vs
Side-by-side financial comparison of Centene Corporation (CNC) and DaVita (DVA). Click either name above to swap in a different company.
Centene Corporation is the larger business by last-quarter revenue ($44.7B vs $3.6B, roughly 12.4× DaVita). DaVita runs the higher net margin — 6.5% vs -2.5%, a 8.9% gap on every dollar of revenue. On growth, Centene Corporation posted the faster year-over-year revenue change (23.2% vs 12.3%). Over the past eight quarters, Centene Corporation's revenue compounded faster (10.9% CAGR vs 6.6%).
Centene Corporation is an American for-profit healthcare company based in the Greater St. Louis area, which is an intermediary for government-sponsored and privately insured healthcare programs. Centene ranked No. 23 on the 2025 Fortune 500.
DaVita Inc. is an American company that provides kidney dialysis services through a network of 2,675 outpatient centers in the United States, serving 200,800 patients, and 367 outpatient centers in 11 other countries serving 49,400 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo kidney dialysis, often 3 times per week for the rest of their lives unless they receive a kidney transplant via organ donation.
CNC vs DVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $44.7B | $3.6B |
| Net Profit | $-1.1B | $234.2M |
| Gross Margin | 5.7% | — |
| Operating Margin | -3.9% | 15.5% |
| Net Margin | -2.5% | 6.5% |
| Revenue YoY | 23.2% | 12.3% |
| Net Profit YoY | -489.0% | 43.8% |
| EPS (diluted) | $-2.15 | $3.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $3.6B | ||
| Q4 25 | $44.7B | $3.6B | ||
| Q3 25 | $44.9B | $3.4B | ||
| Q2 25 | $42.5B | $3.4B | ||
| Q1 25 | $42.5B | $3.2B | ||
| Q4 24 | $36.3B | $3.3B | ||
| Q3 24 | $36.9B | $3.3B | ||
| Q2 24 | $36.0B | $3.2B |
| Q1 26 | — | $234.2M | ||
| Q4 25 | $-1.1B | $234.2M | ||
| Q3 25 | $-6.6B | $150.3M | ||
| Q2 25 | $-253.0M | $199.3M | ||
| Q1 25 | $1.3B | $162.9M | ||
| Q4 24 | $283.0M | $259.3M | ||
| Q3 24 | $713.0M | $214.7M | ||
| Q2 24 | $1.1B | $222.7M |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 12.4% | — | ||
| Q4 24 | 10.5% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 12.6% | — |
| Q1 26 | — | 15.5% | ||
| Q4 25 | -3.9% | 15.5% | ||
| Q3 25 | -15.5% | 14.8% | ||
| Q2 25 | -1.1% | 15.9% | ||
| Q1 25 | 3.6% | 13.6% | ||
| Q4 24 | 0.5% | 17.2% | ||
| Q3 24 | 1.8% | 16.4% | ||
| Q2 24 | 3.4% | 15.9% |
| Q1 26 | — | 6.5% | ||
| Q4 25 | -2.5% | 6.5% | ||
| Q3 25 | -14.8% | 4.4% | ||
| Q2 25 | -0.6% | 5.9% | ||
| Q1 25 | 3.1% | 5.1% | ||
| Q4 24 | 0.8% | 7.9% | ||
| Q3 24 | 1.9% | 6.6% | ||
| Q2 24 | 3.2% | 7.0% |
| Q1 26 | — | $3.22 | ||
| Q4 25 | $-2.15 | $3.22 | ||
| Q3 25 | $-13.50 | $2.04 | ||
| Q2 25 | $-0.51 | $2.58 | ||
| Q1 25 | $2.63 | $2.00 | ||
| Q4 24 | $0.63 | $3.08 | ||
| Q3 24 | $1.36 | $2.50 | ||
