NYSE: CI · Managed Health Care
The Cigna Group
The Cigna Group is a health services company with two segments. Evernorth Health Services runs the Express Scripts pharmacy benefit manager, home delivery pharmacy, and Accredo specialty pharmacy (about 83% of segment adjusted revenues before eliminations). Cigna Healthcare provides employer medical plans, individual plans, and international health coverage. It has about 67,700 colleagues and more than 185 million customer relationships. FY2025 revenue was $274.9 billion and shareholders' net income $5.96 billion. In March 2025 it sold its Medicare Advantage business to Health Care Service Corporation, and Brian Evanko became CEO on July 1, 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-11-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 11.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 3.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +4.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.61x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 13.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.48
Higher than 69% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 10% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 53% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 51% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 55% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$299.48close on 2026-11-04
Market cap$78.9B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 13.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 8.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 10.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.0%
At FY2025 year-end: 12.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.7x
Book value at FY2025 year-end
At FY2025 year-end: 8.0x
EBITDA for FY2025
At FY2025 year-end: 11.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$69.75B → $73.68B (vs. a year earlier)↑ +5.6%$69.75B → $73.68B (vs. a year earlier)
- Operating margin3.7% → 3.3% (vs. a year earlier)↓ −0.4 pts3.7% → 3.3% (vs. a year earlier)
- Net income$1.87B → $1.44B (vs. a year earlier)↓ −22.8%$1.87B → $1.44B (vs. a year earlier)
- Diluted EPS$6.98 → $5.47 (vs. a year earlier)↓ −21.6%$6.98 → $5.47 (vs. a year earlier)
- Cash$6.3B → $6.19B (vs. previous quarter-end)↓ −1.8%$6.3B → $6.19B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 5, 2026.
Management outlook ↑ Raised
Raised 2026 adjusted income from operations outlook to at least $30.60 per share. Source sentence
Increasing 2026 outlook for adjusted income from operations 1 to at least $30.60 per share 2
Key changes
Q3 revenues up 6% to $73.7B. Source sentence
Total revenues for the third quarter 2026 increased 6 % to $73.7 billion
Customer relationships down 6% from year-end to 177.6M. Source sentence
Total customer relationships at September 30, 2026 decreased 6% from December 31, 2025 to 177.6 million, due to lower pharmacy and behavioral customers.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Cigna Group
- Headquarters
- BLOOMFIELD, CT
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CI
- Industry
- Managed Health Care
- CIK
- 1739940
Workforce (as of FY2025 year-end)
Employees
67,700
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–36 days after quarter end (Feb 5, 2026; Jan 30, 2025; Feb 2, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | May 2, 2025 (+32 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 2, 2024 (+33 days) | Feb 29, 2024 10-K (+60 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Evernorth
Express Scripts
Examples: PBM services, Express Scripts Pharmacy home delivery
Claims adjudication, retail networks, formularies, 90-day home delivery.
Evernorth
Accredo and specialty services
Examples: Specialty pharmacy and distribution
Specialty drugs for complex conditions.
Evernorth
Rebate-free pharmacy model
Examples: Upfront manufacturer discounts at the counter
For Cigna Healthcare fully insured customers from 2027; standard for Evernorth clients from 2028.
Cigna Healthcare
U.S. medical and benefits
Examples: Employer medical plans, behavioral health, dental
Insured and self-insured plans; individual and family plans.
Cigna Healthcare
International Health
Examples: Health coverage in international markets
Including globally mobile individuals.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Portfolio changes and 2026 developments, from the 10-K and 8-Ks.
Medicare exit
On March 19, 2025, Cigna completed the sale of its Medicare Advantage, stand-alone Part D, Medicare supplemental, and CareAllies businesses to HCSC; most proceeds went to share repurchases.
Source: Form 10-K (FY2025) Item 1 and MD&A
CEO succession
Brian Evanko, President and COO, succeeded David Cordani as CEO on July 1, 2026; Cordani became Executive Chair.
Source: 8-K filed 2026-03-03
Rebate-free pharmacy model
Evernorth announced a model making manufacturer discounts available upfront at the pharmacy counter, starting with Cigna Healthcare fully insured customers in 2027.
Source: Form 10-K (FY2025) Item 1
Q2 2026
Revenue rose 7% to $71.7B and shareholders' net income was $1.7B ($6.29 per share).
