Centene Corp. (CNC) intrinsic value & 10-year financials
Centene Corp. (CNC) has a Graham intrinsic value of $209.59 per share. At $69.16 on Oct 17, 2026, the stock trades 67% below that value. Over the last 10 fiscal years revenue grew 18.6% a year to $174.6B, with an average return on invested capital of 4.3%.
- Graham intrinsic value
- $209.59
- Share price (Oct 17, 2026)
- $69.16
- Price vs Graham value
- 67% below
- Market cap
- $34.1B
- Revenue (FY2025)
- $174.6B
- Revenue growth (10-yr CAGR)
- 18.6%
- ROIC (10-yr avg)
- 4.3%
- Free cash flow (FY2025)
- $4.3B
CNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $174.6B | -$6.7B | -$13.53 | $4.3B | -4.4% | -30.1% |
| FY2024 | $145.5B | $3.3B | $6.31 | -$490.0M | 2.2% | 8.6% |
| FY2023 | $140.1B | $2.7B | $4.95 | $7.3B | 2.1% | 7.8% |
| FY2022 | $135.5B | $1.2B | $2.07 | $5.3B | 1.0% | 2.6% |
| FY2021 | $118.0B | $1.3B | $2.28 | $3.3B | 1.5% | 4.1% |
| FY2020 | $103.8B | $1.8B | $3.12 | $4.6B | 3.0% | 8.7% |
| FY2019 | $70.4B | $1.3B | $3.14 | $753.0M | 2.5% | 9.9% |
| FY2018 | $56.4B | $900.0M | $2.26 | $559.0M | 2.6% | 9.7% |
| FY2017 | $45.6B | $828.0M | $4.69 | $1.1B | 2.6% | 12.2% |
| FY2016 | $37.6B | $562.0M | $3.43 | $1.5B | 3.4% | 9.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Centene Corporation is a consistent compounder, expanding top-line revenue at 18.6% annually over the past decade.
Centene Corporation has historically struggled to out-earn its cost of capital, averaging just 4.3% ROIC.
Centene Corporation has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Centene Corporation is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $209.59 per share.