CNCCENTENE CORP

Hospital & Medical Service Plans

Revenue: $174.6B; 20% YoY
Operating margin: -4.4%; 300% YoY
EBITDA: −$6.3B; 244% YoY
Market cap: $33.9B
Employees: 61,100; $3M revenue each
Net debt / EBITDA: —; −$20.4B net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$33.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$118.0B	$135.5B	$140.1B	$145.5B	$174.6B	20%
Operating income	$1.8B	$1.3B	$2.9B	$3.2B	−$7.6B	340%
Net income	$1.3B	$1.2B	$2.7B	$3.3B	−$6.7B	302%
Operating cash flow	$4.2B	$6.3B	$8.1B	$154M	$5.1B	3204%
Capex	$910M	$1.0B	$799M	$644M	$767M	19%
Stock-based comp	$203M	$234M	$216M	$212M	$204M	3.8%
Buybacks	$297M	$3.1B	$1.6B	$3.1B	$475M	85%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 5
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.