Health Care · Managed Health Care · US stock · price as of 16 Oct 2026
Key indicators
Price
$69.16
52-week range
$31.63 – $71.21
Market cap
$34.4B
P/E (trailing)
–
EV / EBITDA
–
Free-cash-flow yield
26.0%
Dividend yield
–
Revenue (last 12 months)
$202.9B
Revenue growth (3y a year)
10.5%
Operating margin
−2.8%
Return on invested capital
−38.4%
Net debt / EBITDA
–
Fair value
Blended fair value$393.08 book-value models
Versus priceData under review+0% to fair value
Peer multiples
$393.08
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 37% of sector peers
Valuation73
Growth65
Profitability32
Financial health10
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Centene is a managed health care company that arranges and pays for medical coverage for people enrolled in government-sponsored programmes. Its main focus is Medicaid, and it also covers people through Medicare plans and the individual health insurance marketplace, where plans are offered under the Ambetter name. Members receive care through networks of doctors and hospitals that the company contracts with, and the company manages their claims and care coordination.
Revenue comes mainly from premiums paid by state and federal governments and by individuals, out of which the company pays its members' medical costs. In the last twelve months it totalled $202.9 billion, growing at 10.5% a year across the last three years. The operating margin is -2.8%, which means the business made an operating loss, and the return on the capital invested in it is -38%. No dividend is paid.
StocksXray gives Centene Corp an X-Ray Score of 46 out of 100 (high confidence), ahead of 37% of the S&P 500 stocks in its sector. Its strongest lens is valuation (73) and its weakest is financial health (10).
Our fair value blend is $393.08. At $69.16 the stock trades 82% below that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Centene Corp (CNC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$82.40
$82.01
$74.21
$60.58
$41.15
$69.16
Market cap
$48.7B
$47.7B
$40.5B
$31.7B
$20.3B
$34.4B
P/E
36.1×
39.6×
15.0×
9.6×
–
–
EV / revenue
0.4×
0.4×
0.3×
0.2×
0.1×
0.1×
EV / EBITDA
17.0×
18.7×
9.2×
7.6×
–
–
Price / free cash flow
14.8×
9.1×
5.6×
–
4.7×
3.8×
Free-cash-flow yield
6.8%
11.0%
17.9%
−1.5%
21.3%
26.0%
Price / book
1.8×
2.0×
1.6×
1.2×
1.0×
1.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 0 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−17.9%Good
Free-cash-flow yield26.0%Good
Risk models
Altman Z score0.8×Bad
Piotroski F-Score4 of 9Bad
Growth
Free-cash-flow growth (3y)−6.3%Bad
Revenue growth (3y)10.5%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Bad
Interest cover-8.6×Bad
Valuation
Fair value vs price5.7×Good
EBIT / EV yield−24.0%Bad
Profitability
Return on invested capital−38.4%Bad
Operating margin−2.8%Bad
Gross profitability19.5%Bad
XStocksXray
Centene Corp (CNC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
125,982
144,547
153,999
163,071
194,777
202,938
Gross profit
14,487
16,918
17,637
17,069
14,209
16,170
Operating income
1,784
1,318
2,930
3,175
-7,623
-5,640
Net income
1,347
1,202
2,702
3,305
-6,674
-5,100
Diluted EPS ($)
2.28
2.07
4.95
6.31
-13.53
-10.32
Free cash flow
3,295
5,257
7,254
-490
4,321
8,951
Gross margin
11.5%
11.7%
11.5%
10.5%
7.3%
8.0%
Operating margin
1.4%
0.9%
1.9%
1.9%
−3.9%
−2.8%
Net margin
1.1%
0.8%
1.8%
2.0%
−3.4%
−2.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
78,375
76,870
84,641
82,445
76,747
83,012
Cash
13,118
12,074
17,193
14,063
17,888
24,151
Total debt
18,838
18,020
17,829
18,533
17,401
16,105
Equity
26,795
24,057
25,840
26,410
19,953
22,562
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.