Centene (CNC) Financials

$59.73 -0.05 (-0.09%)

Closing price 03:59 PM Eastern

Extended Trading

$60.12 +0.39 (+0.65%)

As of 07:48 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	355	562	828	900	1,321	1,808	1,347	1,202	2,702	3,305
Consolidated Net Income / (Loss)	357	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294
Net Income / (Loss) Continuing Operations	358	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294
Total Pre-Tax Income	697	1,160	1,134	1,368	1,782	2,773	1,813	1,962	3,598	4,257
Total Operating Income	705	1,263	1,199	1,458	1,781	3,082	1,784	1,318	2,930	3,175
Total Gross Profit	21,139	8,107	8,684	11,673	72,174	21,548	22,486	137,515	150,435	160,342
Total Revenue	22,760	40,607	48,382	60,116	74,639	111,115	125,982	144,547	153,999	163,071
Operating Revenue	22,760	40,607	48,382	60,116	74,639	111,115	125,982	144,547	153,999	163,071
Total Cost of Revenue	1,621	32,500	39,698	48,443	2,465	89,567	103,496	7,032	3,564	2,729
Operating Cost of Revenue	1,621	32,500	39,698	48,443	2,465	89,567	103,496	7,032	3,564	2,729
Total Operating Expenses	20,434	6,844	7,485	10,215	70,393	18,466	20,702	136,197	147,505	157,167
Selling, General & Admin Expense	1,802	3,673	4,446	6,043	6,533	9,380	9,601	11,589	12,563	12,400
Depreciation Expense	-	-	-	-	-	487	565	614	575	549
Amortization Expense	24	147	156	211	258	719	770	817	718	692
Other Operating Expenses / (Income)	18,608	3,024	2,883	3,961	63,331	7,808	8,287	120,859	133,120	143,513
Impairment Charge	-	-	0.00	0.00	271	72	229	2,318	529	13
Total Other Income / (Expense), net	-8.00	-103	-65	-90	1.00	-309	29	644	668	1,082
Interest Expense	43	217	255	343	442	789	665	665	725	702
Interest & Investment Income	35	114	190	253	443	480	819	1,279	1,393	1,784
Other Income / (Expense), net	-	-	-	-	-	-	-125	30	0.00	0.00
Income Tax Expense	339	599	326	474	473	979	477	760	899	963
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	-1.00	-20	-6.00	-12	-14	-11	0.00	-3.00	-11
Basic Earnings per Share	$2.98	$1.76	$2.40	$2.31	$3.19	$3.17	$2.31	$2.09	$4.97	$6.33
Weighted Average Basic Shares Outstanding	118.70M	159.57M	344.85M	390.25M	413.49M	570.72M	582.83M	575.19M	543.32M	521.79M
Diluted Earnings per Share	$2.88	$1.71	$2.34	$2.26	$3.14	$3.12	$2.28	$2.07	$4.95	$6.31
Weighted Average Diluted Shares Outstanding	118.70M	159.57M	353.40M	398.51M	420.41M	579.14M	590.52M	582.04M	545.70M	523.74M
Weighted Average Basic & Diluted Shares Outstanding	118.70M	159.57M	344.85M	390.25M	586.77M	581.59M	582.87M	551.26M	534.86M	496.04M

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

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

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

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

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

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

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

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

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

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

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. View Centene's forecast to see where analysts expect Centene to go next.

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 5/6/2025 by MarketBeat.com Staff

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Centene (CNC) Financials

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Centene (CNC) Financials

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