Centene (CNC) Financials

$55.93 -1.72 (-2.98%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$56.54 +0.62 (+1.10%)

As of 09:00 AM Eastern

Annual Income Statements for Centene

This table shows Centene's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,305	2,702	1,202	1,347	1,808	1,321	900	828	562	355
Consolidated Net Income / (Loss)	3,294	2,699	1,202	1,336	1,794	1,309	894	808	561	357
Net Income / (Loss) Continuing Operations	3,294	2,699	1,202	1,336	1,794	1,309	894	808	561	358
Total Pre-Tax Income	4,257	3,598	1,962	1,813	2,773	1,782	1,368	1,134	1,160	697
Total Operating Income	3,175	2,930	1,318	1,784	3,082	1,781	1,458	1,199	1,263	705
Total Gross Profit	160,342	150,435	137,515	22,486	21,548	72,174	11,673	8,684	8,107	21,139
Total Revenue	163,071	153,999	144,547	125,982	111,115	74,639	60,116	48,382	40,607	22,760
Operating Revenue	163,071	153,999	144,547	125,982	111,115	74,639	60,116	48,382	40,607	22,760
Total Cost of Revenue	2,729	3,564	7,032	103,496	89,567	2,465	48,443	39,698	32,500	1,621
Operating Cost of Revenue	2,729	3,564	7,032	103,496	89,567	2,465	48,443	39,698	32,500	1,621
Total Operating Expenses	157,167	147,505	136,197	20,702	18,466	70,393	10,215	7,485	6,844	20,434
Selling, General & Admin Expense	12,400	12,563	11,589	9,601	9,380	6,533	6,043	4,446	3,673	1,802
Depreciation Expense	549	575	614	565	487	-	-	-	-	-
Amortization Expense	692	718	817	770	719	258	211	156	147	24
Other Operating Expenses / (Income)	143,513	133,120	120,859	8,287	7,808	63,331	3,961	2,883	3,024	18,608
Impairment Charge	13	529	2,318	229	72	271	0.00	0.00	-	-
Total Other Income / (Expense), net	1,082	668	644	29	-309	1.00	-90	-65	-103	-8.00
Interest Expense	702	725	665	665	789	442	343	255	217	43
Interest & Investment Income	1,784	1,393	1,279	819	480	443	253	190	114	35
Other Income / (Expense), net	0.00	0.00	30	-125	-	-	-	-	-	-
Income Tax Expense	963	899	760	477	979	473	474	326	599	339
Net Income / (Loss) Attributable to Noncontrolling Interest	-11	-3.00	0.00	-11	-14	-12	-6.00	-20	-1.00	2.00
Basic Earnings per Share	$6.33	$4.97	$2.09	$2.31	$3.17	$3.19	$2.31	$2.40	$1.76	$2.98
Weighted Average Basic Shares Outstanding	521.79M	543.32M	575.19M	582.83M	570.72M	413.49M	390.25M	344.85M	159.57M	118.70M
Diluted Earnings per Share	$6.31	$4.95	$2.07	$2.28	$3.12	$3.14	$2.26	$2.34	$1.71	$2.88
Weighted Average Diluted Shares Outstanding	523.74M	545.70M	582.04M	590.52M	579.14M	420.41M	398.51M	353.40M	159.57M	118.70M
Weighted Average Basic & Diluted Shares Outstanding	496.04M	534.86M	551.26M	582.87M	581.59M	586.77M	390.25M	344.85M	159.57M	118.70M

This table shows Centene's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,311	283	713	1,146	1,163	45	469	1,058	1,130	-213	738
Consolidated Net Income / (Loss)	1,314	280	710	1,146	1,158	39	475	1,055	1,130	-219	740
Net Income / (Loss) Continuing Operations	1,314	280	710	1,146	1,158	39	475	1,055	1,130	-219	740
Total Pre-Tax Income	1,746	347	921	1,516	1,473	24	768	1,415	1,391	41	1,009
Total Operating Income	1,534	175	665	1,229	1,106	-194	735	1,171	1,218	-282	476
Total Gross Profit	45,922	71,049	41,331	39,156	8,806	38,499	37,186	36,731	38,019	117,448	6,183
Total Revenue	46,620	40,805	42,023	39,836	40,407	39,460	38,042	37,608	38,889	35,561	35,865
Operating Revenue	46,620	40,805	42,023	39,836	40,407	39,460	38,042	37,608	38,889	35,561	35,865
Total Cost of Revenue	698	-30,244	692	680	31,601	961	856	877	870	-81,887	29,682
Operating Cost of Revenue	698	-30,244	692	680	31,601	961	856	877	870	-81,887	29,682
Total Operating Expenses	44,388	70,874	40,666	37,927	7,700	38,693	36,451	35,560	36,801	117,730	5,707
Selling, General & Admin Expense	3,353	3,231	3,057	2,894	3,218	3,488	3,048	3,016	3,011	3,198	2,846
Depreciation Expense	142	141	140	133	135	139	148	146	142	144	150
Amortization Expense	173	173	173	173	173	176	180	179	183	208	211
Other Operating Expenses / (Income)	40,720	67,329	37,296	34,727	4,161	34,839	32,635	32,201	33,445	113,601	2,211
Impairment Charge	0.00	-	0.00	0.00	13	51	440	18	20	579	289
Total Other Income / (Expense), net	212	172	256	287	367	218	33	244	173	323	533
Interest Expense	170	172	176	176	178	183	181	181	180	177	169
Interest & Investment Income	382	344	432	463	545	401	214	425	353	493	692
Income Tax Expense	432	67	211	370	315	-15	293	360	261	260	269
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	-3.00	-3.00	0.00	-5.00	-6.00	6.00	-3.00	0.00	-6.00	2.00
Basic Earnings per Share	$2.64	$0.63	$1.37	$2.16	$2.17	$0.12	$0.87	$1.93	$2.05	($0.37)	$1.29
Weighted Average Basic Shares Outstanding	496.21M	521.79M	521.97M	529.60M	535.11M	543.32M	539.54M	548.93M	550.78M	575.19M	573.96M
Diluted Earnings per Share	$2.63	$0.63	$1.36	$2.16	$2.16	$0.12	$0.87	$1.92	$2.04	($0.35)	$1.27
Weighted Average Diluted Shares Outstanding	498.18M	523.74M	523.54M	530.76M	538.06M	545.70M	541.27M	550.31M	553.85M	582.04M	580.61M
Weighted Average Basic & Diluted Shares Outstanding	497.60M	496.04M	504.87M	526.03M	533.66M	534.86M	534.20M	541.48M	548.77M	551.26M	566.26M

