CENTENE CORP（CNC）の決算・業績分析
CENTENE CORPの2025年有価証券報告書をAI分析。売上高$174.6B(+20.0%)。営業利益-$7.6B。Financials。
目次
CENTENE CORPの2025年度 業績サマリー
CENTENE CORP（証券コード: CNC）の2025年度決算・業績分析。売上高は$174.6B（前年比+20.0%）。営業利益は-$7.6B（前年比-340.1%）。純利益は-$6.7B（前年比-301.9%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
CENTENE CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 14.8% YoY to $135.5B (XBRL), driven by organic expansion and strategic acquisitions.
- Operating income declined 26.1% YoY to $1.3B (XBRL), impacted by impairments and higher health benefits costs.
- Net debt stood at $5.6B (2.0x EBITDA) (XBRL), reflecting a leveraged capital structure despite strong cash reserves of $12.1B (XBRL).
- Shareholder returns totaled $3.1B via buybacks (XBRL), while free cash flow (FCF) reached $5.3B (XBRL).
- Gross margin remained stable at 12.5% (XBRL), but net margin fell to 0.9% (XBRL) due to declining profitability.
CENTENE CORPの売上高変化の要因
- •Total revenue reached $135.5B (XBRL), a 14.8% YoY increase. Growth was driven by organic expansion and strategic acquisitions, though segment-specific revenue figures are not disclosed in the XBRL or 10-K. Historical data shows a 5-year CAGR of 19.9% in revenue (XBRL). The company's focus on Medicaid, Medicare, and commercial health insurance remains central to its business model.
CENTENE CORPの営業利益変化の要因
- •Gross profit was $16.9B (XBRL) with a 12.5% margin (XBRL), but operating income fell 26.1% YoY to $1.3B (XBRL). Net income declined 10.8% YoY to $1.2B (XBRL), driven by impairments, divestitures, and higher health benefits costs (10-K). Margins remained stable at 12.5% (gross), 1.0% (operating), and 0.9% (net) (XBRL).
CENTENE CORPの事業リスクと対応
Inaccurate medical expense estimation could increase health benefits ratio (HBR), reducing profits (10-K).
Post-PHE Medicaid redeterminations increased HBR due to higher member acuity (10-K).
Medical claims liability estimates involve significant judgment, risking material adjustments (10-K).
Premium deficiency reserves for 2025 Medicare Advantage may require adjustments if assumptions are wrong (10-K).
New operations in states/regions face challenges in estimating medical claims liability with limited data (10-K).
Regulatory risks include changes in healthcare regulations, ACA-related premium subsidies, and Medicaid redeterminations (10-K).
CENTENE CORPの今後の見通し・業績予想
CENTENE CORPの事業内容
Centene Corp operates as a healthcare enterprise providing managed healthcare products and services through Medicaid, Medicare, and commercial programs, targeting under-insured and uninsured individuals. Its revenue model relies on government-sponsored and commercial healthcare programs, with key segments including Medicaid (62% revenue), Medicare (14%), Commercial (21%), and Other (3%). The company's competitive advantage lies in its local, community-focused approach, enabling tailored healthcare solutions and sustainable partnerships. Membership totaled 28.6 million as of December 31, 2024, with no significant customer concentration (10-K).
CENTENE CORPのAI業績分析レポート（2024年度）
Centene Corp (CNC) FY2024 Annual Report Analysis
Highlights
Business Overview
Centene Corp operates as a healthcare enterprise providing managed healthcare products and services through Medicaid, Medicare, and commercial programs, targeting under-insured and uninsured individuals. Its revenue model relies on government-sponsored and commercial healthcare programs, with key segments including Medicaid (62% revenue), Medicare (14%), Commercial (21%), and Other (3%). The company's competitive advantage lies in its local, community-focused approach, enabling tailored healthcare solutions and sustainable partnerships. Membership totaled 28.6 million as of December 31, 2024, with no significant customer concentration (10-K).
Revenue Analysis
Total revenue reached $135.5B (XBRL), a 14.8% YoY increase. Growth was driven by organic expansion and strategic acquisitions, though segment-specific revenue figures are not disclosed in the XBRL or 10-K. Historical data shows a 5-year CAGR of 19.9% in revenue (XBRL). The company's focus on Medicaid, Medicare, and commercial health insurance remains central to its business model.
Profitability Analysis
Gross profit was $16.9B (XBRL) with a 12.5% margin (XBRL), but operating income fell 26.1% YoY to $1.3B (XBRL). Net income declined 10.8% YoY to $1.2B (XBRL), driven by impairments, divestitures, and higher health benefits costs (10-K). Margins remained stable at 12.5% (gross), 1.0% (operating), and 0.9% (net) (XBRL).
Balance Sheet Analysis
Equity ratio was 30.5% (XBRL), with total equity at $25.8B (XBRL). Long-term debt totaled $17.7B (XBRL), resulting in a net debt of $5.6B (2.0x EBITDA) (XBRL). Cash reserves stood at $12.1B (XBRL), indicating strong liquidity despite a high debt-to-equity ratio of 2.27x (XBRL).
Cash Flow Analysis
Operating cash flow (OCF) was $6.3B (XBRL), with free cash flow (FCF) of $5.3B (XBRL) after $1.0B in CapEx (XBRL). Shareholder returns totaled $3.1B via buybacks (XBRL). Investing cash flow was -$2.9B (XBRL), reflecting divestitures (e.g., Magellan Rx, Circle Health) and impairments (10-K).
Working Capital Analysis
N/A — working capital details (e.g., CCC, receivables/inventory/payables days) are not disclosed in the XBRL or 10-K.
Risks
Outlook
Management highlighted divestitures (e.g., Magellan Rx, Circle Health) and a reduced Medicare Advantage footprint as key trends impacting future results (10-K). No explicit forward-looking financial guidance is provided in the XBRL or 10-K.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 56.4B | 70.4B | 103.8B | 118.0B | 135.5B | 140.1B |
| Operating Income | 1.5B | 1.8B | 3.1B | 1.8B | 1.3B | 2.9B |
| Net Income | 900M | 1.3B | 1.8B | 1.3B | 1.2B | 2.7B |
| Total Assets | 41.0B | 68.7B | 78.4B | 76.9B | 84.6B | 82.4B |
| Total Equity | 12.6B | 25.8B | 26.8B | 24.1B | 25.8B | 26.4B |
| Operating Cash Flow | 1.2B | 1.5B | 5.5B | 4.2B | 6.3B | 8.1B |
Financialsの企業一覧
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