Credit and interest ratesmixed · 5 filings
“As of June 30, 2026, there were no limitations on the availability of our Revolving Credit Facility as a result of the debt-to-capital ratio.”10-Q · Jul 28, 2026 ↗
Centene Corporation
CNC
Market read
Centene Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 7 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
What changed
- Revenue increased 5.1% versus the comparable filing period.
Company+1.5% todayVolume comparison unavailable
Market group0 of 7 activeHealthcare Plans · unavailable
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Whether the company's debt-to-capital ratio limits availability under its Revolving Credit Facility (current filing reports no limitation as of June 30, 2026).
Invalidation: The isolated read changes if CNC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 7 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 5.1% versus the comparable filing period.
- Operating margin improved 0.6 percentage points.
- Net income increased 17.5% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Whether the company's debt-to-capital ratio limits availability under its Revolving Credit Facility (current filing reports no limitation as of June 30, 2026).
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements156
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +20.0% year over year.
Evidence challenging the case
- Operating margin changed -6.5 percentage points in the latest annual period.
- Net margin changed -6.1 percentage points in the latest annual period.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
Questions before a position
- EV/sales is 68% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
66.406m+92.1%12m+112.3%24m-6.3%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$118.0B+13.7%$2.28+2.0%
2022-12-31$135.5B+14.8%$2.07-1.4%
2023-12-31$140.1B+3.4%$4.95-6.2%
2024-12-31$145.5B+3.9%$6.31-4.0%
2025-12-31$174.6B+20.0%$-13.53-5.8%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionsnegative · 5 filings
“Enterprise Optimization During the three and six months ended June 30, 2026, the Company incurred $ 47 million and $ 61 million, respectively, of third-party vendor costs and severance costs due to enterprise optimization initiatives and contract exits, which…”10-Q · Jul 28, 2026 ↗
Capital investment and capacitymixed · 4 filings
“We spent $374 million and $343 million in the six months ended June 30, 2026 and 2025, respectively, on capital expenditures, the majority of which was driven by system enhancements and computer hardware.”10-Q · Jul 28, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.2× · EV/sales 0.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
66.40+1.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CNC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-28 against the comparable filing from 2025-04-25.
OperationsconstructiveEvidence score +3
liquidityconstructiveEvidence score +1
valuationdiscount
What improved
- Revenue increased 5.1% versus the comparable filing period.
- Operating margin improved 0.6 percentage points.
- Net income increased 17.5% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Gross margin increased $186 million in the three months ended March 31, 2026, compared to the corresponding period in 2025 primarily driven by rate and revenue increases and continued tangible progress in managing medical costs.”
“Interest expense (164) (170) 4 % Earnings before income tax 2,099 1,746 20 % Income tax expense 560 432 30 % Net earnings 1,539 1,314 17 % (Earnings) loss attributable to noncontrolling interests 2 (3) 167 % Net earnings attributable to Centene Corporation $ 1,541 $ 1,311 18 % Diluted earnings per common share attributable to Centene Corporation $ 3.11 $ 2.63 18 % n.m.: not meaningful 25 Table of Contents Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025 Total Revenues Total revenues increased 7% in the three months ended March 31, 2026, over the corresponding period in 2025, primarily driven by premium yield and membership growth in the PDP business, state-dir...”
“Gross margin increased $350 million in the three months ended March 31, 2026, compared to the corresponding period in 2025 primarily driven by rate increases and an increase to the PDR for our Medicare Advantage business in 2025 versus no PDR in 2026 as a result of our progression towards profitability, partially offset by medical and pharmacy costs.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind CNC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MAGEFiling-linked namecustomerFeb 17, 2026 ▾
“Magellan's customers include health plans and other MCOs, employers, labor unions, various military and state and federal governmental agencies, and third-party administrators.”
Depended on by
EVHEvolent Health, Inc.customerNov 7, 2025 ▾
“A portion of the Company’s revenue during the three months ended September 30, 2025 related to members on the ACA Health Exchanges, principally but not exclusively pursuant to our revenue agreements with Molina Healthcare, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CNC is currently a Follower in the organic co-movement group Healthcare Plans. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.