This table details how cash moves in and out of Centene's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-3,296	5,172	-868	2,257	-1,174	6,781	1,261	153	2,098	150
Net Cash From Operating Activities	154	8,053	6,261	4,205	5,503	1,483	1,234	1,489	1,851	658
Net Cash From Continuing Operating Activities	154	8,053	6,261	4,205	5,503	1,483	1,234	1,489	1,851	658
Net Income / (Loss) Continuing Operations	3,294	2,699	1,202	1,336	1,794	1,309	894	808	561	357
Consolidated Net Income / (Loss)	3,294	2,699	1,202	1,336	1,794	1,309	894	808	561	357
Depreciation Expense	1,241	1,293	1,430	1,335	1,259	643	495	361	278	111
Non-Cash Adjustments To Reconcile Net Income	-4,266	-1,377	347	-2,413	-274	-607	-1,028	104	267	-246
Changes in Operating Assets and Liabilities, net	-115	5,438	3,282	3,947	2,724	138	873	216	745	436
Net Cash From Investing Activities	-1,052	-1,191	-2,921	-3,299	-6,955	-1,532	-4,585	-1,254	-2,469	-813
Net Cash From Continuing Investing Activities	-1,052	-1,191	-2,921	-3,299	-6,955	-1,532	-4,585	-1,254	-2,469	-813
Purchase of Property, Plant & Equipment	-644	-799	-1,004	-910	-869	-730	-675	-422	-306	-150
Acquisitions	0.00	0.00	-1,460	-534	-4,049	-36	-2,055	-50	-1,297	-18
Purchase of Investments	-7,183	-6,622	-6,736	-7,400	-7,402	-2,575	-3,846	-2,656	-2,432	-1,321
Divestitures	990	707	2,477	68	466	0.00	0.00	-	-	-
Sale and/or Maturity of Investments	5,785	5,523	3,802	5,458	4,921	1,809	1,991	1,862	1,566	669
Net Cash From Financing Activities	-2,406	-1,658	-4,197	1,362	260	6,832	4,612	-82	2,717	305
Net Cash From Continuing Financing Activities	-2,406	-1,658	-4,197	1,362	260	6,832	4,612	-82	2,717	305
Repayment of Debt	-628	-2,316	-1,531	-7,643	-4,249	-17,814	-4,173	-1,356	-6,152	-1,567
Repurchase of Common Equity	-3,124	-1,633	-3,096	-297	-626	-75	-71	-65	-63	-53
Payment of Dividends	0.00	-88	0.00	0.00	-	-	-	-66	-14	0.00
Issuance of Debt	1,300	2,335	360	9,267	5,107	24,721	6,077	1,405	8,946	1,925
Issuance of Common Equity	46	44	70	35	28	-	2,779	0.00	0.00	-
Effect of Exchange Rate Changes	8.00	-32	-11	-11	18	-2.00	-	-	-1.00	0.00
Cash Interest Paid	688	688	657	658	725	374	323	237	165	55
Cash Income Taxes Paid	1,002	887	1,198	678	1,191	612	448	496	556	328

This table details how cash moves in and out of Centene's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	731	-497	-3,062	-162	425	-984	958	1,363	3,835	-3,061	1,826
Net Cash From Operating Activities	1,510	-587	-978	2,175	-456	217	1,021	2,546	4,269	-1,576	3,332
Net Cash From Continuing Operating Activities	1,510	-587	-978	2,175	-456	217	1,021	2,546	4,269	-1,576	3,332
Net Income / (Loss) Continuing Operations	1,314	280	710	1,146	1,158	39	475	1,055	1,130	-219	740
Consolidated Net Income / (Loss)	1,314	280	710	1,146	1,158	39	475	1,055	1,130	-219	740
Depreciation Expense	314	314	313	306	308	315	328	325	325	351	361
Non-Cash Adjustments To Reconcile Net Income	-2,402	-1,560	-1,560	116	-1,262	-1,557	-1,447	1,637	-10	-1,897	1,734
Changes in Operating Assets and Liabilities, net	2,284	379	-441	607	-660	1,420	1,665	-471	2,824	189	497
Net Cash From Investing Activities	-529	102	-839	-1,167	852	-949	435	-424	-253	221	3.00
Net Cash From Continuing Investing Activities	-529	102	-839	-1,167	852	-949	435	-424	-253	221	3.00
Purchase of Property, Plant & Equipment	-135	-154	-153	-186	-151	-223	-136	-215	-225	-233	-247
Purchase of Investments	-1,630	-1,413	-2,336	-2,117	-1,317	-1,893	-1,530	-1,580	-1,619	-1,618	-2,004
Divestitures	0.00	31	-	80	879	17	21	226	443	1,115	1,362
Sale and/or Maturity of Investments	1,236	1,638	1,650	1,056	1,441	1,150	2,080	1,145	1,148	960	837
Net Cash From Financing Activities	-250	-13	-1,245	-1,171	23	-201	-524	-750	-183	-1,732	-1,481
Net Cash From Continuing Financing Activities	-250	-13	-1,245	-1,171	23	-201	-524	-750	-183	-1,732	-1,481
Repayment of Debt	-969	-29	-30	-379	-190	-346	-648	-1,321	-1.00	-310	-288
Repurchase of Common Equity	-41	-943	-1,227	-803	-151	-31	-774	-405	-423	-1,433	-1,243
Issuance of Debt	750	950	-	-	350	165	889	994	287	3.00	26
Issuance of Common Equity	10	9.00	12	11	14	12	11	9.00	12	8.00	24
Effect of Exchange Rate Changes	0.00	1.00	-	1.00	6.00	-51	26	-9.00	2.00	26	-28
Cash Interest Paid	129	193	143	197	155	192	148	204	144	195	135
Cash Income Taxes Paid	7.00	181	211	597	13	128	167	581	11	750	37

This table presents Centene's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	82,445	84,641	76,870	78,375	68,719	40,994	30,901	21,855	20,197	7,339
Total Current Assets	37,999	40,756	30,128	28,497	23,393	20,323	11,998	8,703	8,365	3,605
Cash & Equivalents	14,063	17,193	12,074	13,118	10,800	12,123	5,342	4,072	3,930	1,760
Short-Term Investments	2,622	2,459	2,321	1,539	1,580	863	722	531	505	176
Accounts Receivable	19,713	15,532	13,272	12,238	9,696	6,247	5,150	3,413	3,215	1,279
Other Current Assets	1,601	5,572	2,461	1,602	1,317	1,090	784	687	715	390
Plant, Property, & Equipment, net	2,067	2,019	2,432	3,391	2,774	2,121	1,706	1,104	797	518
Total Noncurrent Assets	42,379	41,866	44,310	46,487	42,552	18,550	17,197	12,048	11,035	3,216
Long-Term Investments	17,429	16,286	14,684	14,043	12,853	7,717	6,861	5,312	4,545	1,927
Goodwill	17,558	17,558	18,812	19,771	18,652	6,863	7,015	4,749	4,712	842
Intangible Assets	5,409	6,101	6,911	7,824	8,388	2,063	2,239	1,398	1,545	155
Other Noncurrent Operating Assets	593	535	2,686	3,781	1,599	1,249	527	454	95	177
Other Noncurrent Nonoperating Assets	1,390	1,386	1,217	1,068	1,060	658	555	135	138	115
Total Liabilities & Shareholders' Equity	82,445	84,641	76,870	78,375	68,719	40,994	30,901	21,855	20,197	7,339
Total Liabilities	55,935	58,685	52,633	51,353	42,757	28,302	19,878	14,979	14,143	5,015
Total Current Liabilities	34,261	36,716	28,464	25,765	21,585	12,932	11,971	9,332	8,623	3,629
Short-Term Debt	110	119	82	267	97	88	38	4.00	4.00	5.00
Accounts Payable	13,174	16,420	9,525	8,493	7,069	4,164	4,051	4,165	3,763	976
Current Deferred Revenue	661	715	478	434	523	383	385	328	313	143
Other Current Liabilities	20,316	19,462	18,379	16,571	13,896	8,297	7,497	4,835	4,543	2,505
Total Noncurrent Liabilities	21,674	21,969	24,169	25,588	21,172	15,370	7,907	5,647	5,520	1,386
Long-Term Debt	18,423	17,710	17,938	18,571	16,682	13,638	6,648	4,695	4,651	1,216
Noncurrent Deferred & Payable Income Tax Liabilities	684	641	615	1,407	1,534	189	-	-	-	-
Other Noncurrent Operating Liabilities	2,567	3,618	5,616	5,610	2,956	1,543	1,259	952	869	170
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	10	19	56	82	77	33	10	12	145	156
Total Equity & Noncontrolling Interests	26,500	25,937	24,181	26,940	25,885	12,659	11,013	6,864	5,909	2,168
Total Preferred & Common Equity	26,410	25,840	24,057	26,795	25,773	12,551	10,917	6,850	5,895	2,157
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	26,410	25,840	24,057	26,795	25,773	12,551	10,917	6,850	5,895	2,157
Common Stock	20,563	20,305	20,061	19,673	19,460	7,647	7,449	4,349	4,190	956
Retained Earnings	15,348	12,043	9,341	8,139	6,792	4,984	3,663	2,748	1,920	1,358
Treasury Stock	-8,997	-5,856	-4,213	-1,094	-816	-214	-139	-244	-179	-147
Accumulated Other Comprehensive Income / (Loss)	-504	-652	-1,132	77	337	134	-56	-3.00	-36	-10
Noncontrolling Interest	90	97	124	145	112	108	96	14	14	11