Source: 8-K filed 2026-07-30 (Exhibit 99.1)
Capex ÷ D&A (FY2025)
0.44x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,212M ÷ $2,775M = 0.44x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.15B
Latest year: $597M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.09B in FY2020 to $1.21B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$274.9B
As reported in the 10-K
Revenue CAGR (5 years)
+11.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($274,900M ÷ $160,401M) ^ (1÷5) − 1 = 11.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
3.3%▼caution
-1.7pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$9,200M ÷ $274,900M × 100 = 3.3%
ROE (FY2025)
14.4%▲favorable
6-year average: 12.7%
As reported in the 10-K
P/B (FY2025 end)
1.74x
formulafiscal year-end closing price ÷ book value per share
e.g.$275.23 ÷ $158.33 = 1.74x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
8.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($72,513M + $31,463M − $7,676M) ÷ ($9,200M + $2,775M) = 8.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +11.4% a year over 5 years (strong growth)
From $160.4B in FY2020 to $274.9B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 5.1% → 3.3%
How much operating profit is left per $100 of revenue. It moved -1.7 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 26.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.7% over 6 years (latest: 14.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Shields Health Solutions
07 · what it does
Key activities
Evernorth Health Services
Adjudicating drug claims and managing formularies- Dispensing home delivery and specialty drugs
Cigna Healthcare
Administering and insuring medical plans- Care management
06 · what it draws on
Key resources
Evernorth Health Services
Retail pharmacy networks- Drug manufacturers and wholesalers (one wholesaler supplies about half of purchases)
Cigna Healthcare
Network of about 1.7 million physicians and 6,000+ hospitals
02 · why customers buy
Value propositions
- Pharmacy benefit services (Express Scripts), specialty care and health plans with a broad provider network.
04 · how it keeps them
Customer relationships
- More than 185 million customer relationships; Cigna maintains high provider retention in its network.
03 · how it reaches them
Channels
- Sales representatives selling directly to employers, unions, groups and individuals; health plans and government programs as clients.
01 · who it serves
Customer segments
Evernorth Health Services
Employers, health plans (e.g., Centene, Prime Therapeutics), government (TRICARE)Cigna Healthcare
Employers and individuals in the U.S. and international markets
09 · where money goes
Cost structure
FY2025, share of revenue ($274.9B)
- Cost of revenue78.2%
- Selling, general & administrative5.3%
- Other operating costs13.1%
Operating profit left: 3.3% of revenue. Depreciation & amortization (inside the costs above): $2.78B. Capital spending: $1.21B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Evernorth Health Services
Drug sales and dispensing fees- Administrative fees
Cigna Healthcare
Premiums- Administrative fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Evernorth Health Services
Pharmacy Benefit Services (Express Scripts claims processing, pharmacy networks, formulary management, home delivery) and Specialty and Care Services (Accredo specialty pharmacy, specialty distribution, and care services).
01 what it draws on
Inputs & resources
- Retail pharmacy networks
- Drug manufacturers and wholesalers (one wholesaler supplies about half of purchases)
02 what it does
Activities
- Adjudicating drug claims and managing formularies
- Dispensing home delivery and specialty drugs
03 who it serves
Customers
- Employers, health plans (e.g., Centene, Prime Therapeutics), government (TRICARE)
04 how money comes in
How it earns
- Drug sales and dispensing fees
- Administrative fees
Evernorth Health Services: how it makes money
- Adjusted revenues $235.0B (+16%) and pre-tax adjusted income $7.22B in FY2025.
- Pharmacy claim volume was 2.22 billion adjusted claims in 2025; contracts with its three largest clients run through the end of the decade.
Cigna Healthcare
U.S. Healthcare (insured and self-insured employer medical plans, individual and family plans, and behavioral, dental, and other benefits) and International Health.
01 what it draws on
Inputs & resources
- Network of about 1.7 million physicians and 6,000+ hospitals
02 what it does
Activities
- Administering and insuring medical plans
- Care management
03 who it serves
Customers
- Employers and individuals in the U.S. and international markets
04 how money comes in
How it earns
- Premiums
- Administrative fees
Cigna Healthcare: how it makes money
- Adjusted revenues $47.2B (−11% after the Medicare sale) and pre-tax adjusted income $4.15B in FY2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Cigna depends on government-sponsored programs and sold its Medicare businesses.
