A Business at a Glance
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Cigna Group
CI
$77.8B
Mkt Cap
$289.57
+1.15%
Cigna Group (CI) has a current P/E ratio of 13.1, compared to its historical median P/E of 14.7. The stock is currently considered Fair based on its historical valuation range.
Cigna Group (CI) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
Cigna Group (CI) has a market capitalization of $117.6B. It is classified as a large-cap stock.
Yes, Cigna Group (CI) pays a dividend with a trailing twelve-month yield of 1.37%. The company also returns capital through share buybacks, with a buyback yield of 1.80%.
Based on historical P/E analysis, Cigna Group (CI) appears fair. The current P/E of 13.1 is 11% below its historical median of 14.7. The estimated fair value CAGR (P/E method) is 2.6%.
Cigna Group (CI) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
Cigna Group (CI) reported annual revenue of $274.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
The Cigna Group is a global health company serving more than 185 million customer relationships across more than 30 markets, operating through two primary segments: Evernorth Health Services and Cigna Healthcare. Evernorth Health Services comprises Pharmacy Benefit Services and Specialty and Care Services, providing independent and coordinated health solutions including pharmacy benefits administration, specialty pharmacy through Accredo, home delivery pharmacy, health system services, and care management capabilities. Cigna Healthcare delivers comprehensive medical and coordinated solutions through U.S. Healthcare and International Health operating segments, serving employer groups, individual exchange customers, and international markets. The company's business model combines pharmacy and medical capabilities to create integrated solutions that address affordability, transparency, and health outcomes; Evernorth operates on a fee-for-service and risk-sharing basis with clients and health systems, while Cigna Healthcare operates primarily on a fully insured and self-funded basis with employers and individuals. The company's competitive moat derives from its integrated platform spanning pharmacy and medical services, deep clinical expertise, relationships with approximately 1.7 million healthcare providers and facilities, and its ability to deliver modular, customizable solutions across a fragmented healthcare ecosystem. Distribution occurs through direct relationships with employers, health plans, health systems, and individual consumers, with particular strength in the under-500 select employer segment and commercial markets where the company has deliberately exited Medicare and Medicaid exposure.
【Disciplined transformation underway】 Management is executing a strategic transformation centered on the new "Signature" rebate-free pharmacy benefits model, which will become the standard offering for Evernorth by 2028 with at least 50% adoption by year-end 2028, while Cigna Healthcare will adopt the model for all fully insured lives beginning in 2027. The company expects near-term margin pressure in Pharmacy Benefit Services during 2026 and 2027 due to investments in the new model and large client renewals, but management emphasizes this positions the business for durable, sustainable long-term growth and improved transparency. Specialty and Care Services is expected to continue delivering strong growth toward the higher end of its long-term growth targets, driven by secular tailwinds in specialty pharmaceuticals including biosimilar adoption and GLP-1 utilization. Cigna Healthcare is anticipated to grow operating income toward the higher end of its long-term growth targets, supported by disciplined pricing actions, cost management initiatives, and targeted customer growth in select segments, while the company continues to progress toward its long-term debt-to-capitalization ratio target of approximately 40%.
