Cigna Group
$297.00
+0.73 (+0.25%) · delayed · Nov 13, 2026
Five-year price
52w $257.85 to $318.05
- Market cap
- $78.3B
- Enterprise value
- $102.0B
- P/E
- 13.4×
- 17.2× on 3y avg EPS
- EV / EBIT
- 11.1×
- FCF yield
- 12.3%
- ROIC
- 11.4%
- Debt / equity
- 0.75
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 10.4%
- ○ROE > 15% (5y avg)5y avg ROE 12.1%
- ●Stable operating marginsMargin volatility 0.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 190% (5y avg)
- ●Growing revenueRevenue CAGR 5y 11.4%
- ●Shrinking share countDiluted shares -27.1% over 5y
Value
80
- ●P/E below 15P/E 13.4
- ●EV/EBIT below 12EV/EBIT 11.1
- ●FCF yield above 6%FCF yield 12.3%
- ○Price below Graham NumberGraham Number $281.07
- ●P/B below 3P/B 1.9
Safety
40
- ○Debt / equity below 0.5D/E 0.75
- ●Debt payable in < 4 yrs of earningsNet debt $23.8B
- ○Interest coverage > 8xCoverage 6.8x
- ○Current ratio > 1.5Current ratio 0.85
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $274.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.85
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 95%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 17.2
- ○P/E × P/B ≤ 22.5Product 32.3
Valuation lab
What do you have to believe?
At $297.00, the market is pricing in about −2.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $23.8B · 264M shares · 5y revenue CAGR 11.4%
Intrinsic value
$1,002.10
Price
$297.00
Margin of safety
70%
What the price implies
The market is paying for −2.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
63% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 39,838 | 41,806 | 48,650 | 153,566 | 160,401 | 174,069 | 180,518 | 195,265 | 247,121 | 274,900 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 3,088 | 3,942 | 4,160 | 8,077 | 8,153 | 7,941 | 8,450 | 8,536 | 9,417 | 9,200 |
| Operating margin | 7.8% | 9.4% | 8.6% | 5.3% | 5.1% | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% |
| Pre-tax income | 2,979 | 3,606 | 3,581 | 6,570 | 10,868 | 6,790 | 8,397 | 5,513 | 5,269 | 7,781 |
| Income tax | 1,136 | 1,374 | 935 | 1,450 | 2,379 | 1,370 | 1,615 | 141 | 1,491 | 1,493 |
| Net income | 1,843 | 2,232 | 2,646 | 5,120 | 8,489 | 5,420 | 6,782 | 5,164 | 3,434 | 5,957 |
| EPS (diluted) | 7.19 | 8.77 | 10.54 | 13.44 | 22.96 | 15.75 | 21.41 | 17.39 | 12.12 | 22.18 |
| Diluted shares | 260 | 255 | 250 | 380 | 368 | 341 | 313 | 297 | 283 | 269 |
Who owns it