This table presents Centene's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	87,044	82,445	82,351	83,137	82,624	84,641	84,381	82,853	82,982	76,870	81,172
Total Current Assets	41,288	37,999	37,409	38,406	38,448	40,756	41,405	34,866	35,009	30,128	33,275
Cash & Equivalents	14,815	14,063	14,577	17,605	17,585	17,193	18,190	17,170	15,853	12,074	14,987
Short-Term Investments	2,472	2,622	2,992	2,609	2,082	2,459	2,241	2,212	2,135	2,321	2,191
Accounts Receivable	22,436	19,713	18,281	16,587	16,824	15,532	15,503	13,601	15,210	13,272	13,770
Other Current Assets	1,565	1,601	1,559	1,605	1,957	5,572	5,471	1,883	1,811	2,461	2,327
Plant, Property, & Equipment, net	2,044	2,067	2,042	2,041	1,988	2,019	2,004	2,416	2,478	2,432	2,479
Total Noncurrent Assets	43,712	42,379	42,900	42,690	42,188	41,866	40,972	45,571	45,495	44,310	45,418
Long-Term Investments	18,268	17,429	17,691	16,870	16,496	16,286	15,234	16,108	15,833	14,684	14,053
Goodwill	17,558	17,558	17,558	17,558	17,558	17,558	17,558	18,716	18,836	18,812	20,040
Intangible Assets	5,236	5,409	5,582	5,755	5,928	6,101	6,277	6,520	6,730	6,911	7,523
Other Noncurrent Operating Assets	1,241	593	617	1,092	823	535	560	2,872	2,783	2,686	2,597
Other Noncurrent Nonoperating Assets	1,409	1,390	1,452	1,415	1,383	1,386	1,343	1,355	1,313	1,217	1,205
Total Liabilities & Shareholders' Equity	87,044	82,445	82,351	83,137	82,624	84,641	84,381	82,853	82,982	76,870	81,172
Total Liabilities	59,025	55,935	54,942	55,680	55,560	58,685	58,965	57,066	57,796	52,633	55,572
Total Current Liabilities	37,143	34,261	34,061	32,729	32,784	36,716	36,851	31,306	32,857	28,464	31,330
Short-Term Debt	12	110	111	112	113	119	113	110	97	82	249
Accounts Payable	13,948	13,174	13,338	12,232	12,130	16,420	15,081	9,868	10,781	9,525	9,995
Current Deferred Revenue	869	661	658	597	681	715	2,356	2,373	2,398	478	2,416
Other Current Liabilities	22,314	20,316	19,954	19,788	19,860	19,462	19,301	18,955	19,581	18,379	18,670
Total Noncurrent Liabilities	21,882	21,674	20,881	22,951	22,776	21,969	22,114	25,760	24,939	24,169	24,242
Long-Term Debt	18,308	18,423	17,494	17,516	17,887	17,710	17,888	17,896	18,223	17,938	18,084
Noncurrent Deferred & Payable Income Tax Liabilities	708	684	769	665	734	641	577	495	522	615	480
Other Noncurrent Operating Liabilities	2,866	2,567	2,618	4,770	4,155	3,618	3,649	7,369	6,194	5,616	5,678
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	12	10	13	16	16	19	21	19	20	56	66
Total Equity & Noncontrolling Interests	28,007	26,500	27,396	27,441	27,048	25,937	25,395	25,768	25,166	24,181	25,534
Total Preferred & Common Equity	27,916	26,410	27,307	27,351	26,958	25,840	25,295	25,671	25,042	24,057	25,378
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	27,916	26,410	27,307	27,351	26,958	25,840	25,295	25,671	25,042	24,057	25,378
Common Stock	20,632	20,563	20,523	20,462	20,389	20,305	20,244	20,184	20,122	20,061	19,775
Retained Earnings	16,659	15,348	15,065	14,352	13,206	12,043	11,998	11,529	10,471	9,341	9,554
Treasury Stock	-9,038	-8,997	-8,055	-6,817	-6,007	-5,856	-5,825	-5,044	-4,636	-4,213	-2,557
Accumulated Other Comprehensive Income / (Loss)	-337	-504	-226	-646	-630	-652	-1,122	-998	-915	-1,132	-1,394
Noncontrolling Interest	91	90	89	90	90	97	100	97	124	124	156

