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Centene

CNC
20
Medical - Healthcare Plans · Healthcare
Also trades as: 0HVB.L GBP 0.71 (-1.38%)
Price
$70.17
-1.07 (-1.50%)
Market Cap
$34.66B
Winston Score
20
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
3/30
Growth
Mixed
8/20
Cash Flow
Weak
1/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−16.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 590.5M (2021) → 491.1M (2025)

§Winston Score History

The full picture

Centene Corporation is a large health insurance company that manages government-sponsored healthcare programs. Its main products are health plans sold through Medicaid, Medicare, and the Affordable Care Act marketplace. The company's customers are mostly low-income individuals, elderly people, and others who rely on government programs to pay for their healthcare.

Centene makes money by receiving fixed payments from federal and state governments for each enrolled member, then paying out claims when those members use medical services. It operates across all 50 U.S. states and is one of the largest Medicaid managed care companies in the country, giving it significant scale. However, the company is currently losing money at the operating level, and its biggest risk is that medical costs are rising faster than the government reimbursement rates it receives — a problem that has pressured margins across the managed care industry and will require either cost controls or favorable rate updates to resolve.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.0% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

+533.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-0.51

30 Jun 2026: $2.21

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$43.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Centene's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
10.4%
Thin — 10.4% gross margin
Profit after running costs
Operating Margin
3.1%
Thin — 3.1% operating margin
Return on the money invested
ROCE
-14.1%
Weak — -14.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+8.7%
Steady sales growth (+8.7% YoY)
Profit growth
EPS YoY
-355.5%
Earnings shrinking (-355.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
4.6%
Thin free cash flow (4.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.71
Moderate — manageable debt (0.71)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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