Centene CorporationCNC
NYSE•Healthcare•Healthcare Plans
Centene Corporation operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States. It operates through four segments: Medicaid, Medicare, Commercial, and Other. The Medicaid segment offers the temporary assistance for needy families; medicaid expansion; aged, blind, or disabled; and children's health insurance programs, as well as long-term services and supports; foster care; and medicare-medicaid plans. This segment also provides healthcare products and services. The Medicare segment offers special needs and medicare supplement, and prescription drug plans. The Commercial segment provides health insurance marketplace product for individual and commercial group. The Other segment operates clinical healthcare and pharmacies, as well as offers vision and dental, behavioral health, and centralized services. It provides services through primary and specialty care physicians, hospitals, behavioral health practitioners, and ancillary providers. The company was founded in 1984 and is headquartered in Saint Louis, Missouri.
Centene Corporation (CNC) reported trailing twelve months revenue of $198.10B as of March 2026, a 17.0% increase year-over-year. Quarterly revenue reached $49.94B, reflecting continued top-line momentum.
Centene Corporation reported a TTM net loss of $6.44B, with quarterly EBITDA of $2.16B. The operating margin expanded from 3.3% to 3.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.7%) and net margin (3.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.8% a year ago, signaling stronger bottom-line efficiency.
CNC trades at a P/S of 0.1x. The price-to-book ratio of 0.7x suggests the stock trades below its book value.
The company generated $4.17B in free cash flow over the trailing twelve months, a 203.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $81.17B in total assets with $16.31B in long-term debt against $21.43B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -0.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 275.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg -0.7x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 7.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation