Centene CNC

Health insurance (Medicaid). Centene Corporation, listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Centene's market cap is
about $36.71 billion.

#265 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $194.777B.

Share price (close): $74.17; Close on Nov 5, 2026 · per share
P/E ratio: —; Net loss, or no EPS reported
Market cap: $36.71B; #265 of 289
Revenue: $194.777B; #17 of 299 · +19.4% YoY
Operating income: −$7.623B; #230 of 231 · −340.1% YoY
Net income: −$6.674B; #296 of 298 · −301.9% YoY
Free cash flow: $4.321B; #91 of 261 · +981.8% YoY
Total assets: $76.747B; #102 of 299 · −6.9% YoY
Dividends paid: —; Not reported
Dividend per share: —; Not reported
Dividend yield: —; No dividend, or a different currency
Shares outstanding: 491,757,000 shares; As of Dec 31, 2025

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue1.4%
SG&A and other102.5%
Loss3.4%

Non-operating gains such as investment income (0.5% of revenue) offset part of the loss, so the net loss is smaller than the operating loss.

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +19.4%; #50 of 299; Revenue is growing steadily. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: −3.9%; #220 of 231; The core business lost money. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: −3.4%; #288 of 298; The company lost the equivalent of 3.4% of revenue. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 2.2%; #231 of 261; Little cash is left after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: −28.8%; #271 of 276; ROE is negative because of a net loss. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 284.1%; #182 of 244; Liabilities are more than twice equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$5.088B
Capital spending−$767M
Free cash flow (FCF)$4.321B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 74%Equity 26%

Total assets$76.747B
Total liabilities$56.691B
Total equity$19.953B
Cash and equivalents$17.888B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
CenteneCNC	$194.777B	−$6.674B	+19.4%	−3.9%	−3.4%
HumanaHUM	$129.664B	$1.188B	+10.1%	2.1%	0.9%
Cigna GroupCI	$274.9B	$5.957B	+11.2%	3.4%	2.2%
Elevance HealthELV	$199.125B	$5.662B	+12.5%	3.6%	2.8%
UnitedHealth GroupUNH	$447.567B	$12.056B	+11.8%	4.2%	2.7%

What the company does

Centene is a health insurer focused on Medicaid, the US program for low-income people, and on health insurance marketplace plans.

The fiscal year ends around December each year.

Related companies: Humana, Cigna Group, Elevance Health, UnitedHealth Group

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	125.982B	144.547B	153.999B	163.071B	194.777B
Cost of revenue	4.894B	7.032B	3.564B	2.729B	2.67B
Gross profit	14.487B	16.918B	17.637B	17.069B	14.209B
Operating income	1.784B	1.318B	2.93B	3.175B	−7.623B
Pretax income	1.813B	1.962B	3.598B	4.257B	−6.728B
Net income	1.347B	1.202B	2.702B	3.305B	−6.674B
EPS (diluted)	$2.28	$2.07	$4.95	$6.31	$-13.53
Operating cash flow	4.205B	6.261B	8.053B	154M	5.088B
Capital expenditures	910M	1.004B	799M	644M	767M
Free cash flow (FCF)	3.295B	5.257B	7.254B	−490M	4.321B
Total assets	78.375B	76.87B	84.641B	82.445B	76.747B
Total liabilities	51.353B	52.633B	58.685B	55.935B	56.691B
Total equity	26.94B	24.181B	25.937B	26.41B	19.953B
Cash and equivalents	13.118B	12.074B	17.193B	14.063B	17.888B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Centene Corporation · CIK 0001071739 · US-GAAP