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Centene Corp (CNC)

NYSE · Health Care · Health Care Providers & Services

The stock has been on a turbulent ride over the past year. After trading near 52-week highs above $64 in mid-June 2025, Centene plummeted roughly 40% in a single session in early July 2025 when management withdrew its full-year 2025 guidance citing new enrollment data and rising member health costs. The stock bottomed near $25 in August 2025 and has since staged a partial recovery, trading around $37 as of early April 2026. The shares remain down approximately 40% over the trailing twelve months.

About This Report

This research was independently produced by 3 AI models analyzing the same underlying data. Each model read the company's SEC filings, earnings transcripts, financial statements, and external research – then formed its own conclusions.

Company Snapshot

Centene Corporation is the largest Medicaid managed care organization in the United States, serving approximately 20 million medical members as of December 2025. The company operates through four segments: Medicaid (roughly 64% of membership), Commercial (approximately 28%, primarily Health Insurance Marketplace), Medicare (about 5%), and Other. Headquartered in Saint Louis, Missouri with approximately 61,100 employees, Centene ranked No. 23 on the 2025 Fortune 500 with FY2025 revenue of $194.8 billion.

The company reported a GAAP diluted loss per share of $(13.53) for FY2025, driven by a $6.7 billion goodwill impairment charge, while adjusted diluted EPS was $2.08. Management has guided 2026 adjusted EPS above $3.00. The enterprise value of $15.1 billion sits well below market cap due to a large cash position of $20.3 billion, reflecting the insurance float dynamics inherent in the business.

Sections

Business – How the business works, competitive positioning, key metrics

Numbers – Financials, valuation, cash generation, peer comparison

People – Management, governance, compensation, alignment

Story – Narrative evolution, credibility, risk history

Verdict – Catalysts, buy/hold/sell decision, scenarios, LEAPS