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Elevance Health vs Centene: ELV and CNC compared
Elevance Health is the larger company: $51.4B of revenue in its latest quarter (Q3 2026) against $50.6B for Centene (Q3 2026). Centene is growing faster (+2% against +1% a year earlier). Elevance Health is more profitable, with an operating margin of 2.5% against -0.6%.
Where the money goes: ELV and CNC
Elevance Health (ELV) · Q3 2026
Elevance Health, Q3 2026: revenue $51.4B (+1% year over year), operating margin 2.5%, net earnings $1.3B, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
Centene (CNC) · Q3 2026
Centene, Q3 2026: revenue $50.6B (+2% year over year), operating margin -0.6%, net loss $65.0M, operating cash flow −$3.7B. The chart follows the revenue to costs, profit and cash.
| Elevance Health (ELV) | Centene (CNC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $51.4B | $50.6B |
| Revenue growth, Y/Y | +1% | +2% |
| Operating margin | 2.5% | -0.6% |
| Net earnings | $1.3B | −$65.0M |
| Net margin | 2.6% | -0.1% |
| Operating cash flow | $1.3B | −$3.7B |
| Free cash flow | $1.0B | — |
| Market value | $94.0B | $36.7B |
| P/E | 18.4× | 24.6× |
| Analysts’ mean target | $482.38 | $75.39 |
Where the revenue comes from
Centene
- Medicaid: $29.6B (58%)
- Medicare: $11.3B (22%)
- Commercial: $8.7B (17%)
- Other: $1.1B (2%)
Questions
Which is bigger, Elevance Health or Centene?
Elevance Health is the larger company: $51.4B of revenue in its latest quarter (Q3 2026) against $50.6B for Centene (Q3 2026).
Is Elevance Health or Centene growing faster?
Centene is growing faster (+2% against +1% a year earlier).
Which is more profitable, Elevance Health or Centene?
Elevance Health is more profitable, with an operating margin of 2.5% against -0.6%.
More: Elevance Health earnings · how Elevance Health makes money · Centene earnings · how Centene makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 21, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.