Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$37.7B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$8.6B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.82x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow-$718M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income17.9%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$2.6B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering The Cigna Group at $293.59.
The business passes only 2 of 5 of Graham's defensive criteria — well below his required standard.
At $293.59, the stock trades at a 108% premium to its Graham Number of $140.93. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
N/A•
8.4%
Operating Margin %
N/A•
2.8%
Net Income %
N/A•
1.7%
Diluted EPS
5.46▲
4.64
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Total Assets
$157.1B
$157.9B
Total Debt
$31.9B▲
$31.5B
Working Capital
-$8.6B▼
-$8.5B
Years to Pay Debt
19.20
25.50
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Free Cash Flow
-$718M▼
$5.8B
Owner Earnings
$2.6B
$2.3B
CapEx % of Net Income
17.9%
26.1%
Income Statement
2026
2025
Tax Effect Of Unusual Items
51,700
Tax Rate For Calcs
0
Normalized EBITDA
2,728,000
Total Unusual Items
173,000
Total Unusual Items Excluding Goodwill
173,000
Net Income From Continuing Operation Net Minority Interest
1,234,000
Reconciled Depreciation
722,000
Reconciled Cost Of Revenue
65,796,000
EBITDA
2,901,000
EBIT
2,179,000
Net Interest Income
-362,000
Interest Expense
362,000
Normalized Income
1,112,700
Net Income From Continuing And Discontinued Operation
1,234,000
Total Expenses
70,127,000
Total Operating Income As Reported
2,345,000
Diluted Average Shares
264,240
265,699
Basic Average Shares
264,240
263,464
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
1,234,000
Net Income Common Stockholders
1,234,000
Net Income
1,234,000
Minority Interests
-40,000
Net Income Including Noncontrolling Interests
1,274,000
Net Income Continuous Operations
1,274,000
Tax Provision
543,000
Pretax Income
1,817,000
Other Income Expense
173,000
Other Non Operating Income Expenses
Special Income Charges
-66,000
Gain On Sale Of Business
-66,000
Other Special Charges
66,000
Gain On Sale Of Security
239,000
Net Non Operating Interest Income Expense
-362,000
Total Other Finance Cost
Interest Expense Non Operating
362,000
Operating Income
2,006,000
Operating Expense
4,072,000
Other Operating Expenses
57,795,000
Depreciation Amortization Depletion Income Statement
463,000
Depreciation And Amortization In Income Statement
463,000
Amortization
463,000
Amortization Of Intangibles Income Statement
463,000
Selling General And Administration
3,609,000
Gross Profit
6,078,000
Cost Of Revenue
66,055,000
Total Revenue
72,133,000
Operating Revenue
67,624,000
Loss Adjustment Expense
8,260,000
Net Policyholder Benefits And Claims
8,260,000
Balance Sheet
2026
2025
Treasury Shares Number
141,136
Ordinary Shares Number
263,632
263,464
Share Issued
263,632
404,600
Net Debt
25,580,000
23,787,000
Total Debt
31,878,000
31,463,000
Tangible Book Value
-29,845,000
-31,771,000
Invested Capital
74,498,000
73,176,000
Working Capital
-8,571,000
-8,528,000
Net Tangible Assets
-29,845,000
-31,771,000
Common Stock Equity
42,620,000
41,713,000
Total Capitalization
71,706,000
72,584,000
Total Equity Gross Minority Interest
42,910,000
41,874,000
Minority Interest
290,000
161,000
Stockholders Equity
42,620,000
41,713,000
Gains Losses Not Affecting Retained Earnings
-4,361,000
-2,806,000
Other Equity Adjustments
-4,361,000
-2,806,000
Treasury Stock
35,470,000
35,140,000
Retained Earnings
50,355,000
47,865,000
Additional Paid In Capital
32,092,000
31,790,000
Capital Stock
4,000
4,000
Common Stock
4,000
4,000
Total Liabilities Net Minority Interest
114,172,000
116,045,000
Total Non Current Liabilities Net Minority Interest
58,610,000
59,703,000
Other Non Current Liabilities
13,160,000
11,749,000
Tradeand Other Payables Non Current
9,633,000
9,938,000
Non Current Deferred Liabilities
6,731,000
7,145,000
Non Current Deferred Taxes Liabilities
6,731,000
7,145,000
Long Term Debt And Capital Lease Obligation
29,086,000
30,871,000
Long Term Debt
29,086,000
30,871,000
Current Liabilities
55,562,000
56,342,000
Current Debt And Capital Lease Obligation
2,792,000
592,000
Current Debt
2,792,000
592,000
Other Current Borrowings
43,000
Current Notes Payable
549,000
Payables And Accrued Expenses
52,770,000
55,750,000
Current Accrued Expenses
9,447,000
9,048,000
Payables
43,323,000
46,702,000
Other Payable
30,333,000
Accounts Payable
43,323,000
46,702,000
Total Assets
157,082,000
157,919,000
Total Non Current Assets
