# Centene Corporation (CNC) — Stock CV

Centene Corporation is a $32.5B financial services company. Revenue grew 13.9% over the last year, and it currently loses money.

> Centene is a managed care organization that focuses on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges.

## Identity

- **Ticker**: CNC
- **Sector**: Financial Services
- **Industry**: Hospital & Medical Service Plans
- **Headquarters**: ST LOUIS, MO
- **Employees**: 61 100
- **Website**: https://www.centene.com
- **Market cap**: $32.5B
- **Last price**: $65.80
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $203B
- **Net income**: -$5.10B
- **Free cash flow**: $8.95B
- **Net cash**: $2.97B
- **P/E**: 35.2
- **Revenue growth (YoY)**: 13.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 100 |
| Growth | 45 |
| Profitability | 0 |
| Health | 47 |
| Quality | 65 |
| Moat | 48 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +13.9% YoY
- [ ] Profitable — -$5.10B TTM
- [ ] Profit growing — -301.9% YoY
- [x] Generates cash — $8.95B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $32.5B market cap
- [x] Not printing shares — -14.9% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — Altman Z 1.6 — distress
- [x] Valuation not extreme — P/E 35.2

## Experience (career milestones)

- **FY2024** — Best year on record: $3.31B net income
- **FY2023** — Became debt-free: cash now exceeds total debt
- **2022** — The acquisition was completed
- **2021** — Operose Health, a UK subsidiary of Centene, took over a group of London practices, AT Medics
- **FY2020** — Revenue crossed $100B: $111B for the year
- **2019** — It announced plans to acquire WellCare for US$17.3 billion, a deal completed in January 2020
- **2019** — Centene, through its subsidiary MH Services, took a 40% stake in Circle Health
- **FY2018** — Revenue crossed $50B: $60.1B for the year
- **2018** — It acquired MHM Services, including its stake in Centurion
- **2017** — In the United Kingdom, Centene began to acquire local healthcare services in 2017
- **FY2016** — First recorded profitable year: $562M net income
- **FY2016** — Revenue already above $10B: $40.6B in first reported year
- **2016** — It finalized its acquisition
- **2006** — The firm acquired US Script, a pharmacy benefits manager
- **2001** — Centene went public in December 2001
- **1984** — Centene was founded by Elizabeth Brinn as Managed Health Services in Milwaukee, Wisconsin, in 1984

## Strengths

- Revenue growing 13.9% year over year
- Net cash position after subtracting debt from cash

## Watch-outs

- Not profitable — 2.5% net margin
- Altman Z-Score 1.56 — elevated financial-distress risk
- Thin interest coverage (-8.9×)
- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $126B | $1.35B | $3.29B |
| FY2022 | $145B | $1.20B | $5.26B |
| FY2023 | $154B | $2.70B | $7.25B |
| FY2024 | $163B | $3.31B | -$490M |
| FY2025 | $195B | -$6.67B | $4.32B |

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Source: https://stockcv.com/CNC — derived from company filings; may be delayed or incomplete. Information, not investment advice.