This table displays calculated financial ratios and metrics derived from Centene's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.89%	6.54%	14.74%	13.38%	48.87%	24.16%	24.25%	19.15%	78.41%	37.44%
EBITDA Growth	4.57%	52.02%	-7.21%	-31.03%	79.08%	24.12%	25.19%	1.23%	88.85%	47.56%
EBIT Growth	8.36%	117.36%	-18.75%	-46.17%	73.05%	22.15%	21.60%	-5.07%	79.15%	51.94%
NOPAT Growth	11.78%	172.20%	-38.58%	-34.07%	52.41%	37.31%	11.53%	39.87%	68.68%	36.65%
Net Income Growth	22.05%	124.54%	-10.03%	-25.53%	37.05%	46.42%	10.64%	44.03%	57.14%	35.23%
EPS Growth	27.47%	139.13%	-9.21%	-26.92%	-0.64%	38.94%	10.64%	44.03%	57.14%	28.00%
Operating Cash Flow Growth	-98.09%	28.62%	48.89%	-23.59%	271.07%	20.18%	-17.13%	-19.56%	181.31%	-46.20%
Free Cash Flow Firm Growth	-108.07%	55.88%	195.60%	117.78%	-2,056.65%	127.43%	-290.28%	165.12%	-454.97%	-30.64%
Invested Capital Growth	47.64%	-45.98%	-25.67%	-2.16%	225.25%	19.58%	177.31%	-4.15%	467.44%	-9.07%
Revenue Q/Q Growth	0.83%	2.60%	2.11%	3.52%	9.27%	3.19%	6.66%	1.88%	16.03%	7.45%
EBITDA Q/Q Growth	9.09%	1.25%	-21.06%	13.54%	-1.96%	-3.35%	14.75%	-17.68%	30.93%	4.08%
EBIT Q/Q Growth	13.15%	3.10%	-38.81%	38.71%	-7.83%	-5.87%	16.55%	-22.24%	31.70%	3.98%
NOPAT Q/Q Growth	12.82%	14.53%	-52.41%	58.65%	-8.06%	-3.61%	2.51%	-4.54%	36.55%	2.70%
Net Income Q/Q Growth	7.89%	10.57%	-40.32%	84.53%	-10.97%	-2.89%	2.05%	-4.27%	35.84%	1.71%
EPS Q/Q Growth	8.79%	10.49%	-39.83%	80.95%	-10.86%	-3.98%	2.05%	-4.27%	35.84%	-2.37%
Operating Cash Flow Q/Q Growth	-83.92%	28.64%	-26.45%	-35.42%	194.12%	-1.13%	-46.76%	-43.41%	302.39%	-20.44%
Free Cash Flow Firm Q/Q Growth	-318.28%	9.86%	-19.01%	-44.80%	21.95%	37.09%	-251.29%	-49.15%	40.01%	-27.17%
Invested Capital Q/Q Growth	14.90%	0.81%	4.04%	1.22%	-9.11%	30.07%	46.79%	4.96%	-32.81%	0.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.33%	97.69%	95.14%	17.85%	19.39%	96.70%	19.42%	17.95%	19.96%	92.88%
EBITDA Margin	2.71%	2.74%	1.92%	2.38%	3.91%	3.25%	3.25%	3.22%	3.79%	3.59%
Operating Margin	1.95%	1.90%	0.91%	1.42%	2.77%	2.39%	2.43%	2.48%	3.11%	3.10%
EBIT Margin	1.95%	1.90%	0.93%	1.32%	2.77%	2.39%	2.43%	2.48%	3.11%	3.10%
Profit (Net Income) Margin	2.02%	1.75%	0.83%	1.06%	1.61%	1.75%	1.49%	1.67%	1.38%	1.57%
Tax Burden Percent	77.38%	75.01%	61.26%	73.69%	64.70%	73.46%	65.35%	71.25%	48.36%	51.22%
Interest Burden Percent	134.08%	122.80%	145.55%	109.28%	89.97%	100.06%	93.83%	94.58%	91.84%	98.87%
Effective Tax Rate	22.62%	24.99%	38.74%	26.31%	35.30%	26.54%	34.65%	28.75%	51.64%	48.64%
Return on Invested Capital (ROIC)	30.71%	23.86%	5.76%	8.08%	18.54%	28.18%	33.12%	54.83%	105.49%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	26.12%	20.71%	2.36%	7.87%	20.88%	28.17%	34.09%	55.78%	106.87%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-18.15%	-13.11%	-1.07%	-3.04%	-9.26%	-17.14%	-23.13%	-42.34%	-92.10%	0.00%
Return on Equity (ROE)	12.56%	10.75%	4.69%	5.04%	9.28%	11.04%	9.99%	12.50%	13.39%	16.94%
Cash Return on Invested Capital (CROIC)	-7.77%	83.57%	35.21%	10.27%	-87.39%	10.34%	-60.87%	59.07%	-88.82%	0.00%
Operating Return on Assets (OROA)	3.80%	3.63%	1.74%	2.26%	5.62%	4.95%	5.53%	5.70%	9.17%	10.71%
Return on Assets (ROA)	3.94%	3.34%	1.55%	1.82%	3.27%	3.64%	3.39%	3.84%	4.07%	5.42%
Return on Common Equity (ROCE)	12.51%	10.69%	4.65%	5.00%	9.20%	10.92%	9.92%	12.32%	12.87%	15.68%
Return on Equity Simple (ROE_SIMPLE)	12.47%	10.45%	5.00%	4.99%	6.96%	10.43%	8.19%	11.80%	9.52%	16.55%
Net Operating Profit after Tax (NOPAT)	2,457	2,198	807	1,315	1,994	1,308	953	854	611	362
NOPAT Margin	1.51%	1.43%	0.56%	1.04%	1.79%	1.75%	1.59%	1.77%	1.50%	1.59%
Net Nonoperating Expense Percent (NNEP)	4.59%	3.15%	3.40%	0.21%	-2.33%	0.01%	-0.97%	-0.94%	-1.38%	-0.20%
Return On Investment Capital (ROIC_SIMPLE)	5.46%	5.02%	1.91%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	1.67%	2.31%	4.86%	82.15%	80.61%	3.30%	80.58%	82.05%	80.04%	7.12%
SG&A Expenses to Revenue	7.60%	8.16%	8.02%	7.62%	8.44%	8.75%	10.05%	9.19%	9.05%	7.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	96.38%	95.78%	94.22%	16.43%	16.62%	94.31%	16.99%	15.47%	16.85%	89.78%
Earnings before Interest and Taxes (EBIT)	3,175	2,930	1,348	1,659	3,082	1,781	1,458	1,199	1,263	705
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,416	4,223	2,778	2,994	4,341	2,424	1,953	1,560	1,541	816
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.16	1.53	1.93	1.79	1.35	2.07	2.17	2.54	1.64	3.64
Price to Tangible Book Value (P/TBV)	8.88	18.18	0.00	0.00	0.00	7.18	14.24	24.76	0.00	6.76
Price to Revenue (P/Rev)	0.19	0.26	0.32	0.38	0.31	0.35	0.39	0.36	0.24	0.34
Price to Earnings (P/E)	9.25	14.67	38.63	35.69	19.25	19.69	26.31	21.02	17.18	22.10
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.81%	6.82%	2.59%	2.80%	5.19%	5.08%	3.80%	4.76%	5.82%	4.53%
Enterprise Value to Invested Capital (EV/IC)	1.58	3.35	2.97	2.39	1.61	3.79	4.15	8.01	3.45	0.00
Enterprise Value to Revenue (EV/Rev)	0.09	0.14	0.25	0.31	0.24	0.26	0.29	0.25	0.14	0.24
Enterprise Value to EBITDA (EV/EBITDA)	3.42	5.13	12.80	12.84	6.11	7.91	8.98	7.83	3.56	6.58
Enterprise Value to EBIT (EV/EBIT)	4.76	7.39	26.38	23.17	8.61	10.77	12.03	10.19	4.35	7.62
Enterprise Value to NOPAT (EV/NOPAT)	6.15	9.85	44.04	29.24	13.31	14.66	18.41	14.30	8.99	14.83
Enterprise Value to Operating Cash Flow (EV/OCF)	98.08	2.69	5.68	9.14	4.82	12.93	14.22	8.21	2.97	8.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.81	7.20	23.01	0.00	39.93	0.00	13.28	0.00	13.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.70	0.69	0.74	0.70	0.65	1.08	0.61	0.68	0.77	0.53
Long-Term Debt to Equity	0.69	0.68	0.74	0.69	0.64	1.07	0.60	0.68	0.77	0.52
Financial Leverage	-0.70	-0.63	-0.45	-0.39	-0.44	-0.61	-0.68	-0.76	-0.86	-1.20
Leverage Ratio	3.18	3.22	3.03	2.78	2.84	3.03	2.95	3.25	3.29	3.12
Compound Leverage Factor	4.27	3.95	4.41	3.03	2.55	3.03	2.77	3.08	3.02	3.09
