Centene Corporation management check
CNC · Health Care · Managed Health Care · CEO London
Filings as of
3 good · 1 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $69, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.65 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
Paid in a loss-making year$19.5m of reported pay in fiscal 2025, a year the company lost $6.7bn.
- Watch
Do they own the stock?
Insiders are selling2 insiders sold $12.1m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -4.9% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Neidorff, London, Neidorf. 14 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 26 | |
| Pay for performance | 83 | 85 | |
| CEO cost | 0 | 44 | |
| Skin in the game | — | — | 46 |
| Dilution | 100 | 68 | |
| Stable leadership | 0 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Managed Health Care, by management score. Centene Corporation is 55th of 60 in its sector.
- 76ELVElevance Health78
- 357HUMHumana57
- 444ILMNIllumina, Inc.47
- 446CNCCentene Corporation47
- 447BIIBBiogen47
- 460UNHUnitedHealth Group42
Pay versus performance
From the proxy statement filed March 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | London | $19.5m | $4.6m | $7.7m | $69 | $148 | −$6.7bn |
| 2024 | London | $20.6m | $5.4m | $7.2m | $101 | $129 | $3.3bn |
| 2023 | London | $18.6m | $14.0m | $7.6m | $124 | $126 | $2.7bn |
| 2022 | London, Neidorf | $13.2m | $12.6m | $6.7m | $137 | $124 | $1.2bn |
| 2021 | Neidorff | $20.6m | $42.3m | $9.9m | $137 | $126 | $1.3bn |
The board says pay is tied most to Adjusted Diluted EPS. Its other key measures: TSR, Adjusted Net Earnings Margin, Total Shareholder Return (TSR), Adjusted Pre-tax Margin, Revenue Growth Compound Annual Growth.
Insiders and the CEO's stake
2 insiders sold $12.1m in the last six months and none bought.
- SoldChristopher KosterSecretary & General Counsel$6.9mAug 26, 2026
- SoldKenneth A BurdickDirector$5.2mJun 10, 2026
Leadership and governance on file
- Aug 17, 2026Leadership change8-K 5.02
- Jul 28, 2026Leadership change8-K 5.02
- Jun 22, 2026Leadership change8-K 5.02
- May 15, 2026Leadership change8-K 5.02
- Mar 24, 2026Leadership change8-K 5.02
- Aug 15, 2025Leadership change8-K 5.02
- Aug 4, 2025Leadership change8-K 5.02
- Feb 24, 2025Leadership change8-K 5.02
- Nov 12, 2024Leadership change8-K 5.02
- Oct 3, 2024Leadership change8-K/A 5.02
- Sep 27, 2024Leadership change8-K 5.02
- Aug 15, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $8.6bn returned to owners in buybacks and dividends, 458% of net income, and $1.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $118.0bn | $135.5bn | $140.1bn | $145.5bn | $174.6bn |
| Net income | $1.3bn | $1.2bn | $2.7bn | $3.3bn | −$6.7bn |
| Stock-based pay | $203.0m | $234.0m | $216.0m | $212.0m | $204.0m |
| Buybacks | $297.0m | $3.1bn | $1.6bn | $3.1bn | $475.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 591m | 582m | 546m | 524m | 493m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.