Recent News
On June 15–17, 2026 the company announced a voluntary separation program/employee buyouts amid weaker ACA exchange membership and related enrollment pressures.
On April 6, 2026 Centene announced a new executive leadership structure with two senior positions reporting to the CEO.
Early June reporting highlighted new multiyear Medicaid contracts and continued operational focus on Medicaid margin recovery.
Technical Analysis
Directional strength stands high: ADX at 41.04 signals a very strong trend in place, but the directional indicators show a shift toward selling pressure as DI+ has peak-and-reversed and is decreasing while DI- increases, implying short-term bearish directional momentum despite the strong trend.
MACD reflects a dip-and-reversal in momentum; MACD sits at 2.20 beneath the signal line at 2.68, indicating improving momentum that has not yet produced a bullish MACD crossover — momentum recovering but not confirmed.
MRO at -5.6 indicates the price sits below the model target and therefore carries upward potential; the MRO trend shows further downward movement, which increases the magnitude of that potential.
RSI at 65.24 with a dip-and-reversal indicates renewed buying that remains short of overbought territory, supporting the case for further upside if other momentum signals confirm.
Price relationships favor bulls on multiple horizons: last close $64.77 clears the 20‑day average ($63.48) and trades well above the 200‑day average ($42.74), while the ichimoku cloud (Senkou A $49.11 / Senkou B $45.69) lies well below the price, indicating structural bullish placement. Short-term support aligns with the super trend lower at $60.42 and the lower Bollinger band near $61.56; short-term volatility remains modest (20‑day stdev $1.92).
Fundamental Analysis
Profitability and earnings: EBIT $2,263,000,000 (EBIT margin 4.53%), with EBIT margin QoQ down 2.64% and YoY up 10.24%. Reported EPS $3.37 exceeded the $2.13 estimate by $1.24, an EPS surprise of 58.22%.
Cash generation and valuation: free cash flow $4,166,000,000 with a free cash flow yield of 21.95% and free cash growth year-over-year of 17.60%; enterprise multiple stands at 4.53 and WMDST values the stock as under-valued. The combination of high free cash flow yield and a low enterprise multiple underpins the stated valuation.
Leverage and coverage: total debt $16,371,000,000 with debt-to-EBITDA about 6.39x and debt-to-assets 20.17%; interest coverage ratio 13.80 provides substantial coverage of interest expense. Debt-to-equity sits at 76.40%.
Market multiples and balance-sheet ratios: P/E 11.45, price-to-book 0.89, and price-to-sales 0.38. Forward PE sits higher at ~38.69 on lower forward EPS assumptions, highlighting the gap between trailing results and near-term analyst projections.
Selected operating metrics: total revenue $49.944B, operating margin 3.73% (operating margin QoQ -2.50%, YoY -9.34%), operating cash flow $4.366B, cash conversion ratio 10.10, and current ratio 1.12.
Relative to industry peer benchmarks where provided: EBIT margin at 4.53% sits below the industry peer mean (7.315%) and slightly below the industry peer median (4.692%), while free cash flow yield of 21.95% sits materially above the industry peer mean and median. Book and price multiples sit below the industry peer mean values where reported. WMDST’s valuation reflects free cash strength and a compressed enterprise multiple despite margin pressure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-28 |
| NEXT REPORT DATE: | 2026-07-28 |
| CASH FLOW | Begin Period Cash Flow | $ 18.0 B |
| Operating Cash Flow | $ 4.4 B | |
| Capital Expenditures | $ -200.00 M | |
| Change In Working Capital | $ 2.5 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 3.4 B | |