Debt to Total Capital	41.15%	40.72%	42.64%	41.08%	39.26%	51.96%	37.75%	40.60%	43.47%	34.44%
Short-Term Debt to Total Capital	0.24%	0.27%	0.19%	0.58%	0.23%	0.33%	0.21%	0.03%	0.04%	0.14%
Long-Term Debt to Total Capital	40.90%	40.45%	42.45%	40.50%	39.03%	51.62%	37.54%	40.56%	43.43%	34.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.22%	0.26%	0.43%	0.50%	0.44%	0.53%	0.60%	0.22%	1.48%	4.71%
Common Equity to Total Capital	58.63%	59.02%	56.93%	58.43%	60.30%	47.51%	61.65%	59.18%	55.05%	60.85%
Debt to EBITDA	4.20	4.22	6.49	6.29	3.87	5.66	3.42	3.01	3.02	1.50
Net Debt to EBITDA	-3.53	-4.29	-3.98	-3.29	-1.95	-2.88	-3.19	-3.34	-2.81	-3.24
Long-Term Debt to EBITDA	4.17	4.19	6.46	6.20	3.84	5.63	3.40	3.01	3.02	1.49
Debt to NOPAT	7.54	8.11	22.32	14.33	8.42	10.49	7.02	5.50	7.62	3.37
Net Debt to NOPAT	-6.34	-8.24	-13.70	-7.50	-4.24	-5.33	-6.55	-6.11	-7.08	-7.30
Long-Term Debt to NOPAT	7.50	8.06	22.22	14.13	8.37	10.42	6.98	5.50	7.61	3.36
Altman Z-Score	2.75	2.60	2.66	2.43	2.42	2.90	2.98	3.23	2.74	4.61
Noncontrolling Interest Sharing Ratio	0.41%	0.59%	0.79%	0.79%	0.85%	1.04%	0.74%	1.43%	3.89%	7.45%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.11	1.06	1.11	1.08	1.57	1.00	0.93	0.97	0.99
Quick Ratio	1.06	0.96	0.97	1.04	1.02	1.49	0.94	0.86	0.89	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-621	7,698	4,938	1,671	-9,397	480	-1,751	920	-1,413	398
Operating Cash Flow to CapEx	23.91%	1,007.88%	623.61%	462.09%	633.26%	203.15%	182.81%	352.84%	604.90%	438.67%
Free Cash Flow to Firm to Interest Expense	-0.88	10.62	7.43	2.51	-11.91	1.09	-5.11	3.61	-6.51	9.26
Operating Cash Flow to Interest Expense	0.22	11.11	9.42	6.32	6.97	3.36	3.60	5.84	8.53	15.30
Operating Cash Flow Less CapEx to Interest Expense	-0.70	10.01	7.91	4.95	5.87	1.70	1.63	4.18	7.12	11.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.95	1.91	1.86	1.71	2.03	2.08	2.28	2.30	2.95	3.46
Accounts Receivable Turnover	9.25	10.69	11.33	11.49	13.94	13.10	14.04	14.60	18.07	20.78
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	79.82	69.20	49.65	40.87	45.40	39.01	42.79	50.90	61.76	47.27
Accounts Payable Turnover	0.18	0.27	0.78	13.30	15.95	0.60	11.79	10.01	13.72	1.86
Days Sales Outstanding (DSO)	39.44	34.13	32.21	31.77	26.19	27.87	26.00	25.00	20.20	17.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,979.08	1,328.55	467.62	27.44	22.89	608.21	30.95	36.45	26.61	196.35
Cash Conversion Cycle (CCC)	-1,939.63	-1,294.42	-435.41	4.33	3.30	-580.34	-4.96	-11.45	-6.41	-178.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,539	6,461	11,961	16,092	16,448	5,057	4,229	1,525	1,591	-433
Invested Capital Turnover	20.38	16.72	10.31	7.74	10.33	16.08	20.90	31.05	70.13	-54.84
Increase / (Decrease) in Invested Capital	3,078	-5,500	-4,131	-356	11,391	828	2,704	-66	2,024	-36
Enterprise Value (EV)	15,104	21,650	35,560	38,446	26,540	19,179	17,544	12,219	5,491	5,370
Market Capitalization	30,585	39,643	46,439	48,081	34,805	26,015	23,677	17,409	9,657	7,845
Book Value per Share	$52.31	$48.37	$42.48	$45.92	$44.45	$30.33	$53.16	$39.69	$34.50	$18.10
Tangible Book Value per Share	$6.82	$4.08	($2.94)	($1.37)	($2.19)	$8.76	$8.10	$4.07	($2.12)	$9.73
Total Capital	45,043	43,785	42,257	45,860	42,741	26,418	17,709	11,575	10,709	3,545
Total Debt	18,533	17,829	18,020	18,838	16,779	13,726	6,686	4,699	4,655	1,221
Total Long-Term Debt	18,423	17,710	17,938	18,571	16,682	13,638	6,648	4,695	4,651	1,216
Net Debt	-15,581	-18,109	-11,059	-9,862	-8,454	-6,977	-6,239	-5,216	-4,325	-2,642
Capital Expenditures (CapEx)	644	799	1,004	910	869	730	675	422	306	150
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12,837	-15,493	-12,649	-11,658	-10,475	-5,507	-5,999	-5,228	-4,689	-1,955
Debt-free Net Working Capital (DFNWC)	3,848	4,159	1,746	2,999	1,905	7,479	65	-625	-254	-19
Net Working Capital (NWC)	3,738	4,040	1,664	2,732	1,808	7,391	27	-629	-258	-24
Net Nonoperating Expense (NNE)	-837	-501	-395	-21	200	-0.73	59	46	50	5.11
Net Nonoperating Obligations (NNO)	-16,971	-19,495	-12,276	-10,930	-9,514	-7,635	-6,794	-5,351	-4,463	-2,757
Total Depreciation and Amortization (D&A)	1,241	1,293	1,430	1,335	1,259	643	495	361	278	111
Debt-free, Cash-free Net Working Capital to Revenue	-7.87%	-10.06%	-8.75%	-9.25%	-9.43%	-7.38%	-9.98%	-10.81%	-11.55%	-8.59%
Debt-free Net Working Capital to Revenue	2.36%	2.70%	1.21%	2.38%	1.71%	10.02%	0.11%	-1.29%	-0.63%	-0.08%
Net Working Capital to Revenue	2.29%	2.62%	1.15%	2.17%	1.63%	9.90%	0.04%	-1.30%	-0.64%	-0.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.33	$4.97	$2.09	$2.31	$3.17	$3.19	$2.31	$2.40	$1.76	$1.49
Adjusted Weighted Average Basic Shares Outstanding	521.79M	543.32M	575.19M	582.83M	570.72M	413.49M	413.17M	346.99M	319.14M	238.20M
Adjusted Diluted Earnings per Share	$6.31	$4.95	$2.07	$2.28	$3.12	$3.14	$2.26	$2.35	$1.72	$1.44
Adjusted Weighted Average Diluted Shares Outstanding	523.74M	545.70M	582.04M	590.52M	579.14M	420.41M	413.17M	346.99M	327.95M	246.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	496.04M	534.86M	551.26M	582.87M	581.59M	586.77M	413.17M	346.99M	344.06M	243.31M
Normalized Net Operating Profit after Tax (NOPAT)	2,467	2,595	2,228	2,405	2,040	1,507	953	854	884	362
Normalized NOPAT Margin	1.51%	1.68%	1.54%	1.91%	1.84%	2.02%	1.59%	1.77%	2.18%	1.59%
Pre Tax Income Margin	2.61%	2.34%	1.36%	1.44%	2.50%	2.39%	2.28%	2.34%	2.86%	3.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.52	4.04	2.03	2.49	3.91	4.03	4.25	4.70	5.82	16.40
NOPAT to Interest Expense	3.50	3.03	1.21	1.98	2.53	2.96	2.78	3.35	2.81	8.42
EBIT Less CapEx to Interest Expense	3.61	2.94	0.52	1.13	2.80	2.38	2.28	3.05	4.41	12.91
NOPAT Less CapEx to Interest Expense	2.58	1.93	-0.30	0.61	1.43	1.31	0.81	1.70	1.40	4.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	3.26%	0.00%	0.00%	0.00%	0.00%	0.00%	8.17%	2.50%	0.00%
Augmented Payout Ratio	94.84%	63.76%	257.57%	22.23%	34.89%	5.73%	7.94%	16.21%	13.73%	14.85%

