Cigna (CI)
Health Care · $72.7B market cap · SEC CIK 0001739940
fundamentals score out of 100
Next reports on Oct 28, 2026, before the open, with analysts expecting $7.73 in earnings per share.
The case for CI
- Cheap on earnings at 11.3×, well under the market's usual 20×.
- Earnings per share up 31.7%.
- A PEG of 0.36: a P/E of 11.3× is low for EPS growing 32%.
- Has compounded revenue at 11.4% a year over five years.
- Return on equity of 15%.
- Moves less than the market (beta 0.27).
The case against
- Net margin of 2.3% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.85).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 89 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 73 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 26 |
| Momentumhow the price has behaved lately | 43 |
| Stabilityhow violently it moves, what it owes and what it pays you | 83 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 11.3× |
|---|---|
| Price / book | 1.71× |
| Price / sales | 0.3× |
| Revenue growth (YoY) | +7.8% |
| EPS growth (YoY) | +31.7% |
| Gross margin | 9% |
| Operating margin | 4% |
| Net margin | 2% |
| Return on equity | 15% |
| Debt / equity | 0.75× |
| Current ratio | 0.85 |
| Dividend yield | 1.74% |
| Beta | 0.27 |
| 52-week range | $239.51 – $315.47 |
| Position in that range | 45% of the way up |
| 3-month return | -1.7% |
| 1-year return | -5.5% |
Five years of financials, as filed
Pulled from Cigna's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $275B | $247B | $195B | $181B | $174B |
| Operating income | $9.2B | $9.4B | $8.5B | $8.4B | $7.9B |
| Net income | $6.0B | $3.4B | $5.2B | — | — |
| Operating cash flow | $9.6B | $10.4B | $11.8B | $8.7B | $7.2B |
| Total assets | $158B | $156B | $153B | $144B | $155B |
| Total liabilities | $116B | $115B | $106B | $99.1B | $108B |
| Shareholder equity | $41.7B | $41.0B | $46.2B | $44.7B | $47.1B |
| Cash | $7.7B | $7.5B | $7.8B | $5.9B | $5.1B |
| Operating margin | 3.3% | 3.8% | 4.4% | 4.7% | 4.6% |
| Net margin | 2.2% | 1.4% | 2.6% | — | — |
| Diluted shares | 269M | 283M | 297M | 313M | 341M |
Share count is down 21.2% over 4 years. Buybacks have been shrinking the pie.
What Cigna says it does
OVERVIEW The Cigna Group ® , together with its subsidiaries (either individually or collectively referred to as the "Company," "we," "us" or "our"), is a global health company. Our Focused Mission The Cigna Group is a global health company committed to creating a better future for every individual and every community. Powered by our dedicated people and valued brands, we advance our mission to improve the health and vitality of those we serve by staying grounded in the needs of our customers and patients - delivering a personalized, transparent and affordable health care experience. We focus on leading the way to partner and innovate solutions for better health. At The Cigna Group our global workforce of approximately 67,700 colleagues strives to fulfill our mission to improve the health and vitality of more than 185 million customer relationships in more than 30 markets and jurisdictions (as of December 31, 2025). We play an…
Risk factors CI lists in its 10-K
- Risks Related to Our Business as a Health Company
- Changes in drug pricing or industry pricing benchmarks could materially impact our financial performance
- In managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities, we may be subject to additional liability that could result in significant time and expense
- Legal, Regulatory and Public Policy Risks Arising from Our Business
- If we fail to comply with applicable privacy, security and data laws, regulations and standards, our business and reputation could be materially adversely affected
- We face risks related to litigation, regulatory audits and investigations
- Extensive health care regulation and enforcement, including fraud, waste and abuse laws, could increase our compliance costs, restrict our operations and expose us to significant liability
- Our business depends on our ability to effectively invest in, improve and properly maintain the uninterrupted operation, availability and data integrity of our information technology and other business systems
- Our use of artificial intelligence and machine learning present regulatory and legal challenges that could negatively affect our business and our reputation
- We are dependent on the success of our relationships with third parties for various services and functions
- A significant disruption in service within our operations or among our key suppliers or other third parties could materially adversely affect our business, liquidity and results of operations
- We face political, legal, operational, regulatory, economic and other risks in connection with our international operations
- Future performance of our business will depend on our ability to execute our strategic and operational initiatives effectively
- Economic and market conditions affect the value of our financial instruments and the value of particular assets and liabilities, investment income, and interest expense