Centene (CNC) FY2019 results: revenue $74.6 billion, up 24.2% on the year
Centene Corp. (CNC) reported revenue of $74.6 billion for fiscal 2019, the year ended 31 December 2019, up 24.2% on the year before. Net income was $1.3 billion, up 46.8%, and diluted earnings per share $3.14. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$74.6 billion
+24.2% on the year
FY2012FY2019
Operating margin
2.4%
2.4% a year earlier
FY2012FY2019
Net income
$1.3 billion
+46.8% on the year
FY2012FY2019
Diluted EPS
$3.14
+38.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
74,639
60,116
48,382
+24.2%
Cost of revenue
2,465
2,386
1,847
+3.3%
Gross profit
72,174
57,730
46,535
+25.0%
Gross margin
96.7%
96.0%
96.2%
Selling, general and administrative
6,533
6,043
4,446
+8.1%
Operating income
1,781
1,458
1,199
+22.2%
Operating margin
2.4%
2.4%
2.5%
Interest expense
412
343
255
+20.1%
Pre-tax income
1,782
1,368
1,134
+30.3%
Income tax
473
474
326
-0.2%
Effective tax rate
26.5%
34.6%
28.7%
Net income
1,321
900
828
+46.8%
Net margin
1.8%
1.5%
1.7%
Diluted EPS
$3.14
$2.26
$2.35
+38.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,483
1,234
1,489
+20.2%
Capital expenditure
730
675
422
+8.1%
Free cash flow
753
559
1,067
+34.7%
Free cash flow margin
1.0%
0.9%
2.2%
Cash from investing
-1,532
-4,585
-1,254
Cash from financing
6,832
4,612
-82.0
+48.1%
Depreciation and amortisation
643
495
361
+29.9%
Share-based compensation
177
145
135
+22.1%
Buybacks
75.0
71.0
65.0
+5.6%
Diluted shares, weighted
420m
399m
353m
+5.5%
Shares outstanding at period end
415m
412m
347m
+0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,551
10,917
6,850
+15.0%
Non-controlling interest
108
96.0
14.0
+12.5%
Redeemable equity
33.0
10.0
12.0
+230.0%
Debt
13,859
6,851
4,829
+102.3%
Operating lease liabilities
622
n/a
n/a
Other liabilities
13,821
13,027
10,150
+6.1%
Total liabilities and equity
40,994
30,901
21,855
+32.7%
Fixed assets
2,121
1,706
1,104
+24.3%
Goodwill
6,863
7,015
4,749
-2.2%
Intangible assets
2,063
2,239
1,398
-7.9%
Investments
8,580
7,583
5,843
+13.1%
Cash and equivalents
12,123
5,342
4,072
+126.9%
Other assets
9,244
7,016
4,689
+31.8%
Total assets
40,994
30,901
21,855
+32.7%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.