Centene Corp. (CNC)财务
NYSE · Healthcare · Medical - Healthcare Plans · 员工61,100人 · CEO Sarah McGinty London
- 股价
- $68.45 -0.25%
- 市值
- $339亿
- 企业价值
- $287亿
- 最近财报
- Q3 '26 2026-10-27提交
- 下次财报
- 2027-02-05 EPS预期 -$1.14
营收(TTM)$1950亿+4.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)0.6%+3.7 百分点 对比去年同期营业利润 $11.9亿
净利润(TTM)$14.6亿+127.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$39.6亿+18.0% 对比去年同期资本支出 $7.81亿
稀释EPS(TTM)$2.92+127.0% 对比去年同期最近4个季度之和
净现金$80.4亿+386.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $339亿 EV $287亿
- 营收
- $1950亿 过去12个月
- 营收增速
- +2% FY2026年一致预期
- 净利润率
- 0.8% 净利润 / 营收,TTM
- P/E
- 23.1× 预期 13.2×(FY2026)
- P/S
- 0.2× 股价 / 营收,TTM
- EV / EBITDA
- 7.6× TTM
- 自由现金流
- $39.6亿 过去12个月
- 净利润
- $14.6亿 过去12个月
- 营收预期
- $1990亿 FY2026年一致预期
- 盈利
- 2027-02-05 营收预期 $460亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收超预期7.5%,EPS 超预期506.1%营收$506亿,预期$471亿(+7.5%);EPS $0.58,预期$0.10(+506.1%)。
- 营收增长放缓:同比1.9%Q3 '26营收$506亿,此前四个季度的平均值为9.6%。
- 营业利润率0.6%(TTM),较去年同期+3.7 百分点营收增长4.8%,营业利润增长120.8%。
- 税前利润的38.1%来自营业外收益税前利润$19.2亿,营业利润$11.9亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.4%(去年为0.4%)最近4个季度投入$7.81亿(同比+10.3%)。自由现金流$39.6亿,相当于净利润的271.0%。
- 股东回报$5900万 = 自由现金流的1.5%回购$5900万(去年为$14.2亿),股息$0,股权激励$1.78亿(TTM)。
- 稀释股数一年内增加0.6%Q3 '26稀释股数4.94亿,一年前为4.91亿。
- 净现金 $80.4亿现金 + 短期投资 $236亿,含租赁债务 $155亿;一年前净现金 $16.5亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $506亿 | $497亿 | +1.9% |
| 毛利率 | 17.5% | 16.4% | +1.1 百分点 |
| 营业利润 | -$3.07亿 | -$69.5亿 | +95.6% |
| 营业利润率 | -0.6% | -14.0% | +13.4 百分点 |
| 净利润 | -$7100万 | -$66.3亿 | +98.9% |
| 稀释EPS | -$0.14 | -$13.50 | +99.0% |
| 经营现金流 | -$36.7亿 | $13.6亿 | -370.6% |
| 资本支出 | $1.94亿 | $2.11亿 | -8.1% |
| 自由现金流 | -$38.6亿 | $11.5亿 | -437.4% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $5200万 | $5200万 | 0.0% |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $506亿 | $471亿 | +7.5% |
| EPS(一致预期口径) | $0.58 | $0.10 | +506.1% |
来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Medicaid Segment | $408亿 | +9.3% | 80.6% | – | – | |
| Medicaid | – | – | – | – | – | |
| Commercial Segment | $87亿 | -20.9% | 17.2% | – | – | |
| Medicare | – | – | – | – | – | |
| Commercial | – | – | – | – | – | |
| Other Operating Segment | $11亿 | -17.9% | 2.2% | – | – | |
| Other | – | – | – | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $47.4亿
- 资本支出
- -$7.81亿
- 股票回购
- -$5900万
- 股息
- $0
- 收购
- $0
- 债务净发行
- -$20.6亿
- 股权激励费用
- $1.78亿
- 自由现金流
- $39.6亿
- 股东回报 / FCF
- 1.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 23.1× | 24.9× 5年中的4年 | 9.6× – 39.2× |
| EV / EBITDA | 7.6× | 10.4× 5年中的4年 | 6.0× – 14.6× |
| EV / 营收 | 0.1× | 0.3× | 0.1× – 0.5× |
| 股价 / FCF | 8.6× | 8.4× 5年中的4年 | 4.7× – 14.6× |
| 股价 / 净资产 | 1.5× | 1.5× | 1.0× – 2.0× |
| FCF收益率 | 11.7% | 11.2% | -1.6% – 21.4% |
| 投入资本回报率 | 2.2% | 0.1% | -13.4% – 5.1% |
| 净资产收益率 | 6.8% | -0.1% | -33.4% – 12.5% |
分析师
一致目标价 $75.43 (+10.2%)
区间 $69.00 – $80.00 · 评级 Buy
强烈买入0
买入27
持有16
