Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%

Attractive yield
FCF Yield is 21%

Stock buyback support
Stock Buyback 3Y Total is 4.8 Bil

Attractive cash flow generation
CFO LTM is 7.9 Bil, FCF LTM is 7.1 Bil

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Health Data Analytics, Show more.

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -68%

Stock price has recently run up significantly
12M Rtn12 month market price return is 124%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 64%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%

Key risks
CNC key risks include [1] securities lawsuits and an SEC investigation over alleged misleading statements, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%
1 Attractive yield
FCF Yield is 21%
2 Stock buyback support
Stock Buyback 3Y Total is 4.8 Bil
3 Attractive cash flow generation
CFO LTM is 7.9 Bil, FCF LTM is 7.1 Bil
4 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Health Data Analytics, Show more.
5 Trading close to highs
Dist 52W High is 0.0%
6 Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -68%
7 Stock price has recently run up significantly
12M Rtn12 month market price return is 124%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 64%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%
10 Key risks
CNC key risks include [1] securities lawsuits and an SEC investigation over alleged misleading statements, Show more.

CNC in ETFs

Weight = CNC's share of each fund

SPY0.05%
VOO0.04%
IVV0.05%
VTI0.04%
ITOT0.04%
IWB0.05%
RSP0.20%
VTV0.06%
+28 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/13/2026

Centene (CNC) stock has gained about 110% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.

Centene reported robust financial results for its fiscal first quarter ended March 31, 2026, significantly surpassing market expectations. The company announced an adjusted diluted earnings per share (EPS) of $3.37, exceeding expectations by approximately $0.50, and GAAP diluted EPS of $3.11. Total revenues for the quarter reached $49.9 billion, a 7% increase year-over-year, beating analyst estimates. Following this strong performance, Centene raised its full-year 2026 adjusted diluted EPS guidance to greater than $3.40 and increased its premium and service revenue guidance by $1.0 billion to a range of $171.0 billion to $175.0 billion.

2. Significant Illinois Medicaid Contract Renewal.

Centene's Illinois subsidiary, Meridian Health Plan of Illinois, secured a crucial four-year contract renewal with the Illinois Department of Healthcare and Family Services on July 9, 2026. This contract allows Meridian to continue providing services under the HealthChoice Illinois Medicaid managed care program from January 1, 2027, through 2030, reinforcing Centene's strong presence in a key Medicaid market where it serves over 596,000 members as of May 2026.

Show more
Updated on 7/13/2026

Centene (CNC) stock has gained about 110% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat and Upgraded Full-Year Guidance.

Centene reported robust financial results for its fiscal first quarter ended March 31, 2026, significantly surpassing market expectations. The company announced an adjusted diluted earnings per share (EPS) of $3.37, exceeding expectations by approximately $0.50, and GAAP diluted EPS of $3.11. Total revenues for the quarter reached $49.9 billion, a 7% increase year-over-year, beating analyst estimates. Following this strong performance, Centene raised its full-year 2026 adjusted diluted EPS guidance to greater than $3.40 and increased its premium and service revenue guidance by $1.0 billion to a range of $171.0 billion to $175.0 billion.

2. Significant Illinois Medicaid Contract Renewal.

Centene's Illinois subsidiary, Meridian Health Plan of Illinois, secured a crucial four-year contract renewal with the Illinois Department of Healthcare and Family Services on July 9, 2026. This contract allows Meridian to continue providing services under the HealthChoice Illinois Medicaid managed care program from January 1, 2027, through 2030, reinforcing Centene's strong presence in a key Medicaid market where it serves over 596,000 members as of May 2026.

3. Multiple Analyst Upgrades and Positive Sentiment.

Following the better-than-expected fiscal Q1 2026 results, Centene received several analyst upgrades and positive outlooks. On April 29, 2026, Bank of America upgraded Centene from Underperform to Buy, raising its price target from $34 to $60, while Cantor Fitzgerald moved its rating from Neutral to Overweight with a $60 target. Deutsche Bank also upgraded Centene to Buy in May 2026, setting a Street-high target of $80. Analysts cited improved margin outlooks, alignment with broader industry trends, and strong operational performance as reasons for their increased confidence.

4. Progress in Debt Reduction and Margin Recovery Initiatives.

Centene demonstrated tangible progress in its financial health through strategic debt reduction and ongoing margin recovery efforts. In fiscal Q1 2026, the company successfully reduced its debt by $1.0 billion. Furthermore, Centene reported improved Health Benefits Ratios (HBR) for its Medicaid and Medicare segments, with Medicaid HBR at 93.1% and Medicare HBR at 84.9%, indicating effective management of medical costs. The company is actively pursuing cost-cutting measures, including voluntary employee buyouts, to enhance profitability and offset membership declines.

