CNC Centene Corporation

healthcare · 2026-10-22

N/A

too hard · 39

Owner-earnings value—

Price$70.24

Margin of safety —

Quality gate · 39/100

Returns on capital 1.0/30

Consistency 7.5/22

Margins / pricing power 5.4/16

Balance sheet 9.1/16

Cash conversion 10/10

Capital allocation 6.0/6

⚠ sub-hurdle returns (median roic 6% < 9%)

Median ROIC6.4%

Gross margin7.8%

FCF conversion3055%

Share count / yr-3.7%

Profitable years3/4

Moat & management

Owner-earnings inputs

Owner earnings (TTM)	-4.65B
Owner-earnings yield	-13.4%
Free-cash-flow yield	25.8%
Growth used (normalized)	—
Terminal growth	—
Discount rate (hurdle)	—

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · non-positive owner earnings — cannot value as a going wonderful business

Date	Quality	Price	Value	MoS	Rating
2026-10-22	39	$70.24	—	—	N/A
2026-09-02	39	$65.23	—	—	N/A
2026-07-14	39	$68.29	—	—	N/A
2026-07-02	39	$68.35	—	—	N/A
2026-06-25	39	$62.97	—	—	N/A
2026-06-23	39	$63.14	—	—	N/A

Date

Quality

Price

Value

MoS

Rating

2026-10-22

$70.24

—

N/A

2026-09-02

$65.23

—

N/A

2026-07-14

$68.29

—

N/A

2026-07-02

$68.35

—

N/A

2026-06-25

$62.97

—

N/A

2026-06-23

$63.14

—

N/A

Quality gate · 39/100

Moat & management

Owner-earnings inputs

History