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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 |
| Operating Revenue | - | 135,479 | 140,095 | 145,505 | 174,581 |
| 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 |
| Selling General And Administration | - | 11,589 | 12,563 | 12,400 | 12,904 |
| Total Expenses | - | 140,911 | 150,540 | 159,883 | 195,089 |
| Operating Income | - | 3,636 | 3,459 | 3,188 | -312 |
| Total Operating Income As Reported | - | 1,318 | 2,930 | 3,175 | -7,623 |
| EBITDA | - | 4,058 | 5,616 | 6,200 | -4,775 |
| Normalized EBITDA | - | 5,067 | 4,752 | 4,429 | 963 |
| EBIT | - | 2,627 | 4,323 | 4,959 | -6,050 |
| Interest Expense | - | 665 | 725 | 702 | 678 |
| Net Interest Income | - | -665 | -725 | -702 | -678 |
| Other Income Expense | - | -1,009 | 864 | 1,771 | -5,738 |
| Interest Expense Non Operating | - | 665 | 725 | 702 | 678 |
| Net Non Operating Interest Income Expense | - | -665 | -725 | -702 | -678 |
| Pretax Income | - | 1,962 | 3,598 | 4,257 | -6,728 |
| Tax Provision | - | 760 | 899 | 963 | -51 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -390.48 | 216 | 400.63 | -43.50 |
| Net Income Continuous Operations | - | 1,202 | 2,699 | 3,294 | -6,677 |
| Net Income From Continuing And Discontinued Operation | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Net Income | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Net Income Common Stockholders | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Net Income Including Noncontrolling Interests | - | 1,202 | 2,699 | 3,294 | -6,677 |
| Normalized Income | - | 1,820.52 | 2,054 | 1,934.63 | -979.50 |
| Diluted NI Availto Com Stockholders | - | 1,202 | 2,702 | 3,305 | -6,674 |
| Basic Average Shares | - | 575.19 | 543.32 | 521.79 | 493.12 |
| Diluted Average Shares | - | 582.04 | 545.70 | 523.74 | 493.12 |
| Reconciled Depreciation | - | 1,430 | 1,293 | 1,241 | 1,275 |
| Reconciled Cost Of Revenue | - | 127,892 | 136,684 | 146,242 | 180,910 |
| Total Unusual Items | - | -1,009 | 864 | 1,771 | -5,738 |
| Total Unusual Items Excluding Goodwill | - | -1,009 | 864 | 1,771 | -5,738 |
| Minority Interests | - | 0 | 3 | 11 | 3 |
| Special Income Charges | - | -2,288 | -529 | -13 | -7,310 |
| Other Special Charges | 1,375 | -30 | - | - | -1 |
| Write Off | - | 2,318 | 529 | 13 | 20 |
| Impairment Of Capital Assets | - | - | - | - | 7,291 |
| Gain On Sale Of Security | - | 1,279 | 1,393 | 1,784 | 1,572 |
| Depreciation Amortization Depletion Income Statement | - | 1,431 | 1,293 | 1,241 | 1,275 |
| Depreciation And Amortization In Income Statement | - | 1,431 | 1,293 | 1,241 | 1,275 |
| General And Administrative Expense | 10,166 | - | - | - | - |
| Other Gand A | 10,166 | - | - | - | - |
| Insurance And Claims | 0 | - | - | - | - |
| Amortization | - | 817 | 718 | 692 | 685 |
| Amortization Of Intangibles Income Statement | - | 817 | 718 | 692 | 685 |
| Depreciation Income Statement | - | 614 | 575 | 549 | 590 |
| Excise Taxes | - | -9,068 | -13,904 | -17,566 | -20,196 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Centene Corporationthis co. | CNC | $31.0B | -4.64 | 1.55 | -33.4% | -6.54 |
| Waters Corporation | WAT | $37.0B | 57.52 | 14.43 | 25.1% | 36.74 |
| Zoetis Inc. | ZTS | $33.3B | 12.47 | 10.01 | 80.2% | 9.90 |
| IQVIA Holdings Inc. | IQV | $31.2B | 22.93 | 4.80 | 20.9% | 13.04 |
| GE HealthCare Technologies Inc. | GEHC | $29.0B | 13.93 |
| - |
| - |
| - |
| - |
| - |
| 2.80 |
| 20.1% |
| 9.24 |
| Biogen Inc. | BIIB | $29.0B | 22.43 | 1.59 | 7.1% | 12.51 |
| ResMed Inc. | RMD | $28.2B | 20.12 | 4.72 | 23.5% | 14.47 |
| DexCom, Inc. | DXCM | $28.0B | 33.49 | 10.20 | 30.5% | 20.97 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Peer Median | - | 22.68 | 4.80 | 22.2% | 13.75 | |