Centene debt and dilution56

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$16,105M

Cash & equivalents

USD millions

$24,151M

Net debt

USD millions

$-8,046M

Debt / equity

0.71×

Debt / assets

19.4%

Net debt / EBITDA

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Debt / FCF

× · TTM

1.8×

Interest coverage

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Current ratio

1.15×

Diluted shares

Million shares

497.64M shares

Basic shares

Million shares

493.82M shares

Share count growth

0.05%

Share repurchases

USD millions

$4M

Quarterly data

Centene capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	16,105	24,151	-8,046	0.71×	19.4%	—	1.8×	—	1.15×	497.64	493.82	0.05%	4
FY 2026 Q1	Mar 31, 2026	16,371	21,264	-4,893	0.76×	20.17%	—	2.3×	—	1.12×	495.59	492.07	-0.84%	29
FY 2025 Q4	Dec 31, 2025	17,401	17,888	-487	0.87×	22.67%	—	4.03×	—	1.1×	491.55	491.55	-1.8%	2
FY 2025 Q3	Sep 30, 2025	17,583	17,058	525	0.84×	21.42%	—	5.24×	—	1.08×	491.14	491.14	-5.91%	0
FY 2025 Q2	Jun 30, 2025	17,577	14,513	3,064	0.64×	20.34%	—	16.28×	—	1.1×	493.55	493.55	-6.81%	432
FY 2025 Q1	Mar 31, 2025	18,320	14,815	3,505	0.65×	21.05%	—	12.28×	—	1.11×	498.18	496.21	-7.27%	41
FY 2024 Q4	Dec 31, 2024	18,533	14,063	4,470	0.7×	22.48%	—	—	—	1.11×	502.39	500.58	-6.3%	943
FY 2024 Q3	Sep 30, 2024	17,605	14,577	3,028	0.64×	21.38%	—	71.86×	—	1.1×	523.54	521.97	-3.26%	1,227
FY 2024 Q2	Jun 30, 2024	17,628	17,605	23	0.64×	21.2%	—	7.8×	—	1.17×	530.76	529.6	-3.52%	803
FY 2024 Q1	Mar 31, 2024	18,000	17,585	415	0.67×	21.79%	—	6.92×	—	1.17×	538.06	535.11	-2.85%	151
FY 2023 Q4	Dec 31, 2023	17,829	17,193	636	0.69×	21.06%	—	2.46×	—	1.11×	537.67	534.25	-4.61%	31
FY 2023 Q3	Sep 30, 2023	18,001	18,190	-189	0.71×	21.33%	—	3.3×	—	1.12×	541.27	539.54	-6%	774
FY 2023 Q2	Jun 30, 2023	18,006	17,170	836	0.7×	21.73%	—	2.35×	—	1.11×	550.31	548.93	-5.95%	405
FY 2023 Q1	Mar 31, 2023	18,320	15,853	2,467	0.73×	22.08%	—	2.18×	—	1.07×	553.85	550.78	-5.56%	423
FY 2022 Q4	Dec 31, 2022	18,020	12,074	5,946	0.75×	23.44%	—	3.43×	—	1.06×	567.07	560.1	-4%	1,433
FY 2022 Q3	Sep 30, 2022	18,333	14,987	3,346	0.72×	22.59%	—	2.45×	—	1.06×	580.61	573.96	-1.59%	1,243
FY 2022 Q2	Jun 30, 2022	18,756	13,435	5,321	0.71×	23.14%	—	3.13×	—	1.11×	583.64	583.64	0.14%	349
FY 2022 Q1	Mar 31, 2022	18,932	11,237	7,695	0.69×	22.84%	—	4.35×	—	1.05×	590.66	583.23	0.23%	71
FY 2021 Q4	Dec 31, 2021	18,838	13,118	5,720	0.7×	24.04%	—	5.72×	—	1.11×	591.59	583.41	0.58%	248
FY 2021 Q3	Sep 30, 2021	18,839	13,423	5,416	0.71×	24.23%	—	3.34×	—	1.12×	590.7	583.24	0.64%	16
FY 2021 Q2	Jun 30, 2021	16,789	11,018	5,771	0.64×	23.47%	—	5.86×	—	1.08×	582.8	582.8	0.62%	4
FY 2021 Q1	Mar 31, 2021	16,757	9,627	7,130	0.63×	23.84%	—	3.41×	—	1.1×	589.34	581.87	6.88%	29
FY 2020 Q4	Dec 31, 2020	16,779	10,800	5,979	0.65×	24.42%	—	3.62×	—	1.08×	589.27	580.06	40.1%	56
FY 2020 Q3	Sep 30, 2020	16,826	12,198	4,628	0.65×	24.61%	—	16.69×	—	1.25×	587.97	579.51	40.11%	9
FY 2020 Q2	Jun 30, 2020	16,814	12,798	4,016	0.67×	24.6%	—	8.77×	—	1.22×	587.5	579.19	40.11%	3
FY 2020 Q1	Mar 31, 2020	17,279	9,308	7,971	0.73×	26.01%	—	—	—	1.14×	552.06	544.44	31.85%	558
FY 2019 Q4	Dec 31, 2019	13,726	12,123	1,603	1.08×	33.48%	—	18.23×	—	1.57×	422.51	414.04	0.74%	34
FY 2019 Q3	Sep 30, 2019	7,041	6,215	826	0.57×	20.56%	—	8.98×	—	1.01×	419.96	413.62	0.74%	4
FY 2019 Q2	Jun 30, 2019	7,134	6,875	259	0.58×	20.76%	—	4.76×	—	1.07×	419.67	413.37	5.71%	2
FY 2019 Q1	Mar 31, 2019	6,815	6,345	470	0.59×	20.3%	—	95.99×	—	1.04×	419.75	412.92	18.71%	35
FY 2018 Q4	Dec 31, 2018	6,686	5,342	1,344	0.61×	21.64%	—	11.96×	—	1×	419.99	411	18.95%	54
FY 2018 Q3	Sep 30, 2018	6,383	6,847	-464	0.59×	20.49%	—	3.74×	—	1.03×	419.04	410.59	19.01%	4
FY 2018 Q2	Jun 30, 2018	6,279	6,707	-428	0.59×	21.85%	—	4.97×	—	1.26×	398.9	391.04	13.44%	4
FY 2018 Q1	Mar 31, 2018	5,176	5,668	-492	0.68×	20.56%	—	3.38×	—	1.01×	355.38	347.84	1.07%	9
FY 2017 Q4	Dec 31, 2017	4,699	4,072	627	0.68×	21.5%	—	4.4×	—	0.93×	355.11	345.52	0.95%	47
FY 2017 Q3	Sep 30, 2017	4,721	4,281	440	0.71×	21.46%	—	2.11×	—	0.99×	353.83	345.02	1.02%	3
FY 2017 Q2	Jun 30, 2017	4,720	4,425	295	0.74×	21.61%	—	1.8×	—	1.08×	352.84	344.71	1.05%	2
FY 2017 Q1	Mar 31, 2017	4,647	4,839	-192	0.76×	21.75%	—	1.82×	—	1.02×	351.67	344.15	37.06%	13
FY 2016 Q4	Dec 31, 2016	4,655	3,930	725	0.79×	23.05%	—	3.01×	—	0.97×	351.02	342.29	43.23%	34
FY 2016 Q3	Sep 30, 2016	4,589	2,982	1,607	0.8×	23.37%	—	23.41×	—	0.86×	348.62	341.55	43.36%	2
FY 2016 Q2	Jun 30, 2016	4,494	2,710	1,784	0.81×	23.05%	—	—	—	0.89×	347.56	341.12	43.32%	5
FY 2016 Q1	Mar 31, 2016	4,280	3,436	844	0.81×	22.95%	—	6.69×	—	0.96×	251.09	251.09	5.69%	22