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Stock Movement Drivers

Fundamental Drivers

The 109.9% change in CNC stock from 3/31/2026 to 7/14/2026 was primarily driven by a 106.6% change in the company's P/S Multiple.
(LTM values as of)33120267142026Change
Stock Price ($)32.7468.72109.9%
Change Contribution By: 
Total Revenues ($ Mil)194,777198,1011.7%
P/S Multiple0.10.2106.6%
Shares Outstanding (Mil)492492-0.1%
Cumulative Contribution109.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/14/2026
ReturnCorrelation
CNC109.9% 
Market (SPY)15.6%-10.9%
Sector (XLV)8.0%11.0%

Fundamental Drivers

The 67.0% change in CNC stock from 12/31/2025 to 7/14/2026 was primarily driven by a 57.0% change in the company's P/S Multiple.
(LTM values as of)123120257142026Change
Stock Price ($)41.1568.7267.0%
Change Contribution By: 
Total Revenues ($ Mil)185,857198,1016.6%
P/S Multiple0.10.257.0%
Shares Outstanding (Mil)491492-0.2%
Cumulative Contribution67.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/14/2026
ReturnCorrelation
CNC67.0% 
Market (SPY)10.6%3.5%
Sector (XLV)2.7%20.2%

Fundamental Drivers

The 26.6% change in CNC stock from 6/30/2025 to 7/14/2026 was primarily driven by a 17.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257142026Change
Stock Price ($)54.2868.7226.6%
Change Contribution By: 
Total Revenues ($ Mil)169,284198,10117.0%
P/S Multiple0.20.27.3%
Shares Outstanding (Mil)4964920.8%
Cumulative Contribution26.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/14/2026
ReturnCorrelation
CNC26.6% 
Market (SPY)22.7%4.8%
Sector (XLV)19.0%26.9%

Fundamental Drivers

The 1.9% change in CNC stock from 6/30/2023 to 7/14/2026 was primarily driven by a 35.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237142026Change
Stock Price ($)67.4568.721.9%
Change Contribution By: 
Total Revenues ($ Mil)146,251198,10135.5%
P/S Multiple0.30.2-32.8%
Shares Outstanding (Mil)55149211.9%
Cumulative Contribution1.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/14/2026
ReturnCorrelation
CNC1.9% 
Market (SPY)75.6%6.4%
Sector (XLV)24.9%31.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CNC Return37%-0%-10%-18%-32%66%14%
Peers Return42%5%-4%-25%2%38%51%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
CNC Win Rate50%58%58%50%50%86% 
Peers Win Rate58%48%42%42%55%60% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
CNC Max Drawdown-20%-24%-25%-29%-62%-33% 
Peers Max Drawdown-14%-20%-21%-37%-41%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: UNH, ELV, CVS, MOH, HUM. See CNC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)

How Low Can It Go

EventCNCS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.9%-9.5%
  % Gain to Breakeven14.8%10.5%
  Time to Breakeven24 days24 days
2023 SVB Regional Banking Crisis
  % Loss-15.2%-6.7%
  % Gain to Breakeven17.9%7.1%
  Time to Breakeven168 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-10.8%-24.5%
  % Gain to Breakeven12.1%32.4%
  Time to Breakeven15 days427 days
2020 COVID-19 Crash
  % Loss-32.4%-33.7%
  % Gain to Breakeven47.9%50.9%
  Time to Breakeven23 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.1%23.8%
  Time to Breakeven479 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.6%-3.7%
  % Gain to Breakeven36.2%3.9%
  Time to Breakeven90 days6 days

Compare to UNH, ELV, CVS, MOH, HUM

In The Past

Centene's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCNCS&P 500
2020 COVID-19 Crash
  % Loss-32.4%-33.7%
  % Gain to Breakeven47.9%50.9%
  Time to Breakeven23 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.1%23.8%
  Time to Breakeven479 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.6%-3.7%
  % Gain to Breakeven36.2%3.9%
  Time to Breakeven90 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.8%-12.2%
  % Gain to Breakeven36.5%13.9%
  Time to Breakeven288 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.3%-17.9%
  % Gain to Breakeven35.6%21.8%
  Time to Breakeven99 days123 days
2008-2009 Global Financial Crisis
  % Loss-50.9%-53.4%
  % Gain to Breakeven103.5%114.4%
  Time to Breakeven997 days1085 days

Compare to UNH, ELV, CVS, MOH, HUM

In The Past

Centene's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Centene (CNC)

Centene Corporation (CNC) is a multi-national healthcare enterprise focused on delivering comprehensive programs and services primarily to under-insured and uninsured individuals within the United States. The company operates through two main business segments: Managed Care and Specialty Services, aiming to provide a wide range of healthcare solutions across various populations and client types.

