Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Centene Corporation

CNC stock analysis · Health Care · Managed Health Care

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$64.19HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$31.7B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$132.86

Equity cash-flow scenario · SEC outstanding shares at 2026-06-30 · 107.0% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

-11.5%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

Requires market caps for at least five comparable profitable issuers.

Requires market caps for at least five comparable profitable issuers.

How this is calculated ↗
Valuation

Historical multiples

26.5×

6 annual observations

How this is calculated ↗
Valuation

Free cash flow yield

13.6%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

-23.7%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

-6.9%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-14.8%

Annual basis · read assumptions below

How this is calculated ↗
Momentum

Fundamental momentum

5.4%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 8.1B2020-12-31: cfo $5,503,000,000.002020-12-31: capex $869,000,000.0020202021-12-31: cfo $4,205,000,000.002021-12-31: capex $910,000,000.0020212022-12-31: cfo $6,261,000,000.002022-12-31: capex $1,004,000,000.0020222023-12-31: cfo $8,053,000,000.002023-12-31: capex $799,000,000.0020232024-12-31: cfo $154,000,000.002024-12-31: capex $644,000,000.0020242025-12-31: cfo $5,088,000,000.002025-12-31: capex $767,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$166.64$181.82$198.14
10.0%$122.11$132.86$144.39
12.0%$96.34$104.54$113.33

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-31174.6B-6.7B5.1B767M76.7B
2024-12-31145.5B3.3B154M644M82.4B
2023-12-31140.1B2.7B8.1B799M84.6B
2022-12-31135.5B1.2B6.3B1B76.9B
2021-12-31118B1.3B4.2B910M78.4B
2020-12-31103.8B1.8B5.5B869M68.7B
2019-12-3170.4B1.3B1.5B730M41B
2018-12-3156.4B894M1.2B675M30.9B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue174.6BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-17
netIncome-6.7BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-17
Parent/common earnings proxy-6.7BNetIncomeLoss2026-02-17
cfo5.1BNetCashProvidedByUsedInOperatingActivities2026-02-17
capex767MPaymentsToAcquirePropertyPlantAndEquipment2026-02-17
operatingIncome-7.6BOperatingIncomeLoss2026-02-17
assets76.7BAssets2026-02-17
equity20BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-17
Parent book equity proxy20BStockholdersEquity2026-02-17
debt17.5BLongTermDebt2026-02-17
shortDebtNot reported under a supported tag
cash17.9BCashAndCashEquivalentsAtCarryingValue2026-02-17
shares493.1MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-17
dividendsNot reported under a supported tag
buybacks475MPaymentsForRepurchaseOfCommonStock2026-02-17
issuance37MProceedsFromIssuanceOfCommonStock2026-02-17