Regulated prices & reimbursement
Government reimbursement
Concerns over government-sponsored programs may cut reimbursement rates or delay payments.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government as customer
Government programs and contracts
Completed the sale of its Medicare Advantage and related businesses.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Evernorth Health Services
234,953 (83%)profit 7,221 · margin 3.1%
Cigna Healthcare
47,163 (17%)profit 4,153 · margin 8.8%
Source: Form 10-K (FY2025) — MD&A, Financial highlights by segment Revenue is adjusted revenues and profit is pre-tax adjusted income from operations (non-GAAP segment measures). Corporate eliminations (−$8.1B of revenue, −$1.6B of income) and Other Operations are excluded.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Evernorth earns revenue on prescription drugs dispensed through its networks and pharmacies, with key client contracts renewed through the end of the decade. Cigna Healthcare earns premiums on insured plans and fees on self-insured plans.
Centene PBM agreement
One of three clients that each drive significant Evernorth revenue
Typical term: Multiyear, from January 1, 2024
Pharmacy benefit services for Centene's customers.
Prime Therapeutics agreements
One of three significant Evernorth clients
Retail network, Accredo, home delivery, and manufacturer value.
TRICARE (Department of War)
One of three significant Evernorth clients
Military health care pharmacy program.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Shields Health Solutions
Cigna invested in this specialty pharmacy management company in 2025, partly funded with a $2.0B term loan later repaid.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Employers, health plans, government programs, and individuals; more than 185 million customer relationships.
Named by the company
- Centene — Multiyear PBM agreement with Express Scripts since January 2024.Form 10-K (FY2025) — Item 1
- Prime Therapeutics — Agreements for retail networks, Accredo, home delivery, and manufacturer value.Form 10-K (FY2025) — Item 1
- TRICARE (Department of War) — Military health care pharmacy program.Form 10-K (FY2025) — Item 1
Suppliers
Drug manufacturers, wholesalers, retail pharmacies, and health care providers.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Evernorth uses one wholesaler for about half of its pharmaceutical purchases. (Form 10-K (FY2025), Item 1)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Cigna's 10-K lists competitor types — PBMs, retail, home delivery, and specialty pharmacies, specialty distributors, health plans, TPAs, and data analytics firms for Evernorth; national insurers, local health plans, TPAs, dental insurers, and global insurers for Cigna Healthcare — without naming companies.
Competitors named in the 10-K
Cigna's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
24 companies in managed care, PBM, retail distribution, financial services, and logistics with revenue above $50B. Walgreens was acquired in August 2025.
- AT&Tsite ↗
- FedExsite ↗
- Syscosite ↗
- Cardinal Healthsite ↗
- HCA Healthcaresite ↗
- Targetsite ↗
- Cencorasite ↗
- Humanasite ↗
- T-Mobile USsite ↗
- Centenesite ↗
- Krogersite ↗
- UnitedHealth Groupsite ↗
- Citigroupsite ↗
- Lowe'ssite ↗
- UPSsite ↗
- Costcosite ↗
- McKessonsite ↗
- Verizonsite ↗
- CVS Healthsite ↗
- MetLifesite ↗
- Walgreens Boots Alliancesite ↗
- Elevance Healthsite ↗
- Prudential Financialsite ↗
- Wells Fargosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Recent capital moves include exiting Medicare and investing in specialty pharmacy.
Cash spent on acquisitions, FY2020–FY2025: $3.15B
Mar 2025
Sale of Medicare businesses to HCSC
$4.9B final purchase price
Medicare Advantage, stand-alone Part D, Medicare supplemental, and CareAllies.
- Stated purpose (company)
- Proceeds used in line with capital deployment priorities, mostly share repurchases.
2025
Investment in Shields Health Solutions
Not stated; partly funded by a $2.0B term loan
Specialty pharmacy management company.
- Stated purpose (company)
- Not stated in the filings.
