Financials Centene Corporation

Stocks

CNC

US15135B1017

Managed Healthcare

Market Closed - NYSE Other stock markets 16:02:50 2026-07-17 EDT			5-day change	1st Jan Change
66.44 ^USD	+3.99%		-1.35%	+61.46%

07-16	Soft Landing, Hard Selloff
07-16	UnitedHealth regains earnings momentum, shares surge	RE

Projected Income Statement: Centene Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	125,982	144,547	153,999	163,071	194,777	190,329	191,074	198,235
Change	-	14.74%	6.54%	5.89%	19.44%	-2.28%	0.39%	3.75%
EBITDA ¹	5,490	4,624	5,475	4,524	991	2,066	2,683	3,439
Change	-	-15.77%	18.4%	-17.37%	-78.09%	108.52%	29.86%	28.17%
EBIT ¹	4,014	3,888	4,182	3,975	401	1,508	2,139	3,161
Change	-	-3.14%	7.56%	-4.95%	-89.91%	276.16%	41.84%	47.74%
Interest Paid ¹	-665	-665	-725	-702	-678	-637.6	-610.3	-627.5
Earnings before Tax (EBT) ¹	1,813	1,962	3,598	4,257	-6,728	1,630	2,184	3,462
Change	-	8.22%	83.38%	18.32%	-258.05%	124.23%	33.98%	58.5%
Net income ¹	1,347	1,202	2,702	3,305	-6,674	1,222	1,636	2,486
Change	-	-10.76%	124.79%	22.32%	-301.94%	118.31%	33.84%	51.97%
Announcement Date	2/8/22	2/7/23	2/6/24	2/4/25	2/6/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	31,025	32,406	32,568	37,185	35,936	35,865	35,561	38,889	37,608	38,042	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944	47,448	47,101	45,766	48,706	47,269	47,370	47,015	50,930
Change	-	4.45%	0.5%	14.18%	-3.36%	-0.2%	-0.85%	9.36%	-3.29%	1.15%	3.73%	2.4%	-1.41%	5.49%	-2.9%	14.25%	4.55%	1.94%	0.07%	0.44%	-5%	-0.73%	-2.84%	6.43%	-2.95%	0.21%	-0.75%	8.33%
EBITDA ¹	1,292	991	1,062	1,742	1,735	1,156	472	1,534	1,528	1,541	434	1,497	1,545	986	496	1,849	-88	117	-887	2,177	622.8	-44.66	-683.4	2,139	803.6	153.3	-451.4	2,312
Change	-	-23.3%	7.16%	64.03%	-0.4%	-33.37%	-59.17%	225%	-0.39%	0.85%	-71.84%	244.93%	3.21%	-36.18%	-49.7%	272.78%	-104.76%	232.95%	-858.12%	345.43%	-71.39%	-107.17%	-1,430.21%	412.91%	-62.43%	-80.92%	-394.43%	612.28%
EBIT ¹	1,124	808	684	1,551	1,537	976	305	1,371	1,382	1,393	119	1,362	1,412	846	355	1,707	-229	-30	-1,047	2,043	527.8	-180.4	-864.5	2,077	668.3	41.63	-563.4	2,279
Change	-	-28.11%	-15.35%	126.75%	-0.9%	-36.5%	-68.75%	349.51%	0.8%	0.8%	-91.46%	1,044.54%	3.67%	-40.08%	-58.04%	380.85%	-113.42%	86.9%	-3,390%	295.13%	-74.16%	-134.18%	-379.14%	340.3%	-67.83%	-93.77%	-1,453.16%	504.53%
Charge d'intérêts ¹	-163	-170	-162	-160	-162	-169	-174	-180	-181	-181	-183	-178	-176	-176	-172	-170	-170	-170	-168	-164	-158.9	-158.1	-156.1	-157.5	-156.5	-156.5	-154.5	-165
Earnings before Tax (EBT) ¹	-542	720	694	1,148	-236	1,009	41	1,391	1,415	768	24	1,473	1,516	921	347	1,746	-257	-6,674	-1,543	2,099	317.2	-138.5	-620	2,174	538.3	12.19	-450.3	2,486
Change	-	232.84%	-3.61%	65.42%	-120.56%	527.54%	-95.94%	3,292.68%	1.73%	-45.72%	-96.88%	6,037.5%	2.92%	-39.25%	-62.32%	403.17%	-114.72%	-2,496.89%	76.88%	236.03%	-84.89%	-143.66%	-347.6%	450.66%	-75.24%	-97.74%	-3,793.9%	652.11%
