Centene (CNC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Centene

NYSE•Healthcare•Healthcare Plans

$67.10+1.09(0.02%)After hours

Market Cap

$33.39B

P/S

0.2x

P/B

1.5x

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.

How this company scores

AverageMetricSide Score: 53/100

Strongest: Growth (15/25); weakest: Profitability (8/25).

Profitability8/25

Growth15/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality15/25

Strengths

Rising free cash flowLong cash runwayConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.0x5y range 8.7x – 50.1x

Currently near its 16-quarter median.

P/S · 0.2x5y range 0.1x – 0.4x

Currently below its 20-quarter median.

P/B · 1.5x5y range 0.7x – 1.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 364.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $33.39B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $202.94B
Q. Revenue: $53.58B
TTM EBITDA: $-3.76B
TTM Op. Income: $-5.64B
Q. Op. Income: $1.20B
TTM Net Income: $-5.10B
Q. Net Income: $1.09B
EPS: $2.21
Shares Out.: $493.82M

$202.94B in TTM revenue grew 13.9% YoY, reaching $53.58B last quarter. TTM EBITDA of $-3.76B and TTM operating income of $-5.64B show growth is flowing through to the bottom line. However, net income is negative at $5.10B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 98.6%
EBITDA Margin: 2.8%
Op. Margin: 2.2%
Net Margin: 2.0%

Op. margin of 2.2% is up 3.2% YoY — cost efficiency is improving. Net margin at 2.0% and gross margin of 98.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 338% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.2x
P/B Ratio: 1.5x

P/S of 0.2x and P/B of 1.5x. P/S is low relative to typical market levels. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $83.01B
Cash: $24.15B
Long-Term Debt: $16.03B
Book Value: $22.56B
D/E Ratio: 0.7
Debt/EBITDA: 10.7

With $83.01B in assets and $16.03B in long-term debt, D/E is 0.7and book value is $22.56B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.59B
TTM Free Cash Flow: $8.95B
FCF Margin: 4.4%
FCF / Net Income: -1.8

TTM FCF of $8.95B on $3.59B in operating cash flow. The FCF / Net Income ratio of -1.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.