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Cigna

CI NYSE Health Care Services Financials FY2016–FY2025

Cigna's revenue rose 11.2% to $274.9 billion in fiscal 2025. Its operating margin was 3.4%, down from 3.8% a year earlier. It paid out $5.2 billion in dividends and buybacks. The diluted share count fell 5.2%.

Last close · Oct 23, 2026

$306.95

2.8%
Value it Compare
Revenue Total sales reported in the income statement.
$274.9B
11.2% vs prior year
Operating margin Operating income as a share of revenue.
3.4%
0.5 pts
Net income Profit after all expenses, interest and tax.
$6.0B
73.5%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.7%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$81.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.7x
On $24.19 EPS (TTM)

About these figures. From 2020 Cigna tags its purchases of property, equipment and software with its own label, which the SEC's structured data leaves out, so capital spending and free cash flow are blank from 2020. Health insurers don't report a gross profit: their main cost is medical claims, which the SEC's structured data doesn't count as cost of revenue, so gross profit and gross margin are left blank.

What Cigna does

No business description yet.

Legal name
The Cigna Group
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001739940-26-000006
0001739940

Revenue and margins

Cigna had $274.9B of revenue in fiscal 2025, up 11.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cigna returned $5.2B to shareholders in fiscal 2025. The diluted share count fell 5.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cigna yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$22.1B and divides by 268.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.7x · peers 25.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cigna can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $6.0B$6.8B$8.7B$8.2B$8.7B
Debt incl. finance leases $33.2B$28.1B$29.4B$29.8B$30.9B
Net debt / EBITDA 2.5x1.9x1.8x1.8x1.9x
Debt / equity 0.7x0.6x0.6x0.7x0.7x
Interest coverage 6.1x6.5x6.1x6.3x6.6x
Current ratio 0.8x0.7x0.8x0.8x0.9x
Quick ratio 0.7x0.6x0.7x0.7x0.7x
Total assets $154.9B$143.9B$152.8B$155.9B$157.9B
Total liabilities $107.7B$99.1B$106.4B$114.6B$116.0B
Shareholders' equity $47.1B$44.7B$46.2B$41.0B$41.7B
Net debt (− = net cash) $27.2B$21.3B$20.6B$21.6B$22.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$66.8M

4 insiders

Of sales under plans

100%

$66.6M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Everett NevilleSee Remarks Sold plan 617 $284.05 $0.2M Form 4
Aug 18, 2026 Nicole S JonesSee Remarks Sold plan 2,677 $279.61 $0.7M Form 4
Aug 4, 2026 Nicole S JonesSee Remarks Sold plan 19,436 $276.27 $5.4M Form 4
Jun 12, 2026 Jamie G KatesChief Accounting Officer Sold 899 $298.61 $0.3M Form 4
May 12, 2026 David CordaniChairman & CEO, Director Sold plan 201,878 $292.82 $59.1M Form 4
Mar 2, 2026 Everett NevilleSee Remarks Sold plan 1,719 $288.91 $0.5M Form 4
Mar 2, 2026 Nicole S JonesSee Remarks Sold plan 2,307 $288.91 $0.7M Form 4
Nov 3, 2025 David CordaniChairman & CEO, Director Bought 4,134 $241.88 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 87 / 87 / 8
Accruals ratio −4.5%−4.5%−2.3%
Altman Z'' 1.231.311.40