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1990亿 | +2.2% | $5.20 | +138.2% | 13.2× | 11 |
| FY2027 | $1940亿 | -2.4% | $5.48 | +5.4% | 12.5× | 12 |
| FY2028 | $1980亿 | +2.2% | $6.59 | +20.3% | 10.4× | 6 |
| FY2029 | $2000亿 | +0.9% | $8.60 | +30.5% | 8.0× | 3 |
| FY2030 | $2090亿 | +4.5% | $9.63 | +11.9% | 7.1× | 2 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Centene Corp.在近期10-Q / 10-K文件中标记的全部265项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $155亿 | $169亿 | -8.4% | $138亿 | $132亿 | +4.6% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | – | – | – | $300万 | $0 | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $22.3亿2025-12-31 | $28亿 | -20.4% | $22.3亿 | $28亿 | -20.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.14亿 | -$1亿 | -414.0% | -$5800万 | -$5.04亿 | +88.5% |
| Additional Paid in Capital, Common Stock | $209亿 | $207亿 | +1.0% | $208亿 | $206亿 | +1.0% |
| Amortization of Intangible Assets | $1.61亿 | $1.7亿 | -5.3% | $6.85亿 | $6.92亿 | -1.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 555万 | 693万 | -19.9% | 566万 | 27.8万 | +1,935.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $5200万 | $5200万 | 0.0% | $2.04亿 | $2.12亿 | -3.8% |
| Asset Impairment Charges | $0 | $67.4亿 | -100.0% | $73.1亿 | $1300万 | +56,138.5% |
| Assets | $793亿 | $821亿 | -3.4% | $767亿 | $824亿 | -6.9% |
| Assets, Current | $455亿 | $441亿 | +3.2% | $404亿 | $380亿 | +6.2% |
| Assets, Fair Value Disclosure | $386亿 | $377亿 | +2.4% | $376亿 | $345亿 | +9.2% |
| Cash and Cash Equivalents, at Carrying Value | $207亿 | $171亿 | +21.4% | $179亿 | $141亿 | +27.2% |
| Cash and Cash Equivalents, Fair Value Disclosure | $207亿 | $171亿 | +21.4% | $179亿 | $141亿 | +27.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $209亿 | $172亿 | +21.5% | $180亿 | $142亿 | +26.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | $1.03亿 | $0 | – | $1.38亿 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$33.4亿 | $25.9亿 | -229.0% | $39.4亿 | -$33亿 | +219.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 8亿 | 8亿 | 0.0% | 8亿 | 8亿 | 0.0% |
| Common Stock, Shares, Issued | 6.27亿 | 6.23亿 | +0.6% | 6.23亿 | 6.2亿 | +0.5% |
| Common Stock, Shares, Outstanding | 4.95亿 | 4.91亿 | +0.7% | 4.92亿 | 4.96亿 | -0.8% |
| Common Stock, Value, Issued | $100万 | $100万 | 0.0% | $100万 | $100万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $600万 | -$100万 | +700.0% | -$300万 | -$1100万 | +72.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$3.91亿 | -$65亿 | +94.0% | -$62.3亿 | $34.5亿 | -280.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$3.85亿 | -$65亿 | +94.1% | -$62.3亿 | $34.4亿 | -281.0% |
| Contract with Customer, Liability, Current | $6.8亿 | $6.56亿 | +3.7% | $7.36亿 | $6.61亿 | +11.3% |
| Cost of Goods and Services Sold | $6.75亿 | $6.51亿 | +3.7% | $26.7亿 | $27.3亿 | -2.2% |
| Costs and Expenses | $510亿 | $566亿 | -10.0% | $2020亿 | $1600亿 | +26.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $7700万 | $7.98亿 | -90.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $800万 | $9.4亿 | -99.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$6900万 | $1.42亿 | -148.6% |
