Centene Corp (CNC)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	17,710,000	17,938,000	18,571,000	16,682,000	13,638,000
Total assets	US$ in thousands	84,641,000	76,870,000	78,375,000	68,719,000	40,994,000
Debt-to-assets ratio		0.21	0.23	0.24	0.24	0.33

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $17,710,000K ÷ $84,641,000K
= 0.21

Centene Corp.'s debt-to-assets ratio has displayed a declining trend over the past five years, indicating improved financial health in terms of leverage. In particular, the ratio decreased from 0.33 in 2019 to 0.21 in 2023. This suggests that the company has been effectively managing its debt levels in relation to its assets, implying lower financial risk and potentially greater stability.

A debt-to-assets ratio of 0.21 in 2023 means that for every $1 of assets, the company has $0.21 in debt. This indicates that Centene Corp. relies less on borrowed funds to finance its operations and investments. A lower debt-to-assets ratio generally signifies a stronger financial position and a decreased dependency on external financing.

Overall, the decreasing trend in Centene Corp.'s debt-to-assets ratio is a positive indicator for investors and stakeholders, reflecting prudent debt management practices and potentially enhanced long-term sustainability for the company.