NYSE · Healthcare

The Cigna Group

CI · Healthcare Plans

$279.51

▼ -3.39 (-1.2%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The Cigna Group at $279.51.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Net Income Margin 2.2%

Fin. Health D

Years to Pay Off Debt 5.3 yrs

Valuation F

Margin of Safety 0.4%

Price-to-Book 1.77x

Cash Flow A

Free Cash Flow $8.4B

CapEx % of Net Income 20.3%

Owner Earnings $9.9B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $73.9B

Enterprise Value $98.1B

P/E (TTM) 11.85

Dividend Yield 2.15%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 2.2%

Company Info

Sector Healthcare

Industry Healthcare Plans

Employees 65669

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Cigna Group at $279.51.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $279.51, the stock trades below its Graham Number of $280.54 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About The Cigna Group

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. It operates through two segments: Evernorth Health Services and Cigna Healthcare. The Evernorth Health Services segment includes Pharmacy Benefit Services and Specialty and Care Services, offering pharmacy benefit management, drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management, pharmacy benefits, home delivery pharmacy, specialty pharmacy, specialty pharmaceutical distribution, and clinical programs for whole-person health outcomes. The Cigna Healthcare segment comprises U.S. Healthcare and International Health, delivering comprehensive medical and coordinated solutions such as employer medical plans, individual and family plans, behavioral health, consumer health engagement, dental, pharmacy management, stop-loss insurance, global health care, and local health care solutions, as well as health care benefits for mobile individuals and employees of multinational organizations. The company offers other operations, including corporate-owned life insurance, reinsurance, and certain run-off and non-strategic businesses. The company distributes its products and services through brokers and consultants; directly to employers, unions and other groups, or individuals; and private and public exchanges. The company was formerly known as Cigna Corporation and changed its name to The Cigna Group in February 2023. The company was founded in 1792 and is headquartered in Bloomfield, Connecticut.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	2.2% ▲	1.4%	2.6%	3.7%
Diluted EPS	22.18 ▲	12.12	17.39	21.30