Source: Form 10-K (FY2025) — Note 7
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 160,401 | 174,069 | 180,518 | 195,265 | 247,121 | 274,900 |
| Operating income | 8,153 | 7,941 | 8,450 | 8,536 | 9,417 | 9,200 |
| Pretax income | 10,868 | 6,790 | 8,397 | 5,513 | 5,269 | 7,781 |
| Net income (attributable) | 8,489 | 5,420 | 6,782 | 5,164 | 3,434 | 5,957 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.5% | 3.7% | 8.2% | 26.6% | 11.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 5.1% | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.3% | 3.1% | 3.8% | 2.6% | 1.4% | 2.2% |
| Balance sheet ($M) | ||||||
| Total assets | 155,451 | 154,889 | 143,885 | 152,761 | 155,881 | 157,919 |
| Total equity | 50,321 | 47,112 | 44,688 | 46,244 | 41,243 | 41,874 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 32,919 | 33,670 | 31,093 | 30,930 | 31,972 | 31,463 |
| Equity ratio | 32.4% | 30.4% | 31.0% | 30.3% | 26.3% | 26.4% |
| ROE | 16.9% | 11.1% | 14.8% | 11.4% | 7.9% | 14.4% |
| Cash flow ($M) | ||||||
| Operating CF | 10,350 | 7,191 | 8,656 | 11,813 | 10,363 | 9,601 |
| Investing CF | 2,976 | -3,611 | 3,098 | -5,174 | -2,102 | -4,407 |
| Financing CF | -8,533 | -8,212 | -11,240 | -4,294 | -7,647 | -6,421 |
| Free cash flowcalccash flow from operations − capital expenditures | 9,256 | 6,037 | 7,361 | 10,240 | 8,957 | 8,389 |
| Cash and equivalents | 10,182 | 5,081 | 5,924 | 7,822 | 7,550 | 7,676 |
| Per share & other | ||||||
| EPS ($) | 22.96 | 15.75 | 21.41 | 17.39 | 12.12 | 22.18 |
| BVPS ($) | 141.84 | 145.88 | 149.58 | 158.03 | 149.87 | 158.33 |
| Dividend per share ($) | 0.04 | 4.00 | 4.48 | 4.92 | 5.60 | 6.04 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 0.2% | 25.4% | 20.9% | 28.3% | 46.2% | 27.2% |
| P/E (x) | 9.1 | 14.6 | 15.5 | 17.2 | 22.8 | 12.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 8.8 | 9.5 | 10.9 | 9.6 | 8.2 | 8.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.47 | 1.57 | 2.22 | 1.89 | 1.84 | 1.74 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $73.68B+5.6% | $2.4B-7.1% | $1.44B-22.8% | $5.47 |
| 2026-06-30 | $71.67B+6.7% | $2.68B+16.0% | $1.66B+8.4% | $6.29 |
| 2026-03-31 | $68.49B+4.6% | $2.36B+19.6% | $1.65B+25.0% | $6.26 |
| 2025-12-31 † | $72.47B+10.4% | $2.35B+7.9% | $1.23B | — |
| 2025-09-30 | $69.75B | $2.58B | $1.87B | $6.98 |
| 2025-06-30 | $67.18B | $2.31B | $1.53B | $5.71 |
| 2025-03-31 | $65.5B | $1.97B | $1.32B | $4.85 |
| 2024-12-31 † | $65.65B | $2.17B | — | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$9,200M × (1 − 17%) ÷ $73,276M × 100 = 10.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.41%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $72.51B ÷ ($72.51B + $31.46B) = 69.7%
e.g.Debt weight: $31.46B ÷ ($72.51B + $31.46B) = 30.3%
e.g.WACC: 7.6% × 69.7% + 4.4% × (1 − 17%) × 30.3% = 6.41%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.4%–7.7% and ROIC − WACC runs +2.8 to +5.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.41% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.48 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.59%
- Cost of debt
- 4.45%
- Tax rate
- 17% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 70% : 30%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.41%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.48 (price-derived adjusted beta. Raw β 0.22, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.220 + 0.33 = 0.478
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.48 × 5.5% = 7.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-1.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 8.3%
Past FCF growth (FY2020–FY2025)
-1.9%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+11.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $8.39B (operating CF − capex); enterprise value $101.63B = market cap $78.9B (latest close, 2026-11-04) + debt $31.46B − cash and short-term investments $8.73B; r = WACC of 6.4% using this page’s default assumptions (β 0.48, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$102.3B
FCF $8.39B ÷ (6.4% − -1.8%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 1.88x | 1.53x | 1.29x | 1.12x | 0.98x |
| 2% | 3.44x | 2.43x | 1.88x | 1.53x | 1.29x |
| 4% | 20.64x | 5.90x | 3.44x | 2.43x | 1.88x |
| 6% | — | — | 20.64x | 5.90x | 3.44x |
| 8% | — | — | — | — | 20.64x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.79x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 118%
Most profit comes from core operations.
