Cigna
CI · Health Care Services
$306.95
2.8%CVS Health
CVS · Health Care Services
$93.47
1.1%The short version
- CVS Health is the larger business, with $402.1B of revenue in fiscal 2025 against $274.9B for Cigna.
- Cigna grew revenue faster (11.2%, against 7.9%).
- Cigna kept more of each dollar of sales as operating profit (3.4% operating margin, against 1.2% operating margin).
- Cigna earned a higher return on the capital invested in it (11.7%, against 2.9%).
- Investors pay more for each dollar of CVS Health’s earnings: a P/E of 24.6x against 12.7x for Cigna.
| Latest fiscal year | CI · FY25 | CVS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $81.0B | $120.3B |
| Revenue | $274.9B | $402.1B |
| Free cash flow | — | $7.8B |
| Net income | $6.0B | $1.8B |
| Growth | ||
| Revenue growth | 11.2% | 7.9% |
| 5-year growth | 11.4% | 8.4% |
| Share count change | −5.2% | 0.7% |
| Profitability | ||
| Gross margin | — | 45.0% |
| Operating margin | 3.4% | 1.2% |
| Net margin | 2.2% | 0.4% |
| FCF margin | — | 1.9% |
| Return on capital | 11.7% | 2.9% |
| Return on equity | 14.4% | 2.4% |
| Balance sheet | ||
| Net debt | $22.1B | $54.0B |
| Net debt / EBITDA | 1.9x | 5.8x |
| Dividends and buybacks | $5.2B | $3.4B |
| Valuation & quality | ||
| P/E | 12.7x | 24.6x |
| Piotroski F-score | 7 | 7 |
FY16
CI $39.8B
CVS $177.5B
FY17
CI $41.8B
CVS $184.8B
FY18
CI $48.7B
CVS $194.6B
FY19
CI $153.6B
CVS $256.8B
FY20
CI $160.4B
CVS $268.7B
FY21
CI $174.1B
CVS $292.1B
FY22
CI $180.5B
CVS $322.5B
FY23
CI $195.3B
CVS $357.8B
FY24
CI $247.1B
CVS $372.8B
FY25
CI $274.9B
CVS $402.1B
CI
CVS
FY16
CI 7.8%
CVS 5.9%
FY17
CI 9.4%
CVS 5.2%
FY18
CI 8.6%
CVS 2.1%
FY19
CI 5.3%
CVS 4.7%
FY20
CI 5.1%
CVS 5.2%
FY21
CI 4.6%
CVS 4.6%
FY22
CI 4.7%
CVS 2.5%
FY23
CI 4.4%
CVS 3.8%
FY24
CI 3.8%
CVS 2.3%
FY25
CI 3.4%
CVS 1.2%
CI
CVS
FY16
CI $3.6B
CVS $7.9B
FY17
CI $3.6B
CVS $6.1B
FY18
CI $3.2B
CVS $6.8B
FY19
CI $8.4B
CVS $10.4B
FY20
CI —
CVS $13.4B
FY21
CI —
CVS $15.7B
FY22
CI —
CVS $13.5B
FY23
CI —
CVS $10.4B
FY24
CI —
CVS $6.3B
FY25
CI —
CVS $7.8B
CI
CVS
FY16
CI —
CVS 10.4%
FY17
CI —
CVS 12.2%
FY18
CI 6.8%
CVS 2.1%
FY19
CI 8.5%
CVS 7.1%
FY20
CI 9.0%
CVS 8.3%
FY21
CI 8.8%
CVS 8.3%
FY22
CI 9.7%
CVS 5.2%
FY23
CI 12.5%
CVS 8.8%
FY24
CI 10.4%
CVS 4.9%
FY25
CI 11.7%
CVS 2.9%
CI
CVS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.