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Centene Corporation (CNC) stock

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NYSE: CNC NYSE Managed Health Care Next results ~February 5, 2027

C+ Fundamentals grade

Centene is a United States managed care company that concentrates on underserved populations. It arranges health cover and related services for people on Medicaid, for Medicare beneficiaries (including Medicare Advantage and stand-alone Part D prescription drug plans), and for individuals and families buying cover through the Health Insurance Marketplace. Consumer-facing brands include Wellcare for Medicare Advantage and Ambetter Health for Marketplace plans, while AcariaHealth provides specialty pharmacy services.

Its customers are largely government programmes: Centene contracts with individual states and with the federal Centers for Medicare & Medicaid Services, which pay it premiums, typically a fixed monthly amount per member. The group also offers vision, dental, behavioural health and clinical healthcare services.

The business runs through four segments — Medicaid, Medicare, Commercial and Other — operating across many US states; for instance, it served Medicaid members in 30 states at the end of 2025. Total membership reached 27.6 million, and it employed 61,100 people. Its first health plan opened in Wisconsin in 1984, and its shares trade on the New York Stock Exchange.

Based on Centene Corporation's 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Centene Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds550 adding, 408 cuttingOf 98 active managers that changed their stake, 44 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Centene files

10-Q filed October 27: Centene

Centene reported revenue of $203.9bn for the twelve months to September 2026, a rise of 9.7% on the prior year. That pace marks a clear deceleration from the 13.9% growth recorded a quarter earlier. Free-cash-flow margin was steady at 1.9%. More notable was the operating margin, which widened to 0.5% from -3.1%, signalling a return to positive territory. On the strength of these shifts, the fundamentals grade moves up a notch, from C to C+. The slowing top line warrants attention, though the margin recovery is the more meaningful development in the period.

Our model value for Centene is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Centene stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $202.9bn, up 13.9% on a year earlier, slower than 17.0% a quarter earlier. Free-cash-flow margin rose to 4.4% from 0.6% a year earlier. Operating margin narrowed to -2.8% from 1.1%. The diluted share count is down 2.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 5, 2027 (estimated)

Centene Corporation's trailing-twelve-month revenue grew 9.7% year on year, with a free-cash-flow margin of 1.9%. Where it stands out: stock pay as % of revenue of 0.1% ranks 1 of 8 managed health care companies we cover. Where it lags: change in growth rate of -4.2pp ranks 8 of 8 managed health care companies we cover.

Our discounted-cash-flow model values the business at ~$33 per share in the base case (~$27–$40 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 497% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.6 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.6% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 0.3 against the S&P 500.
  • Insiders selling. 2 insiders sold $15M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Growth easing. The growth rate is 4.2 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.2pp ranks 8 of 8 managed health care companies we cover (median -1.3pp).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.58 against an average estimate of $0.10: beat by 496.6%
Revenue
$50.65bn, up 1.9% on a year earlier
Share reaction
-1.4% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
GAAP diluted EPS $3.46 (Full Year 2026); adjusted diluted EPS $5.2 (Full Year 2026)
Next report
October 27, 2026; average EPS estimate -$1.12

Centene's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week-2.2%
  • 1 month+5.6%
  • This year+61.7%
  • 1 year+88.1%
  • 5 years-10.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$204B
Operating margin
0.5%
Net margin
0.7%
EPS (TTM, diluted)
$2.95

Growth

Revenue growth
+9.7%
Change in growth rate
−4.2 pts
Share count change
−0.4%

Cash

Free cash flow (TTM)
$3.9B
FCF margin
1.9%
Stock pay % of revenue
0.1%

Earnings

Last results
October 27, 2026
Next results (est.)
February 5, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Partnership
  5. Announcement
  6. Announcement
  7. Results
  8. Announcement
  9. Announcement
  10. Insider trade
  11. Insider trade
  12. Leadership
  13. Announcement
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Centene Corporation valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

