Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026
Basics
Sector
Healthcare
Industry
Healthcare Plans
Country
United States
Market cap
33.3B USD
Enterprise value
23.2B USD
Full-time employees
61,100
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 1.13 vs a peer median of 0.63), less short-term liquidity (current ratio 1.15 vs a peer median of 2.59) and more debt relative to equity (0.71× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.13 vs peers 0.63), less liquidity (current ratio 1.15 vs peers 2.59) and more debt vs equity (0.71× vs peers 0.22×)
About average: growth
Ranks #1,063 of 1,157 healthcare companies (bottom 9%)
Earnings slid into a loss. Loss per share this year after a profit last year.
Centene made a loss per share in its latest year after a profit the year before.
Operating margin at a 6-year low.-3.9% in 2025, the weakest of the last 6 years.
Centene's operating margin fell to -3.9% in 2025, its lowest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Centene looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Share count shrinking. Shares outstanding down 10% from December 2022 to July 2026.
Centene had 10% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-15.3%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148
EBITDA yield-19.6%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401
Free cash flow yield26.9%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Centene
Is Centene getting weaker?
Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 24/100 since Oct 28, 2026.
How is Centene valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers.Earnings yield -15.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -15.3% vs peers 1.5% (weaker than 100% of peers).
Is Centene growing?
At about the same pace as its peers. Growth scores 43/100 against 1,393 healthcare peers.Revenue growth 13.9% vs a peer median of 6.1% (stronger than 70% of peers).Revenue growth 13.9% vs peers 6.1% (stronger than 70% of peers).
How profitable is Centene?
Less profitable than most of its peers. Profitability scores 27/100 against 1,393 healthcare peers.Return on invested capital -30.7% vs a peer median of 4.7% (weaker than 83% of peers).Return on invested capital -30.7% vs peers 4.7% (weaker than 83% of peers).
How risky is Centene?
Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Current ratio 1.15× vs a peer median of 2.59× (weaker than 86% of peers).Current ratio 1.15× vs peers 2.59× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
198.1B USD
202.9B USD
+2.4%
Net income (12 months)
−6.4B USD
−5.1B USD
−20.9%
Operating margin
-3.7%
-2.8%
+0.9 pts
Free cash flow (12 months)
7.1B USD
9.0B USD
+25.9%
Debt
16.4B USD
16.1B USD
−1.6%
Cash
21.3B USD
24.2B USD
+13.6%
Shares outstanding
493.8M
494.0M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Healthcare Plans companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
1.4%
0.9%
1.9%
1.9%
-3.9%
▼ 5.9 pts
Net margin
1.1%
0.8%
1.8%
2.0%
-3.4%
▼ 5.5 pts
Return on assets (ROA)
1.7%
1.6%
3.2%
4.0%
-8.7%
▼ 13 pts
Return on equity (ROE)
5.0%
5.0%
10.5%
12.5%
-33.4%
▼ 46 pts
Debt to equity
0.71×
0.76×
0.70×
0.71×
0.88×
▲ 24%
Interest coverage
2.68×
1.98×
4.04×
4.52×
-11.24×
▼ 349%
CNC price history
Price history is added with the daily price update and will appear after the next one.