Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 8.1x · ROE 14.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $71.0B | $73.2B | $78.2B | $88.9B | $103.7B | $78.3B | $76.7B | $77.7B | $46.8B | $49.5B | $34.6B |
| Enterprise Value | $94.8B | $97.0B | $102.6B | $112.0B | $129.4B | $107.5B | $100.1B | $111.1B | $85.5B | $52.0B | $36.5B |
| P/E Ratio → | 12.10 | 12.41 | 22.78 | 17.22 | 15.48 | 14.58 | 9.07 | 15.22 | 18.02 | 22.15 | 18.55 |
| P/S Ratio | 0.26 | 0.27 | 0.32 | 0.46 | 0.57 | 0.45 | 0.48 | 0.51 | 0.96 | 1.19 | 0.87 |
| P/B Ratio | 1.70 | 1.75 | 1.90 | 1.92 | 2.31 | 1.66 | 1.52 | 1.71 | 1.14 | 3.59 | 2.51 |
| P/FCF | 8.46 | 8.73 | 8.73 | 8.68 | 14.09 | 12.97 | 8.29 | 9.21 | 14.45 | 13.71 | 9.72 |
| P/OCF | 7.39 | 7.62 | 7.55 | 7.53 | 11.98 | 10.89 | 7.41 | 8.19 | 12.43 | 12.13 | 8.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.35 | 0.42 | 0.57 | 0.72 | 0.62 | 0.62 | 0.72 | 1.76 | 1.24 | 0.92 |
| EV / EBITDA | 8.06 | 8.25 | 9.19 | 10.82 | 12.55 | 11.03 | 10.05 | 10.24 | 18.93 | 12.41 | 10.81 |
| EV / EBIT | 10.38 | 10.81 | 10.59 | 12.40 | 15.08 | 13.17 | 11.68 | 12.60 | 17.57 | 12.61 | 11.22 |
| EV / FCF | — | 11.56 | 11.46 | 10.94 | 17.57 | 17.80 | 10.81 | 13.17 | 26.36 | 14.39 | 10.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.5% | 9.5% | 10.5% | 12.9% | 13.0% | 13.2% | 15.1% | 16.3% | 33.6% | 33.7% | 32.7% |
| Operating Margin | 3.3% | 3.3% | 3.8% | 4.4% | 4.7% | 4.6% | 5.1% | 5.3% | 8.6% | 9.4% | 7.8% |
| Net Profit Margin | 2.2% | 2.2% | 1.4% | 2.6% | 3.7% | 3.1% | 5.3% | 3.3% | 5.4% | 5.4% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 7.8% | 11.3% | 14.6% | 11.0% | 17.7% | 11.8% | 9.6% | 16.2% | 14.4% |
| ROA | 3.8% | 3.8% | 2.2% | 3.5% | 4.5% | 3.5% | 5.4% | 3.3% | 2.5% | 3.7% | 3.2% |
| ROIC | 10.4% | 10.4% | 10.5% | 9.1% | 8.6% | 7.9% | 8.0% | 7.6% | 6.5% | 18.5% | 15.0% |
| ROCE | 9.2% | 9.2% | 9.3% | 8.3% | 7.9% | 6.9% | 6.9% | 6.8% | 4.8% | 7.7% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.75 | 0.75 | 0.78 | 0.67 | 0.70 | 0.73 | 0.67 | 0.84 | 1.03 | 0.39 | 0.37 |
| Debt / EBITDA | 2.67 | 2.67 | 2.86 | 2.99 | 3.06 | 3.52 | 3.37 | 3.51 | 9.41 | 1.30 | 1.49 |
| Net Debt / Equity | — | 0.57 | 0.59 | 0.50 | 0.57 | 0.62 | 0.46 | 0.74 | 0.94 | 0.18 | 0.13 |
| Net Debt / EBITDA | 2.02 | 2.02 | 2.19 | 2.23 | 2.49 | 3.00 | 2.35 | 3.08 | 8.55 | 0.59 | 0.55 |
| Debt / FCF | — | 2.84 | 2.73 | 2.26 | 3.48 | 4.83 | 2.53 | 3.96 | 11.91 | 0.68 | 0.52 |
| Interest Coverage | 6.50 | 6.50 | 6.75 | 6.25 | 6.99 | 6.76 | 5.96 | 5.24 | 9.77 | 16.37 | 11.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.85 | 0.85 | 0.84 | 0.77 | 0.73 | 0.83 | 0.77 | 0.74 | 0.64 | 0.85 | 1.63 |
| Quick Ratio | 0.72 | 0.72 | 0.73 | 0.65 | 0.61 | 0.74 | 0.68 | 0.68 | 0.55 | 0.83 | 1.63 |
| Cash Ratio | 0.14 | 0.14 | 0.14 | 0.18 | 0.17 | 0.14 | 0.32 | 0.14 | 0.18 | 0.46 | 0.47 |
| Asset Turnover | — | 1.74 | 1.59 | 1.28 | 1.25 | 1.12 | 1.03 | 0.99 | 0.32 | 0.68 | 0.67 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.2% | 2.0% | 1.6% | 1.3% | 1.7% | 0.0% | 0.0% | — | — | — |
| Payout Ratio | 27.0% | 27.0% | 45.6% | 28.1% | 20.6% | 25.0% | 0.2% | 0.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 8.1% | 4.4% | 5.8% | 6.5% | 6.9% | 11.0% | 6.6% | 5.5% | 4.5% | 5.4% |
| FCF Yield | 11.8% | 11.5% | 11.5% | 11.5% | 7.1% | 7.7% | 12.1% | 10.9% | 6.9% | 7.3% | 10.3% |
| Buyback Yield | 5.1% | 4.9% | 9.0% | 2.6% | 7.3% | 9.9% | 5.3% | 2.6% | 0.7% | 5.5% | 0.4% |
| Total Shareholder Yield | 7.4% | 7.1% | 11.0% | 4.2% | 8.7% | 11.6% | 5.3% | 2.6% | 0.7% | 5.5% | 0.4% |
| Shares Outstanding | — | $266M | $283M | $297M | $313M | $341M | $368M | $380M | $247M | $244M | $260M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CI stock.
