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CNCCentene Corporation

Health care · Health Insurance · NYSE

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FY2025 at a glance

Sales up 19.4%, free cash flow up to $4.3B

XBRL, from each 10-K

RevenueStatements ↓

$194.8B

from $163.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

-$6.7B

from $3.3B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$4.3B

from -$490.0M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$-13.53

from $6.31 in FY2024

FY2016FY2025

Operating marginStatements ↓

-3.9%

from 1.9% in FY2024

FY2016FY2025

Total debtStatements ↓

$17.5B

from $18.6B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	2.91	Sales (ttm)	203.9B	Net income (ttm)	1.5B	Sales growth	+19.4%	EPS growth	-314%	Sales Q/Q	+1.9%
Free cash flow	3.9B	Gross margin	7.9%	Oper. margin	0.5%	Net margin	0.7%	FCF margin	1.9%	ROE	6.6%
ROA	1.8%	R&D / sales	-	Dividend	-	Debt/Eq	0.70	Curr. ratio	1.16	Cash	20.7B
Op. cash flow (ttm)	4.7B	EBITDA	-6.3B	EBITDA margin	-3.3%	Net debt	-5.2B	Quick ratio	1.16	Interest cover	-11.24
Stock pay / sales	0.1%	Shares out.	495.1M	Shares Y/Y	-5.8%	Book / share	44.86	Cash / share	41.81	Sales / share	411.85
Asset turnover	2.57	Sales 3Y CAGR	+10.5%	Sales 5Y CAGR	+11.9%	Employees	61,100	Sales / employee	3.3M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow turned positive−$490.0M → $4.3B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +19.4%+5.9% → +19.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to -3.9%1.9% → -3.9% · Operating income / revenue · 10-K ↗
Net income turned to a loss$3.3B → −$6.7B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

CNC against Health care peers

Ten years, side by side → · All 60 →

CNCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+19.4%6th of 60 · median +7.1%

Net margin

0.7%55th of 60 · median 9.6%

Return on equity

6.6%41st of 54 · median 13.1%

Free cash flow margin

1.9%51st of 56 · median 15.5%

Debt / equity (less is better)

0.7029th of 49 · median 0.66

CNC and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CNC Centene Corporation	$203.9B	+19.4%	7.9%	0.7%	6.6%	1.9%	0.70
CI Cigna	$286.3B	+11.2%	20.7%	2.1%	13.8%	-	0.68
CAH Cardinal Health	$257.8B	+14.2%	3.9%	0.7%	-	1.9%	-
ELV Elevance Health	$201.8B	+12.5%	89.0%	2.5%	11.5%	3.2%	0.69
HUM Humana	$154.2B	+10.1%	-	0.8%	6.6%	2.0%	0.66
JNJ Johnson & Johnson	$99.3B	+6.0%	67.6%	16.2%	19.7%	20.7%	0.55

Where each dollar goes

FY2021FY2022FY2023FY2024

From $126.0B of sales to $1.3B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $144.5B of sales to $1.2B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $154.0B of sales to $2.7B of profit

FY2023, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $163.1B of sales to $3.3B of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$89$10

FY2022

$88$11

FY2023

$89$10

FY2024

$90$8

Cost of revenue
Costs, tax, other
Tax, less other income
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4

!
Net margin below the peer median0.7% vs 9.6%
!
Gross margin down over 4 years11.5% → 7.3%
!
Return on equity below 15%6.6%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 1.4% → -3.4%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$17.5B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 194.8B Net income -6.7B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CNC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue194.8B

Net income-6.7B

Free cash flow4.3B

EPS (diluted)-13.53

Diluted shares493.1M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Medicaid	110.4B	56.7%	+8.9%
Commercial	42.0B	21.6%	+24.6%
Medicare	37.2B	19.1%	+61.6%
All Other Segments	5.1B	2.6%	+4.3%

10-K 0001071739-26-000049, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Premium	171.6B	88.1%	+20.6%
Service	3.0B	1.6%	-5.5%

