Latest Ratios: P/E Ratio -4.6x · EV/EBITDA N/A · ROE -28.7%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.3B | $20.2B | $31.7B | $40.5B | $47.7B | $48.7B | $34.8B | $26.4B | $23.0B | $17.8B | $9.3B |
| Enterprise Value | $32.1B | $21.1B | $37.1B | $42.2B | $57.0B | $58.2B | $42.3B | $28.8B | $24.3B | $18.4B | $10.0B |
| P/E Ratio → | -4.65 | — | 9.60 | 14.99 | 39.62 | 36.14 | 19.24 | 20.02 | 25.51 | 21.46 | 16.43 |
| P/S Ratio | 0.16 | 0.10 | 0.19 | 0.26 | 0.33 | 0.39 | 0.31 | 0.35 | 0.38 | 0.37 | 0.23 |
| P/B Ratio | 1.55 | 1.01 | 1.20 | 1.56 | 1.97 | 1.80 | 1.34 | 2.08 | 2.08 | 2.59 | 1.53 |
| P/FCF | 7.23 | 4.68 | — | 5.58 | 9.08 | 14.77 | 7.50 | 35.10 | 41.10 | 16.69 | 6.00 |
| P/OCF | 6.14 | 3.97 | 206.03 | 5.03 | 7.62 | 11.57 | 6.32 | 17.82 | 18.62 | 11.96 | 5.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.11 | 0.23 | 0.27 | 0.39 | 0.46 | 0.38 | 0.39 | 0.40 | 0.38 | 0.25 |
| EV / EBITDA | — | — | 8.40 | 9.99 | 20.73 | 18.66 | 9.74 | 11.89 | 12.45 | 11.82 | 6.48 |
| EV / EBIT | — | — | 7.48 | 9.76 | 21.69 | 23.49 | 12.08 | 13.13 | 14.21 | 13.27 | 7.26 |
| EV / FCF | — | 4.88 | — | 5.81 | 10.84 | 17.66 | 9.12 | 38.27 | 43.50 | 17.28 | 6.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.2% | 12.2% | 10.3% | 11.2% | 11.5% | 11.3% | 13.7% | 11.8% | 14.0% | 12.0% | 13.7% |
| Operating Margin | -3.9% | -3.9% | 1.9% | 1.9% | 0.9% | 1.4% | 2.8% | 2.4% | 2.4% | 2.5% | 3.1% |
| Net Profit Margin | -3.4% | -3.4% | 2.0% | 1.8% | 0.8% | 1.1% | 1.6% | 1.8% | 1.5% | 1.7% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.7% | -28.7% | 12.6% | 10.8% | 4.7% | 5.1% | 9.4% | 11.1% | 10.1% | 12.8% | 13.4% |
| ROA | -8.3% | -8.3% | 4.0% | 3.3% | 1.5% | 1.8% | 3.3% | 3.7% | 3.4% | 3.9% | 4.1% |
| ROIC | -21.6% | -21.6% | 8.0% | 7.2% | 2.8% | 3.8% | 9.5% | 9.7% | 11.0% | 12.6% | 22.1% |
| ROCE | -14.6% | -14.6% | 6.6% | 6.1% | 2.6% | 3.6% | 8.2% | 7.6% | 9.3% | 10.0% | 16.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.94 | 0.94 | 0.73 | 0.73 | 0.88 | 0.84 | 0.71 | 1.14 | 0.61 | 0.68 | 0.77 |
| Debt / EBITDA | — | — | 4.40 | 4.47 | 7.76 | 7.27 | 4.22 | 5.99 | 3.42 | 3.01 | 3.02 |
| Net Debt / Equity | — | 0.04 | 0.20 | 0.06 | 0.38 | 0.35 | 0.29 | 0.19 | 0.12 | 0.09 | 0.12 |
| Net Debt / EBITDA | — | — | 1.22 | 0.40 | 3.37 | 3.06 | 1.73 | 0.98 | 0.69 | 0.40 | 0.47 |
| Debt / FCF | — | 0.21 | — | 0.23 | 1.76 | 2.90 | 1.62 | 3.17 | 2.40 | 0.59 | 0.47 |
| Interest Coverage | -9.46 | -9.46 | 7.06 | 5.96 | 3.95 | 3.73 | 4.81 | 5.33 | 4.99 | 5.45 | 6.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.68 | 1.68 | 1.11 | 1.11 | 1.06 | 1.11 | 1.08 | 1.57 | 1.00 | 0.93 | 0.97 |
| Quick Ratio | 1.68 | 1.68 | 1.11 | 1.11 | 1.06 | 1.11 | 1.08 | 1.57 | 1.00 | 0.93 | 0.97 |
| Cash Ratio | 0.83 | 0.83 | 0.49 | 0.54 | 0.51 | 0.57 | 0.57 | 1.00 | 0.51 | 0.49 | 0.51 |
| Asset Turnover | — | 2.51 | 1.98 | 1.82 | 1.88 | 1.61 | 1.62 | 1.82 | 1.95 | 2.21 | 2.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 10.4% | 6.7% | 2.5% | 2.8% | 5.2% | 5.0% | 3.9% | 4.7% | 6.1% |
| FCF Yield | 13.8% | 21.4% | — | 17.9% | 11.0% | 6.8% | 13.3% | 2.8% | 2.4% | 6.0% | 16.7% |
| Buyback Yield | 1.5% | 2.4% | 9.8% | 4.0% | 6.5% | 0.6% | 1.8% | 0.3% | 0.3% | 0.4% | 0.7% |
| Total Shareholder Yield | 1.5% | 2.4% | 9.8% | 4.0% | 6.5% | 0.6% | 1.8% | 0.3% | 0.3% | 0.4% | 0.7% |
| Shares Outstanding | — | $491M | $524M | $546M | $582M | $591M | $579M | $420M | $399M | $353M | $328M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CNC stock.