| End Period Cash Flow | $ 21.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 49.9 B | |
| Forward Revenue | $ 4.5 B | |
| COSTS | ||
| Cost Of Revenue | $ 44.4 B | |
| Depreciation | $ 134.0 M | |
| Depreciation and Amortization | $ 300.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 48.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 5.6 B | |
| EBITDA | $ 2.6 B | |
| EBIT | $ 2.3 B | |
| Operating Income | $ 1.9 B | |
| Interest Income | — | |
| Interest Expense | $ 164.0 M | |
| Net Interest Income | $ -164.00 M | |
| Income Before Tax | $ 2.1 B | |
| Tax Provision | $ 560.0 M | |
| Tax Rate | 26.7 % | |
| Net Income | $ 1.5 B | |
| Net Income From Continuing Operations | $ 1.5 B | |
| EARNINGS | ||
| EPS Estimate | $ 2.13 | |
| EPS Actual | $ 3.37 | |
| EPS Difference | $ 1.24 | |
| EPS Surprise | 58.216 % | |
| Forward EPS | $ 1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 81.2 B | |
| Intangible Assets | $ 15.2 B | |
| Net Tangible Assets | $ 6.2 B | |
| Total Current Assets | $ 45.0 B | |
| Cash and Short-Term Investments | $ 23.7 B | |
| Cash | $ 21.3 B | |
| Net Receivables | $ 19.4 B | |
| Inventory | — | |
| Long-Term Investments | $ 2.3 B | |
| LIABILITIES | ||
| Accounts Payable | $ 16.8 B | |
| Short-Term Debt | $ 63.0 M | |
| Total Current Liabilities | $ 40.0 B | |
| Net Debt | — | |
| Total Debt | $ 16.4 B | |
| Total Liabilities | $ 59.6 B | |
| EQUITY | ||
| Total Equity | $ 21.4 B | |
| Retained Earnings | $ 10.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 43.57 | |
| Shares Outstanding | 493.771 M | |
| Revenue Per-Share | $ 101.56 | |
| VALUATION | Market Capitalization | $ 19.0 B |
| Enterprise Value | $ 11.6 B | |
| Enterprise Multiple | 4.529 | |
| Enterprise Multiple QoQ | -126.166 % | |
| Enterprise Multiple YoY | -67.7 % | |
| Enterprise Multiple IPRWA | high: 159.017 median: 41.816 mean: 36.158 CNC: 4.529 low: -42.479 |
|
| EV/R | 0.232 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.788 | |
| Asset To Liability | 1.361 | |
| Debt To Capital | 0.433 | |
| Debt To Assets | 0.202 | |
| Debt To Assets QoQ | -14.777 % | |
| Debt To Assets YoY | -4.176 % | |
| Debt To Assets IPRWA | high: 0.935 mean: 0.36 median: 0.262 CNC: 0.202 low: 0.006 |
|
| Debt To Equity | 0.764 | |
| Debt To Equity QoQ | -16.062 % | |
| Debt To Equity YoY | 16.425 % | |
| Debt To Equity IPRWA | high: 6.239 CNC: 0.764 median: 0.732 mean: -0.104 low: -6.439 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.886 | |
| Price To Book QoQ | -12.786 % | |
| Price To Book YoY | -18.264 % | |
| Price To Book IPRWA | high: 13.088 mean: 2.183 median: 1.563 CNC: 0.886 low: -0.307 |
|
| Price To Earnings (P/E) | 11.452 | |
| Price To Earnings QoQ | -133.072 % | |
| Price To Earnings YoY | -45.381 % | |
| Price To Earnings IPRWA | high: 167.375 mean: 49.421 median: 38.698 CNC: 11.452 low: -165.821 |
|
| PE/G Ratio | -0.03 | |
| Price To Sales (P/S) | 0.38 | |
| Price To Sales QoQ | -6.753 % | |
| Price To Sales YoY | -41.438 % | |
| Price To Sales IPRWA | high: 11.743 mean: 2.655 median: 1.073 CNC: 0.38 low: 0.026 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 38.694 | |
| Forward PE/G | -0.101 | |
| Forward P/S | 4.737 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -600.746 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.633 | |
| Asset Turnover Ratio QoQ | 1.019 % | |
| Asset Turnover Ratio YoY | 14.977 % | |
| Asset Turnover Ratio IPRWA | high: 1.21 CNC: 0.633 mean: 0.518 median: 0.397 low: 0.013 |
|
| Receivables Turnover | 2.661 | |
| Receivables Turnover Ratio QoQ | 10.297 % | |
| Receivables Turnover Ratio YoY | 20.312 % | |