Our value per share comes from a discounted-cash-flow model of Centene Corporation's free cash flow after stock-based pay ( $501M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Centene Corporation as a health plan, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$76 ~$66–$110 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$33 ~$27–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$9.4–$32 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Centene Corporation with health plans in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$32.91$28.25$50.44$57.65$62.87$60.03$82.40$82.01$74.21$60.58$41.15$66.53
Market value$8.1bn$9.3bn$17.8bn$23.0bn$26.4bn$34.8bn$48.7bn$47.7bn$40.5bn$31.7bn$20.3bn$32.9bn
+ Net debt (− = net cash)−$537m$852m$757m$1.5bn$1.7bn$6.1bn$5.9bn$6.1bn$769m$4.6bn−$395m−$5.2bn
Enterprise value$7.6bn$10.1bn$18.6bn$24.5bn$28.2bn$40.8bn$54.6bn$53.8bn$41.3bn$36.3bn$19.9bn$27.7bn
Multiples
Price / sales 0.4x0.2x0.4x0.4x0.4x0.3x0.4x0.3x0.3x0.2x0.1x0.2x
Price / earnings 22.8x16.5x21.5x25.5x20.0x19.2x36.1x39.7x15.0x9.6x—22.5x
Price / free cash flow 15.9x6.0x16.7x41.1x35.1x7.5x14.8x9.1x5.6x—4.7x8.3x
EV / EBITDA 9.3x6.6x11.9x12.5x11.6x9.4x17.5x19.6x9.8x8.2x—14.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Centene's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 2.9% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.8%; its worst year was -3.1%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 10 of 10 years, at a median 2.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 15.9% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (41 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.04 +142% $197.5bn +1%
Next $5.38 +7% $193.5bn −2%

Next year's EPS estimate has moved +5.6% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.2% on 90 days ago. In the last 30 days, 0 analysts raised Centene Corporation's forecast and 0 cut it.

Consensus EPS forecast Centene Corporation, last 90 days
$4.60 $4.80 $5.00 $5.20 $5.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.66 Current fiscal year, 60 days ago: $4.89 Current fiscal year, 30 days ago: $4.88 Current fiscal year, 7 days ago: $4.88 Current fiscal year, Now: $5.04 $5.04 Next fiscal year, 90 days ago: $5.10 Next fiscal year, 60 days ago: $5.31 Next fiscal year, 30 days ago: $5.35 Next fiscal year, 7 days ago: $5.35 Next fiscal year, Now: $5.38 $5.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.66$5.10
60 days ago $4.89$5.31
30 days ago $4.88$5.35
7 days ago $4.88$5.35
Now $5.04$5.38

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.10 $0.58 +496.6%
Jun 2026 $1.08 $2.51 +132.6%
Mar 2026 $2.13 $3.37 +57.9%
Dec 2025 −$1.22 −$1.19 +2.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Total revenues Full Year 2026 $197bn to $201bn Raised vs 173bn to 177bn
    “Total revenues (in billions) $ 196.5 $ 200.5” source
  • Premium and service revenues Full Year 2026 $173bn to $177bn Maintained vs 173bn to 177bn
    “Premium and service revenues (in billions) $ 173.0 $ 177.0” source
  • GAAP diluted EPS Full Year 2026 about $3.46 GAAP Raised
    “The Company is updating its 2026 GAAP diluted EPS guidance floor to greater than $3.46 and its 2026 adjusted diluted EPS guidance floor to greater than $5.20.” source
  • Adjusted diluted EPS Full Year 2026 about $5.20 Non-GAAP Raised
    “The Company is updating its 2026 GAAP diluted EPS guidance floor to greater than $3.46 and its 2026 adjusted diluted EPS guidance floor to greater than $5.20.” source
  • HBR Full Year 2026 90.4% to 91.1% GAAP Lowered
    “Additionally, the Company is decreasing its HBR guidance range to 90.4% to 91.1% and its interest expense guidance range to $600 million to $620 million.” source
  • SG&A expense ratio Full Year 2026 7.2% to 7.8% GAAP
    “SG&A expense ratio 7.2 % 7.8 %” source
Show 5 more items
  • Adjusted SG&A expense ratio Full Year 2026 6.9% to 7.5% Non-GAAP
    “Adjusted SG&A expense ratio (2) 6.9 % 7.5 %” source
  • Effective tax rate Full Year 2026 26.5% to 27.5% GAAP
    “Effective tax rate 26.5 % 27.5 %” source
  • Adjusted effective tax rate Full Year 2026 25.5% to 26.5% Non-GAAP Maintained vs 25.5 to 26.5
    “Adjusted effective tax rate (3) 25.5 % 26.5 %” source
  • Diluted shares outstanding Full Year 2026 497m to 500m Maintained vs 497m to 500m
    “Diluted shares outstanding (in millions) 497.0 500.0” source
  • Interest expense Full Year 2026 $600m to $620m Lowered
    “Additionally, the Company is decreasing its HBR guidance range to 90.4% to 91.1% and its interest expense guidance range to $600 million to $620 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Centene Corporation's revenue by -0.1% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-4.6%, weight 69%) and the company's own record (+10.2%, weight 31%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy838%
Hold1257%
Sell15%

