Overview
CENTENE CORP
Latest 10-K: FY2025, filed Feb 17, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $194.78B
- 19.4%YoYup from FY2024
- TotalRevenue
- Gross profit
- $14.21B
- 16.8%YoYdown from FY2024
- GrossProfit
- Operating income
- -$7.62B
- 340.1%YoYdown from FY2024
- OperatingIncome
- Net income
- -$6.67B
- 301.9%YoYdown from FY2024
- NetIncome
- Diluted EPS
- -$13.53
- 314.4%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 493.1M
- 5.8%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CENTENE CORP reported revenue of $194.78B for fiscal 2025, up 19.4% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was -3.9% and net margin was -3.4%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was -$13.53, down 314.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $194.78B19.4%up Benchmark median 6.4% | $163.07B5.9%up Benchmark median 4.5% | $154.00B6.5%up Benchmark median 4.8% | $144.55B14.7%up Benchmark median 10.3% | $125.98B13.4%up Benchmark median 13.8% | 11.5% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $14.21B16.8%down Benchmark median 6.8% | $17.07B3.2%down Benchmark median 5.5% | $17.64B4.2%up Benchmark median 5.2% | $16.92B16.8%up Benchmark median 8.3% | $14.49B86.6%down Benchmark median 15.7% | -0.5% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | negative: -$7.62B340.1%down Benchmark median 7.3% | $3.17B8.4%up Benchmark median 7.4% | $2.93B122.3%up Benchmark median 4.9% | $1.32B26.1%down Benchmark median 7.5% | $1.78B42.1%down Benchmark median 23.5% | n/m Benchmark median 7.2% |
| Net Income | negative: -$6.67B301.9%down Benchmark median 4.8% | $3.31B22.3%up Benchmark median 5.7% | $2.70B124.8%up Benchmark median 1.9% | $1.20B10.8%down Benchmark median 1.3% | $1.35B25.5%down Benchmark median 33.9% | n/m Benchmark median 4.1% |
| EPS (Diluted) | negative: -$13.53314.4%down Benchmark median 6.2% | $6.3127.5%up Benchmark median 7.9% | $4.95139.1%up Benchmark median 1.9% | $2.079.2%down Benchmark median 1.5% | $2.2826.9%down Benchmark median 34.8% | n/m Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $76.75B6.9%down Benchmark median 5.6% | $82.44B2.6%down Benchmark median 3.4% | $84.64B10.1%up Benchmark median 4.1% | $76.87B1.9%down Benchmark median 2.2% | $78.38B14.1%up Benchmark median 6.7% | -0.5% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $56.69B1.4%up Benchmark median 6.4% | $55.94B4.7%down Benchmark median 1.9% | $58.69B11.5%up Benchmark median 2.9% | $52.63B2.5%up Benchmark median 2.0% | $51.35B20.1%up Benchmark median 5.2% | 2.5% Benchmark median 4.4% |
| Stockholders' Equity | $20.03B24.4%down Benchmark median 6.8% | $26.50B2.2%up Benchmark median 5.4% | $25.94B7.3%up Benchmark median 7.3% | $24.18B10.2%down Benchmark median 2.5% | $26.94B4.1%up Benchmark median 9.0% | -7.1% Benchmark median 6.1% |
| Cash & Equivalents | $17.89B27.2%up Benchmark median 5.2% | $14.06B18.2%down Benchmark median 1.9% | $17.19B42.4%up Benchmark median 6.7% | $12.07B8.0%down Benchmark median -8.6% | $13.12B21.5%up Benchmark median -2.9% | 8.1% Benchmark median 2.0% |
| Total Debt | $17.40B6.1%down Benchmark median 2.1% | $18.53B3.9%up Benchmark median 0.2% | $17.83B1.1%down Benchmark median 0.3% | $18.02B4.3%down Benchmark median 0.1% | $18.84B12.3%up Benchmark median -0.1% | -2.0% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.09B3203.9%up Benchmark median 6.3% | $0.15B98.1%down Benchmark median 4.8% | $8.05B28.6%up Benchmark median 9.9% | $6.26B48.9%up Benchmark median -0.7% | $4.21B23.6%down Benchmark median 10.7% | 4.9% Benchmark median 7.0% |
| Capital Expenditures | $0.77B19.1%up Benchmark median 5.4% | $0.64B19.4%down Benchmark median 2.8% | $0.80B20.4%down Benchmark median 11.3% | $1.00B10.3%up Benchmark median 14.0% | $0.91B4.7%up Benchmark median 8.1% | -4.2% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $4.32Bn/m Benchmark median 7.3% | negative: -$0.49B106.8%down Benchmark median 6.1% | $7.25B38.0%up Benchmark median 8.8% | $5.26B59.5%up Benchmark median -11.3% | $3.29B28.9%down Benchmark median 10.2% | 7.0% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
n/m
Wall Street
on net earnings
FY2024 10.4%
21.3%
Value investor
on free cash flow
FY2024 negative: −1.5%
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E n/mValue investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
98.7%
Wall Street
on book equity
FY2024 83.5%
23.0%
Value investor
on tangible book
FY2024 11.1%
Gap −75.7 pts: Value-investor figure 75.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
negative: −28.7%
Wall Street
ROE: net income ÷ equity
FY2024 12.6%
negative: −30.4%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 7.7%
Gap −1.7 pts: Value-investor figure 1.7 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
negative: −3.3%
Wall Street
EBITDA margin
FY2024 2.7%
2.2%
Value investor
Free-cash-flow margin
FY2024 negative: −0.3%
Gap +5.5 pts: Value-investor figure 5.5 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.10×
Wall Street
Current ratio
FY2024 1.11×
1.10×
Value investor
Quick ratio, inventory excluded
FY2024 1.11×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
negative: −0.36×
Wall Street
EBITDA ÷ total debt
FY2024 0.24×
0.25×
Value investor
FCF ÷ total debt
FY2024 negative: −0.03×
Gap +0.61×: Value-investor figure 0.61 higher
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
negative: −9.4×
Wall Street
EBITDA ÷ interest
FY2024 6.3×
negative: −11.2×
Value investor
EBIT ÷ interest
FY2024 4.5×
Gap −1.8×: Value-investor figure 1.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CNC yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on CNC and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/CNC
Valuein. (2026, October 30). CENTENE CORP (CNC) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CNC
@misc{valuein_cnc_2026,
author = {{Valuein}},
title = {CENTENE CORP (CNC) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CNC}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 17, 2026 · accession 0001071739-26-000049
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
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