The Managed Care segment is Centene's core business, offering health plan coverage predominantly through government-subsidized programs. These include Medicaid, the State Children's Health Insurance Program (CHIP), long-term services and support, foster care, and Medicare-Medicaid plans, which serve dually eligible, aged, blind, or disabled individuals. Its health plans cover extensive services such as primary and specialty physician care, hospital services, emergency care, vision, dental, pharmacy benefits, behavioral health, and care coordination. Additionally, this segment provides commercial healthcare products to employers and directly to members.

Centene's Specialty Services segment provides targeted offerings that complement its managed care operations. These services include pharmacy benefits management, nurse advice lines, vision and dental services, and staffing services for correctional systems and Military Health System eligible beneficiaries. This segment serves a diverse clientele, including state programs, correctional facilities, various healthcare organizations, employer groups, and other commercial entities, broadening Centene's impact in the healthcare landscape.

AI Analysis | Feedback

Here are 1-3 brief analogies for Centene (CNC):

  • Think of it as Humana, but specialized in Medicaid and Medicare-Medicaid plans.
  • The UnitedHealth Group for government-sponsored health programs.

AI Analysis | Feedback

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  • Government-Sponsored Health Plans: Centene offers comprehensive health plan coverage to individuals enrolled in government-subsidized programs such as Medicaid, the State Children's Health Insurance Program (CHIP), and Medicare-Medicaid plans.
  • Commercial Healthcare Products: The company provides various health insurance products for individuals, small groups, and large commercial groups, directly to members and employers.
  • Pharmacy Benefits Management (PBM) Services: Centene delivers services focused on managing prescription drug benefits for various clients, including state programs and healthcare organizations.
  • Specialty Healthcare Services: This category includes nurse advice lines, after-hours support, vision and dental services, and specialized offerings for Military Health System beneficiaries.
  • Staffing Services: Centene provides staffing solutions to correctional systems and other government agencies.
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AI Analysis | Feedback

Major Customers of Centene (CNC)

Centene primarily serves individuals, with a significant portion of its business derived from managing government-subsidized healthcare programs for these individuals. Additionally, it sells commercial health plans directly to individuals and employer groups, and provides specialty services to government agencies and commercial organizations. Its major customer categories are:

  • Individuals covered by Government-Sponsored Programs: This category includes individuals enrolled in Medicaid, the State Children's Health Insurance Program (SCHIP), Medicare-Medicaid plans, long-term services and support, foster care programs, and aged, blind, or disabled programs. Centene contracts with state and federal governments to provide comprehensive healthcare services to these beneficiaries.
  • Individuals and Employer Groups Purchasing Commercial Health Plans: Centene offers various individual, small group, and large group commercial healthcare products. This includes individuals who directly purchase health plans, as well as employers who provide Centene's health products as part of their employee benefits.
  • Government Agencies and Correctional Facilities: Centene's Specialty Services segment provides services such as pharmacy benefits management, nurse advice lines, vision and dental services, and staffing services directly to state programs, correctional systems, the Military Health System, and other government agencies.

AI Analysis | Feedback

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AI Analysis | Feedback

Sarah M. London, Chief Executive Officer

Sarah London was appointed CEO of Centene Corporation in March 2022, becoming the youngest female CEO of a Fortune 500 company at the time. Prior to her CEO appointment, she served as Centene's Vice Chairman, where she was responsible for strategy, technology, ancillary services, enterprise compliance and quality, and Centene's portfolio of independent, non-health plan companies. Before joining Centene in 2020, she was an Operating Partner at Optum Ventures, the venture capital arm of UnitedHealth Group. Her career also includes leadership roles at Optum Analytics, where she was Chief Product Officer, and at Humedica, a clinical analytics start-up acquired by Optum. She also held positions at Accretive Health (now R1 RCM) and Health Leads.

Drew Asher, Executive Vice President and Chief Financial Officer

Drew Asher was appointed Executive Vice President and Chief Financial Officer of Centene Corporation in May 2021. He joined Centene in January 2020 following the acquisition of WellCare Health Plans, where he had served as Chief Financial Officer for six years, starting in 2014. Before his tenure at WellCare, Mr. Asher held senior finance positions, including Chief Financial Officer of Aetna's local and regional businesses, a role he assumed after Coventry Health Care was acquired by Aetna in May 2013. He spent 15 years at Coventry Health Care, most recently as Senior Vice President, Corporate Finance. He began his career as an auditor and accountant at Deloitte & Touche LLP.

Ken Fasola, President

Ken Fasola was named President of Centene Corporation in December 2022. Prior to this role, he served as Centene's Executive Vice President of Health Care Enterprises and was a member of the Office of the CEO. Mr. Fasola joined Centene through the acquisition of Magellan Health Inc., where he was the Chief Executive Officer and a member of the Board of Directors. He also served as Chairman, President, and CEO of HealthMarkets, Inc., a company later acquired by UnitedHealth Group in 2019. His extensive healthcare career spans over three decades, including nearly twenty years in executive leadership roles at UnitedHealth Group and Humana, where he was CEO of Secure Horizons (a division of UnitedHealth Group) and COO of Market Operations, respectively.

