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Held by 826 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $67.10 today, the market must believe free cash flow compounds -10.3%/yr for a decade (off $5.8B normalized FCF).
The market's -10.3% is more conservative than its 9-yr track record.
2-stage DCF · 0.49B shares · net debt -$487M
mean 54.2% · volatility σ 194% · implied rate exceeded in 4/8 yrs
Central path = implied -10.3%/yr growth; shaded band = ±1σ (194%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $194.78B 100.0% | $163.07B 100.0% | $154.00B 100.0% | $144.55B 100.0% | $125.98B 100.0% | $111.11B 100.0% | $74.64B 100.0% | $60.12B 100.0% | $48.38B 100.0% | $40.61B 100.0% |
| Cost of Revenue | $2.67B 1.4% | $2.73B 1.7% | $3.56B 2.3% | $7.03B 4.9% | $4.89B 3.9% | $3.30B 3.0% | $2.46B 3.3% | $2.39B 4.0% | $1.85B 3.8% | $1.86B 4.6% |
| Cost of Services | — | — | — | — | — | — | — | — | $1.85B 3.8% | $1.86B 4.6% |
| Gross Profit | $14.21B 7.3% | $17.07B 10.5% | $17.64B 11.5% | $16.92B 11.7% | $14.49B 11.5% | — | — | — | — | — |
| Selling, General & Admin | $12.90B 6.6% | $12.40B 7.6% | $12.56B 8.2% | $11.59B 8.0% | $9.60B 7.6% | $9.38B 8.4% | $6.53B 8.8% | $6.04B 10.1% | $4.45B 9.2% | $3.67B 9.0% |
| Total Operating Expenses | $202.40B 103.9% | $159.90B 98.1% | $151.07B 98.1% | $143.23B 99.1% | $124.20B 98.6% | $108.03B 97.2% | $72.86B 97.6% | $58.66B 97.6% | $47.18B 97.5% | $39.34B 96.9% |
| Operating Income | -$7.62B -3.9% | $3.17B 1.9% | $2.93B 1.9% | $1.32B 0.9% | $1.78B 1.4% | $3.08B 2.8% | $1.78B 2.4% | $1.46B 2.4% | $1.20B 2.5% | $1.26B 3.1% |
| Interest Expense | $678.0M 0.3% | $702.0M 0.4% | $725.0M 0.5% | $665.0M 0.5% | $665.0M 0.5% | $728.0M 0.7% | $412.0M 0.6% | $343.0M 0.6% | $255.0M 0.5% | $217.0M 0.5% |
| Other Income (Expense), net | $895.0M 0.5% | $1.08B 0.7% | $668.0M 0.4% | $644.0M 0.4% | — | — | — | — | — | — |
| Pretax Income | -$6.73B -3.5% | $4.26B 2.6% | $3.60B 2.3% | $1.96B 1.4% | $1.81B 1.4% | $2.77B 2.5% | $1.78B 2.4% | $1.37B 2.3% | $1.13B 2.3% | $1.16B 2.9% |
| Income Tax Expense | -$51.0M -0.0% | $963.0M 0.6% | $899.0M 0.6% | $760.0M 0.5% | $477.0M 0.4% | $979.0M 0.9% | $473.0M 0.6% | $474.0M 0.8% | $326.0M 0.7% | $599.0M 1.5% |
| Net Income | -$6.67B -3.4% | $3.31B 2.0% | $2.70B 1.8% | $1.20B 0.8% | $1.35B 1.1% | $1.81B 1.6% | $1.32B 1.8% | $900.0M 1.5% | $828.0M 1.7% | $562.0M 1.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-13.53 | $6.33 | $4.97 | $2.09 | $2.31 | $3.17 | $3.19 | $2.31 | $2.40 | $1.76 |
| EPS (Diluted) | $-13.53 | $6.31 | $4.95 | $2.07 | $2.28 | $3.12 | $3.14 | $2.26 | $2.34 | $1.71 |
| Weighted Avg Shares (Basic) | 493.1M | 521.8M | 543.3M | 575.2M | 582.8M | 570.7M | 413.5M | 390.2M | 344.9M | 319.1M |
| Weighted Avg Shares (Diluted) | 493.1M | 523.7M | 545.7M | 582.0M | 590.5M | 579.1M | 420.4M | 398.5M | 353.4M | 328.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $475M buybacks = $475M returned on $4.3B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -18%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $17.9B covers all $17.5B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.9% on $17.4B of debt.
Cash of $17.9B fully covers short-term debt of $50M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 40th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 4.0 | 3.3 | 3.0 | 3.9 | 4.9 | 2.3 | 1.7 | 1.4 |
| Gross Profit | — | — | — | 11.5 | 11.7 | 11.5 | 10.5 | 7.3 |
| SG&A | 10.1 | 8.8 | 8.4 | 7.6 | 8.0 | 8.2 | 7.6 | 6.6 |
| Operating Income | 2.4 | 2.4 | 2.8 | 1.4 | 0.9 | 1.9 | 1.9 | -3.9 |
| Income Tax | 0.8 | 0.6 | 0.9 | 0.4 | 0.5 | 0.6 | 0.6 | -0.0 |
| Net Income | 1.5 | 1.8 | 1.6 | 1.1 | 0.8 | 1.8 | 2.0 | -3.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CNC: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CNC | $32.5B | — | — | 0.2× | 19.4% | 7.3% | -3.4% | -33.4% | -17.9% | -2.5× | 826 |
Peers = companies sharing CNC's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.