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Side-by-side financial comparison of Centene Corporation (CNC) and HSBC HOLDINGS PLC (HSBC). Click either name above to swap in a different company.
Centene Corporation is the larger business by last-quarter revenue ($44.7B vs $28.6B, roughly 1.6× HSBC HOLDINGS PLC). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs -2.5%, a 28.1% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $224.0M).
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.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$3.098 trillion as of September 2024. This also puts it as the 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest non-state owned bank in the world.
CNC vs HSBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $44.7B | $28.6B |
| Net Profit | $-1.1B | $7.3B |
| Gross Margin | 5.7% | — |
| Operating Margin | -3.9% | 33.1% |
| Net Margin | -2.5% | 25.7% |
| Revenue YoY | 23.2% | — |
| Net Profit YoY | -489.0% | — |
| EPS (diluted) | $-2.15 | $0.36 |
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.
| Q4 25 | $44.7B | — | ||
| Q3 25 | $44.9B | — | ||
| Q2 25 | $42.5B | — | ||
| Q1 25 | $42.5B | $28.6B | ||
| Q4 24 | $36.3B | — | ||
| Q3 24 | $36.9B | — | ||
| Q2 24 | $36.0B | — | ||
| Q1 24 | $36.3B | — |
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-6.6B | — | ||
| Q2 25 | $-253.0M | — | ||
| Q1 25 | $1.3B | $7.3B | ||
| Q4 24 | $283.0M | — | ||
| Q3 24 | $713.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.2B | — |
| 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 24 | 13.0% | — |
| Q4 25 | -3.9% | — | ||
| Q3 25 | -15.5% | — | ||
| Q2 25 | -1.1% | — | ||
| Q1 25 | 3.6% | 33.1% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | -2.5% | — | ||
| Q3 25 | -14.8% | — | ||
| Q2 25 | -0.6% | — | ||
| Q1 25 | 3.1% | 25.7% | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.2% | — |
| Q4 25 | $-2.15 | — | ||
| Q3 25 | $-13.50 | — | ||
| Q2 25 | $-0.51 | — | ||
| Q1 25 | $2.63 | $0.36 | ||
| Q4 24 | $0.63 | — | ||
| Q3 24 | $1.36 | — | ||
| Q2 24 | $2.16 | — | ||
| Q1 24 | $2.16 | — |
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 | $434.9B |
| Total DebtLower is stronger | $17.5B | — |
| Stockholders' EquityBook value | $20.0B | $192.3B |
| Total Assets | $76.7B | $3017.0B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.3B | — | ||
| Q3 25 | $19.2B | — | ||
| Q2 25 | $17.3B | — | ||
| Q1 25 | $17.3B | $434.9B | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.6B | — | ||
| Q2 24 | $20.2B | — | ||
| Q1 24 | $19.7B | — |
| Q4 25 | $17.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $18.6B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $20.0B | — | ||
| Q3 25 | $20.9B | — | ||
| Q2 25 | $27.4B | — | ||
| Q1 25 | $27.9B | $192.3B | ||
| Q4 24 | $26.4B | — | ||
| Q3 24 | $27.3B | — | ||
| Q2 24 | $27.4B | — | ||
| Q1 24 | $27.0B | — |
| Q4 25 | $76.7B | — | ||
| Q3 25 | $82.1B | — | ||
| Q2 25 | $86.4B | — | ||
| Q1 25 | $87.0B | $3017.0B | ||
| Q4 24 | $82.4B | — | ||
| Q3 24 | $82.4B | — | ||
| Q2 24 | $83.1B | — | ||
| Q1 24 | $82.6B | — |
| Q4 25 | 0.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $65.3B |
| Free Cash FlowOCF − Capex | $224.0M | $64.0B |
| FCF MarginFCF / Revenue | 0.5% | 223.9% |
| Capex IntensityCapex / Revenue | 0.5% | 4.7% |
| Cash ConversionOCF / Net Profit | — | 8.90× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $437.0M | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.5B | $65.3B | ||
| Q4 24 | $-587.0M | — | ||
| Q3 24 | $-978.0M | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $-456.0M | — |
| Q4 25 | $224.0M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.4B | $64.0B | ||
| Q4 24 | $-741.0M | — | ||
| Q3 24 | $-1.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $-607.0M | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 3.2% | 223.9% | ||
| Q4 24 | -2.0% | — | ||
| Q3 24 | -3.1% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | -1.7% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.3% | 4.7% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.15× | 8.90× | ||
| Q4 24 | -2.07× | — | ||
| Q3 24 | -1.37× | — | ||
| Q2 24 | 1.90× | — | ||
| Q1 24 | -0.39× | — |
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% |
HSBC
Segment breakdown not available.