Jim Murray, Executive Vice President, Chief Operating Officer

Jim Murray was appointed Executive Vice President, Chief Operating Officer of Centene Corporation in December 2022. Previously, he served as Centene's Chief Transformation Officer, where he led the company's Value Creation Office and the Centene Advanced Behavioral Health division. Before joining Centene, Mr. Murray was President and Chief Operating Officer for Magellan Health, which Centene acquired in January 2022. His experience also includes serving as President of PrimeWest Health and Chief Executive Officer of LifeCare HealthPartners, a hospital system. Earlier in his career, he held the position of Executive Vice President and Chief Operating Officer for Humana.

Brent Layton, Senior Advisor to the CEO

As of December 2022, Brent Layton transitioned to the role of Senior Advisor to the CEO at Centene Corporation, beginning his move towards retirement. He previously served as Centene's President and Chief Operating Officer, a role he held after being appointed President of U.S. Health Plans, Products, and International in March 2021, and subsequently COO in September 2021. Mr. Layton joined Centene in 2006, following five years as a consultant for the company. With over 30 years of experience in the healthcare and public policy sectors, he previously operated a managed care consulting firm and founded and managed various healthcare companies, including Avesis and Absolute Care Medical Centers.

AI Analysis | Feedback

The key risks to Centene Corporation's (CNC) business are primarily rooted in its significant reliance on government-sponsored healthcare programs and the dynamic regulatory and cost environment of the healthcare sector.

  1. Regulatory Risks and Government Policy Changes: Centene derives a substantial portion of its revenue from government-backed healthcare programs, including Medicaid, the Affordable Care Act (ACA) marketplace, and Medicare. Consequently, the company is highly susceptible to shifts in government policies, funding, and regulations. These changes can include reductions in Medicaid funding, the expiration of ACA subsidies, and unfavorable adjustments in risk adjustment mechanisms, all of which can directly impact membership numbers, reimbursement rates, and overall profitability. For instance, recent reports indicated Centene's shares plummeted amid concerns over ACA membership declines, and there have been proposals to redirect federal healthcare funds directly to individuals, bypassing traditional insurers.

  2. Rising Healthcare Costs and Medical Utilization: Centene faces significant pressure from escalating healthcare costs, particularly in areas such as behavioral health, home health services, and high-cost prescription drugs. These rising costs, especially within Medicaid programs and ACA marketplace operations, can erode the company's margins if reimbursement rates from government contracts do not adequately keep pace. This mismatch between increasing medical costs and static or insufficient reimbursement rates poses a continuous challenge to Centene's profitability.

  3. Legal and Regulatory Scrutiny of PBM Practices: Centene has a history of facing legal and regulatory challenges related to its pharmacy benefit management (PBM) business model. The company has been subject to investigations and multi-state settlements over allegations of overpayments by state Medicaid programs. Furthermore, a class-action lawsuit has been filed, alleging securities fraud and corporate misrepresentation concerning Centene's compliance with state Medicaid billing practices and its PBM operations. These legal headwinds can result in substantial financial penalties, increased legal expenses, and reputational damage.

AI Analysis | Feedback

New technology-first healthcare enterprises leveraging advanced artificial intelligence and data analytics to provide highly efficient, personalized, and proactive managed care services for government-subsidized populations. These emerging entities could challenge Centene's ability to win and retain state contracts by demonstrating superior outcomes, lower administrative costs, and enhanced member experiences through their innovative use of technology, potentially disintermediating Centene's traditional, network-heavy model.

AI Analysis | Feedback

Centene Corporation (CNC) operates in several large addressable markets within the U.S. healthcare sector, primarily focusing on government-sponsored programs and specialty services.

Managed Care

  • Medicaid: The total Managed Medicaid market, covering both managed care and fee-for-service, reached 70.5 million people in June 2025. In FY 2023, state and federal spending on Medicaid services totaled over $880 billion, with payments to comprehensive risk-based Managed Care Organizations (MCOs) accounting for about 52% of this total. As of March 2025, Centene led the national Medicaid managed care market with 17.7% market share, out of an estimated 66 million enrollees in Medicaid managed care programs across 41 states. Centene directly served 12 million Managed Medicaid members at the end of Q2 2025.
  • Medicare Advantage: The Medicare Advantage market in the U.S. saw 32.8 million people enrolled in 2024, representing 54% of the eligible Medicare population. This market grew to 34.5 million members in 2024. The Medicare Advantage market size within the U.S. reached 34.1 million beneficiaries in 2025. The global Medicare Advantage market, largely driven by the U.S., was estimated at USD 445.97 billion in 2025 and is projected to grow to USD 1,060.04 billion by 2034.

