NYSE · Healthcare

The Cigna Group

CI · Healthcare Plans

$279.27

▼ -5.82 (-2.04%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 9.2%

Operating Margin 2.6%

Net Income Margin 1.2%

Fin. Health

F⤢

Years to Pay Off Debt 9.3 yrs

Working Capital vs Long-Term Debt -$38.9B

Working Capital -$9.6B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.75x

Cash Flow

A⤢

Free Cash Flow $864M

CapEx % of Net Income 8.1%

Owner Earnings $4.2B

Profitability

Gross Profit Margin 9.2%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 2.6%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 1.2%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 9.3 yrs

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 -$38.9B

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 -$9.6B

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.

Cash Flow

Free Cash Flow $864M

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 8.1%

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 $4.2B

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.

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

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.

Market Data

Market Cap $73.9B

Enterprise Value $100.5B

P/E (TTM) 11.17

Dividend Yield 2.14%

Exchange NYSE

Key Margins

Gross Profit 9.2%

Operating Margin 2.6%

Net Margin 1.2%

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 $279.27.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $279.27, the stock trades at a 32% premium to its Graham Number of $212.01. 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: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	9.2%▲	8.4%•	N/A
Operating Margin %	2.6%▼	2.8%•	N/A
Net Income %	1.2%▼	1.7%•	N/A
Diluted EPS	12.52▲	4.64•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$153.3B	$157.9B	N/A
Total Debt	$30.9B▼	$31.5B•	N/A
Working Capital	-$9.6B▼	-$8.5B•	N/A
Years to Pay Debt	9.34	25.50	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$864M▼	$5.8B•	N/A
Owner Earnings	$4.2B	$2.3B	N/A
CapEx % of Net Income	8.1%	26.1%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	339,120	51,700
Tax Rate For Calcs	0	0
Normalized EBITDA	5,710,000	2,728,000
Total Unusual Items	1,884,000	173,000
Total Unusual Items Excluding Goodwill	1,884,000	173,000
Net Income From Continuing Operation Net Minority Interest	3,308,000	1,234,000
Reconciled Depreciation	650,000	722,000
Reconciled Cost Of Revenue	249,786,000	65,796,000
EBITDA	7,594,000	2,901,000
EBIT	5,254,000	2,179,000
Net Interest Income	-2,142,000	-362,000
Interest Expense	714,000	362,000
Normalized Income	1,763,120	1,112,700
Net Income From Continuing And Discontinued Operation	3,308,000	1,234,000
Total Expenses	266,104,000	70,127,000
Total Operating Income As Reported	4,716,000	2,345,000
Diluted Average Shares	528,034	265,699
Basic Average Shares	525,492	265,699
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	3,308,000	1,234,000
Net Income Common Stockholders	3,308,000	1,234,000
Net Income	3,308,000	1,234,000
Minority Interests	-414,000	-40,000
Net Income Including Noncontrolling Interests	3,722,000	1,274,000
Net Income Continuous Operations	3,722,000	1,274,000
Tax Provision	818,000	543,000
Pretax Income	4,540,000	1,817,000
Other Income Expense	2,112,000	173,000
Other Non Operating Income Expenses	228,000
Special Income Charges	44,000	-66,000
Gain On Sale Of Business	22,000	-66,000
Other Special Charges	-22,000	66,000	-130,000
Gain On Sale Of Security	1,840,000	239,000
Net Non Operating Interest Income Expense	-2,142,000	-362,000
Total Other Finance Cost	1,428,000
Interest Expense Non Operating	714,000	362,000
Operating Income	7,064,000	2,006,000
Operating Expense	18,008,000	4,072,000
Other Operating Expenses	8,224,000	57,795,000