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cigna CI $81.0B 11.2% 3.4% — 11.7% 12.7x 7
CVS Health CVS $120.3B 7.9% 1.2% 1.9% 2.9% 24.6x 7 Compare →
Labcorp LH $27.0B 7.3% 9.9% 8.6% 8.2% 27.2x 7 Compare →
DaVita DVA $12.1B 6.5% 15.0% 9.6% 17.6% 15.1x 6 Compare →
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $39.8B $41.8B $48.7B $153.6B $160.4B $174.1B $180.5B $195.3B $247.1B $274.9B
Operating income $3.1B $3.9B $4.2B $8.1B $8.2B $7.9B $8.5B $8.5B $9.4B $9.2B
Interest expense $251M $243M $507M $1.6B $1.4B $1.3B $1.3B $1.4B $1.5B $1.4B
Pretax income $3.0B $3.6B $3.6B $6.6B $10.9B $6.8B $8.4B $5.5B $5.3B $7.8B
Income tax $1.1B $1.4B $935M $1.5B $2.4B $1.4B $1.6B $141M $1.5B $1.5B
Net income $1.8B $2.2B $2.6B $5.1B $8.5B $5.4B $6.8B $5.2B $3.4B $6.0B
Diluted EPS $7.19 $8.77 $10.54 $13.44 $22.96 $15.75 $21.41 $17.39 $12.12 $22.18
Diluted shares 0.26B 0.26B 0.25B 0.38B 0.37B 0.34B 0.31B 0.30B 0.28B 0.27B
Cash flow
Cash from operations $4.0B $4.1B $3.8B $9.5B $10.4B $7.2B $8.7B $11.8B $10.4B $9.6B
Capital expenditure $461M $471M $528M $1.1B — — — — — —
Free cash flow $3.6B $3.6B $3.2B $8.4B — — — — — —
Depreciation and amortization $610M $566M $695M $3.7B $2.8B $2.9B $2.9B $3.0B $2.8B $2.8B
Stock-based compensation $128M $178M $180M $299M $289M $268M $264M $286M $308M $291M
Acquisitions $4.0M $209M $24.5B $153M $139M $1.8B $0.0M $447M $131M $597M
Share buybacks $139M $2.7B $342M $2.0B $4.0B $7.7B $7.6B $2.3B $7.0B $3.6B
Dividends paid $0.0M $0.0M $0.0M $15.0M $15.0M $1.3B $1.4B $1.5B $1.6B $1.6B
Dividends and buybacks $139M $2.7B $342M $2.0B $4.1B $9.1B $9.0B $3.7B $8.6B $5.2B
Balance sheet
Cash and short-term investments $3.2B $5.1B $5.9B $5.6B $11.5B $6.0B $6.8B $8.7B $8.2B $8.7B
Total debt — $5.4B $41.0B $32.8B $30.6B $33.2B $28.1B $29.4B $29.8B $30.9B
Finance lease liabilities $0.0M $0.0M $149M $88.0M $54.0M $51.0M $99.0M $108M $84.0M $111M
Current assets — $9.3B $20.4B $29.8B $27.8B $36.1B $30.1B $37.4B $48.9B $47.8B
Current liabilities — $11.0B $31.9B $40.1B $36.0B $43.6B $41.2B $48.7B $58.0B $56.3B
Inventory $0.0M $228M $2.8B $2.7B $3.2B $3.7B $4.8B $5.6B $6.7B $7.3B
Property and equipment, net — $1.6B $4.6B $4.4B $4.2B $3.7B $3.8B $3.7B $3.7B $3.7B
Total assets — $61.8B $153.2B $155.8B $155.5B $154.9B $143.9B $152.8B $155.9B $157.9B
Total liabilities — $48.0B $112.2B $110.4B $105.1B $107.7B $99.1B $106.4B $114.6B $116.0B
Shareholders' equity $13.7B $13.7B $41.0B $45.3B $50.3B $47.1B $44.7B $46.2B $41.0B $41.7B
Margins
Operating margin 7.8% 9.4% 8.6% 5.3% 5.1% 4.6% 4.7% 4.4% 3.8% 3.4%
EBITDA margin 9.3% 10.8% 10.0% 7.6% 6.8% 6.2% 6.3% 5.9% 4.9% 4.4%
Net margin 4.6% 5.3% 5.4% 3.3% 5.3% 3.1% 3.8% 2.6% 1.4% 2.2%
FCF margin 9.0% 8.7% 6.7% 5.5% — — — — — —
Returns
Return on capital — — 6.8% 8.5% 9.0% 8.8% 9.7% 12.5% 10.4% 11.7%
Return on capital employed — — 4.8% 6.8% 6.9% 6.9% 7.9% 8.3% 9.3% 9.2%
Return on equity — — 9.7% 11.9% 17.8% 11.1% 14.8% 11.4% 7.9% 14.4%
Return on assets — — 2.5% 3.3% 5.5% 3.5% 4.5% 3.5% 2.2% 3.8%
Growth
Revenue growth — 4.9% 16.4% 215.7% 4.5% 8.5% 3.7% 8.2% 26.6% 11.2%
Net income growth — 21.1% 18.6% 93.5% 65.8% −36.2% 25.1% −23.9% −33.5% 73.5%
EPS growth — 22.0% 20.2% 27.5% 70.8% −31.4% 35.9% −18.8% −30.3% 83.0%
FCF growth — 1.4% −10.3% 160.2% — — — — — —
Share count change — −1.8% −1.9% 51.8% −3.0% −7.4% −8.2% −5.2% −4.6% −5.2%
Financial health
Net debt / EBITDA — 0.1x 7.2x 2.3x 1.7x 2.5x 1.9x 1.8x 1.8x 1.9x
Debt / equity — 0.4x 1.0x 0.7x 0.6x 0.7x 0.6x 0.6x 0.7x 0.7x
Interest coverage 12.3x 16.2x 8.2x 5.1x 5.8x 6.1x 6.5x 6.1x 6.3x 6.6x
Current ratio — 0.9x 0.6x 0.7x 0.8x 0.8x 0.7x 0.8x 0.8x 0.9x
Quick ratio — 0.8x 0.6x 0.7x 0.7x 0.7x 0.6x 0.7x 0.7x 0.7x
Capital allocation
Capex / revenue 1.2% 1.1% 1.1% 0.7% — — — — — —
Stock comp / revenue 0.3% 0.4% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1%
Payouts / FCF 3.9% 75.4% 10.6% 23.7% — — — — — —
Quality scores
Piotroski F-score — — — 6.0 8.0 6.0 7.0 6.0 7.0 7.0
Altman Z'' — 1.4 0.4 0.8 1.1 1.2 1.2 1.2 1.3 1.4
Accruals ratio — — −1.1% −2.8% −1.2% −1.1% −1.3% −4.5% −4.5% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0001739940). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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