- ✓
Days sales outstanding: 28 → 35 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$9,601M ÷ $5,957M = 1.61x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$9,200M ÷ $7,781M × 100 = 118%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($24,227M + $28,768M) ÷ 2 ÷ $274,900M × 365 = 35 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($6,692M + $7,338M) ÷ 2 ÷ $214,991M × 365 = 12 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.9%
- Directors & officers (shares)
- 0.6%
- Everyone else (est.)
- 9.5%
- Directors & officers (voting power)
- 0.6%
- Institutional-ownership rank
- 191 of 416
- Beta (adjusted)
- 0.48
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 46% of covered companies have more
above 1 = swings more than the market
- 237.5M shares reported by 1,690 13F filers ÷ 264.2M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-13 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale in pharmacy services
Evernorth adjusted revenues grew 16% to $235.0B in 2025, and specialty pharmacy drove pre-tax adjusted income growth in Specialty and Care Services (+8%).
Evidence: Form 10-K (FY2025) MD&A
2. Long client contracts
Contracts with Evernorth's three largest clients were renewed or extended through the end of the decade.
Evidence: Form 10-K (FY2025) MD&A
3. Shareholder returns
Repurchased $3.6B of stock in 2025 and $7.0B in 2024; shares outstanding fell from 322.9M (2021) to 263.5M (2025), and dividends per share rose from $4.00 to $6.04.
Evidence: Form 10-K (FY2025) cash flow statement; SEC EDGAR XBRL
4. Raised 2026 outlook
Q2 2026 adjusted EPS (non-GAAP) was $7.78 (vs. $7.20), and the 2026 outlook rose to at least $30.45.
Evidence: 8-K filed 2026-07-30 (Exhibit 99.1)
Weaknesses
1. Thin margins
Operating income was $9.2B on $274.9B of revenue in 2025 (3.3%).
Evidence: SEC EDGAR XBRL
2. Volatile GAAP earnings
Net income fell to $3.43B in 2024 with $2.5B of net investment losses, then rose to $5.96B in 2025.
Evidence: Form 10-K (FY2025) MD&A
3. Client concentration in Evernorth
Three clients — Centene, Prime Therapeutics, and TRICARE — each drive significant Evernorth revenue.
Evidence: Form 10-K (FY2025) Item 1
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.19%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
27%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
11.6%
(Operating CF − capex) ÷ market cap
1. Buyback-driven EPS growth
EPS was $22.18 in 2025 versus $15.75 in 2021, helped by a share count about 18% lower.
- What has to hold
- Evernorth keeps growing and cash is returned to shareholders.
- The other side
- PBM regulation and the rebate-free model could pressure margins.
Evidence: SEC EDGAR XBRL
2. Dividend growth
Dividends per share rose from $4.00 (2021) to $6.04 (2025).
- What has to hold
- Earnings stay stable.
- The other side
- The payout is still small relative to buybacks.
Evidence: SEC EDGAR XBRL
P/E, dividend yield, payout ratio, and FCF yield use the FY2025 year-end share price.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
14.8x
$8.73B vs. $592M
Interest coverage (operating income ÷ interest expense)
6.6x
$9.2B vs. $1.4B
Free cash flow ÷ dividends paid
5.2x
$8.39B vs. $1.61B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -2.6% in FY2021 ($8.15B → $7.94B) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash flow
Operating cash flow of $9.6B in 2025.
Source: SEC EDGAR XBRL
Diversification
Two segments across pharmacy services and medical benefits, in more than 30 markets.
Source: Form 10-K (FY2025), Item 1
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Cigna reports numerous claims, lawsuits, regulatory inquiries and False Claims Act investigations typical of a large health-services business, without describing any single matter in detail. It recorded $77 million of litigation-related charges in Q2 2026.
Company statement: Cigna says it is cooperating with routine government subpoenas and does not single out any matter as material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
PBM regulation and drug pricing
- Company disclosure (summarized from the 10-K)
- Changes in drug pricing, industry pricing benchmarks, and regulation of pharmacy benefit managers could affect results.