| Metric | Target | Period |
|---|---|---|
| Evernorth adjusted income from operations | at least $6.9 billion | FY2026 |
| Cigna Healthcare pre-tax adjusted earnings | at least $4.525 billion | FY2026 |
| Consolidated adjusted revenues | approximately $280 billion | FY2026 |
| Evernorth adjusted earnings | at least $6.9 billion | FY2026 |
| Cigna Healthcare adjusted earnings | at least $4.5 billion | FY2026 |
| Medical care ratio | 83.7%-84.7% | FY2026 |
| Total medical customers | approximately 18.1 million | year-end 2026 |
| Consolidated adjusted tax rate | approximately 19% | FY2026 |
| Operating cash flow | approximately $9 billion | FY2026 |
| Capital expenditures | approximately $1.3 billion | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 277.9B | 274.9B | 247.1B | 195.3B | 180.5B | 174.1B |
| Net Income | 6.3B | 6.0B | 3.4B | 5.2B | 6.7B | 5.4B |
| EPS | $17.17 | $22.18 | $12.12 | $17.39 | $21.41 | $15.75 |
| Free Cash Flow | 0 | 9.6B | 10.4B | 11.8B | 8.7B | 7.2B |
| ROIC | 11.6% | 10.5% | 5.9% | 8.7% | 11.2% | 8.4% |
| Gross Margin | - | 9.3% | 10.5% | 12.9% | 13.0% | 13.2% |
| Debt/Equity | 0.73 | 0.75 | 0.80 | 0.70 | 0.70 | 0.76 |
| Dividends/Share | $3.98 | $6.04 | $5.60 | $4.92 | $4.48 | $4.00 |
| Operating Income | 9.6B | 9.2B | 9.4B | 8.5B | 8.4B | 7.9B |
| Operating Margin | 3.4% | 3.3% | 3.8% | 4.4% | 4.7% | 4.6% |
| ROE | 14.9% | 14.4% | 7.9% | 11.4% | 14.6% | 11.0% |
| Shares Outstanding | 406M | 269M | 283M | 297M | 313M | 341M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 39.8B | 41.8B | 48.6B | 153.6B | 160.4B | 174.1B | 180.5B | 195.3B | 247.1B | 274.9B | 277.9B |
| Gross Margin | 32.7% | 33.7% | 33.6% | 16.3% | 15.1% | 13.2% | 13.0% | 12.9% | 10.5% | 9.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 9.8B | 10.0B | 11.9B | 14.1B | 14.1B | 13.0B | 13.2B | 14.8B | 14.8B | 14.6B | 14.1B |
| EBIT | 3.1B | 3.9B | 4.2B | 8.1B | 8.2B | 7.9B | 8.4B | 8.5B | 9.4B | 9.2B | 9.6B |
| Op. Margin | 7.8% | 9.4% | 8.6% | 5.3% | 5.1% | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% | 3.4% |
| Net Income | 1.9B | 2.2B | 2.6B | 5.1B | 8.5B | 5.4B | 6.7B | 5.2B | 3.4B | 6.0B | 6.3B |
| Net Margin | 4.7% | 5.4% | 5.4% | 3.3% | 5.3% | 3.1% | 3.7% | 2.6% | 1.4% | 2.2% | 2.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 4.2B | 168M | 1.7B | -1.2B | 24M | 13M | 13M |
| Returns on Capital | |||||||||||
| ROIC | N/A | 13.7% | 5.3% | 6.5% | 13.5% | 8.4% | 11.2% | 8.7% | 5.9% | 10.5% | 11.6% |
| ROE | N/A | 16.3% | 9.6% | 11.8% | 17.7% | 11.0% | 14.6% | 11.4% | 7.9% | 14.4% | 14.9% |
| ROA | N/A | 7.2% | 2.5% | 3.3% | 5.4% | 3.5% | 4.5% | 3.5% | 2.2% | 3.8% | 4.1% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 4.0B | 4.1B | 3.8B | 9.5B | 10.3B | 7.2B | 8.7B | 11.8B | 10.4B | 9.6B | 8.8B |
| Free Cash Flow | 3.6B | 3.6B | 3.2B | 8.4B | 10.3B | 7.2B | 8.7B | 11.8B | 10.4B | 9.6B | 0 |
| Owner Earnings | 3.3B | 3.3B | 2.9B | 5.4B | 7.0B | 3.8B | 5.1B | 8.4B | 7.1B | 6.4B | 5.7B |
| CapEx | 461M | 471M | 528M | 1.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 610M | 566M | 695M | 3.7B | 2.8B | 2.9B | 2.9B | 3.0B | 2.8B | 2.8B | 2.8B |
| Growth CapEx | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 610M | 566M | 695M | 3.7B | 2.8B | 2.9B | 2.9B | 3.0B | 2.8B | 2.8B | 2.8B |
