Centene Corp (CNC)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	3,601,000	3,618,000	3,863,000	2,208,000	1,962,000	2,615,000	2,331,000	2,026,000	1,824,000	1,057,000	1,109,000	3,599,000	2,787,000	3,121,000	2,520,000	1,237,000	1,794,000	1,884,000	1,737,000	1,547,000
Revenue (ttm)	US$ in thousands	153,999,000	150,100,000	147,923,000	146,251,000	144,547,000	141,554,000	138,095,000	133,184,000	125,982,000	121,702,000	118,386,000	115,073,000	111,115,000	101,690,000	91,576,000	82,220,000	74,639,000	72,335,000	69,541,000	65,366,000
Pretax margin		2.34%	2.41%	2.61%	1.51%	1.36%	1.85%	1.69%	1.52%	1.45%	0.87%	0.94%	3.13%	2.51%	3.07%	2.75%	1.50%	2.40%	2.60%	2.50%	2.37%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $3,601,000K ÷ $153,999,000K
= 2.34%

The pretax margin of Centene Corp. has shown fluctuations over the past eight quarters, ranging from a low of 1.36% in Q4 2022 to a high of 2.61% in Q2 2023. Despite the variability, the company has generally maintained a pretax margin above 1.5% in recent quarters. This indicates that Centene Corp. has been able to effectively manage its operating expenses relative to its revenues before accounting for taxes. The slight increase in pretax margin from Q1 2023 to Q2 2023 suggests a potential improvement in operational efficiency during that period. Overall, the pretax margin trend reflects Centene Corp.'s ability to generate profits before taxes, albeit with some fluctuations.