Centene Corporation (CNC) Stock

Centene Corporation (CNC) is a Healthcare stock trading at $66.42 (as of 2026-07-17), with a market capitalization of $32.80B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs. Its health plans include primary and specialty physician care, inpatient and outpatient hospital care, emergency and urgent care, prenatal care, laboratory and X-ray, home-based primary care, transportation assistance, vision care, dental care, telehealth, immunization, specialty pharmacy, therapy, social work, nurse advisory, and care coordination services, as well as prescriptions and limited over-the-counter drugs, medical equipment, and behavioral health and abuse services. This segment also offers various individual, small group, and large group commercial healthcare products to employers and directly to members. The company's Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. This segment offers its services and products to state programs, correctional facilities, healthcare organizations, employer groups, and other commercial organizations. The company provides its services through primary and specialty care physicians, hospitals, and ancillary providers. Centene Corporation was founded in 1984 and is headquartered in St. Louis, Missouri.

Understand Centene Corporation: how it makes money

Centene operates health plans and related services for under-insured and uninsured individuals in the United States, including Medicaid and Medicare-related programs, and it makes money primarily through premium and service revenue.

Profit is driven by the spread between premium and medical costs (captured by the Consolidated Health Benefits Ratio), with additional impact from operating overhead (captured by the Consolidated adjusted Selling, General and Administrative expense ratio).

Revenue by segment (latest quarter)
Premium & service$44.7B
Premium tax pass-through$3.0B
Florida CMS adj.$0.1B

Business quality (Weak): Clear operating KPIs are provided for medical cost intensity and expense control, but segment coverage here is limited to revenue components rather than a full reportable-segment breakdown.

Bull case

  • Program mix focused on government-subsidized healthcare: The business provides coverage through government subsidized programs such as Medicaid and Medicare-related plans, which can support a large, recurring customer base.
  • Operating performance exists within a tight margin profile: For the latest period provided, Centene reported operating margin_pct of 3.7%, alongside a Consolidated Health Benefits Ratio of 87.3% and an adjusted SG&A expense ratio of 7.6%.

Bear case

  • Medical cost volatility can quickly pressure profitability: Because the Consolidated Health Benefits Ratio is a core KPI, adverse changes in healthcare utilization or costs can raise the medical cost to revenue ratio and compress results.
  • Overhead and administration efficiency matters: Centene’s Consolidated adjusted Selling, General and Administrative expense ratio is 7.6%, so operating expense pressure can also weigh on the operating margin.
  • Government program rules can affect economics: The company serves under-insured and uninsured populations through programs including Medicaid and other government subsidized coverage, so changes in program funding or eligibility can impact premium and service revenue.
Valuation — source: SEC EDGAR (first-party)
Price$66.42
Market Cap$32.80B
Price / Book1.53
Price / Sales0.17
FCF Yield38.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$194.78B
Net Margin-3.4%
Revenue Growth (YoY)21.9%
EPS Growth (YoY)-493.0%
FCF Growth (YoY)-130.2%
Financial Health — source: SEC EDGAR
Altman Z-Score2.77 (grey)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.4
Industry P/E (Insurance)13.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($2.34B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorHealthcare
IndustryInsurance
CEOSarah London
Employees60,400
CountryUS
IPO Date2001-12-13

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CNC earnings history · CNC institutional & insider holders · CNC KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.