Upside case
Bull case
$1181+328.5%
CI would need investors to value it at roughly 39x earnings — about 30x more generous than today's 9x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Cigna Corporation (CI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
39
analysts
32 bullish · 0 bearish · 39 covering CI
Strong Buy
1
Buy
31
Hold
7
Sell
0
Strong Sell
0
Consensus Target
$328
+19.0% vs today
Scenario Range
$280 – $1181
Model bear to bull value window
Coverage
39
Published analyst ratings
Valuation Context
9.1x
Forward P/E · Market cap $72.7B
CI price targets
Three scenarios for where CI stock could go
Current
~$276
Confidence
65 / 100
Updated
May 1, 2026
Where we are now
Current · $276
Bear
$280
Base
$404
Bull
$1181
Market caseClosest to today
Base case
$404+46.4%
At 13x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$280+1.6%
The bear case assumes sentiment or fundamentals disappoint enough to push CI down roughly 2% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Cigna Corporation
CI · NYSEHealthcareMedical - Healthcare PlansDecember year-end
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.
Market Cap
$72.7B
Revenue TTM
$277.9B
Net Income TTM
$6.3B
Net Margin
2.3%
CI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+1.6%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$7.20/$7.16
Revenue
$67.2B/$62.9B
Q4 2025
EPS
$7.83/$7.64
Revenue
$69.7B/$67.6B
Q1 2026
EPS
$8.08/$7.88
Revenue
$72.5B/$70.3B
Q2 2026
EPS
$7.79/$7.60
Revenue
$68.5B/$66.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $7.20/$7.16 | +0.6% | $67.2B/$62.9B | +6.9% |
| Q4 2025 | $7.83/$7.64 | +2.5% | $69.7B/$67.6B | +3.2% |
| Q1 2026 | $8.08/$7.88 | +2.5% | $72.5B/$70.3B | +3.1% |
| Q2 2026 | $7.79/$7.60 | +2.5% | $68.5B/$66.3B | +3.3% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$298.7B
+7.5% YoY
FY2
$331.5B
+11.0% YoY
EPS Outlook
FY1
$28.81
+21.1% YoY
FY2
$32.46
+12.7% YoY
Trailing FCF (TTM)$7.7B
FCF Margin: 2.8%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
CI beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
CI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $282.4B
Product Mix
Latest annual revenue by segment or product family
Evernorth
83.2%
+18.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Evernorth is the largest disclosed segment at 83.2% of FY 2025 revenue, up 18.6% YoY.
CI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $458 — implies +61.9% from today's price.
Upside to Fair Value
61.9%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
CI
12.4x
vs
S&P 500
25.1x
50% discount
vs Healthcare Trailing P/E
CI
12.4x
vs
Healthcare
22.2x
44% discount
vs CI 5Y Avg P/E
Today
12.4x
vs
5Y Average
16.5x
25% discount
Forward PE
9.1x
S&P 500
19.1x
-52%
Healthcare
18.8x
-52%
5Y Avg
—
—
Trailing PE
12.4x
S&P 500
25.1x
-50%
Healthcare
22.2x
-44%
5Y Avg
16.5x
-25%
PEG Ratio
—
S&P 500
1.72x
—
Healthcare
1.53x
—
5Y Avg
—
—
EV/EBITDA
8.2x
S&P 500
15.2x
-46%
Healthcare
14.0x
-41%
5Y Avg
10.4x
-21%
Price/FCF
8.7x
S&P 500
21.1x
-59%
Healthcare
18.6x
-53%
5Y Avg
10.6x
-19%
Price/Sales
0.3x
S&P 500
3.1x
-92%
Healthcare
2.8x
-91%
5Y Avg
0.4x
-36%
Dividend Yield
2.20%
S&P 500
1.87%
+18%
Healthcare
1.42%
+55%
5Y Avg
1.78%
+24%
| Metric | CI | S&P 500 | Healthcare | 5Y Avg CI |
|---|---|---|---|---|
| Forward PE | 9.1x | 19.1x-52% | 18.8x-52% | — |
| Trailing PE | 12.4x | 25.1x-50% | 22.2x-44% | 16.5x-25% |
| PEG Ratio | — | 1.72x | 1.53x | — |
| EV/EBITDA | 8.2x | 15.2x-46% | 14.0x-41% | 10.4x-21% |
| Price/FCF | 8.7x | 21.1x-59% | 18.6x-53% | 10.6x-19% |
| Price/Sales | 0.3x | 3.1x-92% | 2.8x-91% | 0.4x-36% |
| Dividend Yield | 2.20% | 1.87% | 1.42% | 1.78% |
CI trades above S&P 500 benchmarks on 0 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCI Financial Health
Verdict
Exceptional
CI posts 2.3% net margin with 15.1% ROE — the core signals of underwriting discipline and capital efficiency.
