Centene Corporation

Health Care Managed Health Care St. Louis, Missouri Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$174.6B
                    3y CAGR +8.8%
                    
                    P69
                    
                    +20.0%
                    
                    Net income
                    FY2025
                
$-6.7B
                    Net margin -3.8%
                    
                    P7
                    
                    -301.9%
                    
                    Total assets
                    FY2025
                
$76.7B
                    ROA -8.7%
                    
                    P5
                    
                    -6.9%
                    
                    Operating cash flow
                    FY2025
                
$5.1B
                    FCF margin +2.5%
                    
                    P20
                    
                    +3203.9%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $76.7B

Total liabilities $56.7B

Shareholders equity $20.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	23.3%	17.1%	20.3%
Short Term Investments	3.2%	3.2%	2.9%
Prepaid Expenses	2.5%	1.9%	6.6%
Other Current Assets	2.5%	1.9%	6.6%
Total Current Assets	52.6%	46.1%	48.2%
Property,Plant and Equipment	2.7%	2.5%	2.4%
Goodwill	14.1%	21.3%	20.7%
Intangible Assets	5.9%	6.6%	7.2%
Long Term Investments	22.2%	21.1%	19.2%
Other Noncurrent Assets	0.7%	0.7%	0.6%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	17.9%	16.0%	19.4%
Accrued Liabilities	47.8%	41.6%	43.4%
Deferred Revenue	1.0%	0.8%	0.8%
Current Portion of Long Term Debt	0.1%	0.1%	0.1%
Other Current Liabilities	2.4%	3.1%	4.3%
Total Current Liabilities	47.8%	41.6%	43.4%
Long Term Debt	22.6%	22.3%	20.9%
Deferred Tax Liabilities	1.1%	0.8%	0.8%
Other Noncurrent Liabilities	2.4%	3.1%	4.3%
Total Liabilities	73.9%	67.8%	69.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	27.1%	24.9%	24.0%
Retained Earnings	11.3%	18.6%	14.2%
Treasury Stock	0.6%	3.8%	1.9%
Accumulated Other Comprehensive Income	-0.1%	-0.6%	-0.8%
Noncontrolling Interest	0.1%	0.1%	0.1%
Total Stockholders Equity	26.0%	32.0%	30.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $174.6B

Operating income $-7.6B

Net income $-6.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	227.5%	176.5%	165.5%
Expenses Cost of Revenue	3.5%	3.3%	4.2%
Expenses Selling,General and Administrative	16.8%	15.0%	14.8%
Expenses Depreciation and Amortization	1.7%	1.5%	1.5%
Expenses Share Based Compensation	0.3%	0.3%	0.3%
Expenses Operating Expenses	263.7%	193.9%	178.5%
Other Income Expense Gross Profit	18.5%	20.7%	20.8%
Other Income Expense Operating Income	-9.9%	3.9%	3.5%
Other Income Expense Interest Income	2.0%	2.2%	1.6%
Other Income Expense Interest Expense	0.9%	0.9%	0.9%
Other Income Expense Other Income/expense	1.2%	1.3%	0.8%
Other Income Expense Income Before Tax	-8.8%	5.2%	4.3%
Income Tax Income Tax Expense	-0.1%	1.2%	1.1%
net Income net Income	-8.7%	4.0%	3.2%
net Income Comprehensive Income	-8.1%	4.2%	3.8%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.6%	0.6%	0.6%
Earnings Per Share Weighted Average Shares Diluted	0.6%	0.6%	0.6%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $5.1B

Investing cash flow $472.0M

Financing cash flow $-1.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	-8.7%	4.0%	3.2%
Operating Activities Depreciation and Amortization	1.7%	1.5%	1.5%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%
Operating Activities Deferred Income Taxes	-0.1%	0.0%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	-0.1%	0.3%
Operating Activities Other Non Cash Items	0.1%	0.1%	0.2%
Operating Activities net Cash From Operating Activities	6.6%	0.2%	9.5%
Investing Activities Capital Expenditures	1.0%	0.8%	0.9%
Investing Activities Purchases of Investments	5.9%	8.7%	7.8%
Investing Activities net Cash From Investing Activities	0.6%	-1.3%	-1.4%
Financing Activities Proceeds From Debt	1.0%	1.6%	2.8%
Financing Activities Repayment of Debt	2.5%	0.8%	2.7%
Financing Activities Repurchase of Common Stock	0.6%	3.8%	1.9%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.0%	-0.0%	0.0%
Financing Activities net Cash From Financing Activities	-2.1%	-2.9%	-2.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	0.0%	-0.0%
Cash Reconciliation net Change In Cash	5.1%	-4.0%	6.1%
Cash Reconciliation Cash At Beginning of Period	23.4%	17.2%	20.6%
Cash Reconciliation Cash At End of Period	23.4%	17.2%	20.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+98.5%	+98.1%	+97.5%
Operating margin	-4.4%	+2.2%	+2.1%
Net margin	-3.8%	+2.3%	+1.9%
FCF margin	+2.5%	-0.3%	+5.2%
Growth
Revenue CAGR (3y)	+8.8%	+7.2%	+10.5%
Returns
ROE	-33.4%	+12.5%	+10.5%
ROA	-8.7%	+4.0%	+3.2%
ROIC	-39.2%	+8.0%	+8.3%
Liquidity
Current ratio	1.10x	1.11x	1.11x
Quick ratio	—	—	—
Leverage
D/E	2.84x	2.12x	2.27x
Interest coverage	-11.24x	4.52x	4.04x
Efficiency
Asset turnover	2.27x	1.76x	1.66x
Cash conversion cycle	—	—	—

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Centene Corporation

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