Specialty Services

  • Pharmacy Benefits Management (PBM): The U.S. pharmacy benefit management market size was estimated at USD 519.45 billion in 2025. Another estimate puts the U.S. PBM market size at USD 459.65 billion in 2025, projected to reach approximately USD 1,041.11 billion by 2034. The U.S. market stood at USD 626.47 billion in 2026.
  • Dental Services: The U.S. dental services market size was estimated at USD 174.91 billion in 2025 and is predicted to increase to approximately USD 281.20 billion by 2035. Another report valued the U.S. dental services market at USD 174.2 billion in 2025, growing to an estimated USD 234.11 billion by 2031.
  • Vision Care: The U.S. eye care market size was estimated at USD 27.3 billion in 2024 and is expected to reach USD 29.00 billion in 2025. The demand for vision care in the USA is projected to grow from USD 37.2 billion in 2025 to USD 71.5 billion by 2035. The overall U.S. optical industry achieved a total market value of $68.3 billion in 2024.

AI Analysis | Feedback

Centene Corporation (CNC) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from its government-sponsored healthcare programs, despite some headwinds in other segments.

  1. Growth in Medicare Business, particularly Prescription Drug Plans (PDP): Centene expects its Medicare segment to be a significant driver of revenue growth. Management projects an increase in Medicare premium revenue of approximately $7.5 billion in 2026, largely fueled by its Prescription Drug Plan (PDP) business, which is tracking for high single-digit percentage growth in Part D enrollment.
  2. Favorable Medicaid Rate Adjustments: While Centene expects a decline in Medicaid member months, the company is implementing mid-4% net rate increases for 2026. These favorable rate adjustments contribute positively to the premium revenue generated within its Medicaid programs, helping to offset the impact of membership attrition.
  3. Strategic Pricing in the Health Insurance Marketplace: Although the Health Insurance Marketplace segment is projected to experience a decrease in overall revenue, Centene has undertaken strategic pricing actions and product mix adjustments for 2026. These initiatives are aimed at improving pretax margins and stabilizing revenue yield from its member base in this segment.

AI Analysis | Feedback

Share Repurchases

  • Centene repurchased 42.0 million shares for $3.0 billion in 2024 through its stock repurchase program.
  • The company's annual share buybacks were $475 million in 2025 and $1.633 billion in 2023.
  • As of December 31, 2024, Centene was authorized to repurchase up to $10.0 billion of its stock, with $2.2 billion remaining under this authorization.

Share Issuance

  • Centene's shares outstanding declined to 0.493 billion in 2025, a 5.85% decrease from 2024.
  • Shares outstanding further decreased by 4.02% in 2024 to 0.524 billion, and by 6.24% in 2023 to 0.546 billion, indicating net share repurchases over new issuances.
  • As of July 23, 2025, Centene had 491.133 million shares of common stock outstanding.

Outbound Investments

  • Centene acquired Magellan Health for $2.2 billion in January 2021.
  • Centene acquired the remaining equity interests in Circle Health in July 2021 and subsequently signed an agreement to sell Circle Health Group for approximately $1.2 billion (inclusive of debt assumed) in August 2023.
  • In December 2024, Centene executives indicated a focus on acquiring health plans or other assets in 2025 to boost efforts in ICHRA and dual-eligible markets.

Capital Expenditures

  • Centene's long-term investments for 2024 were $17.429 billion, marking a 7.02% increase from 2023.
  • Long-term investments grew to $16.286 billion in 2023, an increase of 10.91% from 2022.
  • The company reported $18.180 billion in long-term investments for the quarter ending December 31, 2025.

Better Bets vs. Centene (CNC)

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Peer Comparisons

Peers to compare with:

Financials

CNCUNHELVCVSMOHHUMMedian
NameCentene UnitedHe.Elevance.CVS Heal.Molina H.Humana  
Mkt Price68.72425.19426.79106.18241.56406.77324.16
Mkt Cap33.8386.193.8135.212.348.971.4
Rev LTM198,101449,713200,415407,90545,075137,200199,258
Op Inc LTM1518,835-11,691524-6,108
FCF LTM7,11219,6666,4507,3942501,2726,781
FCF 3Y Avg3,73618,3484,1407,1585501373,938
CFO LTM7,94423,1537,60510,3323571,8447,774
CFO 3Y Avg4,46421,8515,3419,9946468124,902