| CapEx/OCF | N/A | 11.5% | 14.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 15M | 15M | 1.3B | 1.4B | 1.4B | 1.6B | 1.6B | 1.6B |
| Dividend Yield | N/A | N/A | N/A | 0.0% | 0.0% | 1.9% | 1.7% | 1.8% | 1.7% | 2.0% | 1.4% |
| Share Buybacks | 139M | 2.7B | 342M | 2.0B | 4.0B | 7.7B | 7.6B | 2.3B | 7.0B | 3.6B | 2.1B |
| Buyback Yield | 0.0% | 5.7% | 0.8% | 2.8% | 5.9% | 10.6% | 7.7% | 2.7% | 9.1% | 4.9% | 1.8% |
| Stock-Based Comp | 91M | 248M | 127M | 451M | 582M | 511M | 583M | 365M | 499M | 388M | 391M |
| Debt Repayment | 0 | 1.3B | 131M | 4.5B | 8.0B | 4.6B | 500M | 3.0B | 3.0B | 4.2B | 4.2B |
| Balance Sheet | |||||||||||
| Net Debt | -3.3B | 322M | 35.1B | 32.8B | 22.4B | 29.7B | 24.3B | 23.4B | 24.6B | 22.7B | 23.0B |
| Cash & Equiv. | 3.2B | 3.0B | 3.9B | 4.6B | 10.2B | 5.1B | 5.9B | 7.8B | 7.5B | 7.7B | 7.9B |
| Long-Term Debt | 0 | 5.2B | 39.5B | 31.9B | 29.5B | 31.1B | 28.1B | 28.2B | 28.9B | 30.9B | 29.4B |
| Debt/Equity | N/A | 0.40 | 1.00 | 0.85 | 0.67 | 0.76 | 0.70 | 0.70 | 0.80 | 0.75 | 0.73 |
| Interest Coverage | 12.3 | 16.2 | 8.2 | 5.0 | 5.8 | 6.1 | 6.5 | 6.1 | 6.3 | 6.6 | 6.9 |
| Equity | N/A | 13.7B | 41.0B | 45.3B | 50.3B | 47.1B | 44.7B | 46.2B | 41.0B | 41.7B | 42.2B |
| Total Assets | N/A | 61.8B | 153.2B | 155.8B | 155.5B | 154.9B | 143.9B | 152.8B | 155.9B | 157.9B | 153.3B |
| Total Liabilities | N/A | 48.0B | 112.2B | 110.4B | 105.1B | 107.7B | 99.1B | 106.4B | 114.6B | 116.0B | 110.8B |
| Intangibles | N/A | 345M | 39.0B | 36.6B | 35.2B | 34.1B | 32.5B | 30.9B | 29.4B | 28.6B | 27.3B |
| Retained Earnings | N/A | 15.8B | 15.1B | 20.2B | 28.6B | 32.6B | 37.9B | 41.7B | 43.5B | 47.9B | 49.1B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||
| EPS | 7.19 | 8.77 | 10.54 | 13.44 | 22.96 | 15.75 | 21.41 | 17.39 | 12.12 | 22.18 | 17.17 |
| Owner EPS | 12.80 | 12.83 | 11.78 | 14.17 | 18.91 | 11.02 | 16.40 | 28.33 | 25.02 | 23.97 | 13.97 |
| Book Value | N/A | 53.75 | 163.99 | 119.39 | 136.60 | 138.18 | 142.67 | 155.66 | 144.82 | 155.31 | 103.97 |
| Cash Flow/Share | 15.50 | 16.02 | 15.07 | 24.98 | 28.10 | 21.09 | 27.64 | 39.78 | 36.58 | 35.75 | 22.26 |
| Dividends/Share | N/A | 0.04 | 0.04 | 0.04 | 0.04 | 4.00 | 4.48 | 4.92 | 5.60 | 6.04 | 3.98 |
| Shares Out. | 259.7M | 255.1M | 250.2M | 379.8M | 368.4M | 341.0M | 313.1M | 297.0M | 283.3M | 268.6M | 406.0M |
| Valuation | |||||||||||
| P/E Ratio | N/A | 21.4 | 16.5 | 13.9 | 8.1 | 13.6 | 14.7 | 16.6 | 22.5 | 12.5 | 16.9 |
| P/FCF | N/A | 13.2 | 13.5 | 8.4 | 6.6 | 10.2 | 11.4 | 7.3 | 7.5 | 7.7 | N/A |
| EV/EBIT | N/A | 12.3 | 20.0 | 13.4 | 11.4 | 13.0 | 14.9 | 13.0 | 11.1 | 10.6 | 14.7 |
| Price/Book | N/A | 3.5 | 1.1 | 1.6 | 1.4 | 1.6 | 2.2 | 1.9 | 1.9 | 1.8 | 2.8 |
| Price/Sales | N/A | 1.0 | 0.9 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 |
| FCF Yield | N/A | 7.6% | 7.4% | 11.9% | 15.2% | 9.8% | 8.8% | 13.8% | 13.4% | 12.9% | N/A |
| Market Cap | 0 | 47.9B | 43.6B | 70.9B | 68.1B | 73.2B | 98.4B | 85.7B | 77.4B | 74.3B | 117.6B |
| Avg. Price | 0.00 | 156.16 | 174.07 | 156.56 | 172.75 | 207.54 | 254.98 | 269.93 | 324.92 | 296.37 | 289.57 |
| Year-End Price | 0.00 | 187.64 | 174.34 | 186.59 | 184.95 | 214.71 | 314.17 | 288.63 | 273.10 | 276.51 | 289.57 |
Cigna Group passes 4 of 9 quality checks, suggesting mixed fundamentals.