Depreciation Amortization Depletion Income Statement	2,340,000	463,000
Depreciation And Amortization In Income Statement	1,560,000	463,000
Amortization	780,000	463,000
Amortization Of Intangibles Income Statement	780,000	463,000
Selling General And Administration	7,444,000	3,609,000
Gross Profit	25,072,000	6,078,000
Cost Of Revenue	248,096,000	66,055,000
Total Revenue	273,168,000	72,133,000
Operating Revenue	127,698,000	67,624,000
Loss Adjustment Expense	7,924,000	8,260,000
Net Policyholder Benefits And Claims	7,924,000	8,260,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	141,400	141,136
Ordinary Shares Number	264,498	263,464
Share Issued	405,898	404,600
Net Debt	23,860,000	23,787,000
Total Debt	30,900,000	31,463,000
Tangible Book Value	-30,642,000	-31,771,000
Invested Capital	73,110,000	73,176,000
Working Capital	-9,574,000	-8,528,000
Net Tangible Assets	-30,642,000	-31,771,000
Common Stock Equity	42,210,000	41,713,000
Total Capitalization	71,581,000	72,584,000
Total Equity Gross Minority Interest	42,442,000	41,874,000
Minority Interest	232,000	161,000
Stockholders Equity	42,210,000	41,713,000
Gains Losses Not Affecting Retained Earnings	-3,598,000	-2,806,000
Other Equity Adjustments	-3,598,000	-2,806,000
Treasury Stock	35,216,000	35,140,000
Retained Earnings	49,106,000	47,865,000
Additional Paid In Capital	31,914,000	31,790,000
Capital Stock	4,000	4,000
Common Stock	4,000	4,000
Total Liabilities Net Minority Interest	110,824,000	116,045,000
Total Non Current Liabilities Net Minority Interest	58,218,000	59,703,000
Other Non Current Liabilities	12,219,000	11,749,000
Tradeand Other Payables Non Current	9,777,000	9,938,000
Non Current Deferred Liabilities	6,851,000	7,145,000
Non Current Deferred Taxes Liabilities	6,851,000	7,145,000
Long Term Debt And Capital Lease Obligation	29,371,000	30,871,000
Long Term Debt	29,371,000	30,871,000
Current Liabilities	52,606,000	56,342,000
Other Current Liabilities			2,410,000
Current Debt And Capital Lease Obligation	1,529,000	592,000
Current Debt	1,529,000	592,000
Other Current Borrowings	1,529,000	43,000
Commercial Paper		0	880,000
Current Notes Payable		549,000	2,112,000
Payables And Accrued Expenses	51,077,000	55,750,000
Current Accrued Expenses	8,980,000	9,048,000
Payables	42,097,000	46,702,000
Other Payable	25,763,000	30,333,000
Accounts Payable	42,097,000	46,702,000
Total Assets	153,266,000	157,919,000
Total Non Current Assets	110,234,000	110,105,000
Other Non Current Assets	10,703,000	10,396,000
Non Current Note Receivables	2,244,000	2,229,000
Non Current Accounts Receivable	4,073,000	4,103,000
Investments And Advances	16,658,000	16,242,000
Other Investments	5,158,000	5,037,000
Investmentin Financial Assets	11,500,000	11,205,000
Held To Maturity Securities	7,859,000	7,671,000
Available For Sale Securities	3,641,000	3,534,000
Goodwill And Other Intangible Assets	72,852,000	73,484,000
Other Intangible Assets	27,318,000	28,560,000
Goodwill	45,534,000	44,924,000
Net PPE	3,704,000	3,651,000
Accumulated Depreciation		-10,102,000	-9,454,000
Gross PPE		13,753,000	13,108,000
Other Properties		2,075,000	1,813,000
Machinery Furniture Equipment		11,678,000	11,295,000
Current Assets	43,032,000	47,814,000
Other Current Assets	2,742,000	2,976,000
Assets Held For Sale Current		0	7,004,000
Inventory	5,831,000	7,338,000
Receivables	26,659,000	28,854,000
Other Receivables	244,000	239,000	162,000
Loans Receivable	52,000	86,000
Accounts Receivable	26,607,000	28,768,000
Allowance For Doubtful Accounts Receivable	-7,700,000	-6,800,000
Gross Accounts Receivable	34,307,000	35,568,000
Cash Cash Equivalents And Short Term Investments	7,800,000	8,646,000
Other Short Term Investments	760,000	970,000
Cash And Cash Equivalents	7,040,000	7,676,000