110,091,000
110,105,000
Other Non Current Assets
10,871,000
10,396,000
Non Current Note Receivables
2,134,000
2,229,000
Non Current Accounts Receivable
3,982,000
4,103,000
Investments And Advances
16,903,000
16,242,000
Other Investments
5,246,000
5,037,000
Investmentin Financial Assets
11,657,000
11,205,000
Held To Maturity Securities
7,901,000
7,671,000
Available For Sale Securities
3,756,000
3,534,000
Goodwill And Other Intangible Assets
72,465,000
73,484,000
Other Intangible Assets
26,931,000
28,560,000
Goodwill
45,534,000
44,924,000
Net PPE
3,736,000
3,651,000
Accumulated Depreciation
-10,102,000
Gross PPE
13,753,000
Other Properties
2,075,000
Machinery Furniture Equipment
11,678,000
Current Assets
46,991,000
47,814,000
Other Current Assets
3,087,000
2,976,000
Inventory
5,847,000
7,338,000
Receivables
30,888,000
28,854,000
Other Receivables
239,000
Loans Receivable
88,000
86,000
Accounts Receivable
30,800,000
28,768,000
Allowance For Doubtful Accounts Receivable
-7,400,000
-6,800,000
Gross Accounts Receivable
38,200,000
35,568,000
Cash Cash Equivalents And Short Term Investments
7,169,000
8,646,000
Other Short Term Investments
871,000
970,000
Cash And Cash Equivalents
6,298,000
7,676,000
Cash Flow
2026
2025
Free Cash Flow
-718,000
5,827,000
Repurchase Of Capital Stock
-280,000
-1,001,000
Repayment Of Debt
0
-2,554,000
Issuance Of Debt
-3,000
Issuance Of Capital Stock
101,000
25,000
Capital Expenditure
-297,000
-322,000
Interest Paid Supplemental Data
307,000
Income Tax Paid Supplemental Data
End Cash Position
6,356,000
7,736,000
Beginning Cash Position
7,080,000
6,071,000
Effect Of Exchange Rate Changes
-7,000
2,000
Changes In Cash
-717,000
1,663,000
Financing Cash Flow
207,000
-4,066,000
Cash Flow From Continuing Financing Activities
207,000
-4,066,000
Net Other Financing Charges
-193,000
-125,000
Cash Dividends Paid
-409,000
-396,000
Common Stock Dividend Paid
-409,000
-396,000
Net Common Stock Issuance
-179,000
-976,000
Common Stock Payments
-280,000
-1,001,000
Common Stock Issuance
101,000
25,000
Net Issuance Payments Of Debt
988,000
-2,569,000
Net Short Term Debt Issuance
988,000
-12,000
Net Long Term Debt Issuance
0
-2,557,000
Long Term Debt Payments
0
-2,554,000
Long Term Debt Issuance
-3,000
Investing Cash Flow
-503,000
-420,000
Cash Flow From Continuing Investing Activities
-503,000
-420,000
Net Other Investing Changes
-65,000
-602,000
Net Investment Purchase And Sale
-147,000
-134,000
Sale Of Investment
351,000
733,000
Purchase Of Investment
-498,000
-867,000
Net Business Purchase And Sale
6,000
638,000
Sale Of Business
6,000
638,000
Net PPE Purchase And Sale
-297,000
-322,000
Purchase Of PPE
-297,000
-322,000
Operating Cash Flow
-421,000
6,149,000
Cash Flow From Continuing Operating Activities
-421,000
6,149,000
Change In Working Capital
-2,868,000
3,485,000
Change In Other Working Capital
-502,000
-360,000
Change In Other Current Liabilities
167,000
-415,000
Change In Other Current Assets
-1,706,000
Change In Payables And Accrued Expense
1,680,000
3,685,000
Change In Payable
1,680,000
3,685,000
Change In Account Payable
1,218,000
3,654,000
Change In Inventory
-17,000
-1,706,000
Change In Receivables
-4,196,000
2,281,000
Changes In Account Receivables
-4,196,000
2,281,000
Other Non Cash Items
-36,000
2,000
Deferred Tax
-110,000
500,000
Deferred Income Tax
-110,000
500,000
Depreciation Amortization Depletion
655,000
722,000
Depreciation And Amortization
655,000
722,000
Operating Gains Losses
63,000
166,000
Gain Loss On Investment Securities
69,000
100,000
Gain Loss On Sale Of Business
-6,000
66,000
Net Income From Continuing Operations
1,875,000
1,274,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.85x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$718M
vs Positive
Operating Cash Flow
-$421M
Latest quarter · Buffett's cash reality check
ROIC
nan%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.8x
Net Assets: $42.9B
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
Share Buybacks (Latest Year)
$3.6B
Management is returning capital to shareholders via buybacks
Low short interest — market is not heavily bearish
Debt-to-Equity
0.71x
Conservative balance sheet — low financial risk
Current Ratio
0.84x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $256.52Current: $293.59High: $318.05
Currently at 60% of 52-week range
The Cigna Group (CI) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $140.93. Margin of safety: 0%. Gross profit margin: N/A. Operating margin: N/A. Net margin: N/A. Market cap: $77.4B. Sector: Healthcare. Industry: Healthcare Plans. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.