Centene Corp (CNC)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	17,710,000	17,888,000	17,896,000	18,223,000	17,938,000	18,084,000	18,456,000	18,640,000	18,571,000	18,594,000	16,536,000	16,695,000	16,682,000	16,737,000	16,708,000	17,150,000	13,638,000	6,975,000	7,047,000	6,775,000
Total stockholders’ equity	US$ in thousands	25,840,000	25,295,000	25,671,000	25,042,000	24,057,000	25,378,000	26,289,000	27,169,000	26,795,000	26,466,000	25,911,000	26,342,000	25,773,000	25,725,000	25,056,000	23,549,000	12,551,000	12,311,000	12,154,000	11,540,000
Debt-to-capital ratio		0.41	0.41	0.41	0.42	0.43	0.42	0.41	0.41	0.41	0.41	0.39	0.39	0.39	0.39	0.40	0.42	0.52	0.36	0.37	0.37

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $17,710,000K ÷ ($17,710,000K + $25,840,000K)
= 0.41

The debt-to-capital ratio of Centene Corp. has been relatively stable over the past eight quarters, ranging between 0.41 to 0.43. This ratio indicates the proportion of the company's capital structure that is financed by debt.

A debt-to-capital ratio of 0.41 to 0.43 suggests that Centene Corp. relies more on equity financing rather than debt financing to fund its operations and growth. This could indicate a lower financial risk as the company is not heavily leveraged.

Overall, the consistent debt-to-capital ratio indicates that Centene Corp. has maintained a prudent balance between debt and equity in its capital structure, which is important for long-term financial stability and sustainable growth.