Growth & Margins

CNCUNHELVCVSMOHHUMMedian
NameCentene UnitedHe.Elevance.CVS Heal.Molina H.Humana  
Rev Chg LTM17.0%9.7%9.4%7.6%7.7%14.1%9.6%
Rev Chg 3Y Avg10.7%10.2%7.7%7.2%11.8%12.8%10.5%
Rev Chg Q7.1%2.0%2.6%6.2%-3.1%23.5%4.4%
QoQ Delta Rev Chg LTM1.7%0.5%0.6%1.5%-0.8%5.8%1.0%
Op Inc Chg LTM-99.6%-43.7%-8.3%-69.4%--56.6%
Op Inc Chg 3Y Avg-33.2%-10.3%--9.2%-17.7%--14.0%
Op Mgn LTM0.0%4.2%-2.9%1.2%-2.0%
Op Mgn 3Y Avg1.4%6.9%-3.1%3.2%-3.2%
QoQ Delta Op Mgn LTM0.2%-0.0%-0.3%-0.6%-0.1%
CFO/Rev LTM4.0%5.1%3.8%2.5%0.8%1.3%3.2%
CFO/Rev 3Y Avg2.5%5.3%2.8%2.6%1.7%0.5%2.5%
FCF/Rev LTM3.6%4.4%3.2%1.8%0.6%0.9%2.5%
FCF/Rev 3Y Avg2.0%4.4%2.2%1.9%1.4%-0.0%2.0%

Valuation

CNCUNHELVCVSMOHHUMMedian
NameCentene UnitedHe.Elevance.CVS Heal.Molina H.Humana  
Mkt Cap33.8386.193.8135.212.348.971.4
P/S0.20.90.50.30.30.40.3
P/Op Inc2,254.320.5-11.623.5-22.0
P/EBIT-5.920.912.320.628.523.120.7
P/E-5.232.117.946.165.443.337.7
P/CFO4.316.712.313.134.426.514.9
Total Yield-19.1%5.2%7.2%4.7%1.5%3.2%3.9%
Dividend Yield0.0%2.1%1.6%2.5%0.0%0.9%1.2%
FCF Yield 3Y Avg18.4%5.2%5.2%7.7%3.4%1.9%5.2%
D/E0.50.20.30.60.30.30.3
Net D/E-0.20.1-0.00.5-0.4-0.2-0.1

Returns

CNCUNHELVCVSMOHHUMMedian
NameCentene UnitedHe.Elevance.CVS Heal.Molina H.Humana  
1M Rtn5.4%4.7%5.6%4.1%20.6%7.5%5.5%
3M Rtn84.4%36.1%36.8%38.0%63.8%107.8%50.9%
6M Rtn50.2%29.1%16.3%33.9%33.5%49.6%33.7%
12M Rtn124.3%45.2%28.1%71.0%10.3%81.4%58.1%
3Y Rtn4.7%-5.9%2.2%67.1%-19.1%-3.0%-0.4%
1M Excs Rtn6.1%3.4%4.9%3.7%23.0%8.6%5.5%
3M Excs Rtn73.9%27.1%26.0%27.6%51.5%96.1%39.6%
6M Excs Rtn39.1%17.0%7.4%26.2%24.8%39.7%25.5%
12M Excs Rtn98.1%23.1%7.4%49.4%-11.5%58.4%36.2%
3Y Excs Rtn-68.1%-73.6%-67.1%1.0%-89.7%-73.4%-70.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Medicaid110,434101,417100,75993,151 
Commercial42,00333,70224,84517,380 
Medicare37,21023,03222,26122,484 
Other/Eliminations5,1304,9206,13411,532 
Managed Care    120,119
Specialty Services    5,863
Total194,777163,071153,999144,547125,982


Operating Income by Segment
$ Mil20222021202020192018
Managed Care1,9131,7893,0311,8061,310
Specialty Services-595-551-25148
Total1,3181,7843,0821,7811,458


Assets by Segment
$ Mil20192018201720162014
Managed Care37,68927,62719,95917,9624,620
Specialty Services3,3053,2741,8962,2351,118
Total40,99430,90121,85520,1975,738