This table displays calculated financial ratios and metrics derived from Centene's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.38%	3.41%	10.46%	5.92%	3.90%	10.96%	6.07%	4.65%	4.58%	9.19%	10.67%
EBITDA Growth	30.69%	304.13%	-8.00%	2.61%	-8.36%	75.36%	25.50%	605.66%	-6.09%	-91.79%	0.00%
EBIT Growth	38.70%	190.21%	-9.52%	4.95%	-9.20%	31.21%	51.23%	1,109.48%	-2.79%	-146.77%	4.29%
NOPAT Growth	32.77%	144.79%	12.77%	6.41%	-12.13%	-120.93%	30.22%	1,066.86%	6.40%	192.35%	-20.62%
Net Income Growth	13.47%	617.95%	49.47%	8.63%	2.48%	117.81%	-35.81%	716.96%	32.63%	-136.93%	27.37%
EPS Growth	21.76%	425.00%	56.32%	12.50%	5.88%	134.29%	-31.50%	762.07%	41.67%	-134.31%	28.28%
Operating Cash Flow Growth	431.14%	-370.51%	-195.79%	-14.57%	-110.68%	113.77%	-69.36%	-24.09%	270.89%	-333.48%	84.91%
Free Cash Flow Firm Growth	-140.76%	-156.64%	-124.90%	-85.84%	-83.95%	-8.03%	16.68%	1,862.36%	2,244.36%	547.04%	80.08%
Invested Capital Growth	24.70%	47.64%	29.54%	-5.21%	-10.20%	-45.98%	-44.26%	-54.27%	-53.79%	-25.67%	-27.68%
Revenue Q/Q Growth	14.25%	-2.90%	5.49%	-1.41%	2.40%	3.73%	1.15%	-3.29%	9.36%	-0.85%	-0.20%
EBITDA Q/Q Growth	277.91%	-50.00%	-36.29%	8.56%	1,068.60%	-88.62%	-28.94%	-3.05%	2,136.23%	-91.85%	299.53%
EBIT Q/Q Growth	776.57%	-73.68%	-45.89%	11.12%	670.10%	-126.39%	-37.23%	-3.86%	531.91%	-158.02%	518.97%
NOPAT Q/Q Growth	717.54%	-72.45%	-44.82%	6.85%	375.81%	-169.35%	-47.93%	-11.76%	-34.31%	331.48%	486.60%
Net Income Q/Q Growth	369.29%	-60.56%	-38.05%	-1.04%	2,869.23%	-91.79%	-54.98%	-6.64%	615.98%	-129.59%	532.75%
EPS Q/Q Growth	317.46%	-53.68%	-37.04%	0.00%	1,700.00%	-86.21%	-54.69%	-5.88%	682.86%	-127.56%	537.93%
Operating Cash Flow Q/Q Growth	357.24%	39.98%	-144.97%	576.97%	-310.14%	-78.75%	-59.90%	-40.36%	370.88%	-147.30%	-0.66%
Free Cash Flow Firm Q/Q Growth	76.08%	-112.76%	-206.92%	-25.09%	-66.76%	-6.46%	-39.22%	-15.06%	90.44%	18.68%	922.19%
Invested Capital Q/Q Growth	-1.72%	14.90%	26.06%	-12.40%	16.36%	0.81%	-7.76%	-17.01%	-30.01%	4.04%	-24.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.50%	174.12%	98.35%	98.29%	21.79%	97.56%	97.75%	97.67%	97.76%	330.27%	17.24%
EBITDA Margin	3.96%	1.20%	2.33%	3.85%	3.50%	0.31%	2.79%	3.98%	3.97%	0.19%	2.36%
Operating Margin	3.29%	0.43%	1.58%	3.09%	2.74%	-0.49%	1.93%	3.11%	3.13%	-0.79%	1.33%
EBIT Margin	3.29%	0.43%	1.58%	3.09%	2.74%	-0.49%	1.93%	3.11%	3.13%	-0.79%	1.36%
Profit (Net Income) Margin	2.82%	0.69%	1.69%	2.88%	2.87%	0.10%	1.25%	2.81%	2.91%	-0.62%	2.06%
Tax Burden Percent	75.26%	80.69%	77.09%	75.59%	78.62%	162.50%	61.85%	74.56%	81.24%	-534.15%	73.34%
Interest Burden Percent	113.82%	198.29%	138.50%	123.35%	133.18%	-12.37%	104.49%	120.84%	114.20%	-14.54%	207.61%
Effective Tax Rate	24.74%	19.31%	22.91%	24.41%	21.38%	-62.50%	38.15%	25.44%	18.76%	634.15%	26.66%
Return on Invested Capital (ROIC)	49.63%	7.05%	26.82%	54.37%	42.12%	-13.36%	20.03%	31.02%	28.09%	43.65%	10.06%
ROIC Less NNEP Spread (ROIC-NNEP)	48.79%	6.29%	25.79%	53.27%	40.53%	-15.59%	19.91%	29.81%	27.02%	58.52%	6.92%
Return on Net Nonoperating Assets (RNNOA)	-33.83%	-4.37%	-18.61%	-39.73%	-28.21%	9.87%	-12.92%	-17.20%	-13.42%	-26.49%	-3.29%
Return on Equity (ROE)	15.80%	2.68%	8.22%	14.63%	13.91%	-3.49%	7.11%	13.81%	14.68%	17.16%	6.77%
Cash Return on Invested Capital (CROIC)	10.50%	-7.77%	3.87%	37.03%	37.03%	83.57%	78.26%	90.86%	80.08%	35.21%	44.52%
Operating Return on Assets (OROA)	6.57%	0.84%	3.07%	5.86%	5.14%	-0.94%	3.50%	5.62%	5.52%	-1.48%	2.41%
Return on Assets (ROA)	5.62%	1.34%	3.28%	5.47%	5.38%	0.19%	2.26%	5.06%	5.12%	-1.15%	3.68%
Return on Common Equity (ROCE)	15.74%	2.67%	8.18%	14.57%	13.85%	-3.47%	7.06%	13.71%	14.57%	17.02%	6.71%
Return on Equity Simple (ROE_SIMPLE)	12.36%	0.00%	11.18%	10.30%	10.12%	0.00%	9.65%	10.54%	5.91%	0.00%	7.94%
Net Operating Profit after Tax (NOPAT)	1,154	141	513	929	869	-315	455	873	989	1,506	349
NOPAT Margin	2.48%	0.35%	1.22%	2.33%	2.15%	-0.80%	1.20%	2.32%	2.54%	4.24%	0.97%
Net Nonoperating Expense Percent (NNEP)	0.84%	0.76%	1.04%	1.09%	1.59%	2.23%	0.12%	1.20%	1.08%	-14.87%	3.14%
Return On Investment Capital (ROIC_SIMPLE)	2.49%	0.31%	-	-	-	-0.72%	-	-	-	3.57%	-
Cost of Revenue to Revenue	1.50%	-74.12%	1.65%	1.71%	78.21%	2.44%	2.25%	2.33%	2.24%	-230.27%	82.76%
SG&A Expenses to Revenue	7.19%	7.92%	7.27%	7.26%	7.96%	8.84%	8.01%	8.02%	7.74%	8.99%	7.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	95.21%	173.69%	96.77%	95.21%	19.06%	98.06%	95.82%	94.55%	94.63%	331.06%	15.91%
Earnings before Interest and Taxes (EBIT)	1,534	175	665	1,229	1,106	-194	735	1,171	1,218	-282	486
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,848	489	978	1,535	1,414	121	1,063	1,496	1,543	69	847
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.08	1.16	1.45	1.29	1.56	1.53	1.47	1.44	1.39	1.93	1.78
Price to Tangible Book Value (P/TBV)	5.88	8.88	9.50	8.76	12.07	18.18	25.55	85.09	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.18	0.19	0.24	0.22	0.27	0.26	0.25	0.25	0.24	0.32	0.32
Price to Earnings (P/E)	8.72	9.25	12.91	12.53	15.33	14.67	15.26	13.64	23.50	38.63	22.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	11.47%	10.81%	7.75%	7.98%	6.52%	6.82%	6.55%	7.33%	4.26%	2.59%	4.46%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.58	2.66	2.43	3.17	3.35	3.08	2.83	2.33	2.97	2.82
Enterprise Value to Revenue (EV/Rev)	0.08	0.09	0.14	0.10	0.15	0.14	0.13	0.13	0.13	0.25	0.23
Enterprise Value to EBITDA (EV/EBITDA)	2.68	3.42	5.45	3.88	5.83	5.13	4.74	4.98	7.36	12.80	9.22
Enterprise Value to EBIT (EV/EBIT)	3.60	4.76	7.86	5.57	8.47	7.39	6.95	7.61	15.19	26.38	14.73
Enterprise Value to NOPAT (EV/NOPAT)	4.73	6.15	10.12	7.48	11.43	9.85	10.29	10.84	22.63	44.04	19.13
Enterprise Value to Operating Cash Flow (EV/OCF)	6.12	98.08	23.01	5.42	7.17	2.69	3.16	2.29	2.08	5.68	3.81
Enterprise Value to Free Cash Flow (EV/FCFF)	14.64	0.00	77.46	6.40	8.11	2.81	2.82	1.95	1.84	7.20	5.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.70	0.64	0.64	0.67	0.69	0.71	0.70	0.73	0.74	0.72
Long-Term Debt to Equity	0.65	0.69	0.64	0.64	0.66	0.68	0.70	0.69	0.72	0.74	0.71
Financial Leverage	-0.69	-0.70	-0.72	-0.75	-0.70	-0.63	-0.65	-0.58	-0.50	-0.45	-0.48
Leverage Ratio	3.08	3.18	3.16	3.12	3.17	3.22	3.25	3.13	3.15	3.03	3.04
Compound Leverage Factor	3.51	6.31	4.37	3.85	4.22	-0.40	3.39	3.78	3.60	-0.44	6.31