Monthly trend

  1. Oct 202671221
  2. Sep 202671221
  3. Aug 202671221
  4. Jul 202661321

Counts of recommendations published by analysts covering Centene Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.3
at average volume
Short interest, 1 month
−23%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
61,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +88.1%

$35.37 on October 31, 2025 to $66.53

ThenNowEffect
Revenue (last 12 months) $178.2bn $202.9bn +13.9%
P/S multiple 0.1x 0.2x +61.6%
Share count 504m 493m +2.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −4.0%

$69.32 on November 3, 2023 to $66.53

ThenNowEffect
Revenue (last 12 months) $147.9bn $202.9bn +37.2%
P/S multiple 0.3x 0.2x −38.8%
Share count 565m 493m +14.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CNC+37%−1%−10%−18%−32%+62%
Industry peers (median)+45%+4%+1%−2%−3%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CNC50%58%58%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CNC−20%−24%−25%−30%−62%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 74% from August 15, 2022 to August 6, 2025. Getting back needed a 286% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$31.80 – $71.24
From 52-week high
−6.6%
vs 50-day average
+0.6%
vs 200-day average
+20.0%
Volatility (1 year)
45%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.0%
After a week
6 up, 5 down
typical move ±11.5%
After a month
6 up, 5 down
typical move ±15.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −1.4% +0.9% — —
July 28, 2026 −3.5% −1.3% 0.0% +2.2%
April 28, 2026 +24.1% −0.5% +21.8% +35.4%
February 6, 2026 −4.7% +2.4% +1.7% −8.8%
October 29, 2025 +5.5% −1.1% +11.0% +18.5%
July 25, 2025 +0.4% +0.4% −3.2% +8.7%
July 1, 2025 −37.8% +0.4% −39.0% −52.0%
April 25, 2025 −3.4% +0.8% −2.3% −6.4%
February 4, 2025 −6.3% +1.1% −11.5% −8.3%
October 25, 2024 0.0% +0.3% +3.1% −0.3%
July 26, 2024 +9.0% +1.2% +15.9% +15.2%
July 23, 2024 0.0% −2.4% +16.6% +18.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Centene Corporation in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Centene Corporation
$140B $160B $180B $200B $220B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $154B Revenue (TTM), FY24 Q1: $155.5B Revenue (TTM), FY24 Q2: $157.7B Revenue (TTM), FY24 Q3: $161.7B Revenue (TTM), FY24 Q4: $163.1B Revenue (TTM), FY25 Q1: $169.3B Revenue (TTM), FY25 Q2: $178.2B Revenue (TTM), FY25 Q3: $185.9B Revenue (TTM), FY25 Q4: $194.8B Revenue (TTM), FY26 Q1: $198.1B Revenue (TTM), FY26 Q2: $202.9B Revenue (TTM), FY26 Q3: $203.9B $203.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $154B
FY24 Q1 $155.5B
FY24 Q2 $157.7B
FY24 Q3 $161.7B
FY24 Q4 $163.1B
FY25 Q1 $169.3B
FY25 Q2 $178.2B
FY25 Q3 $185.9B
FY25 Q4 $194.8B
FY26 Q1 $198.1B
FY26 Q2 $202.9B
FY26 Q3 $203.9B
Revenue growth, TTM YoY Centene Corporation
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.5% Revenue growth, TTM YoY, FY24 Q1: 6.3% Revenue growth, TTM YoY, FY24 Q2: 6.6% Revenue growth, TTM YoY, FY24 Q3: 7.7% Revenue growth, TTM YoY, FY24 Q4: 5.9% Revenue growth, TTM YoY, FY25 Q1: 8.9% Revenue growth, TTM YoY, FY25 Q2: 13.0% Revenue growth, TTM YoY, FY25 Q3: 14.9% Revenue growth, TTM YoY, FY25 Q4: 19.4% Revenue growth, TTM YoY, FY26 Q1: 17.0% Revenue growth, TTM YoY, FY26 Q2: 13.9% Revenue growth, TTM YoY, FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.5%
FY24 Q1 6.3%
FY24 Q2 6.6%
FY24 Q3 7.7%
FY24 Q4 5.9%
FY25 Q1 8.9%
FY25 Q2 13.0%
FY25 Q3 14.9%
FY25 Q4 19.4%
FY26 Q1 17.0%
FY26 Q2 13.9%
FY26 Q3 9.7%
Operating margin (TTM) Centene Corporation
-4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 1.9% Operating margin (TTM), FY24 Q1: 1.8% Operating margin (TTM), FY24 Q2: 1.8% Operating margin (TTM), FY24 Q3: 1.7% Operating margin (TTM), FY24 Q4: 1.9% Operating margin (TTM), FY25 Q1: 2.1% Operating margin (TTM), FY25 Q2: 1.1% Operating margin (TTM), FY25 Q3: -3.1% Operating margin (TTM), FY25 Q4: -3.9% Operating margin (TTM), FY26 Q1: -3.7% Operating margin (TTM), FY26 Q2: -2.8% Operating margin (TTM), FY26 Q3: 0.5% 0.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 1.9%
FY24 Q1 1.8%
FY24 Q2 1.8%
FY24 Q3 1.7%
FY24 Q4 1.9%
FY25 Q1 2.1%
FY25 Q2 1.1%
FY25 Q3 -3.1%
FY25 Q4 -3.9%
FY26 Q1 -3.7%
FY26 Q2 -2.8%
FY26 Q3 0.5%
FCF margin (TTM) Centene Corporation
-2% 0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.7% FCF margin (TTM), FY24 Q1: 1.7% FCF margin (TTM), FY24 Q2: 1.4% FCF margin (TTM), FY24 Q3: 0.2% FCF margin (TTM), FY24 Q4: -0.3% FCF margin (TTM), FY25 Q1: 0.9% FCF margin (TTM), FY25 Q2: 0.6% FCF margin (TTM), FY25 Q3: 1.8% FCF margin (TTM), FY25 Q4: 2.2% FCF margin (TTM), FY26 Q1: 3.6% FCF margin (TTM), FY26 Q2: 4.4% FCF margin (TTM), FY26 Q3: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.7%
FY24 Q1 1.7%
FY24 Q2 1.4%
FY24 Q3 0.2%
FY24 Q4 -0.3%
FY25 Q1 0.9%
FY25 Q2 0.6%
FY25 Q3 1.8%
FY25 Q4 2.2%
FY26 Q1 3.6%
FY26 Q2 4.4%
FY26 Q3 1.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4.1 4.4 5.2 8.1 10.9 16.6 22.8 40.6 48.4 60.1 74.6 111.1 126.0 144.5 154.0 163.1 194.8 203.9
Gross profit — — — — — — — 38.7 46.5 57.7 72.2 107.8 14.5 16.9 17.6 17.1 14.2 16.1
EBITDA 0.2 0.2 0.3 0.2 0.3 0.6 0.8 1.5 1.6 2.0 2.4 4.3 3.1 2.7 4.2 4.4 −6.3 1.9
Operating income 0.1 0.2 0.2 0.1 0.3 0.5 0.7 1.3 1.2 1.5 1.8 3.1 1.8 1.3 2.9 3.2 −7.6 1.0
Net income 0.1 0.1 0.1 0.0 0.2 0.3 0.4 0.6 0.8 0.9 1.3 1.8 1.3 1.2 2.7 3.3 −6.7 1.5
Diluted EPS $0.47 $0.47 $0.53 $0.01 $0.73 $1.13 $1.44 $1.71 $2.34 $2.26 $3.14 $3.12 $2.28 $2.07 $4.95 $6.31 −$13.53 $2.95
Growth (year on year)
