# Centene Corporation (CNC)

> Source: Nexqual · https://nexqual.com/CNC · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Centene Corporation (CNC), nexqual.com/CNC" · informational, not investment advice.

**Price:** USD 71.24 (+1.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 70.24 · day 69.79–72.5 · 52w 31.63–72.5 · market cap $35.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $203B, net income -$5.10B (-2.5% margin), free cash flow $8.95B (SEC filings).
- 3 of 80 tracked superinvestors hold CNC (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $12.1M; 3 not under a Rule 10b5-1 plan ($12.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +107.3% vs S&P 500 +14.9%; 5Y +2.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.1, revenue estimate $46.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $126B | $145B | $154B | $163B | $195B | $203B |
| Gross profit | $14.5B | $16.9B | $17.6B | $17.1B | $14.2B | — |
| Operating income | $1.78B | $1.32B | $2.93B | $3.17B | -$7.62B | -$5.64B |
| Net income | $1.35B | $1.20B | $2.70B | $3.31B | -$6.67B | -$5.10B |
| EPS (diluted) | $2.28 | $2.07 | $4.95 | $6.31 | -$13.53 | — |
| Free cash flow | $3.29B | $5.26B | $7.25B | -$490M | $4.32B | $8.95B |
| Gross margin | 11.5% | 11.7% | 11.5% | 10.5% | 7.3% | — |
| Operating margin | 1.4% | 0.9% | 1.9% | 1.9% | -3.9% | -2.8% |
| Net margin | 1.1% | 0.8% | 1.8% | 2.0% | -3.4% | -2.5% |
| Revenue growth | +13.4% | +14.7% | +6.5% | +5.9% | +19.4% | — |
| Cash + short-term investments | $14.7B | $14.4B | $19.7B | $16.7B | $20.3B | — |
| Total debt | $19.0B | $18.2B | $18.0B | $18.6B | $17.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/Sales 0.1x · P/FCF 3.9x · P/B 1.6x · FCF yield 25.43% · Earnings yield -14.49% · Buyback yield (TTM) 0.10% · Net cash $11.0B · EV $24.2B
P/E at fiscal year-ends: Dec 2024 9.6x, Dec 2023 15.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CNC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 2.71% | $106M | Reduced -39.6% |
| Bill Nygren | Oakmark Funds | 0.95% | $714M | Reduced -21.1% |
| Tweedy Browne |  | 0.12% | $1.6M | Added +32.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-26 | Koster Christopher | Secretary & General Counsel | 56,500 | $3.8M | 18.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Koster Christopher | Secretary & General Counsel | 47,603 | $3.1M | 13.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Burdick Kenneth A | Director | 80,000 | $5.2M | 22% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Argus Research | Upgrade | Hold → Buy | $80 |
| 2026-08-04 | JP Morgan | Target raised | Neutral | $60 → $67 |
| 2026-08-03 | Bernstein | Target raised | Outperform | $68 → $79 |
| 2026-07-29 | Barclays | Target raised | Overweight | $75 → $80 |
| 2026-07-29 | Baird | Target raised | Neutral | $46 → $66 |
| 2026-07-14 | TD Cowen | Target raised | Hold | $47 → $65 |
| 2026-07-14 | Truist Securities | Target raised | Buy | $71 → $78 |
| 2026-07-13 | Wells Fargo | Target raised | Equal-Weight | $56 → $69 |
| 2026-07-09 | RBC Capital | Target raised | Sector Perform | $70 → $71 |
| 2026-07-07 | Cantor Fitzgerald | Target raised | Overweight | $60 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +107.3% | +2.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +107.8% | +0.6% |
| Volatility (annualized) | 47.3% | 41.4% |
| Max drawdown | -32.7% (Jan 2026→Mar 2026) | -73.6% (Aug 2022→Aug 2025) |

## Peers (Healthcare Plans)
HUM (Humana Inc.) USD 420.97 -1.05% · CI (The Cigna Group) USD 315.88 +3.78% · ELV (Elevance Health, Inc.) USD 445.28 +2.57% · MOH (Molina Healthcare Inc) USD 216.64 +0.81% · OSCR (Oscar Health, Inc.) USD 33.32 -0.39% · CVS (CVS Health Corporation) USD 94.48 +1.10%

## More
Full page: https://nexqual.com/CNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other | $4.10B | 7.7% | +3.3% |
| Total revenue | $53.58B | 100% | — |
The lines above cover 7.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Health Care Premium | $43.58B | 81.3% | +4.4% |
| Total Premium & Service | $22.77B | 42.5% | +4.8% |
| Service | $793.0M | 1.5% | +9.1% |
| Total revenue | $53.58B | 100% | — |
The lines above cover 125.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.05 | +85.8% | $46.95B | 19 |
| Next quarter (ends 2026-12-31) | $-1.09 | $-0.98 | +11.7% | $45.43B | 19 |
| Current fiscal year (ends 2026-12-31) | $4.88 | $3.52 | +38.7% | $195.92B | 21 |
| Next fiscal year (ends 2027-12-31) | $5.35 | $4.48 | +19.5% | $192.75B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±8.6%; last 8 reports averaged ±10.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 72.3% | ±8.6% |
| 2026-11-06 | 14 | 59.3% | ±9.6% |
| 2026-11-13 | 21 | 52.9% | ±10.4% |
| 2026-11-20 | 28 | 50.0% | ±11.3% |
| 2026-11-27 | 35 | 48.6% | ±12.2% |
| 2026-12-04 | 42 | 46.7% | ±12.8% |
| 2026-12-18 | 56 | 46.1% | ±14.5% |
| 2027-01-15 | 84 | 41.6% | ±16.0% |