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$157.9B	$155.9B	$152.8B	$143.9B	N/A
Total Debt	$31.5B ↓	$32.0B	$30.9B	$31.1B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	5.28	9.31	5.99	4.64	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$8.4B ▼	$9.0B	$10.2B	$7.4B	N/A
Owner Earnings	$9.9B	$7.6B	$9.8B	$10.9B	N/A
CapEx % of Net Income	20.3%	40.9%	30.5%	19.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	2,496	6,792	-38,974	319,104
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	13,000	24,000	-1,499,000	1,662,000
Total Unusual Items Excluding Goodwill	13,000	24,000	-1,499,000	1,662,000
Net Income From Continuing Operation Net Minority Interest	5,957,000	3,434,000	5,164,000	6,704,000
Reconciled Depreciation	2,775,000	2,775,000	3,035,000	2,937,000
EBIT	9,189,000	6,704,000	6,959,000	9,625,000
Net Interest Income	-1,408,000	-1,435,000	-1,446,000	-1,228,000
Interest Expense	1,408,000	1,435,000	1,446,000	1,228,000
Normalized Income	5,946,496	3,416,792	6,624,026	5,361,104
Net Income From Continuing And Discontinued Operation	5,957,000	3,434,000	5,164,000	6,704,000
Total Expenses	267,095,000	239,115,000	189,674,000	171,634,000
Diluted Average Shares	268,563	283,218	296,882	313,065
Basic Average Shares	268,563	283,218	296,882	313,065
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,957,000	3,434,000	5,164,000	6,704,000
Net Income Common Stockholders	5,957,000	3,434,000	5,164,000	6,704,000
Net Income	5,957,000	3,434,000	5,164,000	6,704,000
Minority Interests	-331,000	-344,000	-208,000	-78,000
Net Income Including Noncontrolling Interests	6,288,000	3,778,000	5,372,000	6,782,000
Net Income Continuous Operations	6,288,000	3,778,000	5,372,000	6,782,000
Tax Provision	1,493,000	1,491,000	141,000	1,615,000
Pretax Income	7,781,000	5,269,000	5,513,000	8,397,000
Other Income Expense	216,672,000	185,362,000	137,243,000	128,566,000
Special Income Charges	13,000	24,000	-1,499,000	1,662,000
Other Special Charges	-13,000	-24,000	1,499,000	-1,662,000
Net Non Operating Interest Income Expense	-1,408,000	-1,435,000	-1,446,000	-1,228,000
Interest Expense Non Operating	1,408,000	1,435,000	1,446,000	1,228,000
Other Operating Expenses	214,991,000	182,509,000	133,801,000	124,834,000
Depreciation And Amortization In Income Statement	1,743,000	1,703,000	1,819,000	1,876,000
Amortization	1,743,000	1,703,000	1,819,000	1,876,000
Selling General And Administration	14,617,000	14,844,000	14,822,000	13,174,000
Total Revenue	274,876,000	244,384,000	195,187,000	180,031,000
Operating Revenue	274,876,000	244,384,000	195,187,000	180,031,000
Loss Adjustment Expense	34,349,000	38,648,000	36,287,000	32,184,000
Net Policyholder Benefits And Claims	34,349,000	38,648,000	36,287,000	32,184,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	141,136	128,723	107,390	99,143
Ordinary Shares Number	263,464	273,789	292,504	298,676
Share Issued	404,600	402,512	399,894	397,819
Net Debt	23,787,000	24,422,000	23,108,000	25,169,000
Total Debt	31,463,000	31,972,000	30,930,000	31,093,000
Tangible Book Value	-31,771,000	-32,754,000	-28,899,000	-33,628,000
Invested Capital	73,176,000	73,005,000	77,153,000	75,768,000
Net Tangible Assets	-31,771,000	-32,754,000	-28,899,000	-33,628,000
Common Stock Equity	41,713,000	41,033,000	46,223,000	44,675,000
Total Capitalization	72,584,000	69,970,000	74,378,000	72,775,000
Total Equity Gross Minority Interest	41,874,000	41,243,000	46,351,000	44,754,000
Minority Interest	161,000	210,000	128,000	79,000
Stockholders Equity	41,713,000	41,033,000	46,223,000	44,675,000
Gains Losses Not Affecting Retained Earnings	-2,806,000	-2,341,000	-1,864,000	-1,658,000
Other Equity Adjustments	-2,806,000	-2,341,000	-1,864,000	-1,658,000
Treasury Stock	35,140,000	31,437,000	24,238,000	21,844,000
Retained Earnings	47,865,000	43,519,000	41,652,000	37,940,000
Additional Paid In Capital	31,790,000	31,288,000	30,669,000	30,233,000
Capital Stock	4,000	4,000	4,000	4,000
Common Stock	4,000	4,000	4,000	4,000
Total Liabilities Net Minority Interest	116,045,000	114,638,000	106,410,000	99,131,000
Preferred Securities Outside Stock Equity					54,000
Non Current Deferred Liabilities	7,145,000	6,975,000	7,173,000	7,786,000
Non Current Deferred Taxes Liabilities	7,145,000	6,975,000	7,173,000	7,786,000
Long Term Debt And Capital Lease Obligation	30,871,000	28,937,000	28,155,000	28,100,000
Long Term Debt	30,871,000	28,937,000	28,155,000	28,100,000
Current Debt And Capital Lease Obligation	592,000	3,035,000	2,775,000	2,993,000
Current Debt	592,000	3,035,000	2,775,000	2,993,000
Other Current Borrowings	43,000	43,000	42,000	33,000
Commercial Paper	0	880,000	1,237,000	0
Current Notes Payable	549,000	2,112,000	1,496,000	2,960,000
Payables And Accrued Expenses	50,040,000	47,146,000	38,323,000	32,823,000