| Receivables Turnover Ratio IPRWA | high: 9.342 median: 3.671 mean: 3.556 CNC: 2.661 low: 0.052 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 34.285 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 4.878 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 101.8 median: 19.637 mean: 16.515 CNC: 4.878 low: -62.922 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 10.102 | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -1.493 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 37.7 B | |
| Net Invested Capital | $ 37.8 B | |
| Invested Capital | $ 37.8 B | |
| Net Tangible Assets | $ 6.2 B | |
| Net Working Capital | $ 4.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.593 | |
| Current Ratio | 1.123 | |
| Current Ratio QoQ | 2.122 % | |
| Current Ratio YoY | 1.067 % | |
| Current Ratio IPRWA | high: 3.361 CNC: 1.123 mean: 0.991 median: 0.854 low: 0.273 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.387 | |
| Cost Of Debt | 0.696 % | |
| Interest Coverage Ratio | 13.799 | |
| Interest Coverage Ratio QoQ | -268.596 % | |
| Interest Coverage Ratio YoY | 22.432 % | |
| Interest Coverage Ratio IPRWA | high: 35.836 CNC: 13.799 mean: 11.729 median: 7.359 low: -1.125 |
|
| Operating Cash Flow Ratio | 0.093 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 29.407 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.77 % | |
| Revenue Growth | 0.44 % | |
| Revenue Growth QoQ | 528.571 % | |
| Revenue Growth YoY | -96.912 % | |
| Revenue Growth IPRWA | high: 21.958 % CNC: 0.44 % mean: -2.21 % median: -4.983 % low: -9.495 % |
|
| Earnings Growth | -383.193 % | |
| Earnings Growth QoQ | 13.371 % | |
| Earnings Growth YoY | -245.978 % | |
| Earnings Growth IPRWA | high: 157.143 % mean: 25.003 % median: 1.648 % low: -200.0 % CNC: -383.193 % |
|
| MARGINS | ||
| Gross Margin | 11.128 % | |
| Gross Margin QoQ | 124.31 % | |
| Gross Margin YoY | -0.269 % | |
| Gross Margin IPRWA | high: 96.442 % mean: 25.743 % median: 15.558 % CNC: 11.128 % low: 4.2 % |
|
| EBIT Margin | 4.531 % | |
| EBIT Margin QoQ | -263.87 % | |
| EBIT Margin YoY | 10.243 % | |
| EBIT Margin IPRWA | high: 23.127 % mean: 7.315 % median: 4.692 % CNC: 4.531 % low: -12.88 % |
|
| Return On Sales (ROS) | 3.726 % | |
| Return On Sales QoQ | -250.363 % | |
| Return On Sales YoY | -9.343 % | |
| Return On Sales IPRWA | high: 22.401 % mean: 7.483 % median: 4.66 % CNC: 3.726 % low: -12.88 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 4.2 B | |
| Free Cash Flow Yield | 21.951 % | |
| Free Cash Flow Yield QoQ | 1886.516 % | |
| Free Cash Flow Yield YoY | 382.97 % | |
| Free Cash Flow Yield IPRWA | CNC: 21.951 % high: 13.5 % median: 3.132 % mean: 2.88 % low: -7.715 % |
|
| Free Cash Growth | 1759.821 % | |
| Free Cash Growth QoQ | -2287.825 % | |
| Free Cash Growth YoY | -716.27 % | |
| Free Cash Growth IPRWA | CNC: 1759.821 % high: 298.093 % mean: 17.28 % median: 2.874 % low: -455.219 % |
|
| Free Cash To Net Income | 2.703 | |
| Cash Flow Margin | 7.456 % | |
| Cash Flow To Earnings | 2.417 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.952 % | |
| Return On Assets QoQ | -240.837 % | |
| Return On Assets YoY | 26.18 % | |
| Return On Assets IPRWA | high: 4.991 % CNC: 1.952 % median: 1.8 % mean: 1.712 % low: -5.482 % |
|
| Return On Capital Employed (ROCE) | 5.502 % | |
| Return On Equity (ROE) | 0.072 | |
| Return On Equity QoQ | -230.337 % | |
| Return On Equity YoY | 53.152 % | |
| Return On Equity IPRWA | high: 0.27 CNC: 0.072 median: 0.038 mean: -0.029 low: -0.261 |
|
| DuPont ROE | 7.447 % | |
| Return On Invested Capital (ROIC) | 4.39 % | |
| Return On Invested Capital QoQ | -267.302 % | |
| Return On Invested Capital YoY | 40.705 % | |
| Return On Invested Capital IPRWA | high: 7.871 % CNC: 4.39 % mean: 3.545 % median: 2.946 % low: -6.018 % |
|