Comprehensive Stock Comparison
Compare CVS Health Corporation (CVS) vs Cigna Corporation (CI) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CI | 26.6% revenue growth vs CVS's 7.8% |
| Value | CI | Lower P/E (9.6x vs 11.1x) |
| Quality / Margins | CI | 2.3% net margin vs CVS's 0.4% |
| Stability / Safety | CI | Beta 0.19 vs CVS's 0.27, lower leverage |
| Dividends | CVS | 3.3% yield, vs CI's 1.9% |
| Momentum (1Y) | CVS | +25.6% vs CI's -4.2% |
| Efficiency (ROA) | CI | 3.9% ROA vs CVS's 0.7%, ROIC 10.5% vs 5.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CVS Health is an integrated healthcare company that operates retail pharmacies, provides pharmacy benefit management services, and offers health insurance plans. It generates revenue primarily from its Pharmacy Services segment (~60%), Health Care Benefits segment (~35%), and Retail/LTC segment (~5%) through prescription sales, PBM services, and insurance premiums. Its key competitive advantage is its vertically integrated model—combining retail pharmacies, PBM services, and insurance—which creates a closed-loop healthcare ecosystem with significant scale and data advantages.
Cigna is a diversified healthcare services company that operates through two main segments: Cigna Healthcare (insurance plans) and Evernorth (pharmacy benefits and health services). It generates revenue primarily from insurance premiums (around 60% from Cigna Healthcare) and pharmacy services/benefits management fees (roughly 40% from Evernorth). The company's competitive advantage lies in its integrated healthcare ecosystem—combining insurance coverage with pharmacy benefits management and health services—which creates cross-selling opportunities and operational efficiencies.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
CI leads in 3 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 3 categories are tied.
Financial Metrics (TTM)
CVS and CI operate at a comparable scale, with $402.1B and $268.1B in trailing revenue. Profitability is closely matched — net margins range from 2.3% (CI) to 0.4% (CVS).
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| RevenueTrailing 12 months | $402.1B | $268.1B |
| EBITDAEarnings before interest/tax | $9.3B | $11.9B |
| Net IncomeAfter-tax profit | $1.8B | $6.1B |
| Free Cash FlowCash after capex | $7.8B | $7.4B |
| Gross MarginGross profit ÷ Revenue | +13.8% | +10.0% |
| Operating MarginEBIT ÷ Revenue | +1.2% | +3.4% |
| Net MarginNet income ÷ Revenue | +0.4% | +2.3% |
| FCF MarginFCF ÷ Revenue | +1.9% | +2.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.2% | +9.5% |
| EPS Growth (YoY)Latest quarter vs prior year | +76.9% | +165.0% |
Valuation Metrics
At 23.9x trailing earnings, CI trades at a 58% valuation discount to CVS's 57.5x P/E. On an enterprise value basis, CI's 9.0x EV/EBITDA is more attractive than CVS's 12.4x.
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| Market CapShares × price | $101.6B | $76.4B |
| Enterprise ValueMkt cap + debt − cash | $186.6B | $100.8B |
| Trailing P/EPrice ÷ TTM EPS | 57.48x | 23.91x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.15x | 9.57x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 12.45x | 9.02x |
| Price / SalesMarket cap ÷ Revenue | 0.25x | 0.31x |
| Price / BookPrice ÷ Book value/share | 1.35x | 1.99x |
| Price / FCFMarket cap ÷ FCF | 13.01x | 8.52x |
Profitability & Efficiency
CI delivers a 14.6% return on equity — every $100 of shareholder capital generates $15 in annual profit, vs $2 for CVS. CI carries lower financial leverage with a 0.78x debt-to-equity ratio, signaling a more conservative balance sheet compared to CVS's 1.24x. On the Piotroski fundamental quality scale (0–9), CI scores 6/9 vs CVS's 5/9, reflecting solid financial health.
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| ROE (TTM)Return on equity | +2.3% | +14.6% |
| ROA (TTM)Return on assets | +0.7% | +3.9% |
| ROICReturn on invested capital | +5.0% | +10.5% |
| ROCEReturn on capital employed | +6.1% | +9.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 1.24x | 0.78x |
| Net DebtTotal debt minus cash | $85.1B | $24.4B |
| Cash & Equiv.Liquid assets | $8.5B | $7.5B |
| Total DebtShort + long-term debt | $93.6B | $32.0B |
| Interest CoverageEBIT ÷ Interest expense | 1.68x | 6.88x |
Total Returns (with DRIP)
A $10,000 investment in CI five years ago would be worth $14,648 today (with dividends reinvested), compared to $13,280 for CVS. Over the past 12 months, CVS leads with a +25.6% total return vs CI's -4.2%. The 3-year compound annual growth rate (CAGR) favors CVS at 1.6% vs CI's 1.6% — a key indicator of consistent wealth creation.
