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Centene vs Molina Healthcare: revenue, profit, margins and growth compared

Centene brought in $194.8B of revenue in fiscal 2025, Molina Healthcare $45.4B in fiscal 2025. Revenue changed by +19.4% at Centene and +11.7% at Molina Healthcare on the year before, so Centene grew faster. Centene kept -3.4% of its revenue as net profit, Molina Healthcare 1.0%. Free cash flow was $4.3B at Centene and -$636M at Molina Healthcare.

Side by side, latest fiscal year

CNCMOH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$194.8B$45.4B
Revenue growth+19.4%+11.7%
Net income-$6.7B$472M
Net margin-3.4%1.0%
Free cash flow$4.3B-$636M
Free cash flow margin2.2%-1.4%
Earnings per share (diluted)-$13.53$8.92
Cash$17.9B$4.2B
Debt$17.5B$3.8B
Price to earningsn/a21.4
Market value$30.5B$10B
Dividend yieldn/an/a
Rank by revenue in sector#7 of 523 · Health care#17 of 523 · Health care

Over the years

Revenue
CNC FY2018: $60.1BCNC FY2019: $74.6BCNC FY2020: $111.1BCNC FY2021: $126BCNC FY2022: $144.5BCNC FY2023: $154BCNC FY2024: $163.1BCNC FY2025: $194.8BMOH FY2018: $18.9BMOH FY2019: $16.8BMOH FY2020: $19.4BMOH FY2021: $27.8BMOH FY2022: $32BMOH FY2023: $34.1BMOH FY2024: $40.7BMOH FY2025: $45.4BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $194.8BMOH $45.4B
Net income
CNC FY2018: $900MCNC FY2019: $1.3BCNC FY2020: $1.8BCNC FY2021: $1.3BCNC FY2022: $1.2BCNC FY2023: $2.7BCNC FY2024: $3.3BCNC FY2025: -$6.7BMOH FY2018: $707MMOH FY2019: $737MMOH FY2020: $673MMOH FY2021: $659MMOH FY2022: $792MMOH FY2023: $1.1BMOH FY2024: $1.2BMOH FY2025: $472MFY18FY19FY20FY21FY22FY23FY24FY25
CNC -$6.7BMOH $472M
Net margin
CNC FY2018: 1.5%CNC FY2019: 1.8%CNC FY2020: 1.6%CNC FY2021: 1.1%CNC FY2022: 0.8%CNC FY2023: 1.8%CNC FY2024: 2.0%CNC FY2025: -3.4%MOH FY2018: 3.7%MOH FY2019: 4.4%MOH FY2020: 3.5%MOH FY2021: 2.4%MOH FY2022: 2.5%MOH FY2023: 3.2%MOH FY2024: 2.9%MOH FY2025: 1.0%FY18FY19FY20FY21FY22FY23FY24FY25
CNC -3.4%MOH 1.0%
Revenue growth
CNC FY2019: +24.2%CNC FY2020: +48.9%CNC FY2021: +13.4%CNC FY2022: +14.7%CNC FY2023: +6.5%CNC FY2024: +5.9%CNC FY2025: +19.4%MOH FY2019: -10.9%MOH FY2020: +15.4%MOH FY2021: +43.0%MOH FY2022: +15.1%MOH FY2023: +6.6%MOH FY2024: +19.3%MOH FY2025: +11.7%FY19FY20FY21FY22FY23FY24FY25
CNC +19.4%MOH +11.7%
Free cash flow
CNC FY2018: $559MCNC FY2019: $753MCNC FY2020: $4.6BCNC FY2021: $3.3BCNC FY2022: $5.3BCNC FY2023: $7.3BCNC FY2024: -$490MCNC FY2025: $4.3BMOH FY2018: -$344MMOH FY2019: $377MMOH FY2020: $1.8BMOH FY2021: $2BMOH FY2022: $682MMOH FY2023: $1.6BMOH FY2024: $544MMOH FY2025: -$636MFY18FY19FY20FY21FY22FY23FY24FY25
CNC $4.3BMOH -$636M

Fiscal years as each company reports them; the two may end in different months.

Questions about Centene and Molina Healthcare

Which is bigger by revenue, Centene or Molina Healthcare?

Centene is bigger by revenue: $194.8B in fiscal 2025, against $45.4B for Molina Healthcare in fiscal 2025.

Which keeps more of its revenue as profit, Centene or Molina Healthcare?

Centene had a net margin of -3.4% in fiscal 2025; Molina Healthcare had 1.0% in fiscal 2025.

Which grew revenue faster, Centene or Molina Healthcare?

In their latest fiscal years revenue changed by +19.4% at Centene and +11.7% at Molina Healthcare.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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