FY 2015 Q4	Dec 31, 2015	1,221	1,760	-539	0.56×	16.64%	—	2.4×	—	0.99×	247.09	238.97	1.58%	44
FY 2015 Q3	Sep 30, 2015	1,281	1,665	-384	0.62×	17.5%	—	1.85×	—	1.01×	246.26	238.24	1.62%	2
FY 2015 Q2	Jun 30, 2015	1,144	1,967	-823	0.59×	16.29%	—	1.05×	—	1.11×	245.93	238.01	3.02%	3
FY 2015 Q1	Mar 31, 2015	1,128	1,666	-538	0.61×	16.85%	—	1.25×	—	1.07×	245.14	237.57	3.32%	4
FY 2014 Q4	Dec 31, 2014	893	1,546	-653	0.51×	15.3%	—	0.8×	—	1.05×	243.61	235.26	7.12%	23.37
FY 2014 Q3	Sep 30, 2014	954.85	1,523.6	-568.75	0.58×	17.53%	—	1.02×	—	1.05×	242.73	234.45	7.19%	0.76
FY 2014 Q2	Jun 30, 2014	891.03	1,199.78	-308.76	0.6×	19.03%	—	1.41×	—	1.1×	238.87	231.03	5.92%	2.86
FY 2014 Q1	Mar 31, 2014	817.08	1,218	-400.92	0.57×	18.38%	—	1.58×	—	1.13×	237.45	229.94	9.79%	2.01
FY 2013 Q4	Dec 31, 2013	668.76	974.3	-305.54	0.54×	18.95%	—	2.13×	—	1.15×	228.44	219.63	5.88%	14.1
FY 2013 Q3	Sep 30, 2013	520.98	741.28	-220.3	0.44×	16.6%	—	4.16×	—	0.99×	227.73	218.72	6%	4.57
FY 2013 Q2	Jun 30, 2013	551.5	688.71	-137.21	0.49×	18.11%	—	1.75×	—	1.02×	226.41	218.12	5.85%	0.54
FY 2013 Q1	Mar 31, 2013	536.15	730.79	-194.64	0.54×	18.57%	—	1.94×	—	1.05×	217.07	209.43	2.41%	0.57
FY 2012 Q4	Dec 31, 2012	538.85	843.95	-305.1	0.56×	19.65%	—	2.74×	—	1.15×	242.51	207.42	2.64%	10.59
FY 2012 Q3	Sep 30, 2012	395.31	796.62	-401.31	0.41×	14.69%	—	1.01×	—	1.08×	215.22	206.34	2.46%	0.36
FY 2012 Q2	Jun 30, 2012	408.76	421.89	-13.13	0.43×	16.69%	—	3.93×	—	1.04×	206.06	206.06	2.69%	0.28
FY 2012 Q1	Mar 31, 2012	350.4	433	-82.6	0.36×	15.35%	—	5.2×	—	1.04×	214.04	204.5	2.76%	1.51
FY 2011 Q4	Dec 31, 2011	351.58	573.7	-222.12	0.38×	16.05%	—	1.82×	—	1.12×	211.72	202.09	2.36%	6.53
FY 2011 Q3	Sep 30, 2011	351.3	451.66	-100.36	0.39×	17.24%	—	1.35×	—	1.05×	210.48	201.38	2.25%	0.25
FY 2011 Q2	Jun 30, 2011	339.64	474.45	-134.81	0.39×	16.89%	—	1.18×	—	1.03×	209.96	200.67	2.1%	0.63
FY 2011 Q1	Mar 31, 2011	305.36	492.05	-186.68	0.37×	15.24%	—	1.3×	—	0.91×	207.25	199	—	0.4
FY 2010 Q4	Dec 31, 2010	330.64	434.17	-103.52	0.41×	17.01%	—	3.13×	—	0.86×	204.83	197.43	—	2.51
FY 2010 Q3	Sep 30, 2010	264.18	397.67	-133.49	0.33×	14.72%	—	—	—	1.02×	203.75	196.95	—	0.15
FY 2010 Q2	Jun 30, 2010	252.8	265.6	-12.8	0.32×	14.58%	—	—	—	0.86×	203.47	196.54	—	0.09

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · CNC, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.