| Current Year Claims and Claims Adjustment Expense | $412亿 | $414亿 | -0.5% | $1600亿 | $1280亿 | +24.8% |
| Debt and Lease Obligation | $155亿 | $176亿 | -11.6% | $174亿 | $185亿 | -6.1% |
| Debt Instrument, Repurchased Face Amount | $02025-12-31 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $1.71亿 | $1.83亿 | -6.6% | $1.8亿 | $1.78亿 | +1.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1100万 | $2.6亿 | -95.8% | $2.56亿 | $7300万 | +250.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $6.94亿 | $3.85亿 | +80.3% | $3.25亿 | $7.27亿 | -55.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $40.2亿 | $70.2亿 | -42.7% | $61.7亿 | $87.3亿 | -29.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $3.42亿 | $3.79亿 | -9.8% | $3.2亿 | $6.43亿 | -50.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $113亿 | $10.2亿 | +1,014.9% | $11.8亿 | $52亿 | -77.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $3.52亿 | $600万 | +5,766.7% | $500万 | $8400万 | -94.0% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5,281 position | 3,513 position | +50.3% | 3,236 position | 5,276 position | -38.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$2900万 | $800万 | -462.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $800万 | -100.0% |
| Deferred Income Tax Expense (Benefit) | $6900万 | $1.29亿 | -46.5% | -$6000万 | $1300万 | -561.5% |
| Deferred Income Tax Liabilities, Net | $7.19亿 | $8.1亿 | -11.2% | $8.33亿 | $6.84亿 | +21.8% |
| Deferred Other Tax Expense (Benefit) | – | – | – | -$5900万 | $2300万 | -356.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$3000万 | $700万 | -528.6% |
| Deferred Tax Assets, Gross | $9.81亿2025-12-31 | $12.2亿 | -19.3% | $9.81亿 | $12.2亿 | -19.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $9.14亿2025-12-31 | $11.4亿 | -19.8% | $9.14亿 | $11.4亿 | -19.8% |
| Deferred Tax Assets, Other | $4800万2025-12-31 | $9200万 | -47.8% | $4800万 | $9200万 | -47.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $1.05亿2025-12-31 | $9300万 | +12.9% | $1.05亿 | $9300万 | +12.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $6900万2025-12-31 | $8100万 | -14.8% | $6900万 | $8100万 | -14.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.78亿2025-12-31 | $1.78亿 | 0.0% | $1.78亿 | $1.78亿 | 0.0% |
| Deferred Tax Assets, Valuation Allowance | $6700万2025-12-31 | $7700万 | -13.0% | $6700万 | $7700万 | -13.0% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $13.8亿2025-12-31 | $15.2亿 | -9.4% | $13.8亿 | $15.2亿 | -9.4% |
| Deferred Tax Liabilities, Gross | $17.5亿2025-12-31 | $18.2亿 | -4.2% | $17.5亿 | $18.2亿 | -4.2% |
| Deferred Tax Liabilities, Net | $8.33亿2025-12-31 | $6.84亿 | +21.8% | $8.33亿 | $6.84亿 | +21.8% |
| Deferred Tax Liabilities, Other | $2700万2025-12-31 | $8200万 | -67.1% | $2700万 | $8200万 | -67.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02