Revenue +21.9% +8.4% +17.2% +55.6% +33.9% +52.4% +37.4% +78.4% +19.1% +24.3% +24.2% +48.9% +13.4% +14.7% +6.5% +5.9% +19.4% +9.7%
EBITDA +9.1% +14.8% +25.4% −33.6% +97.7% +60.8% +47.6% +88.8% +1.2% +25.2% +24.1% +79.1% −28.2% −11.9% — +4.6% −243.8% —
Operating income +5.0% +13.7% +29.8% −47.0% — +67.5% +51.9% +79.1% −5.1% +21.6% +22.2% +73.0% −42.1% — — — — —
Net income +0.2% +13.3% +17.3% −98.2% — — — — — — — — — — — — −301.9% —
Diluted EPS +0.5% −0.5% +12.8% −98.1% — — — — — — — — — — — — −314.4% —
Margins
Gross margin — — — — — — — 95.4% 96.2% 96.0% 96.7% 97.0% 11.5% 11.7% 11.5% 10.5% 7.3% 7.9%
EBITDA margin 4.4% 4.7% 5.0% 2.1% 3.2% 3.3% 3.6% 3.8% 3.2% 3.2% 3.2% 3.9% 2.5% 1.9% 2.7% 2.7% −3.3% 0.9%
Operating margin 3.4% 3.5% 3.9% 1.3% 2.5% 2.8% 3.1% 3.1% 2.5% 2.4% 2.4% 2.8% 1.4% 0.9% 1.9% 1.9% −3.9% 0.5%
Net margin 2.0% 2.1% 2.1% 0.0% 1.5% 1.6% 1.6% 1.4% 1.7% 1.5% 1.8% 1.6% 1.1% 0.8% 1.8% 2.0% −3.4% 0.7%
Free-cash-flow margin 5.5% 1.1% 3.6% 2.4% 2.9% 6.8% 2.2% 3.8% 2.2% 0.9% 1.0% 4.2% 2.6% 3.6% 4.7% −0.3% 2.2% 1.9%
Cash flow
Cash from operations 0.2 0.2 0.3 0.3 0.4 1.2 0.7 1.9 1.5 1.2 1.5 5.5 4.2 6.3 8.1 0.2 5.1 4.7
Capital spending 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.4 0.7 0.7 0.9 0.9 1.0 0.8 0.6 0.8 0.8
Free cash flow 0.2 0.1 0.2 0.2 0.3 1.1 0.5 1.5 1.1 0.6 0.8 4.6 3.3 5.3 7.3 −0.5 4.3 3.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 0.2 0.0 0.2 0.2 0.3 1.1 0.4 1.4 0.9 0.4 0.6 4.4 3.1 5.0 7.0 −0.7 4.1 3.7
Balance sheet
Cash 0.4 0.4 0.6 0.7 1.0 1.6 1.8 3.9 4.1 5.3 12.1 10.8 13.1 12.1 17.2 14.1 17.9 20.7
Total debt 0.3 0.3 0.4 0.5 0.7 0.9 1.2 4.8 4.8 6.9 13.9 16.9 19.0 18.2 18.0 18.6 17.5 15.5
Net debt (negative = net cash) −0.1 −0.1 −0.2 −0.2 −0.3 −0.7 −0.5 0.9 0.8 1.5 1.7 6.1 5.9 6.1 0.8 4.6 −0.4 −5.2
Diluted shares 177m 202m 210m 215m 225m 241m 246m 328m 353m 399m 420m 579m 591m 582m 546m 524m 493m 494m
Returned to shareholders
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.6 0.3 3.1 1.6 3.1 0.5 0.1
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.6 0.3 3.1 1.6 3.1 0.5 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $79.3bn
Short-term assets $45.5bnLonger-term assets $33.8bn
What it owes, and who funded it · $79.2bn
Short-term liabilities $39.1bnLonger-term liabilities $17.9bnShareholders' equity $22.2bn
  • Short-term assets cover short-term liabilities $45.5bn of assets due within a year against $39.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $45.5bn short-term assets against $17.9bn of longer-dated liabilities.
  • More cash than debt $20.7bn of cash against $15.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 69% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.7bn of operating cash flow against $15.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.0bn against $634m of interest.