Underwriting & Earnings
Premium revenue, margins, and returns
Revenue (TTM)
Trailing-twelve-month sales base
$277.9B
Revenue Growth
TTM vs prior year
+8.8%
Operating Margin
Operating income divided by revenue
3.4%
Net Margin
Net income divided by revenue
2.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$23.80
ROE
Return on equity — measures underwriting and investment efficiency
15.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.4%
ROA
Return on assets, trailing twelve months
4.1%
Cash & Equivalents
Liquid assets on the balance sheet
$7.7B
Net Debt
Total debt minus cash
$23.8B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity, trailing twelve months
15.1%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
7.2%
Dividend
2.2%
Buyback
5.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$3.6B
Dividend / Share
Annualized trailing dividend per share
$6.06
Payout Ratio
Share of earnings distributed as dividends
27.0%
Shares Outstanding
Declining as buybacks retire shares
264M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageCI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Evernorth AOI Decline
Cigna projects a decline in Evernorth Adjusted Operating Income for 2026 due to PBM margin pressures and a shift to a rebate‑free model, expected to reduce earnings by $500 million to $600 million.
High Risk
Margin Erosion in Top Customers
The company anticipates declining AOI margins among its top three customers and a shift to lower‑priced contracts, which could erode overall profitability.
High Risk
PBM Practices Headwinds
Rebates and spread‑based pricing in pharmacy benefit management could face prohibition, creating profit headwinds for Cigna’s Evernorth PBM business.
Medium
Healthcare Reform & Regulation
Ongoing political discussions and potential reforms in the U.S. healthcare system could impact Cigna’s business prospects and create volatility.
Medium
Client Concentration Risk
Cigna’s Evernorth PBM business is heavily exposed to the Department of Defense, making it vulnerable to client concentration risk.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why CI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Strong Earnings & Revenue Growth
Cigna has consistently outperformed analyst expectations, with EPS surpassing forecasts and revenue growth exceeding consensus estimates. The company’s earnings quality is further supported by its disciplined cost control approach. This trend positions Cigna for continued profitability.
Robust Free Cash Flow & Low Leverage
Cigna maintains resilient free cash flow, bolstered by modest leverage levels. The company’s disciplined cost control approach ensures cash generation remains strong. This financial strength provides flexibility for future growth initiatives.
PBM Business Shift to Fee-Based Model
Cigna’s Pharmacy Benefit Management (PBM) business has transitioned to a fee-based model, structurally de-risking the segment. The company has secured extended contracts with its largest PBM customers, enhancing long-term visibility. This shift supports sustainable revenue growth.
GLP-1 Drug Deals & Capped Prices
Cigna has secured deals to offer capped prices for GLP-1 weight loss drugs, reinforcing its structural advantages as a major PBM. These agreements position Cigna to capture value in a growing therapeutic area. The deals also mitigate pricing pressure.
Share Buybacks & Dividend Growth
Cigna has been actively repurchasing shares, boosting shareholder value. The company offers a rising dividend yield with strong grades for dividend safety and growth potential. This makes Cigna attractive for income-focused investors.