Centene Corp.'s current P/E ratio is -4.6x. The historical average is 19.7x.
Centene Corp.'s return on equity (ROE) is -28.7%. The historical average is 12.4%.
Based on historical data, Centene Corp. is trading at a P/E of -4.6x. Compare with industry peers and growth rates for a complete picture.
Centene Corp. has 12.2% gross margin and -3.9% operating margin.
Key Metrics
Top Statement Risk
Regulatory dependence and margin volatility
Metrics are mathematically derived from official filings.
Underwriting Recovery After 2025 Spike
Centene's combined ratio improved to 96.9% in Q2 2026 from a peak of 114.0% in Q3 2025, signaling a return to underwriting profitability, as reported in financial statements.
The loss ratio fell to 89.6% in Q2 2026 from 94.0% in Q2 2025, while the expense ratio normalized to 7.3% from an anomalous 30.4% in Q3 2025. This suggests that the severe margin compression in 2025 was likely driven by one-time charges and elevated medical costs, which appear to be easing. However, the sustainability of this improvement hinges on medical cost trends and the company's ability to maintain adequate premium rates in its government programs.
ROE Recovery Tempered by Volatility
ROE swung from -27.3% in Q3 2025 to 4.9% in Q2 2026, reflecting a sharp recovery but still below the 7.4% seen in Q1 2026, according to recent SEC filings.
The negative ROE in 2025 was driven by underwriting losses and impairments, while the recent positive ROE suggests a return to profitability. However, the volatility in ROE indicates that Centene's earnings are highly sensitive to medical cost trends and reserve adjustments. Investors should monitor whether the company can sustain ROE in the mid-single digits, as its peer group (UNH, ELV) consistently generates double-digit ROE.
Leverage Elevated but Improving
Debt-to-equity improved to 0.71 in Q2 2026 from 0.94 in Q4 2025, but remains above the peer average of 0.75, based on reported figures.
The reduction in leverage is a positive sign, but Centene's D/E is still higher than peers like ELV (0.75) and HUM (0.73), reflecting its aggressive acquisition history. The interest coverage ratio of 10.71 in Q2 2026 is adequate, but the negative interest coverage in 2025 highlights the risk of earnings volatility. The company's ability to service debt depends on sustaining underwriting profitability and generating stable cash flows.
Valuation Discount Reflects Risk Profile
Centene trades at a P/B of 1.59 versus Molina's 2.46 and UnitedHealth's 3.44, implying a discount that may reflect its lower ROE and regulatory exposure, as per peer data.
Centene's P/B discount is justified by its lower ROE (4.9% vs. UNH's 13.5%) and higher earnings volatility. However, its forward P/E of 13.55 is below ELV's 15.78, suggesting the market is pricing in continued margin pressure. If Centene can sustain its underwriting recovery and demonstrate stable margins, the valuation gap could narrow, but this requires consistent execution in a politically sensitive sector.
Combined Ratio Masks Reserve Releases
The combined ratio of 96.9% in Q2 2026 may be flattered by favorable prior period development, as the EPS of $2.51 far exceeded consensus, according to recent earnings releases.
The combined ratio is a key metric, but it can be distorted by reserve releases. Centene's Q2 2026 EPS beat suggests that favorable reserve development may have boosted results, masking underlying medical cost trends. Analysts should adjust for prior period development to assess the true run-rate profitability. Additionally, the expense ratio's volatility (7.3% in Q2 2026 vs. 18.2% in Q1 2026) indicates that the combined ratio may not be stable quarter-to-quarter.