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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $194.8B | $-4.8B | $-6.7B | $4.3B | -33.4% | 19.4% | -301.9% |
| 2024 | $163.1B | $6.2B | $3.3B | $-490M | 12.5% | 5.9% | 22.3% |
| 2023 | $154.0B | $5.6B | $2.7B | $7.3B | 10.5% | 6.5% | 124.8% |
| 2022 | $144.5B | $4.1B | $1.2B | $5.3B | 5.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 144,547 | 153,999 | 163,071 | 194,777 |
| Cost Of Revenue | - | 127,891 | 136,684 | 146,242 | 180,910 |
| Gross Profit | - | 16,656 | 17,315 | 16,829 | 13,867 |
| Operating Expense | - | 13,020 | 13,856 | 13,641 | 14,179 |
| Operating Income | - | 3,636 | 3,459 | 3,188 | -312 |
| EBITDA | - | 4,058 | 5,616 | 6,200 | -4,775 |
| EBIT | - | 2,627 | 4,323 | 4,959 | -6,050 |
| Pretax Income | - | 1,962 | 3,598 | 4,257 | -6,728 |
| Tax Provision | - | 760 | 899 | 963 | -51 |
| Net Income | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Net Income Common Stockholders | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Total Expenses | - | 140,911 | 150,540 | 159,883 | 195,089 |
| Interest Expense | - | 665 | 725 | 702 | 678 |
| Selling General And Administration | - | 11,589 | 12,563 | 12,400 | 12,904 |
| Normalized EBITDA | - | 5,067 | 4,752 | 4,429 | 963 |
| Normalized Income | - | 1,820.52 | 2,054 | 1,934.63 | -979.50 |
| Market Cap | 20,565.93 | 20,565.93 | 20,565.93 | 20,565.93 | 20,565.93 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Centene Corporationthis co. | CNC | - | -3.08 | 1.03 | -33.4% | -4.36 |
| Incyte Corporation | INCY | $18.5B | 14.64 | 3.65 | 24.9% | 8.96 |
| Waters Corporation | WAT | $18.4B | 47.33 | 11.88 | 25.1% | 30.39 |
| Zimmer Biomet Holdings, Inc. | ZBH | $18.1B | 25.05 | 1.39 | 5.6% | 11.09 |
| Align Technology, Inc. | ALGN | $13.7B | 33.09 |
| - |
| - |
| - |
| - |
| - |
| 3.35 |
| 10.1% |
| 15.31 |
| The Cooper Companies, Inc. | COO | $12.6B | 33.53 | 1.53 | 4.6% | 14.33 |
| Solventum Corporation | SOLV | $11.9B | 7.64 | 2.35 | 30.8% | 6.29 |
| DaVita Inc. | DVA | $11.3B | 13.41 | -15.38 | -114.7% | 8.41 |
| Universal Health Services, Inc. | UHS | $11.1B | 7.15 | 1.46 | 20.5% | 5.71 |
| Peer Median | - | 19.85 | 1.94 | 15.3% | 10.03 | |