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| YTD ReturnYear-to-date | +0.5% | +3.8% |
| 1-Year ReturnPast 12 months | +25.6% | -4.2% |
| 3-Year ReturnCumulative with dividends | +5.0% | +4.9% |
| 5-Year ReturnCumulative with dividends | +32.8% | +46.5% |
| 10-Year ReturnCumulative with dividends | +4.7% | +125.7% |
| CAGR (3Y)Annualised 3-year return | +1.6% | +1.6% |
Risk & Volatility
CI is the less volatile stock with a 0.19 beta — it tends to amplify market swings less than CVS's 0.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CVS currently trades 93.8% from its 52-week high vs CI's 82.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.27x | 0.19x |
| 52-Week HighHighest price in past year | $85.15 | $350.00 |
| 52-Week LowLowest price in past year | $58.35 | $239.51 |
| % of 52W HighCurrent price vs 52-week peak | +93.8% | +82.8% |
| RSI (14)Momentum oscillator 0–100 | 51.6 | 55.1 |
| Avg Volume (50D)Average daily shares traded | 7.3M | 1.3M |
Analyst Outlook
Wall Street rates CVS as "Buy" and CI as "Buy". Consensus price targets imply 18.8% upside for CVS (target: $95) vs 12.4% for CI (target: $326). For income investors, CVS offers the higher dividend yield at 3.35% vs CI's 1.91%.
| Metric | CVSCVS Health Corpor… | CICigna Corporation |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $94.92 | $325.83 |
| # AnalystsCovering analysts | 41 | 39 |
| Dividend YieldAnnual dividend ÷ price | +3.3% | +1.9% |
| Dividend StreakConsecutive years of raises | 0 | 5 |
| Dividend / ShareAnnual DPS | $2.67 | $5.53 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +9.2% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| CVS Health Corporat… (CVS) | 100 | 117.79 | +17.8% |
| Cigna Corporation (CI) | 100 | 139.72 | +39.7% |
Cigna Corporation (CI) returned +46% over 5 years vs CVS Health Corporat… (CVS)'s +33%. A $10,000 investment in CI 5 years ago would be worth $14,648 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CVS Health Corporat… (CVS) | $177.5B | $402.1B | +126.5% |
| Cigna Corporation (CI) | $39.8B | $247.1B | +520.3% |
CVS Health Corporation's revenue grew from $177.5B (2016) to $402.1B (2025) — a 9.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CVS Health Corporat… (CVS) | 3.0% | 0.4% | -85.3% |
| Cigna Corporation (CI) | 4.7% | 1.4% | -70.3% |
CVS Health Corporation's net margin went from 3% (2016) to 0% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CVS Health Corporat… (CVS) | 11.3 | 57.1 | +405.3% |
| Cigna Corporation (CI) | 22.1 | 22.8 | +3.2% |
CVS Health Corporation has traded in a 11x–57x P/E range over 8 years; current trailing P/E is ~57x. Cigna Corporation has traded in a 9x–23x P/E range over 8 years; current trailing P/E is ~24x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CVS Health Corporat… (CVS) | 4.9 | 1.39 | -71.6% |
| Cigna Corporation (CI) | 7.19 | 12.12 | +68.6% |
CVS Health Corporation's EPS grew from $4.90 (2016) to $1.39 (2025) — a -13% CAGR.
Chart 6Free Cash Flow — 5 Years
CVS Health Corporation generated $8B FCF in 2025 (-50% vs 2021). Cigna Corporation generated $9B FCF in 2024 (+48% vs 2021).
CVS vs CI: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CVS or CI a better buy right now?
Cigna Corporation (CI) offers the better valuation at 23.9x trailing P/E (9.6x forward), making it the more compelling value choice. Analysts rate CVS Health Corporation (CVS) a "Buy" — based on 41 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CVS or CI?
On trailing P/E, Cigna Corporation (CI) is the cheapest at 23.9x versus CVS Health Corporation at 57.5x. On forward P/E, Cigna Corporation is actually cheaper at 9.6x.
03Which is the better long-term investment — CVS or CI?
Over the past 5 years, Cigna Corporation (CI) delivered a total return of +46.5%, compared to +32.8% for CVS Health Corporation (CVS). A $10,000 investment in CI five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CI returned +125.7% versus CVS's +4.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CVS or CI?
By beta (market sensitivity over 5 years), Cigna Corporation (CI) is the lower-risk stock at 0.19β versus CVS Health Corporation's 0.27β — meaning CVS is approximately 47% more volatile than CI relative to the S&P 500. On balance sheet safety, Cigna Corporation (CI) carries a lower debt/equity ratio of 78% versus 124% for CVS Health Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — CVS or CI?
Cigna Corporation (CI) is the more profitable company, earning 1.4% net margin versus 0.4% for CVS Health Corporation — meaning it keeps 1.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CI leads at 3.8% versus 2.6% for CVS. At the gross margin level — before operating expenses — CVS leads at 13.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CVS or CI more undervalued right now?
On forward earnings alone, Cigna Corporation (CI) trades at 9.6x forward P/E versus 11.1x for CVS Health Corporation — 1.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CVS: 18.8% to $94.92.
07Which pays a better dividend — CVS or CI?
All stocks in this comparison pay dividends. CVS Health Corporation (CVS) offers the highest yield at 3.3%, versus 1.9% for Cigna Corporation (CI).
08Is CVS or CI better for a retirement portfolio?
For long-horizon retirement investors, Cigna Corporation (CI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19), 1.9% yield, +125.7% 10Y return). Both have compounded well over 10 years (CI: +125.7%, CVS: +4.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CVS and CI?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CVS is a mid-cap income-oriented stock; CI is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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