From Centene Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$59M
Returned to shareholders
1%
of free cash flow
Buybacks, last 3 fiscal years
$5.2B
Diluted share count
−0.4%
year over year
Total shareholder yield
0.2%
dividends 0.0% + buybacks 0.2% of market value
Sales & admin spending
6.4%
of revenue

Competitors: side by side with peers

Closest by revenue in managed health care
Last 12 months unless stated CNC ELV HUM UNH MOH OSCR Median
Revenue, last 12 months $203.9bn $201.8bn $145.7bn $450.1bn $44.1bn $15.3bn $94.9bn
Revenue growth, last 12 months 9.7% 3.6% 18.3% 6.5% −0.9% 42.8% 14.0%
Revenue growth, 3-year average 10.7% 6.2% 13.8% 8.9% 9.9% 45.6% 12.3%
Revenue growth, latest quarter 1.9% 1.4% 26.2% 0.4% −3.4% 70.4% 14.1%
Gross margin 7.9% 89.0% — 88.6% 12.6% — 24.9%
Operating margin 0.5% 2.7% 1.9% 4.8% 0.4% 4.1% 1.4%
Operating margin, 3-year average −0.3% 3.8% 2.5% 6.8% 2.5% 1.2% 1.8%
Net margin 0.7% 2.5% 0.9% 3.1% −0.1% 3.6% 0.8%
Cash from operations / revenue 2.3% 3.8% 1.7% 6.0% 0.8% 28.8% 2.7%
Free-cash-flow margin 1.9% 3.2% 1.3% 5.2% 0.5% 28.6% 2.5%
Free-cash-flow margin, 3-year average 1.3% 1.9% −0.4% 4.3% −0.2% 14.4% 0.6%
Stock pay / revenue 0.1% 0.1% 0.2% 0.2% 0.2% 0.5% 0.2%
Change in share count −0.4% −3.3% 0.1% −1.7% −6.1% 12.1% −0.2%

Median of all 8 companies we cover in managed health care. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 managed health care companies
Measure Company Peer median Rank
Revenue growth Growth 9.7% 18.3% 5 of 8
Change in growth rate Growth -4.2pp -1.3pp 8 of 8
Operating margin Profitability 0.5% 1.9% 6 of 8
Net margin Profitability 0.7% 0.9% 5 of 8
Stock pay as % of revenue Cash generation 0.1% 0.2% 1 of 8
Long-term debt as % of assets Balance sheet 19.5% 22.4% 2 of 7
Change in share count Balance sheet -0.4% 0.1% 4 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Medicaid $110B 56.7% ▲ 8.9%
Commercial $42B 21.6% ▲ 24.6%
Medicare $37.2B 19.1% ▲ 61.6%
All Other Segments $5.1B 2.6% ▲ 4.3%
Products and services
Line of business Revenue YoY
Total Premium and Service $175B ▲ 20.0%
Health Care Premium $172B ▲ 20.6%
Services $3B ▼ 5.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Centene Corporation's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$31.2B
Institutions reporting
998
Shares held vs prior quarter
▲ 2.7%
Positions opened / closed
206 / 71

