Centene (CNC) FY2020 results: revenue $111.1 billion, up 48.9% on the year
Centene Corp. (CNC) reported revenue of $111.1 billion for fiscal 2020, the year ended 31 December 2020, up 48.9% on the year before. Net income was $1.8 billion, up 36.9%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$111.1 billion
+48.9% on the year
FY2013FY2020
Operating margin
2.8%
2.4% a year earlier
FY2013FY2020
Net income
$1.8 billion
+36.9% on the year
FY2013FY2020
Diluted EPS
$3.12
-0.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
111,115
74,639
60,116
+48.9%
Cost of revenue
3,303
2,465
2,386
+34.0%
Gross profit
107,812
72,174
57,730
+49.4%
Gross margin
97.0%
96.7%
96.0%
Selling, general and administrative
9,380
6,533
6,043
+43.6%
Operating income
3,082
1,781
1,458
+73.0%
Operating margin
2.8%
2.4%
2.4%
Interest expense
728
412
343
+76.7%
Pre-tax income
2,773
1,782
1,368
+55.6%
Income tax
979
473
474
+107.0%
Effective tax rate
35.3%
26.5%
34.6%
Net income
1,808
1,321
900
+36.9%
Net margin
1.6%
1.8%
1.5%
Diluted EPS
$3.12
$3.14
$2.26
-0.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
5,503
1,483
1,234
+271.1%
Capital expenditure
869
730
675
+19.0%
Free cash flow
4,634
753
559
+515.4%
Free cash flow margin
4.2%
1.0%
0.9%
Cash from investing
-6,955
-1,532
-4,585
Cash from financing
260
6,832
4,612
-96.2%
Depreciation and amortisation
1,259
643
495
+95.8%
Share-based compensation
281
177
145
+58.8%
Buybacks
626
75.0
71.0
+734.7%
Diluted shares, weighted
579m
420m
399m
+37.8%
Shares outstanding at period end
581m
415m
412m
+40.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
25,773
12,551
10,917
+105.3%
Non-controlling interest
112
108
96.0
+3.7%
Redeemable equity
77.0
33.0
10.0
+133.3%
Debt
16,880
13,859
6,851
+21.8%
Operating lease liabilities
1,334
622
n/a
+114.5%
Other liabilities
24,543
13,821
13,027
+77.6%
Total liabilities and equity
68,719
40,994
30,901
+67.6%
Fixed assets
2,774
2,121
1,706
+30.8%
Goodwill
18,652
6,863
7,015
+171.8%
Intangible assets
8,388
2,063
2,239
+306.6%
Investments
14,433
8,580
7,583
+68.2%
Cash and equivalents
10,800
12,123
5,342
-10.9%
Other assets
13,672
9,244
7,016
+47.9%
Total assets
68,719
40,994
30,901
+67.6%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.