Cash Flow

	2026	2025	2024
Free Cash Flow	864,000	5,827,000
Repurchase Of Capital Stock	0	-1,001,000
Repayment Of Debt	-550,000	-2,554,000
Issuance Of Debt		-3,000	0
Issuance Of Capital Stock	57,000	25,000
Capital Expenditure	-267,000	-322,000
Interest Paid Supplemental Data		307,000	305,000
Income Tax Paid Supplemental Data			59,000
End Cash Position	7,080,000	7,736,000
Beginning Cash Position	7,736,000	6,071,000
Effect Of Exchange Rate Changes	-9,000	2,000
Changes In Cash	-647,000	1,663,000
Financing Cash Flow	-1,141,000	-4,066,000
Cash Flow From Continuing Financing Activities	-1,141,000	-4,066,000
Net Other Financing Charges	-218,000	-125,000
Cash Dividends Paid	-417,000	-396,000
Common Stock Dividend Paid	-417,000	-396,000
Net Common Stock Issuance	57,000	-976,000
Common Stock Payments	0	-1,001,000
Common Stock Issuance	57,000	25,000
Net Issuance Payments Of Debt	-563,000	-2,569,000
Net Short Term Debt Issuance	-13,000	-12,000
Net Long Term Debt Issuance	-550,000	-2,557,000
Long Term Debt Payments	-550,000	-2,554,000
Long Term Debt Issuance		-3,000	0
Investing Cash Flow	-637,000	-420,000
Cash Flow From Continuing Investing Activities	-637,000	-420,000
Net Other Investing Changes	-136,000	-602,000
Net Investment Purchase And Sale	-254,000	-134,000
Sale Of Investment	665,000	733,000
Purchase Of Investment	-919,000	-867,000
Net Business Purchase And Sale	20,000	638,000
Sale Of Business	20,000	638,000
Purchase Of Business		0	1,000
Net PPE Purchase And Sale	-267,000	-322,000
Purchase Of PPE	-267,000	-322,000
Operating Cash Flow	1,131,000	6,149,000
Cash Flow From Continuing Operating Activities	1,131,000	6,149,000
Change In Working Capital	-1,056,000	3,485,000
Change In Other Working Capital	104,000	-360,000
Change In Other Current Liabilities	739,000	-415,000
Change In Other Current Assets	1,507,000	-1,706,000	-1,609,000
Change In Payables And Accrued Expense	-5,558,000	3,685,000
Change In Payable	-5,558,000	3,685,000
Change In Account Payable	-988,000	3,654,000
Change In Inventory	1,507,000	-1,706,000
Change In Receivables	2,152,000	2,281,000
Changes In Account Receivables	2,152,000	2,281,000
Other Non Cash Items	5,000	2,000
Deferred Tax	-60,000	500,000
Deferred Income Tax	-60,000	500,000
Depreciation Amortization Depletion	650,000	722,000
Depreciation And Amortization	650,000	722,000
Operating Gains Losses	-269,000	166,000
Gain Loss On Investment Securities	-258,000	100,000
Gain Loss On Sale Of Business	-11,000	66,000
Net Income From Continuing Operations	1,861,000	1,274,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $65.5B ▲ $273.2B +317.1%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 9.7% ▲ 9.2% -0.5pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 10.8% ▲ 2.6% -8.2pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 2.0% ▲ 1.2% -0.8pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$273.2B/qtr (≈$1,092.7B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.82x 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.

$864M

vs Positive

Operating Cash Flow

$1.1B

Latest quarter · Buffett's cash reality check

ROIC

5.5%

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

1.7x

Net Assets: $42.4B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

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)

7.8%

Weak — poor returns on equity

Return on Assets (ROA)

2.2%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.8% YoY

Debt is declining — management is deleveraging

Leadership Team

David Michael Cordani

CEO & Chair of the Board

Age 60

Pay: $5,439,392

0.164% of net income

Brian Case Evanko

President, COO & Director

Age 48

Pay: $3,276,923

0.099% of net income

Ann Dennison

Executive VP & CFO

Age 54

Pay: $1,884,132

0.057% of net income

Nicole Susan Jones

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

Age 54

Pay: $2,033,401

0.061% of net income

Everett Neville

Executive Vice President of Strategy & Business Development

Age 60

Pay: $1,838,050

0.056% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.54%	22,598,152
Vanguard Capital Management LLC	6.47%	17,122,069
State Street Corporation	4.64%	12,283,141
Massachusetts Financial Services Co.	4.38%	11,595,182
Dodge & Cox Inc.	4.37%	11,555,787
FMR, LLC	4.14%	10,957,272
Sanders Capital, LLC	3.89%	10,290,382
Geode Capital Management, LLC	2.34%	6,200,342

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.30

Low volatility — more stable than the market

Short Interest

2.5% 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: $279.27 High: $338.89

Currently at 40% of 52-week range

The Cigna Group

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis