Centene Corporation (CNC) Balance Sheet
CNC balance sheet, 2025
December 31, 2025 · U.S. dollars$77.66B assets = $57.60B liabilities + $20.06B equity
Both columns are drawn to the same scale: what CNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CNC financial health
Current ratio1.68
Comfortable · current assets cover current liabilities 1.68×
Debt / equity0.94
Moderate leverage · $0.94 of debt for each $1 of equity
Equity / assets25.7%
Balanced · of assets funded by shareholders
Cash / debt95.3%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles19.8%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
CNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $20.20B2016 | $77.66B2025 | +16.1%/yr | |
| Total liabilities | $14.14B2016 | $57.60B2025 | +16.9%/yr | |
| Shareholders’ equity | $5.89B2016 | $19.95B2025 | +14.5%/yr | |
| Cash & short-term investments | $4.43B2016 | $17.89B2025 | +16.8%/yr | |
| Total debt | $4.66B2016 | $18.78B2025 | +16.8%/yr | |
| Net cash (debt) | −$220.0M2016 | −$889.0M2025 | −$669.0M | |
| Working capital | −$258.0M2016 | $14.52B2025 | +$14.8B | |
| Book value per share | $17.982016 | $40.632025 | +9.5%/yr | |
| Current ratio | 0.972016 | 1.682025 | +0.71 | |
| Debt / equity | 0.792016 | 0.942025 | +0.15 | |
| Shares outstanding | 328.0M2016 | 491.1M2025 | +4.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CNC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CNC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $17.89B | $16.68B | $19.65B | $14.39B | $14.66B | $12.38B | $12.99B | $6.06B | $4.60B | $4.43B |
| Cash & equivalents | $17.89B | $14.06B | $17.19B | $12.07B | $13.12B | $10.80B | $12.12B | $5.34B | $4.07B | $3.93B |
| Short-term investments | $2.43B | $2.62B | $2.46B | $2.32B | $1.54B | $1.58B | $863.0M | $722.0M | $531.0M | $505.0M |
| Receivables | $18.11B | $19.71B | $15.53B | $13.27B | $12.24B | $9.70B | $6.25B | $5.15B | $3.41B | $3.21B |
| Inventory | $0 | $0 | −$35.18B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $1.60B | $40.76B | $2.46B | $1.60B | $1.32B | $1.09B | $784.0M | $687.0M | $715.0M |
| Total current assets | $35.99B | $38.00B | $40.76B | $30.13B | $28.50B | $23.39B | $20.32B | $12.00B | $8.70B | $8.37B |
| Property, plant & equipment (net) | $2.35B | $2.43B | $2.42B | $4.99B | $6.96B | $2.77B | $2.78B | $1.71B | $1.10B | $797.0M |
| Goodwill & intangible assets | $15.37B | $22.97B | $23.66B | $25.72B | $27.59B | $27.04B | $8.93B | $9.25B | $6.15B | $6.26B |
| Long-term investments | $17.04B | $17.43B | $16.29B | $14.68B | $14.04B | $12.85B | $7.72B | $6.86B | $5.31B | $4.54B |
| Other non-current assets | $6.91B | $1.62B | $1.52B | $1.35B | $1.28B | $2.66B | $1.25B | $1.08B | $589.0M | $233.0M |
| Total assets | $77.66B | $82.44B | $84.64B | $76.87B | $78.38B | $68.72B | $40.99B | $30.90B | $21.86B | $20.20B |
| Liabilities | ||||||||||
| Accounts payable | $20.54B | $13.02B | $16.25B | $9.35B | $8.29B | $7.07B | $4.00B | $4.05B | $4.17B | $3.76B |
| Short-term debt | $196.0M | $268.0M | $287.0M | $262.0M | $471.0M | $301.0M | $249.0M | $38.0M | $4.0M | $4.0M |
| Deferred revenue | $736.0M | $661.0M | $715.0M | $478.0M | $434.0M | $523.0M | $383.0M | $385.0M | $328.0M | $313.0M |
| Total current liabilities | $21.48B | $34.26B | $36.72B | $28.46B | $25.77B | $21.59B | $12.93B | $11.97B | $9.33B | $8.62B |
| Long-term debt | $17.35B | $18.42B | $17.71B | $17.94B | $18.57B | $16.68B | $13.64B | $6.65B | $4.70B | $4.65B |
| Lease obligations | $761.0M | $896.0M | $1.05B | $3.31B | $3.82B | $1.54B | — | — | — | — |
| Other long-term liabilities | $18.78B | $3.25B | $4.26B | $6.23B | $7.02B | $4.49B | $1.73B | $1.26B | $952.0M | $869.0M |
| Total liabilities | $57.60B | $55.94B | $58.69B | $52.63B | $51.35B | $42.76B | $28.30B | $19.88B | $14.98B | $14.14B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $0 | $7.45B | $8.70B | $4.19B |
| Retained earnings (deficit) | $8.67B | $15.35B | $12.04B | $9.34B | $8.14B | $6.79B | $4.98B | $3.66B | $2.75B | $1.92B |
| Treasury stock | — | — | — | −$4.21B | −$1.09B | −$816.0M | −$214.0M | −$139.0M | −$244.0M | −$179.0M |
| Accumulated other comprehensive income | −$58.0M | −$504.0M | −$652.0M | −$1.13B | $77.0M | $337.0M | $134.0M | −$56.0M | −$3.0M | −$36.0M |
| Minority interest | $103.0M | $100.0M | $116.0M | $124.0M | $145.0M | $112.0M | $108.0M | $96.0M | $14.0M | $14.0M |
| Total shareholders' equity | $19.95B | $26.41B | $25.84B | $24.06B | $26.80B | $25.77B | $12.55B | $10.92B | $6.85B | $5.89B |
| Key figures | ||||||||||
| Total debt | $18.78B | $19.43B | $18.88B | $21.33B | $22.66B | $18.32B | $14.51B | $6.69B | $4.70B | $4.66B |
| Net cash (debt) | −$889.0M | −$2.74B | $775.0M | −$6.94B | −$8.00B | −$5.94B | −$1.52B | −$622.0M | −$96.0M | −$220.0M |
| Working capital | $14.52B | $3.74B | $4.04B | $1.66B | $2.73B | $1.81B | $7.39B | $27.0M | −$629.0M | −$258.0M |
| Tangible book value | $4.59B | $3.44B | $2.18B | −$1.67B | −$800.0M | −$1.27B | $3.62B | $1.66B | $703.0M | −$362.0M |
| Book value per share | $40.63 | $50.43 | $47.35 | $41.33 | $45.38 | $44.50 | $29.85 | $27.39 | $19.40 | $17.98 |
| Shares outstanding | 491.1M | 523.7M | 545.7M | 582.0M | 590.5M | 579.1M | 420.4M | 398.5M | 353.1M | 328.0M |
| Current ratio | 1.68 | 1.11 | 1.11 | 1.06 | 1.11 | 1.08 | 1.57 | 1.00 | 0.93 | 0.97 |
| Quick ratio | 1.68 | 1.06 | 0.96 | 0.97 | 1.04 | 1.02 | 1.49 | 0.94 | 0.86 | 0.89 |
| Debt / equity | 0.94 | 0.74 | 0.73 | 0.89 | 0.85 | 0.71 | 1.16 | 0.61 | 0.69 | 0.79 |
| Equity / assets | 25.7% | 32.0% | 30.5% | 31.3% | 34.2% | 37.5% | 30.6% | 35.3% | 31.3% | 29.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $27.06B | $23.74B | $17.89B | $19.24B | $17.28B | $17.29B | $16.68B | $17.57B | $20.21B | $19.67B | $19.65B | $20.43B |
| Cash & equivalents | $24.15B | $21.26B | $17.89B | $17.06B | $14.51B | $14.81B | $14.06B | $14.58B | $17.61B | $17.59B | $17.19B | $18.19B |