Debt to Total Capital	39.53%	41.15%	39.11%	39.10%	39.94%	40.72%	41.46%	41.12%	42.11%	42.64%	41.73%
Short-Term Debt to Total Capital	0.03%	0.24%	0.25%	0.25%	0.25%	0.27%	0.26%	0.25%	0.22%	0.19%	0.57%
Long-Term Debt to Total Capital	39.51%	40.90%	38.86%	38.85%	39.69%	40.45%	41.20%	40.87%	41.89%	42.45%	41.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.22%	0.22%	0.23%	0.24%	0.24%	0.26%	0.28%	0.26%	0.33%	0.43%	0.51%
Common Equity to Total Capital	60.24%	58.63%	60.66%	60.67%	59.82%	59.02%	58.26%	58.62%	57.56%	56.93%	57.77%
Debt to EBITDA	3.78	4.20	4.35	4.27	4.40	4.22	4.32	4.56	6.92	6.49	5.21
Net Debt to EBITDA	-3.55	-3.53	-4.36	-4.71	-4.44	-4.29	-4.24	-4.43	-5.85	-3.98	-3.67
Long-Term Debt to EBITDA	3.77	4.17	4.32	4.24	4.37	4.19	4.29	4.54	6.88	6.46	5.14
Debt to NOPAT	6.68	7.54	8.08	8.22	8.62	8.11	9.38	9.93	21.27	22.32	10.81
Net Debt to NOPAT	-6.28	-6.34	-8.11	-9.08	-8.70	-8.24	-9.20	-9.65	-18.00	-13.70	-7.60
Long-Term Debt to NOPAT	6.67	7.50	8.03	8.17	8.57	8.06	9.32	9.87	21.16	22.22	10.66
Altman Z-Score	2.63	2.63	2.73	2.65	2.69	2.47	2.45	2.47	2.38	2.59	2.44
Noncontrolling Interest Sharing Ratio	0.38%	0.41%	0.42%	0.42%	0.48%	0.59%	0.67%	0.75%	0.77%	0.79%	0.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.11	1.10	1.17	1.17	1.11	1.12	1.11	1.07	1.06	1.06
Quick Ratio	1.07	1.06	1.05	1.12	1.11	0.96	0.98	1.05	1.01	0.97	0.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-703	-2,937	-1,380	1,291	1,723	5,185	5,543	9,119	10,735	5,637	4,750
Operating Cash Flow to CapEx	1,118.52%	-381.17%	-639.22%	1,169.35%	-301.99%	97.31%	750.74%	1,184.19%	1,897.33%	-676.39%	1,348.99%
Free Cash Flow to Firm to Interest Expense	-4.13	-17.07	-7.84	7.34	9.68	28.33	30.62	50.38	59.64	31.85	28.11
Operating Cash Flow to Interest Expense	8.88	-3.41	-5.56	12.36	-2.56	1.19	5.64	14.07	23.72	-8.90	19.72
Operating Cash Flow Less CapEx to Interest Expense	8.09	-4.31	-6.43	11.30	-3.41	-0.03	4.89	12.88	22.47	-10.22	18.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.00	1.95	1.94	1.90	1.88	1.91	1.81	1.80	1.76	1.86	1.78
Accounts Receivable Turnover	8.62	9.25	9.57	10.45	9.71	10.69	10.26	10.66	9.32	11.33	11.20
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	83.97	79.82	79.94	70.79	69.64	69.20	66.96	59.49	48.26	49.65	48.97
Accounts Payable Turnover	0.21	0.18	10.76	13.85	13.37	0.27	2.57	6.37	8.63	0.78	12.80
Days Sales Outstanding (DSO)	42.33	39.44	38.12	34.93	37.59	34.13	35.59	34.24	39.16	32.21	32.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,725.61	1,979.08	33.94	26.36	27.29	1,328.55	141.92	57.29	42.28	467.62	28.53
Cash Conversion Cycle (CCC)	-1,683.29	-1,939.63	4.19	8.56	10.30	-1,294.42	-106.33	-23.05	-3.13	-435.41	4.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,375	9,539	8,302	6,586	7,518	6,461	6,409	6,948	8,372	11,961	11,497
Invested Capital Turnover	20.04	20.38	21.99	23.31	19.57	16.72	16.77	13.36	11.04	10.31	10.33
Increase / (Decrease) in Invested Capital	1,857	3,078	1,893	-362	-854	-5,500	-5,088	-8,246	-9,746	-4,131	-4,401
Enterprise Value (EV)	12,983	15,104	22,047	16,031	23,867	21,650	19,754	19,646	19,488	35,560	32,459
Market Capitalization	30,115	30,585	39,600	35,381	41,924	39,643	37,297	37,014	34,845	46,439	45,135
Book Value per Share	$56.28	$52.31	$51.91	$51.25	$50.38	$48.37	$46.71	$46.78	$45.43	$42.48	$43.75
Tangible Book Value per Share	$10.33	$6.82	$7.92	$7.57	$6.49	$4.08	$2.70	$0.79	($0.95)	($2.94)	($3.77)
Total Capital	46,339	45,043	45,014	45,085	45,064	43,785	43,417	43,793	43,506	42,257	43,933
Total Debt	18,320	18,533	17,605	17,628	18,000	17,829	18,001	18,006	18,320	18,020	18,333
Total Long-Term Debt	18,308	18,423	17,494	17,516	17,887	17,710	17,888	17,896	18,223	17,938	18,084
Net Debt	-17,235	-15,581	-17,655	-19,456	-18,163	-18,109	-17,664	-17,484	-15,501	-11,059	-12,898
Capital Expenditures (CapEx)	135	154	153	186	151	223	136	215	225	233	247
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13,130	-12,837	-14,110	-14,425	-13,890	-15,493	-15,764	-15,712	-15,739	-12,649	-14,984
Debt-free Net Working Capital (DFNWC)	4,157	3,848	3,459	5,789	5,777	4,159	4,667	3,670	2,249	1,746	2,194
Net Working Capital (NWC)	4,145	3,738	3,348	5,677	5,664	4,040	4,554	3,560	2,152	1,664	1,945
Net Nonoperating Expense (NNE)	-160	-139	-197	-217	-289	-354	-20	-182	-141	1,725	-391
Net Nonoperating Obligations (NNO)	-18,644	-16,971	-19,107	-20,871	-19,546	-19,495	-19,007	-18,839	-16,814	-12,276	-14,103
Total Depreciation and Amortization (D&A)	314	314	313	306	308	315	328	325	325	351	361
Debt-free, Cash-free Net Working Capital to Revenue	-7.76%	-7.87%	-8.72%	-9.14%	-8.93%	-10.06%	-10.50%	-10.62%	-10.76%	-8.75%	-10.59%
Debt-free Net Working Capital to Revenue	2.46%	2.36%	2.14%	3.67%	3.71%	2.70%	3.11%	2.48%	1.54%	1.21%	1.55%
Net Working Capital to Revenue	2.45%	2.29%	2.07%	3.60%	3.64%	2.62%	3.03%	2.41%	1.47%	1.15%	1.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.64	$0.63	$1.37	$2.16	$2.17	$0.12	$0.87	$1.93	$2.05	($0.37)	$1.29
Adjusted Weighted Average Basic Shares Outstanding	496.21M	521.79M	521.97M	529.60M	535.11M	543.32M	539.54M	548.93M	550.78M	575.19M	573.96M
Adjusted Diluted Earnings per Share	$2.63	$0.63	$1.36	$2.16	$2.16	$0.12	$0.87	$1.92	$2.04	($0.35)	$1.27
Adjusted Weighted Average Diluted Shares Outstanding	498.18M	523.74M	523.54M	530.76M	538.06M	545.70M	541.27M	550.31M	553.85M	582.04M	580.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	497.60M	496.04M	504.87M	526.03M	533.66M	534.86M	534.20M	541.48M	548.77M	551.26M	566.26M
Normalized Net Operating Profit after Tax (NOPAT)	1,154	141	513	929	880	-100	727	886	1,006	208	561
Normalized NOPAT Margin	2.48%	0.35%	1.22%	2.33%	2.18%	-0.25%	1.91%	2.36%	2.59%	0.58%	1.56%
Pre Tax Income Margin	3.75%	0.85%	2.19%	3.81%	3.65%	0.06%	2.02%	3.76%	3.58%	0.12%	2.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.02	1.02	3.78	6.98	6.21	-1.06	4.06	6.47	6.77	-1.59	2.88
NOPAT to Interest Expense	6.79	0.82	2.91	5.28	4.88	-1.72	2.51	4.82	5.50	8.51	2.07
EBIT Less CapEx to Interest Expense	8.23	0.12	2.91	5.93	5.37	-2.28	3.31	5.28	5.52	-2.91	1.41
NOPAT Less CapEx to Interest Expense	6.00	-0.07	2.04	4.22	4.04	-2.94	1.76	3.64	4.25	7.19	0.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.03%	0.11%	1.10%	3.26%	3.56%	3.14%	3.92%	0.00%	0.00%
Augmented Payout Ratio	87.36%	94.84%	72.49%	62.53%	51.01%	63.76%	127.90%	132.63%	236.89%	257.57%	94.89%

Frequently Asked Questions About Centene's Financials

When does Centene's financial year end?

According to the most recent income statement we have on file, Centene's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Centene's net income changed over the last 9 years?

Centene's net income appears to be on an upward trend, with a most recent value of $3.29 billion in 2024, rising from $357 million in 2015. The previous period was $2.70 billion in 2023. See where experts think Centene is headed by visiting Centene's forecast page.

What is Centene's operating income?

Centene's total operating income in 2024 was $3.18 billion, based on the following breakdown:

Total Gross Profit: $160.34 billion
Total Operating Expenses: $157.17 billion

How has Centene revenue changed over the last 9 years?

Over the last 9 years, Centene's total revenue changed from $22.76 billion in 2015 to $163.07 billion in 2024, a change of 616.5%.

How much debt does Centene have?

Centene's total liabilities were at $55.94 billion at the end of 2024, a 4.7% decrease from 2023, and a 1,015.4% increase since 2015.

How much cash does Centene have?

In the past 9 years, Centene's cash and equivalents has ranged from $1.76 billion in 2015 to $17.19 billion in 2023, and is currently $14.06 billion as of their latest financial filing in 2024.

How has Centene's book value per share changed over the last 9 years?

Over the last 9 years, Centene's book value per share changed from 18.10 in 2015 to 52.31 in 2024, a change of 189.1%.

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This page (NYSE:CNC) was last updated on 5/29/2025 by MarketBeat.com Staff

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Centene (CNC) Financials

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Centene (CNC) Financials

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