- Company’s stated mitigation
- Rebate-free pharmacy model planned from 2027–2028 to pass discounts upfront and improve transparency.
- This site’s assessment
- Impact High / Likelihood Med
- 2Customer/supplier concentration
Key clients and suppliers
- Company disclosure (summarized from the 10-K)
- Three large Evernorth clients, key pharmaceutical manufacturers, and one wholesaler for about half of drug purchases.
- Company’s stated mitigation
- Client contracts extended through the end of the decade; contracts with alternate wholesalers.
- This site’s assessment
- Impact High / Likelihood Low
- 3Costs & inflation
Medical cost trend
- Company disclosure (summarized from the 10-K)
- Actual medical claims may exceed estimates, and premiums may be insufficient to cover costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Evernorth competes with PBMs, pharmacies, specialty distributors, and health plans; Cigna Healthcare with national and local insurers, TPAs, and others.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyberattacks
- Company disclosure (summarized from the 10-K)
- A 2024 ransomware attack on Change Healthcare, a service provider, disrupted some of Cigna's pharmacy benefit services.
- Company’s stated mitigation
- Security validations before reconnecting affected systems.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
• the impact or consequences of legislation, executive actions or regulatory changes including premium rate increases, public debates over drug pricing, government involvement in drug pricing and purchasing, and public debate over current or proposed legislation;
Extensive health care regulation and enforcement, including fraud, waste and abuse laws, could increase our compliance costs, restrict our operations and expose us to significant liability.
Our use of AI and ML technologies, as well as more recent technological advances in AI/ML, pose risks to us and subject us to new and existing laws and regulations. Read more
The use of generative AI, a relatively new and emerging technology still in the early stages of commercial use, potentially exposes us to additional risks, such as damage to our reputation, competitive position, and business, legal and regulatory risks and additional costs. For example, generative AI has been known to produce false or “hallucinatory” inferences or output. Certain generative AI uses ML and predictive analytics, which can produce inaccurate, incomplete or misleading content; unintended biases and other discriminatory or unexpected results; or errors and inadequacies, any of which may not be easily detectable by us or any of our related service providers. Accordingly, while AI systems may help provide more…
No longer in the text (4)
• develop and bring to market new and innovative products, solutions or programs that focus on improving patient outcomes and experiences, assist in controlling costs, respond to government regulation or respond to challenges within the health care system;
Our success depends, in part, on our ability to compete effectively in our markets, set prices appropriately in highly competitive markets to keep or increase our market share, increase customers, differentiate our business offerings, provide quality and satisfactory levels of service, and retain accounts with favorable medical cost experience or more profitable products.
Our ability to achieve the anticipated benefits of strategic transactions, including synergies, cost savings, innovation and operational efficiencies, is subject to numerous uncertainties and risks, including our ability to successfully combine or separate business operations, resources and systems, including data security systems and internal financial control standards, in an efficient and effective manner. Integration and separation activities may result in additional and unforeseen expenses, and the anticipated benefits may not be fully realized or may take longer to realize than expected. These activities are complex, costly and time-consuming and may divert management's attention from ongoing business concerns. Delays or issues encountered in these activities could have a material adverse effect on the revenues, expenses, operating results and financial condition of the Company.…
Strategic transactions could result in increased costs, including facilities and systems consolidation or separation costs and costs to retain key employees, decreases in expected revenues, earnings or cash flows, and goodwill or other intangible asset impairment charges. As of December 31, 2024, our goodwill and other intangible assets had a carrying value of approximately $73.8 billion, representing 47% of our total consolidated assets. The value of our goodwill may be materially and adversely impacted if the businesses we acquire do not perform in a manner consistent with our assumptions. Future evaluations requiring an impairment to goodwill and other intangible assets could materially affect our results of operations and shareholders' equity in the period in which the impairment occurs. A material decrease in shareholders' equity could negatively impact our debt ratings or…
7 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
26
What to watch going forwardSite analysis
- Effects of the rebate-free model on Evernorth earnings.
- PBM regulatory and legislative changes.
- Medical cost trends in Cigna Healthcare.
- Leadership transition to CEO Brian Evanko.
- Buybacks and dividend growth.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent The Cigna Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.