CENTENE CORP
$71.27
+1.00 (+1.42%) · delayed · Nov 13, 2026
Five-year price
52w $31.63 to $78.08
- Market cap
- $35.3B
- Enterprise value
- $34.8B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- 12.2%
- ROIC
- −30.9%
- Debt / equity
- 0.87
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC -1.6%
- ○ROE > 15% (5y avg)5y avg ROE -0.1%
- ●Stable operating marginsMargin volatility 2.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 234% (5y avg)
- ●Growing revenueRevenue CAGR 5y 11.0%
- ●Shrinking share countDiluted shares -14.9% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 12.2%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 1.8
Safety
0
- ○Debt / equity below 0.5D/E 0.87
- ○Debt payable in < 4 yrs of earningsNet debt $-0.5B
- ○Interest coverage > 8xCoverage -11.2x
- ○Current ratio > 1.5Current ratio 1.10
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
20
- ●Adequate size (revenue > $2B)Revenue $174.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.10
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -136%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $71.27, the market is pricing in about −6.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$487M · 495M shares · 5y revenue CAGR 11.0%
Intrinsic value
$262.66
Price
$71.27
Margin of safety
73%
What the price implies
The market is paying for −6.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
63% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 37,579 | 45,620 | 56,435 | 70,364 | 103,800 | 117,983 | 135,479 | 140,095 | 145,505 | 174,581 |
| Gross profit | — | — | — | — | — | 14,487 | 16,918 | 17,637 | 17,069 | 14,209 |
| Operating income | 1,263 | 1,199 | 1,458 | 1,781 | 3,082 | 1,784 | 1,318 | 2,930 | 3,175 | (7,623) |
| Operating margin | 3.4% | 2.6% | 2.6% | 2.5% | 3.0% | 1.5% | 1.0% | 2.1% | 2.2% | -4.4% |
| Pre-tax income | 1,160 | 1,134 | 1,368 | 1,782 | 2,773 | 1,813 | 1,962 | 3,598 | 4,257 | (6,728) |
| Income tax | 599 | 326 | 474 | 473 | 979 | 477 | 760 | 899 | 963 | (51) |
| Net income | 562 | 828 | 900 | 1,321 | 1,808 | 1,347 | 1,202 | 2,702 | 3,305 | (6,674) |
| EPS (diluted) | 1.71 | 2.34 | 2.26 | 3.14 | 3.12 | 2.28 | 2.07 | 4.95 | 6.31 | -13.53 |
| Diluted shares | 328 | 353 | 399 | 420 | 579 | 591 | 582 | 546 | 524 | 493 |
Who owns it