Cigna vs Labcorp

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The short version

Cigna is the larger business, with $274.9B of revenue in fiscal 2025 against $14.0B for Labcorp, about 20 times as much.
Cigna grew revenue faster (11.2%, against 7.3%).
Labcorp kept more of each dollar of sales as operating profit (9.9% operating margin, against 3.4%).
Cigna earned a higher return on the capital invested in it (11.7%, against 8.2%).
Investors pay more for each dollar of Labcorp’s earnings: a P/E of 27.2x against 12.7x for Cigna.

Latest fiscal year	CI · FY25	LH · FY25
Size
Market cap	$81.0B	$27.0B
Revenue	$274.9B	$14.0B
Free cash flow	—	$1.2B
Net income	$6.0B	$877M
Growth
Revenue growth	11.2%	7.3%
5-year growth	11.4%	−0.0%
Share count change	−5.2%	−0.7%
Profitability
Gross margin	—	28.8%
Operating margin	3.4%	9.9%
Net margin	2.2%	6.3%
FCF margin	—	8.6%
Return on capital	11.7%	8.2%
Return on equity	14.4%	10.5%
Balance sheet
Net debt	$22.1B	$5.1B
Net debt / EBITDA	1.9x	2.5x
Dividends and buybacks	$5.2B	$691M
Valuation & quality
P/E	12.7x	27.2x
Piotroski F-score	7	7

Revenue

FY16

CI $39.8B

LH $9.6B

FY17

CI $41.8B

LH $10.3B

FY18

CI $48.7B

LH $11.3B

FY19

CI $153.6B

LH $11.6B

FY20

CI $160.4B

LH $14.0B

FY21

CI $174.1B

LH $13.1B

FY22

CI $180.5B

LH $11.9B

FY23

CI $195.3B

LH $12.2B

FY24

CI $247.1B

LH $13.0B

FY25

CI $274.9B

LH $14.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CI LH

Operating margin

FY16

CI 7.8%

LH 13.3%

FY17

CI 9.4%

LH 12.7%

FY18

CI 8.6%

LH 11.7%

FY19

CI 5.3%

LH 11.5%

FY20

CI 5.1%

LH 17.5%

FY21

CI 4.6%

LH 23.2%

FY22

CI 4.7%

LH 12.1%

FY23

CI 4.4%

LH 6.0%

FY24

CI 3.8%

LH 8.4%

FY25

CI 3.4%

LH 9.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CI LH

Free cash flow

FY16

CI $3.6B

LH $918M

FY17

CI $3.6B

LH $1.2B

FY18

CI $3.2B

LH $926M

FY19

CI $8.4B

LH $1.0B

FY20

CI —

LH $1.8B

FY21

CI —

LH $2.7B

FY22

CI —

LH $1.5B

FY23

CI —

LH $874M

FY24

CI —

LH $1.1B

FY25

CI —

LH $1.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CI LH

Return on capital

FY16

CI —

LH 7.9%

FY17

CI —

LH 10.9%

FY18

CI 6.8%

LH 7.1%

FY19

CI 8.5%

LH 7.6%

FY20

CI 9.0%

LH 12.6%

FY21

CI 8.8%

LH 16.6%

FY22

CI 9.7%

LH 8.0%

FY23

CI 12.5%

LH 3.7%

FY24

CI 10.4%

LH 6.9%

FY25

CI 11.7%

LH 8.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CI LH

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.