| Q2 24 | $2.16 | $2.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3B | $700.7M |
| Total DebtLower is stronger | $17.5B | $10.2B |
| Stockholders' EquityBook value | $20.0B | $-651.1M |
| Total Assets | $76.7B | $17.5B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $700.7M | ||
| Q4 25 | $20.3B | $700.7M | ||
| Q3 25 | $19.2B | $736.5M | ||
| Q2 25 | $17.3B | $739.4M | ||
| Q1 25 | $17.3B | $511.9M | ||
| Q4 24 | $16.7B | $846.0M | ||
| Q3 24 | $17.6B | $1.1B | ||
| Q2 24 | $20.2B | $437.2M |
| Q1 26 | — | $10.2B | ||
| Q4 25 | $17.5B | $10.2B | ||
| Q3 25 | — | $10.2B | ||
| Q2 25 | — | $10.1B | ||
| Q1 25 | — | $9.6B | ||
| Q4 24 | $18.6B | $9.2B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $8.5B |
| Q1 26 | — | $-651.1M | ||
| Q4 25 | $20.0B | $-651.1M | ||
| Q3 25 | $20.9B | $-571.9M | ||
| Q2 25 | $27.4B | $-369.6M | ||
| Q1 25 | $27.9B | $-267.1M | ||
| Q4 24 | $26.4B | $121.1M | ||
| Q3 24 | $27.3B | $386.7M | ||
| Q2 24 | $27.4B | $632.9M |
| Q1 26 | — | $17.5B | ||
| Q4 25 | $76.7B | $17.5B | ||
| Q3 25 | $82.1B | $17.6B | ||
| Q2 25 | $86.4B | $17.5B | ||
| Q1 25 | $87.0B | $17.1B | ||
| Q4 24 | $82.4B | $17.3B | ||
| Q3 24 | $82.4B | $17.5B | ||
| Q2 24 | $83.1B | $17.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | 75.76× | ||
| Q3 24 | — | 23.95× | ||
| Q2 24 | — | 13.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $437.0M | — |
| Free Cash FlowOCF − Capex | $224.0M | — |
| FCF MarginFCF / Revenue | 0.5% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $437.0M | $540.7M | ||
| Q3 25 | $1.4B | $841.5M | ||
| Q2 25 | $1.8B | $324.2M | ||
| Q1 25 | $1.5B | $180.0M | ||
| Q4 24 | $-587.0M | $547.6M | ||
| Q3 24 | $-978.0M | $810.4M | ||
| Q2 24 | $2.2B | $798.8M |
| Q1 26 | — | — | ||
| Q4 25 | $224.0M | $395.3M | ||
| Q3 25 | $1.1B | $675.4M | ||
| Q2 25 | $1.6B | $203.1M | ||
| Q1 25 | $1.4B | $36.8M | ||
| Q4 24 | $-741.0M | $377.0M | ||
| Q3 24 | $-1.1B | $671.4M | ||
| Q2 24 | $2.0B | $674.1M |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 10.9% | ||
| Q3 25 | 2.6% | 19.7% | ||
| Q2 25 | 3.7% | 6.0% | ||
| Q1 25 | 3.2% | 1.1% | ||
| Q4 24 | -2.0% | 11.4% | ||
| Q3 24 | -3.1% | 20.6% | ||
| Q2 24 | 5.5% | 21.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 0.5% | 4.9% | ||
| Q2 25 | 0.5% | 3.6% | ||
| Q1 25 | 0.3% | 4.4% | ||
| Q4 24 | 0.4% | 5.2% | ||
| Q3 24 | 0.4% | 4.3% | ||
| Q2 24 | 0.5% | 3.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.31× | ||
| Q3 25 | — | 5.60× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | 1.15× | 1.10× | ||
| Q4 24 | -2.07× | 2.11× | ||
| Q3 24 | -1.37× | 3.77× | ||
| Q2 24 | 1.90× | 3.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNC
| Total Premium And Service | $23.0B | 52% |
| Commercial Segment | $10.8B | 24% |
| Medicare Segment | $9.6B | 21% |
| Services | $749.0M | 2% |
DVA
Segment breakdown not available.
