Centene Corporation
CNCHIGH VELOCITYDEAL MODE DOMINANTCentene Corporation reads as an High Velocity (composite 78/100); Platform Builder deploying $0 across 0 disclosed transactions, down 100% vs the prior cycle · primary market Healthcare.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
N/A
0/3 active fiscal years in window
Buyer archetype
Platform Builder
Large and recent disclosed spend expands platforms or service-line scale.
Composite score
78
High Velocity dominates · Deal Mode Dominant
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $11.7B disclosed buyer spend
- Filed within 28d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 28d
- 388 8-Ks
Target Probability
Issuers showing target-side patterns from filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
Distress Watch
Issuers showing financial-distress filing patterns
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 auditor change
- Latest event 21y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 388 8-Ks
- Filed within 28d
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $22.7B
- 10-Q 28d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $6,079M · Peak count: 3
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | 1 | $2.4B | $2.4B | N/A |
| 2021 | 1 | $534M | $534M | N/A |
| 2020 | 1 | $6.1B | $6.1B | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion20%
- Bolt On20%
- Horizontal Consolidation20%
- Tuck In20%
- Technology Acquisition20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- horizontal_consolidation
- tuck_in
- platform
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We operate in a highly competitive environment in an industry subject to ongoing significant changes, including business consolidations, new strategic alliances, market pressures, and regulatory and legislative reform both at the federal and state level.”
“seeking to continue to increase membership through alliances with key providers, outreach efforts, development and implementation of community-specific products and targeted acquisitions”
“allowing us to continue to invest in our businesses through technology, strategic acquisitions, and key resources”
“We operate in a highly competitive and evolving industry characterized by business consolidations, strategic partnerships, market pressures, and ongoing regulatory and legislative changes at both at the federal and state levels, including healthcare reform initiatives described under the heading "Regulation." Shifts in the political environment may further influence the competitive landscape.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Healthcare
- Market spend (2023–2025)
- $195B
- Market spend (2020–2022)
- $253.6B
- Recent vs prior
- −23%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
CNC trades at a -17.4-turn discount to the Healthcare peer median of 12.9×.
- EV / Revenue
- 0.1×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 12.9×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
AbbVie Inc.ABBV | 23.4× | 6.7× | 3.1× | $62.8B | $18B |
| 17.2× | 0.9× | 1.9× | $449.7B | $28.1B | |
Amgen Inc.AMGN | 12.9× | 6.0× | 2.6× | $37.2B | $26.7B |
| 11.7× | 0.5× | 2.5× | $200.4B | $6.4B | |
| 9.3× | 1.9× | 2.8× | $76.4B | $1.3B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Healthcare. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)252026-02-17
- 10-Q (quarterly)752026-04-28
- 8-K (event)3882026-04-28
- Proxy / DEF 14A542026-03-26
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- elevated
Auditor change
2005-06-081 Item 4.01 filing on file; certifying accountant change.
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.