| Short-term investments | $2.91B | $2.48B | $2.43B | $2.18B | $2.77B | $2.47B | $2.62B | $2.99B | $2.61B | $2.08B | $2.46B | $2.24B |
| Receivables | $18.08B | $19.43B | $18.11B | $23.11B | $21.55B | $22.44B | $19.71B | $18.28B | $16.59B | $16.82B | $15.53B | $15.50B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$36.80B | −$36.49B | −$35.18B | $0 |
| Other current assets | $1.55B | $1.82B | $0 | $1.72B | $1.56B | $1.56B | $1.60B | $1.56B | $38.41B | $38.45B | $40.76B | $5.47B |
| Total current assets | $46.69B | $44.99B | $35.99B | $44.06B | $40.39B | $41.29B | $38.00B | $37.41B | $38.41B | $38.45B | $40.76B | $41.41B |
| Property, plant & equipment (net) | $2.13B | $2.09B | $2.35B | $2.16B | $2.12B | $2.04B | $2.43B | $2.04B | $2.04B | $1.99B | $2.42B | $2.43B |
| Goodwill & intangible assets | $15.04B | $15.20B | $15.37B | $15.68B | $22.57B | $22.79B | $22.97B | $23.14B | $23.31B | $23.49B | $23.66B | $23.84B |
| Long-term investments | $16.30B | $16.60B | $17.04B | $18.18B | $18.80B | $18.27B | $17.43B | $17.69B | $16.87B | $16.50B | $16.29B | $15.23B |
| Other non-current assets | $2.86B | $2.30B | $6.91B | $2.01B | $2.52B | $2.65B | $1.62B | $2.07B | $2.51B | $2.21B | $1.52B | $1.47B |
| Total assets | $83.01B | $81.17B | $77.66B | $82.09B | $86.39B | $87.04B | $82.44B | $82.35B | $83.14B | $82.62B | $84.64B | $84.38B |
| Liabilities | ||||||||||||
| Accounts payable | $17.96B | $16.83B | $20.54B | $16.88B | $13.52B | $13.95B | $13.02B | $13.34B | $12.23B | $12.13B | $16.25B | $14.91B |
| Short-term debt | $75.0M | $63.0M | $196.0M | $38.0M | $25.0M | $12.0M | $268.0M | $111.0M | $112.0M | $113.0M | $287.0M | $283.0M |
| Deferred revenue | $706.0M | $953.0M | $736.0M | $656.0M | $682.0M | $869.0M | $661.0M | $658.0M | $597.0M | $681.0M | $715.0M | $2.36B |
| Total current liabilities | $40.76B | $40.05B | $21.48B | $40.63B | $36.79B | $37.14B | $34.26B | $34.06B | $32.73B | $32.78B | $36.72B | $36.85B |
| Long-term debt | $16.03B | $16.31B | $17.35B | $17.55B | $17.55B | $18.31B | $18.42B | $17.49B | $17.52B | $17.89B | $17.71B | $17.89B |
| Lease obligations | — | — | $761.0M | — | — | — | $896.0M | — | — | — | $1.05B | $1.11B |
| Other long-term liabilities | $3.57B | $3.29B | $18.78B | $2.86B | $4.55B | $3.57B | $3.25B | $3.39B | $5.43B | $4.89B | $4.26B | $4.23B |
| Total liabilities | $60.35B | $59.65B | $57.60B | $61.03B | $58.89B | $59.02B | $55.94B | $54.94B | $55.68B | $55.56B | $58.69B | $58.97B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $11.31B | $10.21B | $8.67B | $9.78B | $16.41B | $16.66B | $15.35B | $15.06B | $14.35B | $13.21B | $12.04B | $12.00B |
| Accumulated other comprehensive income | −$194.0M | −$171.0M | −$58.0M | −$100.0M | −$231.0M | −$337.0M | −$504.0M | −$226.0M | −$646.0M | −$630.0M | −$652.0M | −$1.12B |
| Minority interest | $95.0M | $100.0M | $103.0M | $107.0M | $97.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $22.56B | $21.43B | $19.95B | $20.95B | $27.41B | $27.92B | $26.41B | $27.31B | $27.35B | $26.96B | $25.84B | $25.30B |
