Centene vs UnitedHealth
UnitedHealth is the larger business, with $447.57bn of revenue in fiscal 2025 against $194.78bn for Centene (2.3 times as much). Centene grew faster (19.4% against 11.8%). UnitedHealth kept more of each dollar of sales as profit: a net margin of 2.7% against -3.4%. UnitedHealth carries less debt relative to equity (78.3% against 87.7%).
| Latest fiscal year | CenteneCNC, 2025 | UnitedHealthUNH, 2025 |
|---|---|---|
| Revenue | $194.78bn | $447.57bn |
| Revenue growth | 19.4% | 11.8% |
| Net income | −$6.67bn | $12.06bn |
| Operating margin | -3.9% | 4.2% |
| Net margin | -3.4% | 2.7% |
| Return on equity | -28.8% | 12.2% |
| Free cash flow | $4.32bn | $16.07bn |
| Cash | $17.89bn | $24.36bn |
| Total debt | $17.49bn | $78.39bn |
| Debt to equity | 87.7% | 78.3% |
| Dividend per share | — | $8.73 |
| Dividend yield | — | 2.2% |
| Share buybacks | $475m | $5.54bn |
| Employees | 61,100 | 390,000 |
| Market value | $33.29bn | $363.52bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 36 (Weak) | 77 (Strong) |
| Insider trades, 12 months | 0 buys, 5 sales | 0 buys, 3 sales |