Net income ¹	-535	584	599	849	-172	738	-213	1,130	1,058	469	45	1,163	1,146	713	283	1,311	-253	-6,631	-1,101	1,541	366.5	-113.8	-581.6	1,586	448.2	15.69	-391.5	1,793
Change	-	209.16%	2.57%	41.74%	-120.26%	529.07%	-128.86%	630.52%	-6.37%	-55.67%	-90.41%	2,484.44%	-1.46%	-37.78%	-60.31%	363.25%	-119.3%	-2,520.95%	83.4%	239.96%	-76.22%	-131.06%	-410.93%	372.73%	-71.74%	-96.5%	-2,595.48%	558.06%
Announcement Date	7/27/21	10/26/21	2/8/22	4/26/22	7/26/22	10/25/22	2/7/23	4/25/23	7/28/23	10/24/23	2/6/24	4/26/24	7/26/24	10/25/24	2/4/25	4/25/25	7/25/25	10/29/25	2/6/26	4/28/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Centene Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	5,720	5,946	636	4,470	-487	-3,423	-4,808	-5,406
Change	-	3.95%	-89.3%	602.83%	-110.89%	-602.87%	-40.46%	-12.44%
Announcement Date	2/8/22	2/7/23	2/6/24	2/4/25	2/6/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Centene Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	910	1,004	799	644	767	793.1	881.4	1,073
Change	-	10.33%	-20.42%	-19.4%	19.1%	3.4%	11.14%	21.68%
Free Cash Flow (FCF) ¹	3,295	5,257	7,254	-490	4,321	2,747	1,607	2,546
Change	-	59.54%	37.99%	-106.75%	981.84%	-36.42%	-41.49%	58.38%
Announcement Date	2/8/22	2/7/23	2/6/24	2/4/25	2/6/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Centene Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	4.36%	3.2%	3.56%	2.77%	0.51%	1.09%	1.4%	1.73%
EBIT Margin (%)	3.19%	2.69%	2.72%	2.44%	0.21%	0.79%	1.12%	1.59%
EBT Margin (%)	1.44%	1.36%	2.34%	2.61%	-3.45%	0.86%	1.14%	1.75%
Net margin (%)	1.07%	0.83%	1.75%	2.03%	-3.43%	0.64%	0.86%	1.25%
FCF margin (%)	2.62%	3.64%	4.71%	-0.3%	2.22%	1.44%	0.84%	1.28%
FCF / Net Income (%)	244.62%	437.35%	268.47%	-14.83%	-64.74%	224.77%	98.25%	102.4%
Profitability
ROA	1.83%	4.33%	4.51%	4.49%	1.29%	1.84%	2.33%	3.44%
ROE	5.12%	13.22%	14.61%	14.37%	4.43%	7.7%	9.15%	10.67%
Financial Health
Leverage (Debt/EBITDA)	1.04x	1.29x	0.12x	0.99x	-	-	-	-
Debt / Free cash flow	1.74x	1.13x	0.09x	-9.12x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.72%	0.69%	0.52%	0.39%	0.39%	0.42%	0.46%	0.54%
CAPEX / EBITDA (%)	16.58%	21.71%	14.59%	14.24%	77.4%	38.38%	32.85%	31.19%
CAPEX / FCF (%)	27.62%	19.1%	11.01%	-131.43%	17.75%	28.87%	54.84%	42.13%
Items per share
Cash flow per share ¹	7.121	10.76	14.76	0.294	10.32	9.226	6.722	12.7
Change	-	51.06%	37.19%	-98.01%	3,409.56%	-10.58%	-27.15%	88.94%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	46	43.68	48.35	53.26	40.57	46.06	51.81	58.04
Change	-	-5.05%	10.68%	10.16%	-23.81%	13.51%	12.49%	12.04%
EPS ¹	2.28	2.07	4.95	6.31	-13.53	2.524	3.341	5.228
Change	-	-9.21%	139.13%	27.47%	-314.42%	118.65%	32.4%	56.45%
Nbr of stocks (in thousands)	583,503	566,260	534,201	504,865	491,518	493,797	493,797	493,797
Announcement Date	2/8/22	2/7/23	2/6/24	2/4/25	2/6/26	-	-	-