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Centene Corporation

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Centene Corporation • NYSE
$39.30 ▼ -0.41% (-0.16)
Market Cap $19.32 B
52w High $66.81
52w Low $25.08
Dividend Yield 0%
P/E -3.68
Volume 2.08M
Outstanding Shares 491.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $49.69B ▲ $15.091B ▲ $-6.631B ▼ -13.345% ▼ $-13.5 ▼ $-6.188B ▼
Q2-2025 $48.742B ▲ $3.405B ▼ $-253M ▼ -0.519% ▼ $-0.51 ▼ $228M ▼
Q1-2025 $46.62B ▲ $3.668B ▲ $1.311B ▲ 2.812% ▲ $2.64 ▲ $2.231B ▲
Q4-2024 $40.805B ▼ $3.545B ▲ $283M ▼ 0.694% ▼ $0.57 ▼ $833M ▼
Q3-2024 $42.023B $3.37B $713M 1.697% $1.37 $1.41B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.237B ▲ $82.087B ▼ $61.032B ▲ $20.948B ▼
Q2-2025 $17.281B ▼ $86.395B ▼ $58.892B ▼ $27.406B ▼
Q1-2025 $17.287B ▲ $87.044B ▲ $59.025B ▲ $27.916B ▲
Q4-2024 $16.685B ▼ $82.445B ▲ $55.935B ▲ $26.41B ▼
Q3-2024 $17.569B $82.351B $54.942B $27.307B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.632B ▼ $1.356B ▼ $1.221B ▲ $9M ▲ $2.545B ▲ $1.145B ▼
Q2-2025 $-259M ▼ $1.785B ▲ $-899M ▼ $-1.174B ▼ $-302M ▼ $1.577B ▲
Q1-2025 $1.314B ▲ $1.51B ▲ $-529M ▼ $-250M ▼ $752M ▲ $1.375B ▲
Q4-2024 $275M ▼ $-587M ▲ $102M ▲ $-13M ▲ $-514M ▲ $-741M ▲
Q3-2024 $710M $-978M $-839M $-1.245B $-3.028B $-1.131B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Segment
Commercial Segment
 $25.95Bn ▲$10.15Bn ▼$10.07Bn ▼$10.99Bn ▲
Medicaid Segment
Medicaid Segment
 $92.98Bn ▲$35.19Bn ▼$37.45Bn ▲$37.35Bn ▼
Other Operating Segment
Other Operating Segment
 $0 ▲$1.28Bn ▲$1.22Bn ▼$1.34Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Centene’s revenue has grown steadily over the past five years, showing that its core government-backed health plans continue to expand. Profitability has improved meaningfully since a weaker patch in the middle of the period: operating profit and net profit have both moved up, and earnings per share have climbed strongly more recently. That said, the company’s gross profit has been fairly flat despite higher revenue, which suggests pricing pressure and rising medical or administrative costs. Overall, the income statement tells a story of scale-driven growth with better profit discipline lately, but still in a business where margins are tight and must be carefully managed.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and stable. Total assets have grown over time, and cash levels are healthy, giving the company a decent liquidity cushion. Debt is significant but has been edging down from earlier peaks, while shareholders’ equity has gradually increased, which signals some strengthening of the capital base. This combination points to a business that is capital-intensive but not overextended. The main task going forward is to keep balancing debt, cash, and equity so the company can navigate policy changes and economic cycles without stressing its financial position.

Cash Flow

Cash Flow Historically, Centene has generated strong operating cash flow that comfortably covered its investment needs and left room for positive free cash flow in most recent years. Capital spending has been steady and not overly heavy, which fits a service and technology-driven health plan model. However, the most recent year stands out as a weak spot, with operating cash flow dropping sharply and free cash flow turning negative. That could reflect timing issues, working capital swings, or one-off factors, but it does break the prior pattern of consistent cash generation and is worth watching to see if it normalizes or signals a change in the underlying cash economics of the business.

Competitive Edge

Competitive Edge Centene holds a powerful position in U.S. healthcare by focusing on government-sponsored programs such as Medicaid and Medicare. Its scale, deep experience with complex populations, and strong relationships with state agencies and local providers create high barriers for new entrants. The localized health plan model and emphasis on community engagement further strengthen its hold in many markets. At the same time, the business is highly exposed to political and regulatory risk. Changes in reimbursement rules, eligibility, or program design can materially affect profitability. Competition from other managed care players for state contracts and Medicare Advantage members remains intense, and pricing is tightly constrained by regulators. The moat is real but depends heavily on continued policy support and flawless execution.

Innovation and R&D

Innovation and R&D Centene’s “R&D” is primarily about technology and care model innovation rather than lab research. The company has invested heavily in digital platforms, data analytics, cloud infrastructure, and artificial intelligence to manage risk, coordinate care, and reduce administrative friction. Tools like its Centelligence and TruCare platforms, the Apixio AI acquisition, and telehealth initiatives (including partnerships with major tech hardware providers) are all aimed at building smarter, more proactive care management. Under a tech-focused CEO, Centene appears committed to using data and AI to better identify high-risk members, tailor interventions, and control medical costs, which could deepen its competitive edge if execution remains strong.

Summary

Centene today looks like a large, focused healthcare plan operator with steady top-line growth and improving profitability, anchored in government-sponsored programs. Its balance sheet is fairly robust, with good liquidity and manageable debt, although the business model is inherently dependent on policy stability and disciplined cost control. Cash generation has historically been a strength but took a notable dip in the latest year, which introduces some uncertainty until more data clarifies whether this is temporary. Strategically, Centene’s localized model, experience with vulnerable populations, and heavy investment in technology and analytics give it a meaningful competitive advantage, but also tie its fortunes closely to regulatory decisions and effective use of its digital tools. Overall, the company combines defensible market positions with a push toward data-driven healthcare, offering both resilience and execution risk in a sector shaped by politics, regulation, and evolving care delivery models.

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