) | -16.8% | 17.8% | -89.5% | 13.6% | 12.3% | 49.4% |
| Operating income growth (YoY) | - | 8.4% | 122.3% | -26.1% | -42.1% | 73.0% |
| Net income growth (YoY) | - | 22.3% | 124.8% | -10.8% | -25.5% | 36.9% |
| EPS growth (YoY) | - | 27.5% | 139.1% | -9.2% | -26.9% | -0.6% |
| EPS CAGR (3y) | - | 40.4% | 16.6% | -13.0% | 0.3% | -12.7% |
| EPS CAGR (5y) | - | 15.0% | 17.0% | -15.1% | -7.8% | 1.6% |
| FCF growth (YoY) | - | - | 38.0% | 59.5% | -28.9% | 515.4% |
| FCF CAGR (5y) | -1.4% | - | 67.0% | 37.6% | 16.4% | 55.6% |
| Book value growth (YoY) | -24.4% | 2.2% | 7.4% | -10.2% | 4.0% | 105.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$206.50B totalMedicaid Segment$110.43B · 53.5%
Commercial Segment$42.00B · 20.3%
Medicare Segment$37.21B · 18.0%
All Other Segments$16.85B · 8.2%
Product / service
$264.82B totalHealth Care Premium$171.56B · 64.8%
Total Premium And Service$90.24B · 34.1%
Service$3.02B · 1.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.50
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Hospital & Medical Service Plans
Comparing CENTENE CORP against the 5 most active filers in the same SIC group.