10-K 0001071739-26-000049, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	40.6B	48.4B	60.1B	74.6B	111.1B	126.0B	144.5B	154.0B	163.1B	194.8B
Cost of revenue	1.9B	1.8B	2.4B	2.5B	3.3B	4.9B	7.0B	3.6B	2.7B	2.7B
Gross profit	-	-	-	-	-	14.5B	16.9B	17.6B	17.1B	14.2B
SG&A	3.7B	4.4B	6.0B	6.5B	9.4B	9.6B	11.6B	12.6B	12.4B	12.9B
Operating income	1.3B	1.2B	1.5B	1.8B	3.1B	1.8B	1.3B	2.9B	3.2B	-7.6B
Interest expense	217.0M	255.0M	343.0M	412.0M	728.0M	665.0M	665.0M	725.0M	702.0M	678.0M
Pretax income	1.2B	1.1B	1.4B	1.8B	2.8B	1.8B	2.0B	3.6B	4.3B	-6.7B
Income tax	599.0M	326.0M	474.0M	473.0M	979.0M	477.0M	760.0M	899.0M	963.0M	-51.0M
Net income	562.0M	828.0M	900.0M	1.3B	1.8B	1.3B	1.2B	2.7B	3.3B	-6.7B
EPS (diluted)	1.71	2.34	2.26	3.14	3.12	2.28	2.07	4.95	6.31	-13.53
Diluted shares	328.0M	353.4M	398.5M	420.4M	579.1M	590.5M	582.0M	545.7M	523.7M	493.1M
Depreciation & amortization	278.0M	361.0M	495.0M	643.0M	1.3B	1.3B	1.4B	1.3B	1.2B	1.3B
EBITDA	1.5B	1.6B	2.0B	2.4B	4.3B	3.1B	2.7B	4.2B	4.4B	-6.3B
Gross margin	-	-	-	-	-	11.5%	11.7%	11.5%	10.5%	7.3%
Operating margin	3.1%	2.5%	2.4%	2.4%	2.8%	1.4%	0.9%	1.9%	1.9%	-3.9%
Net margin	1.4%	1.7%	1.5%	1.8%	1.6%	1.1%	0.8%	1.8%	2.0%	-3.4%
Revenue growth	-	+19.1%	+24.3%	+24.2%	+48.9%	+13.4%	+14.7%	+6.5%	+5.9%	+19.4%
EPS growth	-	+36.8%	-3.4%	+38.9%	-0.6%	-26.9%	-9.2%	+139%	+27.5%	-314%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	3.9B	4.1B	5.3B	12.1B	10.8B	13.1B	12.1B	17.2B	14.1B	17.9B
Short-term investments	505.0M	531.0M	722.0M	863.0M	1.6B	1.5B	2.3B	2.5B	2.6B	2.4B
Current assets	8.4B	8.7B	12.0B	20.3B	23.4B	28.5B	30.1B	40.8B	38.0B	40.4B
Property & equipment	797.0M	1.1B	1.7B	2.1B	2.8B	3.4B	2.4B	2.0B	2.1B	2.0B
Goodwill	4.7B	4.7B	7.0B	6.9B	18.7B	19.8B	18.8B	17.6B	17.6B	10.8B
Total assets	20.2B	21.9B	30.9B	41.0B	68.7B	78.4B	76.9B	84.6B	82.4B	76.7B
Current liabilities	8.6B	9.3B	12.0B	12.9B	21.6B	25.8B	28.5B	36.7B	34.3B	36.7B
Total debt	4.8B	4.8B	6.9B	13.9B	16.9B	19.0B	18.2B	18.0B	18.6B	17.5B
Total liabilities	14.1B	15.0B	19.9B	28.3B	42.8B	51.4B	52.6B	58.7B	55.9B	56.7B
Shareholders' equity	5.9B	6.8B	10.9B	12.6B	25.8B	26.8B	24.1B	25.8B	26.4B	20.0B
Retained earnings	1.9B	2.7B	3.7B	5.0B	6.8B	8.1B	9.3B	12.0B	15.3B	8.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.9B	1.5B	1.2B	1.5B	5.5B	4.2B	6.3B	8.1B	154.0M	5.1B
Capital spending	306.0M	422.0M	675.0M	730.0M	869.0M	910.0M	1.0B	799.0M	644.0M	767.0M
Free cash flow	1.5B	1.1B	559.0M	753.0M	4.6B	3.3B	5.3B	7.3B	-490.0M	4.3B
Stock-based pay (added back)	148.0M	135.0M	145.0M	177.0M	281.0M	203.0M	234.0M	216.0M	212.0M	204.0M
Buybacks	63.0M	65.0M	71.0M	75.0M	626.0M	297.0M	3.1B	1.6B	3.1B	475.0M
Acquisitions	-	50.0M	2.1B	36.0M	4.0B	534.0M	1.5B	0	0	-
Debt raised	8.9B	1.4B	6.1B	24.7B	5.1B	9.3B	360.0M	2.3B	1.3B	750.0M
Debt repaid	6.1B	1.4B	4.1B	17.8B	4.1B	7.4B	1.5B	2.3B	622.0M	1.9B
Investing cash flow	-2.5B	-1.3B	-4.6B	-1.5B	-7.0B	-3.3B	-2.9B	-1.2B	-1.1B	472.0M
Financing cash flow	2.7B	-82.0M	4.6B	6.8B	260.0M	1.4B	-4.2B	-1.7B	-2.4B	-1.6B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	148.0M	135.0M	145.0M	177.0M	281.0M	203.0M	234.0M	216.0M	212.0M	204.0M
Stock-based pay / revenue	0.4%	0.3%	0.2%	0.2%	0.3%	0.2%	0.2%	0.1%	0.1%	0.1%
Operating lease cash paid	-	-	-	227.0M	276.0M	385.0M	440.0M	378.0M	227.0M	195.0M
Right-of-use assets	-	-	-	661.0M	1.3B	3.6B	2.6B	396.0M	359.0M	317.0M
Operating lease liabilities	-	-	-	783.0M	1.5B	3.8B	3.3B	1.0B	896.0M	761.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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