Price Behavior

Price Behavior
Market Price$68.72 
Market Cap ($ Bil)33.8 
First Trading Date12/13/2001 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$61.30$44.75
DMA Trendupup
Distance from DMA12.1%53.6%
 3M1YR
Volatility48.5%50.7%
Downside Capture-289.69-9.36
Upside Capture64.6687.83
Correlation (SPY)-12.8%8.4%
CNC Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.03-0.01-0.180.180.280.20
Up Beta-3.26-1.86-0.70-0.86-0.440.12
Down Beta1.011.412.051.191.050.23
Up Capture97%60%111%68%19%4%
Bmk +ve Days11244067140429
Stock +ve Days9193667136386
Down Capture7%-69%-333%-38%10%47%
Bmk -ve Days10172358112321
Stock -ve Days12222758114361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNC
CNC119.3%50.7%1.72-
Sector ETF (XLV)18.7%15.8%0.8928.5%
Equity (SPY)21.7%12.6%1.288.1%
Gold (GLD)20.5%27.9%0.65-3.8%
Commodities (DBC)27.3%18.9%1.143.3%
Real Estate (VNQ)13.0%13.9%0.6413.6%
Bitcoin (BTCUSD)-47.0%42.7%-1.370.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNC
CNC-0.9%39.7%0.10-
Sector ETF (XLV)5.9%14.9%0.2238.9%
Equity (SPY)13.1%17.1%0.5917.7%
Gold (GLD)17.2%18.4%0.76-1.8%
Commodities (DBC)8.6%19.5%0.332.0%
Real Estate (VNQ)2.7%18.9%0.0421.4%
Bitcoin (BTCUSD)12.8%53.4%0.423.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNC
CNC7.0%38.6%0.31-
Sector ETF (XLV)10.0%16.6%0.4949.4%
Equity (SPY)15.4%17.9%0.7335.7%
Gold (GLD)11.2%16.1%0.57-1.7%
Commodities (DBC)6.3%18.0%0.2711.5%
Real Estate (VNQ)5.0%20.7%0.2132.6%
Bitcoin (BTCUSD)57.3%66.2%0.973.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity15.1 Mil
Short Interest: % Change Since 61520262.2%
Average Daily Volume6.1 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity492.1 Mil
Short % of Basic Shares3.1%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/28/20268.9%6.9%18.8%
2/6/2026-3.7%-1.9%8.5%
10/29/2025-6.2%-1.3%1.5%
7/25/20256.1%-2.6%9.9%
4/25/20253.1%4.3%-0.1%
2/4/2025-0.9%-6.4%-3.0%
10/25/2024-4.0%-1.1%-4.3%
7/26/20240.5%6.8%6.3%
...
SUMMARY STATS   
# Positive131214
# Negative111210
Median Positive3.1%2.9%6.4%
Median Negative-3.0%-1.9%-3.6%
Max Positive10.3%12.3%19.9%
Max Negative-6.2%-6.4%-11.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/28/20268.9%6.9%18.8%
2/6/2026-3.7%-1.9%8.5%
10/29/2025-6.2%-1.3%1.5%
7/25/20256.1%-2.6%9.9%
4/25/20253.1%4.3%-0.1%
2/4/2025-0.9%-6.4%-3.0%
10/25/2024-4.0%-1.1%-4.3%
7/26/20240.5%6.8%6.3%
4/26/2024-0.2%1.1%-1.7%
2/6/20240.0%2.4%6.3%
10/24/2023-1.4%-1.0%6.5%
7/28/20232.9%-0.6%-3.3%
4/25/20232.4%1.4%-3.9%
2/7/20232.7%3.4%-7.7%
10/25/202210.3%12.3%9.4%
7/26/20221.3%0.3%3.5%
4/26/2022-1.4%-1.9%4.2%
2/8/20226.0%1.5%2.5%
10/26/2021-0.6%-2.3%6.5%
7/27/2021-3.0%-3.2%-11.1%
4/27/2021-3.0%5.3%19.9%
2/9/20213.5%-0.1%5.8%
10/27/2020-4.6%0.8%-3.0%
7/28/20203.3%-2.5%-7.6%
SUMMARY STATS   
# Positive131214
# Negative111210
Median Positive3.1%2.9%6.4%
Median Negative-3.0%-1.9%-3.6%
Max Positive10.3%12.3%19.9%
Max Negative-6.2%-6.4%-11.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/28/202610-Q
12/31/202502/17/202610-K
09/30/202510/29/202510-Q
06/30/202507/25/202510-Q
03/31/202504/25/202510-Q
12/31/202402/18/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/20/202410-K
09/30/202310/24/202310-Q
06/30/202307/28/202310-Q
03/31/202304/25/202310-Q
12/31/202202/21/202310-K
09/30/202210/25/202210-Q
06/30/202207/26/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202604/28/202610-Q
12/31/202502/17/202610-K
09/30/202510/29/202510-Q
06/30/202507/25/202510-Q
03/31/202504/25/202510-Q
12/31/202402/18/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/20/202410-K
09/30/202310/24/202310-Q
06/30/202307/28/202310-Q
03/31/202304/25/202310-Q
12/31/202202/21/202310-K
09/30/202210/25/202210-Q
06/30/202207/26/202210-Q
03/31/202204/26/202210-Q
12/31/202102/22/202210-K
09/30/202110/26/202110-Q
06/30/202107/27/202110-Q
03/31/202104/27/202110-Q
12/31/202002/22/202110-K
09/30/202010/27/202010-Q
06/30/202007/28/202010-Q
03/31/202004/28/202010-Q
12/31/201902/18/202010-K
09/30/201910/22/201910-Q
06/30/201907/23/201910-Q