Current Accrued Expenses	9,048,000	9,387,000	9,955,000	7,978,000
Payables	40,992,000	37,759,000	28,368,000	24,845,000
Other Payable	30,333,000	28,465,000	19,815,000	17,070,000
Accounts Payable	10,659,000	9,294,000	8,553,000	7,775,000
Total Assets	157,919,000	155,881,000	152,761,000	143,885,000
Investments And Advances	12,175,000	665,000	925,000	905,000
Goodwill And Other Intangible Assets	73,484,000	73,787,000	75,122,000	78,303,000
Other Intangible Assets	28,560,000	29,417,000	30,863,000	32,492,000
Goodwill	44,924,000	44,370,000	44,259,000	45,811,000
Net PPE	3,651,000	3,956,000	3,871,000	3,774,000
Receivables	32,871,000	30,532,000	23,679,000	22,634,000
Other Receivables	239,000	162,000	272,000	248,000
Accounts Receivable	32,632,000	30,370,000	23,407,000	22,386,000
Cash Cash Equivalents And Short Term Investments	8,646,000	8,215,000	8,747,000	6,829,000
Other Short Term Investments	970,000	665,000	925,000	905,000
Cash And Cash Equivalents	7,676,000	7,550,000	7,822,000	5,924,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	8,389,000	8,957,000	10,240,000	7,361,000
Repurchase Of Capital Stock	-3,621,000	-7,034,000	-2,284,000	-7,607,000
Repayment Of Debt	-6,197,000	-3,000,000	-2,967,000	-500,000
Issuance Of Debt	6,457,000	4,462,000	1,491,000	0
Issuance Of Capital Stock	203,000	305,000	187,000	389,000
Capital Expenditure	-1,212,000	-1,406,000	-1,573,000	-1,295,000
Interest Paid Supplemental Data	1,350,000	1,342,000	1,330,000	1,229,000
Income Tax Paid Supplemental Data		898,000	1,471,000	1,850,000	2,240,000
End Cash Position	7,736,000	8,931,000	8,337,000	5,976,000
Beginning Cash Position	8,931,000	8,337,000	5,976,000	5,548,000
Effect Of Exchange Rate Changes	32,000	-20,000	16,000	-86,000
Changes In Cash	-1,227,000	614,000	2,345,000	514,000
Financing Cash Flow	-6,421,000	-7,647,000	-4,294,000	-11,240,000
Cash Flow From Continuing Financing Activities	-6,421,000	-7,647,000	-4,294,000	-11,240,000
Net Other Financing Charges	-725,000	-411,000	-469,000	-79,000
Cash Dividends Paid	-1,611,000	-1,567,000	-1,450,000	-1,384,000
Common Stock Dividend Paid	-1,611,000	-1,567,000	-1,450,000	-1,384,000
Net Common Stock Issuance	-3,418,000	-6,729,000	-2,097,000	-7,218,000
Common Stock Payments	-3,621,000	-7,034,000	-2,284,000	-7,607,000
Common Stock Issuance	203,000	305,000	187,000	389,000
Net Issuance Payments Of Debt	-667,000	1,060,000	-278,000	-2,559,000
Net Short Term Debt Issuance	-927,000	-402,000	1,198,000	-2,059,000
Net Long Term Debt Issuance	260,000	1,462,000	-1,476,000	-500,000
Long Term Debt Payments	-6,197,000	-3,000,000	-2,967,000	-500,000
Long Term Debt Issuance	6,457,000	4,462,000	1,491,000	0
Investing Cash Flow	-4,407,000	-2,102,000	-5,174,000	3,098,000
Cash Flow From Continuing Investing Activities	-4,407,000	-2,102,000	-5,174,000	3,098,000
Net Other Investing Changes	-1,136,000	-972,000	-332,000	-170,000
Net Investment Purchase And Sale	-4,552,000	-248,000	-2,903,000	-209,000
Sale Of Investment	2,652,000	2,447,000	2,636,000	4,110,000
Purchase Of Investment	-7,204,000	-2,695,000	-5,539,000	-4,319,000
Net Business Purchase And Sale	2,387,000	390,000	-434,000	4,835,000
Sale Of Business	2,984,000	521,000	13,000	4,835,000
Purchase Of Business	-597,000	-131,000	-447,000	0
Net PPE Purchase And Sale	-1,212,000	-1,406,000	-1,573,000	-1,295,000
Purchase Of PPE	-1,212,000	-1,406,000	-1,573,000	-1,295,000
Operating Cash Flow	9,601,000	10,363,000	11,813,000	8,656,000
Cash Flow From Continuing Operating Activities	9,601,000	10,363,000	11,813,000	8,656,000
Change In Working Capital	201,000	1,192,000	3,488,000	584,000
Change In Other Working Capital	462,000	774,000	463,000	325,000
Change In Other Current Assets	-646,000	-1,032,000	-868,000	-1,055,000
Change In Payables And Accrued Expense	4,665,000	9,895,000	5,511,000	3,494,000
Change In Payable	4,665,000	9,895,000	5,511,000	3,494,000
Change In Account Payable	4,665,000	9,895,000	5,511,000	3,494,000
Change In Receivables	-5,527,000	-7,854,000	-2,202,000	-1,844,000
Changes In Account Receivables	-5,527,000	-7,854,000	-2,202,000	-1,844,000
Other Non Cash Items					141,000
Deferred Tax	326,000	-95,000	-1,659,000	-472,000
Deferred Income Tax	326,000	-95,000	-1,659,000	-472,000
Depreciation And Amortization	2,775,000	2,775,000	3,035,000	2,937,000
Amortization Cash Flow	2,536,000	2,527,000	2,768,000	2,674,000
Amortization Of Intangibles	2,536,000	2,527,000	2,768,000	2,674,000
Depreciation	239,000	248,000	267,000	263,000
Operating Gains Losses	11,000	2,713,000	1,577,000	-1,175,000
Gain Loss On Investment Securities	24,000	2,737,000	78,000	487,000
Gain Loss On Sale Of Business	-13,000	-24,000	1,499,000	-1,662,000
Net Income From Continuing Operations	6,288,000	3,778,000	5,372,000	6,782,000

