CNCNYSEHospital & Medical Service PlansFiscal year ends December 31
CENTENE CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$68.63−0.53 (-0.77%)
Close on Oct 19, 2026
- Market cap
- $34.15B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
7.3%−89.7 pts over 5 years
Operating margin
-3.9%−6.7 pts over 5 years
Net margin
-3.4%−5.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.4% | +10.5% | +11.9% | +23.9% | |
| Gross profit | -16.8% | -5.7% | -33.3% | -3.9% | |
| Free cash flow | – | -6.3% | -1.4% | +23.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.0% | 9.4% | -28.8% | |
| Return on assets | 4.1% | 3.3% | -8.4% | |
| Current ratio | 0.97 | 1.08 | 1.10 | |
| Debt to equity | 0.79 | 0.65 | 0.87 | |
| Net debt to EBITDA | 0.47× | 1.34× | 0.08× | |
| Interest coverage | 5.8× | 4.2× | -11.2× | |
| Capex to revenue | 0.8% | 0.8% | 0.4% | |
| Diluted shares | 328M | 579M | 493M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Centene generated $23.76B from operations and spent $12.75B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$23.76B
Used
$12.75B
Capital expenditure$4.12B32%Dividends$00%Share buybacks$8.63B68%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.4%
×Asset turnover2.45×
×Equity multiplier3.43×
=Return on equity, FY2025-28.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.4% | 2.45× | 3.43× | -28.8% |
| FY2024 | 2.0% | 1.95× | 3.20× | 12.7% |
| FY2023 | 1.8% | 1.91× | 3.24× | 10.8% |
| FY2022 | 0.8% | 1.86× | 3.05× | 4.7% |
| FY2021 | 1.1% | 1.71× | 2.80× | 5.1% |
| FY2020 | 1.6% | 2.03× | 2.86× | 9.4% |
| FY2019 | 1.8% | 2.08× | 3.06× | 11.3% |
| FY2018 | 1.5% | 2.28× | 2.97× | 10.1% |
| FY2017 | 1.7% | 2.30× | 3.30× | 13.0% |
| FY2016 | 1.4% | 2.95× | 3.42× | 14.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$6.67B
- Cash generatingOperating cash flow above zero$5.09B
- Return on assets improvedROA up on the prior year3.9% → -8.1%
- Earnings backed by cashOperating cash flow above net income$5.09B vs -$6.67B
- Less leverageLong-term debt to assets fell22.3% → 22.6%
- Better liquidityCurrent ratio rose1.11 → 1.10
- No dilutionShare count did not rise524M → 493M
- Gross margin improvedGross margin up on the prior year10.47% → 7.30%
- More efficientAsset turnover rose1.93 → 2.36