| Key figures | ||||||||||||
| Total debt | $16.11B | $16.37B | $18.78B | $17.58B | $17.58B | $18.32B | $19.43B | $17.61B | $17.63B | $18.00B | $18.88B | $19.11B |
| Net cash (debt) | $10.95B | $7.37B | −$889.0M | $1.65B | −$296.0M | −$1.03B | −$2.74B | −$36.0M | $2.59B | $1.67B | $775.0M | $1.32B |
| Working capital | $5.93B | $4.94B | $14.52B | $3.43B | $3.60B | $4.14B | $3.74B | $3.35B | $5.68B | $5.66B | $4.04B | $4.55B |
| Tangible book value | $7.52B | $6.23B | $4.59B | $5.27B | $4.84B | $5.12B | $3.44B | $4.17B | $4.04B | $3.47B | $2.18B | $1.46B |
| Book value per share | $45.34 | $43.24 | $40.63 | $42.65 | $55.53 | $56.04 | $52.61 | $52.16 | $51.53 | $50.10 | $48.06 | $46.73 |
| Shares outstanding | 497.6M | 495.6M | 491.1M | 491.1M | 493.5M | 498.2M | 502.0M | 523.5M | 530.8M | 538.1M | 537.6M | 541.3M |
| Current ratio | 1.15 | 1.12 | 1.68 | 1.08 | 1.10 | 1.11 | 1.11 | 1.10 | 1.17 | 1.17 | 1.11 | 1.12 |
| Quick ratio | 1.11 | 1.08 | 1.68 | 1.04 | 1.06 | 1.07 | 1.06 | 1.05 | 1.12 | 1.11 | 0.96 | 0.98 |
| Debt / equity | 0.71 | 0.76 | 0.94 | 0.84 | 0.64 | 0.66 | 0.74 | 0.64 | 0.64 | 0.67 | 0.73 | 0.76 |
| Equity / assets | 27.2% | 26.4% | 25.7% | 25.5% | 31.7% | 32.1% | 32.0% | 33.2% | 32.9% | 32.6% | 30.5% | 30.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
CNC financial position
At the end of fiscal 2025 (December 31, 2025), Centene had total assets of $77.7 billion (down 5.8% from a year earlier), total liabilities of $57.6 billion and shareholders' equity of $20.0 billion. It held $17.9 billion in cash and short-term investments against $18.8 billion of debt, net debt of $889.0 million. Its current ratio was 1.68. In the latest quarter (ended June 30, 2026) total assets were $83.0 billion and equity $22.6 billion.
Related: CNC income statement, CNC cash flow statement, CNC key metrics. See the CNC stock overview for the latest quote and news.
CNC balance sheet FAQ
What are Centene's total assets?
Centene reported total assets of $77.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $82.4 billion a year earlier.
How much debt does Centene have?
Centene had $18.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.94.
How much cash does Centene have?
Centene held $17.9 billion in cash and short-term investments at the end of fiscal 2025; with $18.8 billion of debt that is net debt of $889.0 million.
What is Centene's book value?
Centene's shareholders' equity (book value) was $20.0 billion at the end of fiscal 2025, or $40.63 per share.
What is Centene's current ratio?
Centene had current assets of $36.0 billion and current liabilities of $21.5 billion, a current ratio of 1.68 (it can cover its short-term obligations).
How much goodwill does Centene have?
Centene carried $15.4 billion of goodwill and intangible assets, 19.8% of total assets, at the end of fiscal 2025.