Potential Upside: Over 50% Return
Analysts project a significant upside from the current stock price, with some estimates suggesting over 50% potential return based on conservative multiples of future earnings. This upside reflects the company’s solid fundamentals and strategic positioning.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
CI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$275.66
52W Range Position
36%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$239.51
+15.1% from the low
52-Week High
$338.89
-18.7% from the high
1 Month
-0.01%
3 Month
-3.12%
YTD
-1.2%
1 Year
-17.2%
3Y CAGR
+1.9%
5Y CAGR
+1.3%
10Y CAGR
+7.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
CI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
9.1x
vs 15.7x median
-42% below peer median
Revenue Growth
+7.5%
vs +4.0% median
+85% above peer median
Net Margin
2.3%
vs 0.8% median
+175% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
CI CI Cigna Corporation | $72.7B | 9.1x | +7.5% | 2.3% | Buy | +19.0% |
UNH UNH UnitedHealth Group Incorporated | $330.3B | 19.9x | +3.2% | 2.7% | Buy | +5.9% |
ELV ELV Elevance Health Inc. | $80.1B | 13.8x | +4.0% | 2.6% | Buy | +3.6% |
CVS CVS CVS Health Corporation | $102.6B | 11.3x | +3.5% | 0.4% | Buy | +18.0% |
HUM HUM Humana Inc. | $28.8B | 26.8x | +14.8% | 0.8% | Hold | +2.7% |
CNC CNC Centene Corporation | $26.2B | 15.7x | +7.6% | -3.3% | Buy | -3.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
CI Dividend and Capital Return
CI returns capital mainly through $3.6B/year in buybacks (5.0% buyback yield), with a modest 2.20% dividend — combining for 7.2% total shareholder yield. The dividend has grown for 6 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
7.2%
Dividend + buyback return per year
Buyback Yield
5.0%
Dividend Yield
2.20%
Payout Ratio
27.0%
How CI Splits Its Return
Div 2.20%
Buyback 5.0%
Dividend 2.20%Buybacks 5.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$6.06
Growth Streak
Consecutive years of dividend increases
6Y
3Y Div CAGR
10.5%
5Y Div CAGR
172.8%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$3.6B
Estimated Shares Retired
13M
Approx. Share Reduction
5.0%
Shares Outstanding
Current diluted share count from the screening snapshot
264M
At 5.0%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $3.12 | — | — | — |
| 2025 | $6.04 | +7.9% | 4.9% | 7.1% |
| 2024 | $5.60 | +13.8% | 9.0% | 11.0% |
| 2023 | $4.92 | +9.8% | 2.6% | 4.2% |
| 2022 | $4.48 | +12.0% | 7.3% | 8.7% |
FAQ
7 questionsCI Investor Questions
Common questions answered from live analyst data and company financials.
01Is Cigna Corporation (CI) stock a buy or sell in 2026?
Cigna Corporation (CI) is rated Buy by Wall Street analysts as of 2026. Of 39 analysts covering the stock, 32 rate it Buy or Strong Buy, 7 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $328, implying +19.0% from the current price of $276. The bear case scenario is $280 and the bull case is $1181.
02What is the CI stock price target for 2026?
The Wall Street consensus price target for CI is $328 based on 39 analyst estimates. The high-end target is $375 (+36.0% from today), and the low-end target is $300 (+8.8%). The base case model target is $404.
03Is Cigna Corporation (CI) stock overvalued in 2026?
CI trades at 9.1x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Cigna Corporation (CI) stock in 2026?
The primary risks for CI in 2026 are: (1) Evernorth AOI Decline — Cigna projects a decline in Evernorth Adjusted Operating Income for 2026 due to PBM margin pressures and a shift to a rebate‑free model, expected to reduce earnings by $500 million to $600 million. (2) Margin Erosion in Top Customers — The company anticipates declining AOI margins among its top three customers and a shift to lower‑priced contracts, which could erode overall profitability. (3) PBM Practices Headwinds — Rebates and spread‑based pricing in pharmacy benefit management could face prohibition, creating profit headwinds for Cigna’s Evernorth PBM business. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Cigna Corporation's revenue and earnings forecast?
Analyst consensus estimates CI will report consensus revenue of $298.7B (+7.5% year-over-year) and EPS of $28.81 (+21.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $331.5B in revenue.
06When does Cigna Corporation (CI) report its next earnings?
A confirmed upcoming earnings date for CI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Cigna Corporation generate?
Cigna Corporation (CI) generated $7.7B in free cash flow over the trailing twelve months — a free cash flow margin of 2.8%. CI returns capital to shareholders through dividends (2.2% yield) and share repurchases ($3.6B TTM).