Centene vs Molina Healthcare: Revenue, Profit and Business Model
Centene reported $194.8B of revenue in FY2025 and — of net income. Molina Healthcare reported $45.4B of revenue in FY2025 and $472M of net income.
Latest financial snapshot
Centene
- Latest revenue
- $194.8B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +10.5% a year, FY2022–FY2025
Molina Healthcare
- Latest revenue
- $45.4B (FY2025)
- Net income
- $472M
- Net margin
- 1.0%
- Revenue growth
- +11.0% a year, FY2016–FY2025
Financial summary
Centene
Centene's revenue grew from $144.5 billion in 2022 to $194.8 billion in 2025, but profit moved the other way. FY2025 ended with a $6.674 billion GAAP net loss attributable to Centene, compared with $3.3 billion of net income in 2024, after a $6.7 billion non-cash goodwill impairment recorded in Q3 2025; adjusted diluted EPS was $2.08. The turnaround showed up in 2026: Q2 2026 total revenue was $53.6 billion, premium and service revenue was $44.4 billion, GAAP diluted EPS was $2.19 and adjusted diluted EPS was $2.51. Centene raised its 2026 guidance to GAAP diluted EPS above $3.11 and adjusted diluted EPS above $4.80, with premium and service revenue guided to $173-$177 billion. The company does not pay a dividend.
Molina Healthcare
Revenue rose from $19.4B in 2020 to $45.4B in 2025, driven by acquisitions and new state contracts, but profit moved the other way in 2025. Net income fell to $472M from $1.18B in 2024, and adjusted EPS of $11.03 was less than half the initial $24.50 guidance, after elevated Medicare and Marketplace costs and two retroactive California Medicaid items. For 2026 Molina guided to about $42B of premium revenue and, after Q2 2026, adjusted EPS of at least $5.25. Q2 2026 premium revenue was $10.2B, down 6% year over year, with a consolidated MCR of 92.2%.
Revenue and profit by year
Centene
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $194.8B | — | 0.0% | +19.4% | Source |
| FY2024 | $163.1B | — | 0.0% | +5.9% | Source |
| FY2023 | $154B | — | 0.0% | +6.5% | Source |
| FY2022 | $144.5B | — | 0.0% | — | Source |
Molina Healthcare
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $45.4B | $472M | 1.0% | +11.7% | Source |
| FY2024 | $40.6B | $1.2B | 2.9% | +19.3% | Source |
| FY2023 | $34.1B | $1.1B | 3.2% | +6.6% | Source |
| FY2022 | $32B | $792M | 2.5% | +15.1% | Source |
| FY2021 | $27.8B | $659M | 2.4% | +43.0% | Source |
| FY2020 | $19.4B | $673M | 3.5% | +15.4% | Source |
| FY2019 | $16.8B | $737M | 4.4% | -10.9% | Source |
| FY2018 | $18.9B | $707M | 3.7% | -5.0% | Source |
| FY2017 | $19.9B | -$512M | -2.6% | +11.8% | Source |
| FY2016 | $17.8B | $52M | 0.3% | — | Source |
Where the revenue comes from
Centene
- Medicaid Managed Care
Core business
State contracts pay Centene to administer healthcare benefits and coordinate care for Medicaid members.
- ACA Marketplace Plans
Major growth and volatility area
Centene sells health plans on Affordable Care Act exchanges, where subsidy rules, risk adjustment, and medical use drive economics.
- Medicare Products
Strategic line
Medicare Advantage and related products generate premium revenue from CMS and members, with profitability tied to medical costs and star ratings.
- Commercial and Specialty Services
Supporting lines
Other health-plan and service businesses add diversification but remain tied to regulated healthcare economics.
Molina Healthcare
- Medicaid premiums
Per-member premium payments from state Medicaid programs are Molina's largest revenue source.
- Medicare premiums
Medicare Advantage and dual-eligible products add federal program revenue.
- Marketplace premiums
Individual exchange plans provide additional premium revenue but can carry risk adjustment and utilization volatility.
- Service revenue
Administrative and related services supplement premium revenue.
Business model and strategy
Centene
How it makes money
Centene earns most of its money from premiums paid by governments. State Medicaid agencies pay it a fixed monthly amount per enrolled member to manage that member's care; the federal Centers for Medicare & Medicaid Services (CMS) pays it for Medicare Advantage and Part D drug plans; and ACA Marketplace members pay Ambetter premiums that are largely funded by federal tax credits.
Growth strategy
Under CEO Sarah London, who succeeded Michael Neidorff in 2022, Centene has narrowed its focus to U.S. government-sponsored health plans. It sold non-core assets such as Magellan Rx, its Spanish hospital operator Ribera Salud and UK-based Circle Health, outsourced pharmacy benefit management to Express Scripts, and cut administrative costs.
Competitive advantage
Centene's main advantage is scale and experience in state Medicaid programs. It serves about 12.1 million Medicaid members across 30 states, and every state runs its own procurement, rate-setting and compliance rules.
Molina Healthcare
How it makes money
Molina is a government-program health insurer. States and the federal Centers for Medicare & Medicaid Services pay it a fixed monthly premium per enrolled member (capitation), and Molina pays doctors, hospitals and pharmacies for those members' care. Profit is the gap between premiums and the medical cost ratio (MCR) plus administrative expense.
Growth strategy
Molina grows through state Medicaid procurements and bolt-on acquisitions of regional health plans. Recent deals include Magellan Complete Care (closed December 31, 2020), Affinity Health Plan in New York (2021), My Choice Wisconsin (2022), Bright Health's California Medicare business (2024) and ConnectiCare in Connecticut ($350M, closed February 1, 2025).
Competitive advantage
Molina's edge is focus. It does not sell employer coverage, so its bidding, care management and cost structure are built around Medicaid and dual-eligible members.
Questions about Centene vs Molina Healthcare
Which company has higher revenue — Centene Corporation or Molina Healthcare, Inc.?
Centene Corporation reported $194.8B (FY2025), while Molina Healthcare, Inc. reported $45.4B (FY2025). By last reported revenue, Centene Corporation is the larger business, with Molina Healthcare, Inc. reporting a smaller revenue base.
What is the market cap of Centene Corporation vs Molina Healthcare, Inc.?
Centene Corporation's market capitalisation stands at $30.5B, while Molina Healthcare, Inc.'s is $9.9B. Centene Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Molina Healthcare, Inc..
Which is more financially efficient — Centene Corporation or Molina Healthcare, Inc.?
Centene Corporation generates $3.19M / employee in revenue per employee, while Molina Healthcare, Inc. generates $2.39M / employee. Centene Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Centene Corporation and Molina Healthcare, Inc. make money?
Centene Corporation and Molina Healthcare, Inc. generate revenue in fundamentally different ways. Centene Corporation: Centene earns most of its money from premiums paid by governments. Molina Healthcare, Inc.: Molina is a government-program health insurer.
Which company is valued higher relative to revenue — Centene Corporation or Molina Healthcare, Inc.?
On a price-to-sales (P/S) basis, Centene Corporation trades at 0.2x P/S and Molina Healthcare, Inc. at 0.2x P/S. Centene Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Molina Healthcare, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Centene Corporation bigger than Molina Healthcare, Inc.?
By last reported revenue, Centene Corporation ($194.8B (FY2025)) is the larger company compared to Molina Healthcare, Inc. ($45.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Centene vs Molina Healthcare overview