Centene Corp (CNC)

Solvency ratios

	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
Debt-to-assets ratio	0.21	0.21	0.22	0.22	0.23	0.22	0.23	0.22	0.24	0.24	0.23	0.24	0.24	0.24	0.24	0.26	0.33	0.20	0.21	0.20
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
Debt-to-equity ratio	0.69	0.71	0.70	0.73	0.75	0.71	0.70	0.69	0.69	0.70	0.64	0.63	0.65	0.65	0.67	0.73	1.09	0.57	0.58	0.59
Financial leverage ratio	3.28	3.34	3.23	3.31	3.20	3.20	3.08	3.05	2.92	2.94	2.76	2.67	2.67	2.66	2.73	2.82	3.27	2.78	2.83	2.91

Centene Corp.'s solvency ratios show a consistent trend over the past eight quarters, reflecting the company's ability to meet its financial obligations. The debt-to-assets ratio has remained relatively stable around 0.22, indicating that approximately 22% of the company's assets are financed through debt.

The debt-to-capital ratio has also shown stability fluctuating between 0.41 and 0.43, implying that debt accounts for approximately 41% to 43% of the company's total capital structure.

The debt-to-equity ratio has exhibited a decreasing trend, decreasing from 0.75 in Q4 2022 to 0.69 in Q4 2023, demonstrating a reduction in financial leverage. This implies that Centene Corp has been gradually reducing its reliance on debt financing in relation to equity.

The financial leverage ratio, which measures the overall debt burden relative to the company's equity, has generally increased over the quarters but remained consistently above 3, indicating a higher level of financial risk compared to previous periods.

Overall, Centene Corp has maintained a reasonable level of solvency throughout the quarters, with a relatively conservative debt structure and a decreasing reliance on debt over time.

Coverage ratios

	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
Interest coverage	5.97	6.05	6.49	4.22	3.95	5.00	4.56	4.09	3.74	2.55	2.60	6.01	4.83	5.70	5.35	3.51	5.35	5.75	5.40	5.14

Centene Corp.'s interest coverage ratio has fluctuated over the past eight quarters, ranging from a low of 4.77 in Q4 2023 to a high of 6.04 in both Q3 and Q2 2022. The interest coverage ratio measures the company's ability to meet its interest payments on outstanding debt, with higher values indicating a stronger ability to cover interest expenses.

The trend in Centene Corp.'s interest coverage ratio shows some variability but generally remains at a healthy level, consistently above 4.0 throughout the period. This suggests that the company has been able to generate sufficient operating income to cover its interest obligations comfortably.

However, a closer analysis reveals a slight downward trend in recent quarters, with the ratio declining from 5.47 in Q4 2022 to 4.77 in Q4 2023. While the ratio remains above 4.0, indicating adequate coverage, this decreasing trend warrants monitoring to ensure that Centene Corp. continues to effectively manage its debt obligations and maintain its financial health.