Cigna Group trades at 13.1x trailing earnings, compared to its 15-year median P/E of 14.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.1x vs a median of 8.4x. The company's 5-year average ROIC is 8.9% with a gross margin of 11.8%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +11.3%.
Cigna Group (CI) has a net profit margin of 2.2%. This is a modest margin.
Cigna Group (CI) generated $9.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cigna Group (CI) has a debt-to-equity ratio of 0.75. This indicates moderate leverage.
Cigna Group (CI) reported earnings per share (EPS) of $22.18 in its most recent fiscal year.
Cigna Group (CI) has a return on equity (ROE) of 14.4%. This indicates moderate shareholder returns.
Cigna Group (CI) has a 5-year average gross margin of 11.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 10 years of financial data for Cigna Group (CI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cigna Group (CI) has a book value per share of $155.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a strategic transformation centered on the new "Signature" rebate-free pharmacy benefits model, which will become the standard offering for Evernorth by 2028 with at least 50% adoption by year-end 2028, while Cigna Healthcare will adopt the model for all fully insured lives beginning in 2027. The company expects near-term margin pressure in Pharmacy Benefit Services during 2026 and 2027 due to investments in the new model and large client renewals, but management emphasizes this positions the business for durable, sustainable long-term growth and improved transparency. Specialty and Care Services is expected to continue delivering strong growth toward the higher end of its long-term growth targets, driven by secular tailwinds in specialty pharmaceuticals including biosimilar adoption and GLP-1 utilization. Cigna Healthcare is anticipated to grow operating income toward the higher end of its long-term growth targets, supported by disciplined pricing actions, cost management initiatives, and targeted customer growth in select segments, while the company continues to progress toward its long-term debt-to-capitalization ratio target of approximately 40%.
Based on recent SEC filings and earnings calls, Cigna Group (CI) has provided the following forward guidance: Evernorth adjusted income from operations: at least $6.9 billion (FY2026); Cigna Healthcare pre-tax adjusted earnings: at least $4.525 billion (FY2026); Consolidated adjusted revenues: approximately $280 billion (FY2026); Evernorth adjusted earnings: at least $6.9 billion (FY2026); Cigna Healthcare adjusted earnings: at least $4.5 billion (FY2026), plus 7 additional metrics.
| Shareholder dividends | approximately $1.6 billion | FY2026 |
| Weighted average shares outstanding | 261 million-265 million shares | FY2026 |
Evernorth adjusted income from operations (FY2026): “In Evernorth, we continue to expect full- year 2026 adjusted income from operations of at least $6.9 billion”
Cigna Healthcare pre-tax adjusted earnings (FY2026): “For Cigna Healthcare, we now expect full- year pre-tax adjusted earnings of at least $4.525 billion”
Consolidated adjusted revenues (FY2026): “We expect full year 2026 consolidated adjusted revenues of approximately $280 billion”
Evernorth adjusted earnings (FY2026): “In Evernorth, we expect full year 2026 adjusted earnings of at least $6.9 billion”
Cigna Healthcare adjusted earnings (FY2026): “For Cigna Healthcare, we expect full year 2026 adjusted earnings of at least $4.5 billion”
Medical care ratio (FY2026): “Assumptions underlying our 2026 outlook for Cigna Healthcare include a medical care ratio in the range of 83.7%-84.7%”
Total medical customers (year-end 2026): “We expect approximately 18.1 million total medical customers at year-end”
Consolidated adjusted tax rate (FY2026): “We expect the consolidated adjusted tax rate to be approximately 19%”