Cigna Corporation's current P/E ratio is 12.1x. The historical average is 13.8x. This places it at the 34th percentile of its historical range.
Cigna Corporation's current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Cigna Corporation's return on equity (ROE) is 14.3%. The historical average is 16.3%.
Based on historical data, Cigna Corporation is trading at a P/E of 12.1x. This is at the 34th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cigna Corporation's current dividend yield is 2.26% with a payout ratio of 27.0%.
Cigna Corporation has 9.5% gross margin and 3.3% operating margin.
Cigna Corporation's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
PBM regulatory overhaul risk
Metrics are mathematically derived from official filings.
Discount Reflects PBM Overhang
Cigna trades at 12.5x trailing earnings and 1.76x book, a steep discount to UNH's 29x and 3.44x, implying the market prices in regulatory and structural risks. Based on Cigna's reported multiples, the gap suggests skepticism about Evernorth's durability.
The forward P/E of 9.0x implies the market expects minimal earnings growth, yet the Q2 2026 beat and raised guidance suggest momentum. The P/B of 1.76x is below ELV's 2.0x and HUM's 2.59x, indicating a discount that may reflect the pending MA divestiture and PBM scrutiny. Investors should monitor whether the discount narrows as Evernorth's fee-based model gains traction.
Combined Ratio Holds Near 96%
Cigna's combined ratio has remained tightly between 96.0% and 97.0% over the past ten quarters, with Q2 2026 at 96.3%. As reported in quarterly filings, underwriting profitability is stable, though the loss ratio's volatility from 79.1% to 92.3% warrants attention.
The stable combined ratio suggests disciplined pricing and cost control, but the loss ratio swings indicate sensitivity to medical utilization and reserve adjustments. The expense ratio's variability (4.7% to 17.1%) reflects the mix between Evernorth's service revenue and insurance premiums, complicating direct comparisons. The underwriting margin of 3.7% in Q2 2026 is consistent with the prior year, implying no deterioration despite revenue growth.
ROE Stable, Underwriting Drives Returns
Return on equity has averaged around 3.5% quarterly, with Q2 2026 at 3.9%, driven primarily by underwriting profits rather than investment income. According to Cigna's financial statements, investment income is not a material contributor, making underwriting the key lever.
The ROE is modest compared to UNH's 13.5% and ELV's 11.2%, reflecting Cigna's lower margin profile and higher asset base. The stable ROE suggests that reserve releases and cost efficiencies are offsetting medical cost inflation. Investors should note that the ROE is calculated on a quarterly basis; annualized, it would be around 15%, but the quarterly volatility indicates potential lumpiness.
Expense Ratio Volatile, Scale Benefits Evident
Cigna's expense ratio swung from 4.7% in Q4 2025 to 17.1% in Q2 2026, reflecting the mix of Evernorth's high-volume, low-margin services. Based on Cigna's reported figures, the underlying operating efficiency appears stable, with scale benefits from pharmacy volumes.
The expense ratio's volatility is largely due to revenue recognition differences between the PBM and insurance segments, not operational inefficiency. The stable combined ratio suggests that any expense increases are offset by lower loss ratios. Compared to peers, Cigna's expense ratio is lower than UNH's, indicating a leaner cost structure, but the PBM model's pass-through nature limits margin expansion.
Leverage Appears Low, But Data Raises Questions
Cigna's reported debt-to-equity of 0.74% is implausibly low for an insurer, suggesting the figure may be understated or reflect a subsidiary. As per financial statements, the true leverage is likely higher, warranting verification before drawing conclusions.
The interest coverage ratio of 7.34x in Q2 2026 indicates adequate debt servicing capacity, but the D/E ratio contradicts industry norms. The balance sheet shows equity of $42.6B against liabilities of $114B, implying a debt-to-equity closer to 2.7x if all liabilities are debt. Investors should treat the reported D/E with caution and focus on the company's cash flow generation to assess leverage sustainability.
Combined Ratio Masks Reserve Releases
The combined ratio, while stable, may obscure the impact of favorable reserve development, as evidenced by the loss ratio's volatility. According to Cigna's reported figures, reserve releases appear to be bolstering earnings, making the combined ratio less reliable.
The combined ratio is the standard underwriting metric, but for Cigna, it can be misleading because it does not distinguish between current-year underwriting performance and prior-year reserve adjustments. The loss ratio's swing from 90.6% in Q1 2026 to 79.1% in Q2 2026 suggests that reserve releases are smoothing earnings. Analysts should adjust for reserve development to assess true underwriting profitability, as the reported combined ratio may overstate operational strength.