Top buyers and sellers, Q2 2026: 550 institutions bought and 408 sold ; the biggest buyer was Wellington Management Group LLP (+10.8M shares) and the biggest seller AQR Capital Management LLC (−4.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.7B 41.4M 8.5% ▲ 4.1%
Vanguard Capital Management LLC $2B 31.5M 6.5% ▲ 0.8%
AQR Capital Management LLC $1.8B 28.7M 5.9% ▼ 14.7%
Vanguard Portfolio Management LLC $1.4B 22.4M 4.6% ▲ 3.3%
State Street Corp $1.4B 22.0M 4.5% ▲ 1.5%
Geode Capital Management, LLC $854M 13.3M 2.7% ▲ 2.5%
Wellington Management Group LLP $854M 13.3M 2.7% ▲ 423.0%
Ameriprise Financial Inc $798M 12.4M 2.6% ▲ 22.6%
Invesco Ltd. $718M 11.2M 2.3% ▲ 5.3%
Harris Associates L P $714M 11.1M 2.3% ▼ 21.1%
Morgan Stanley $645M 10.1M 2.1% ▲ 1.7%
Price T Rowe Associates Inc $559M 8.7M 1.8% ▲ 24.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Centene Corporation's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.6M 5 trades by 2 insiders · 0% under pre-set plans
Net ▼ $14.6M net selling
Insider Date Trade Shares Price Value
Koster Christopher Secretary & General Counsel August 26, 2026 Sell 56,500 $66.90 $3.8M
Koster Christopher Secretary & General Counsel August 18, 2026 Sell 47,603 $65.36 $3.1M
Burdick Kenneth A Director June 10, 2026 Sell 80,000 $64.55 $5.2M
Burdick Kenneth A Director December 4, 2025 Sell 32,796 $39.00 $1.3M
Burdick Kenneth A Director December 3, 2025 Sell 33,211 $39.04 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 61 trades and filings

No trades in Centene Corporation disclosed in the last 12 months; 61 earlier trades on record.

  • Tim Moore(R-NC 14):Sale (full), $100,001 - $250,000, traded August 18, 2025, filed September 3, 2025
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded August 8, 2025, filed January 13, 2026
  • Tim Moore(R-NC 14):Purchase, $1,001 - $15,000, traded August 8, 2025, filed September 3, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 5, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 6, 2026
  • October 29, 2025
  • July 25, 2025

Recent SEC filings

Data status

When each part of this page on Centene Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Centene Corporation in brief

What does Centene Corporation do?
Centene Corporation is a US-listed company in the managed health care industry. Its financial year ends in December.
What is Centene Corporation's stock ticker?
Centene Corporation trades under the ticker CNC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Centene Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Centene Corporation reported revenue of $204B, 9.7% higher than a year earlier, according to its SEC filings.
What is Centene Corporation's free cash flow?
Centene Corporation's free-cash-flow margin is 1.9% of revenue over the trailing twelve months.
Who are Centene Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Centene Corporation buying back stock, and does it pay a dividend?
Centene Corporation spent $59M on share repurchases over the trailing twelve months, and its diluted share count fell 0.4% over the year.
What is Centene Corporation's market cap?
On November 2, 2026, Centene Corporation's market capitalisation was about $32.9B, with a price-to-earnings ratio of 22.5 and net debt of -$5.2B. Market figures come from third-party market data and may be delayed.
How much debt does Centene Corporation have?
Centene Corporation's debt-to-equity ratio is 70.0%, from its latest balance sheet (68.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Centene Corporation's competitors?
In our Managed Health Care peer group, the companies closest to Centene Corporation are Elevance Health, Humana, UnitedHealth Group, Molina Healthcare, Inc. and Oscar Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Centene Corporation's.
Are insiders buying or selling Centene Corporation stock?
Over the last 12 months, Centene Corporation's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Centene Corporation's next earnings date?
Around February 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Centene Corporation announces its own schedule.