Recent Forward Guidance

Updated 7/8/2026

Latest: Q1 2026 Earnings Reported 4/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total Revenues187.50 Bil189.50 Bil191.50 Bil0.5% RaisedGuidance: 188.50 Bil for 2026
2026 Premium and Service Revenues171.00 Bil173.00 Bil175.00 Bil0.6% RaisedGuidance: 172.00 Bil for 2026
2026 GAAP Diluted EPS 2.37 19.7% RaisedGuidance: 1.98 for 2026
2026 Adjusted Diluted EPS 3.4 13.3% RaisedGuidance: 3 for 2026
2026 HBR0.910.910.92 0.0%AffirmedGuidance: 0.91 for 2026
2026 SG&A Expense Ratio0.070.070.08 -0.1%LoweredGuidance: 0.07 for 2026
2026 Adjusted SG&A Expense Ratio0.070.070.08 -0.1%LoweredGuidance: 0.07 for 2026
2026 Effective Tax Rate27.0%27.5%28.0% 0.0%AffirmedGuidance: 27.5% for 2026
2026 Adjusted Effective Tax Rate26.0%26.5%27.0% 0.0%AffirmedGuidance: 26.5% for 2026
2026 Diluted Shares Outstanding495.60 Mil497.10 Mil498.60 Mil   

Prior: Q4 2025 Earnings Reported 2/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 GAAP diluted EPS 1.98   Higher NewGuidance: -12.8 for 2025
2026 Adjusted diluted EPS 3 50.0% Higher NewGuidance: 2 for 2025
2026 Total revenues186.50 Bil188.50 Bil190.50 Bil   
2026 Premium and service revenues170.00 Bil172.00 Bil174.00 Bil   
2026 HBR0.910.910.92   
2026 SG&A expense ratio0.070.070.08   
2026 Adjusted SG&A expense ratio0.070.070.08   
2026 Effective tax rate27.0%27.5%28.0%   
2026 Adjusted effective tax rate26.0%26.5%27.0%   

Insider Activity

Updated 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Burdick, Kenneth ADirectSell611202664.5580,0005,164,00012,721,896Form
2Burdick, Kenneth ADirectSell1205202539.0032,7961,279,04410,622,232Form
3Burdick, Kenneth ADirectSell1205202539.0433,2111,296,55711,913,482Form
4London, SarahChief Executive OfficerDirectBuy811202525.5019,230490,36521,554,512Form
5Samuels, Theodore R IIfamily trustBuy729202527.629,000248,580883,840Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Burdick, Kenneth ADirectSell611202664.5580,0005,164,00012,721,896Form
2Burdick, Kenneth ADirectSell1205202539.0032,7961,279,04410,622,232Form
3Burdick, Kenneth ADirectSell1205202539.0433,2111,296,55711,913,482Form
4London, SarahChief Executive OfficerDirectBuy811202525.5019,230490,36521,554,512Form
5Samuels, Theodore R IIfamily trustBuy729202527.629,000248,580883,840Form

Investor Activity (13F)

Updated Jul 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Politan Capital Management LP$70.9 Mil7.2%3Hold13F
Kopernik Global Investors, LLC$82.4 Mil5.8%27ADD +24.3%13F
Glenview Capital Management, LLC$105.2 Mil2.8%41ADD +73.2%13F
Stanley Capital Management, LLC$10.6 Mil1.8%40Hold13F
Focused Investors LLC$40.4 Mil1.3%22Hold13F
Lyrical Asset Management LP$82.9 Mil1.3%39Hold13F
Sector Gamma AS$5.3 Mil1.3%42TRIM -37.1%13F
Redwood Capital Management, LLC$6.8 Mil1.0%22Hold13F
Maple Rock Capital Partners Inc.$21.5 Mil0.7%44TRIM -35.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glenview Capital Management, LLC$105.2 Mil2.8%41ADD +73.2%13F
Kopernik Global Investors, LLC$82.4 Mil5.8%27ADD +24.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
8 Knots Management, LLC$193.7 Mil22.3%12ExitedDec 31, 202513F
Ranmore Fund Management Ltd$33.5 Mil5.7%18ExitedDec 31, 202513F
Sector Gamma AS$5.3 Mil1.3%42TRIM -37.1%Mar 31, 202613F
Maple Rock Capital Partners Inc.$21.5 Mil0.7%44TRIM -35.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glenview Capital Management, LLC$105.2 Mil2.8%41ADD +73.2%13F
Lyrical Asset Management LP$82.9 Mil1.3%39Hold13F
Kopernik Global Investors, LLC$82.4 Mil5.8%27ADD +24.3%13F
Politan Capital Management LP$70.9 Mil7.2%3Hold13F
Focused Investors LLC$40.4 Mil1.3%22Hold13F
Maple Rock Capital Partners Inc.$21.5 Mil0.7%44TRIM -35.1%13F
Stanley Capital Management, LLC$10.6 Mil1.8%40Hold13F
Redwood Capital Management, LLC$6.8 Mil1.0%22Hold13F
Sector Gamma AS$5.3 Mil1.3%42TRIM -37.1%13F
Core Cache Last Updated: 7/14/2026