BrightSpring Health Services vs Cigna
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The short version
- Cigna is the larger business, with $274.9B of revenue in fiscal 2025 against $12.9B for BrightSpring Health Services, about 21 times as much.
- BrightSpring Health Services grew revenue faster (28.2%, against 11.2%).
- Cigna kept more of each dollar of sales as operating profit (3.4% operating margin, against 2.3%).
- Cigna earned a higher return on the capital invested in it (11.7%, against 5.3%).
- Investors pay more for each dollar of BrightSpring Health Services’s earnings: a P/E of 36.2x against 12.7x for Cigna.
| Latest fiscal year | BTSG · FY25 | CI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.2B | $81.0B |
| Revenue | $12.9B | $274.9B |
| Free cash flow | $395M | — |
| Net income | $191M | $6.0B |
| Growth | ||
| Revenue growth | 28.2% | 11.2% |
| 5-year growth | — | 11.4% |
| Share count change | 13.9% | −5.2% |
| Profitability | ||
| Gross margin | 11.8% | — |
| Operating margin | 2.3% | 3.4% |
| Net margin | 1.5% | 2.2% |
| FCF margin | 3.1% | — |
| Return on capital | 5.3% | 11.7% |
| Return on equity | 10.8% | 14.4% |
| Balance sheet | ||
| Net debt | $2.4B | $22.1B |
| Net debt / EBITDA | 5.3x | 1.9x |
| Dividends and buybacks | $43.2M | $5.2B |
| Valuation & quality | ||
| P/E | 36.2x | 12.7x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BTSG —
CI $39.8B
FY17
BTSG —
CI $41.8B
FY18
BTSG —
CI $48.7B
FY19
BTSG —
CI $153.6B
FY20
BTSG —
CI $160.4B
FY21
BTSG —
CI $174.1B
FY22
BTSG $7.7B
CI $180.5B
FY23
BTSG $7.7B
CI $195.3B
FY24
BTSG $10.1B
CI $247.1B
FY25
BTSG $12.9B
CI $274.9B
BTSG
CI
Operating margin
FY16
BTSG —
CI 7.8%
FY17
BTSG —
CI 9.4%
FY18
BTSG —
CI 8.6%
FY19
BTSG —
CI 5.3%
FY20
BTSG —
CI 5.1%
FY21
BTSG —
CI 4.6%
FY22
BTSG 2.4%
CI 4.7%
FY23
BTSG 0.8%
CI 4.4%
FY24
BTSG 1.1%
CI 3.8%
FY25
BTSG 2.3%
CI 3.4%
BTSG
CI
Free cash flow
FY16
BTSG —
CI $3.6B
FY17
BTSG —
CI $3.6B
FY18
BTSG —
CI $3.2B
FY19
BTSG —
CI $8.4B
FY20
BTSG —
CI —
FY21
BTSG —
CI —
FY22
BTSG −$74.8M
CI —
FY23
BTSG $137M
CI —
FY24
BTSG −$57.1M
CI —
FY25
BTSG $395M
CI —
BTSG
CI
Return on capital
FY16
BTSG —
CI —
FY17
BTSG —
CI —
FY18
BTSG —
CI 6.8%
FY19
BTSG —
CI 8.5%
FY20
BTSG —
CI 9.0%
FY21
BTSG —
CI 8.8%
FY22
BTSG —
CI 9.7%
FY23
BTSG —
CI 12.5%
FY24
BTSG 2.1%
CI 10.4%
FY25
BTSG 5.3%
CI 11.7%
BTSG
CI
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.