These metrics estimate what The Cigna Group is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$280.54

Margin of Safety

0.4%

Market Cap ÷ Company Value

1.73

P/B Ratio

1.77

Warren's Owner Earnings

$9.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$274.9B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.15%

vs Uninterrupted dividends

❌ Earnings Growth

+4.1% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

11.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.77x P/B (P/E×P/B: 21.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	20.3%	40.9%	30.5%	19.3%	N/A
Repurchase of Capital Stock	-$3.6B	-$7.0B	-$2.3B	-$7.6B	N/A
Free Cash Flow	$8.4B ▼	$9.0B ▼	$10.2B ▲	$7.4B •	N/A •
Warren's Owner Earnings	$9.9B	$7.6B	$9.8B	$10.9B	N/A

Peers & Industry

No auto-detected peers for Healthcare Plans. You can manually compare CI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.44%

Low — management has little skin in the game

Return on Equity (ROE)

14.3%

Adequate — returns are moderate

Return on Assets (ROA)

3.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.6% YoY

Debt is declining — management is deleveraging

Leadership Team

David Michael Cordani

CEO & Chair of the Board

Age 60

Pay: $5,439,392

0.091% of net income

Brian Case Evanko

President, COO & Director

Age 48

Pay: $3,276,923

0.055% of net income

Ann Dennison

Executive VP & CFO

Age 54

Pay: $1,884,132

0.032% of net income

Nicole Susan Jones

Executive Vice President, Chief Administrative Officer & Chief Human Resources Officer

Age 54

Pay: $2,033,401

0.034% of net income

Everett Neville

Executive Vice President of Strategy & Business Development

Age 60

Pay: $1,838,050

0.031% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.93%	26,173,577
Blackrock Inc.	8.80%	23,184,007
State Street Corporation	4.68%	12,339,250
Massachusetts Financial Services Co.	4.48%	11,805,083
FMR, LLC	4.34%	11,433,649
Dodge & Cox Inc.	4.23%	11,138,614
Sanders Capital, LLC	2.96%	7,801,089
GQG Partners LLC	2.95%	7,763,295

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.31

Low volatility — more stable than the market

Short Interest

2.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.73x

Conservative balance sheet — low financial risk

Current Ratio

0.82x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $239.51 Current: $279.51 High: $338.89

Currently at 40% of 52-week range

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