30 years of historical data (1995–2024) · Healthcare · Medical - Healthcare Plans
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cigna Corporation trades at 23.9x earnings, 51% above its 5-year average of 15.8x, sitting at the 97th percentile of its historical range. This is roughly in line with the Healthcare sector median P/E of 23.7x. On a free-cash-flow basis, the stock trades at 8.5x P/FCF, 19% below the 5-year average of 10.6x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76.4B | $78.2B | $88.9B | $103.7B | $78.3B | $76.7B | $77.7B | $46.8B | $49.5B | $34.6B | $38.1B |
| Enterprise Value | $100.8B | $102.6B | $112.0B | $129.4B | $107.5B | $100.1B | $111.1B | $85.5B | $52.0B | $36.5B | $41.3B |
| P/E Ratio → | 23.91 | 22.78 | 17.22 | 15.48 | 14.58 | 9.07 | 15.22 | 18.02 | 22.15 | 18.55 | 18.20 |
| P/S Ratio | 0.31 | 0.32 | 0.46 | 0.57 | 0.45 | 0.48 | 0.51 | 0.96 | 1.19 | 0.87 | 1.01 |
| P/B Ratio | 1.99 | 1.90 | 1.92 | 2.31 | 1.66 | 1.52 | 1.71 | 1.14 | 3.59 | 2.51 | 3.15 |
| P/FCF | 8.52 | 8.73 | 8.68 | 14.09 | 12.97 | 8.29 | 9.21 | 14.45 | 13.71 | 9.72 | 17.28 |
| P/OCF | 7.37 | 7.55 | 7.53 | 11.98 | 10.89 | 7.41 | 8.19 | 12.43 | 12.13 | 8.60 | 14.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Cigna Corporation's enterprise value stands at 9.0x EBITDA, 16% below its 5-year average of 10.7x. The Healthcare sector median is 13.8x, placing the stock at a 35% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.42 | 0.57 | 0.72 | 0.62 | 0.62 | 0.72 | 1.76 | 1.24 | 0.92 | 1.09 |
| EV / EBITDA | 9.02 | 9.19 | 10.82 | 12.55 | 11.03 | 10.05 | 10.24 | 18.93 | 12.41 | 10.81 | 3.26 |
| EV / EBIT | 10.70 | 10.59 | 12.40 | 15.08 | 13.17 | 11.68 | 12.60 | 17.57 | 12.61 | 11.22 | 11.83 |
| EV / FCF | — | 11.46 | 10.94 | 17.57 | 17.80 | 10.81 | 13.17 | 26.36 | 14.39 | 10.23 | 18.73 |
Margins and return-on-capital ratios measuring operating efficiency
Cigna Corporation earns an operating margin of 3.8%. ROE of 7.8% is modest. ROIC of 10.5% represents solid returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.5% | 10.5% | 12.9% | 13.0% | 13.2% | 15.1% | 16.3% | 33.6% | 33.7% | 32.7% | 32.9% |
| Operating Margin | 3.8% | 3.8% | 4.4% | 4.7% | 4.6% | 5.1% | 5.3% | 8.6% | 9.4% | 7.8% | 32.6% |
| Net Profit Margin | 1.4% | 1.4% | 2.6% | 3.7% | 3.1% | 5.3% | 3.3% | 5.4% | 5.4% | 4.7% | 5.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 7.8% | 11.3% | 14.6% | 11.0% | 17.7% | 11.8% | 9.6% | 16.2% | 14.4% | 18.2% |
| ROA | 2.2% | 2.2% | 3.5% | 4.5% | 3.5% | 5.4% | 3.3% | 2.5% | 3.7% | 3.2% | 3.7% |
| ROIC | 10.5% | 10.5% | 9.1% | 8.6% | 7.9% | 8.0% | 7.6% | 6.5% | 18.5% | 15.0% | 62.0% |
| ROCE | 9.3% | 9.3% | 8.3% | 7.9% | 6.9% | 6.9% | 6.8% | 4.8% | 7.7% | 6.0% | 24.6% |
Solvency and debt-coverage ratios — lower is generally safer
Cigna Corporation carries a Debt/EBITDA ratio of 2.9x, which is moderately leveraged (8% below the sector average of 3.1x). Net debt stands at $24.4B ($32.0B total debt minus $7.5B cash). Interest coverage of 6.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.67 | 0.70 | 0.73 | 0.67 | 0.84 | 1.03 | 0.39 | 0.37 | 0.43 |
| Debt / EBITDA | 2.86 | 2.86 | 2.99 | 3.06 | 3.52 | 3.37 | 3.51 | 9.41 | 1.30 | 1.49 | 0.41 |
| Net Debt / Equity | — | 0.59 | 0.50 | 0.57 | 0.62 | 0.46 | 0.74 | 0.94 | 0.18 | 0.13 | 0.26 |
| Net Debt / EBITDA | 2.19 | 2.19 | 2.23 | 2.49 | 3.00 | 2.35 | 3.08 | 8.55 | 0.59 | 0.55 | 0.25 |
| Debt / FCF | — | 2.73 | 2.26 | 3.48 | 4.83 | 2.53 | 3.96 | 11.91 | 0.68 | 0.52 | 1.45 |
| Interest Coverage | 6.56 | 6.56 | 5.90 | 6.88 | 6.57 | 5.67 | 4.80 | 8.35 | 15.64 | 11.11 | — |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.84x is below 1.0, meaning current liabilities exceed current assets — though the company's $7.5B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.73x to 0.84x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | 0.77 | 0.73 | 0.83 | 0.77 | 0.74 | 0.64 | 0.85 | 1.63 | 2.37 |
| Quick Ratio | 0.73 | 0.73 | 0.65 | 0.61 | 0.74 | 0.68 | 0.68 | 0.55 | 0.83 | 1.63 | 2.37 |
| Cash Ratio | 0.14 | 0.14 | 0.18 | 0.17 | 0.14 | 0.32 | 0.14 | 0.18 | 0.46 | 0.47 | 0.40 |
| Asset Turnover | — | 1.59 | 1.28 | 1.25 | 1.12 | 1.03 | 0.99 | 0.32 | 0.68 | 0.67 | 0.66 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cigna Corporation returns 11.1% to shareholders annually — split between a 1.9% dividend yield and 9.2% buyback yield. A payout ratio of 45.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.0% | 1.6% | 1.3% | 1.7% | 0.0% | 0.0% | — | — | — | — |
| Payout Ratio | 45.6% | 45.6% | 28.1% | 20.6% | 25.0% | 0.2% | 0.3% | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.4% | 5.8% | 6.5% | 6.9% | 11.0% | 6.6% | 5.5% | 4.5% | 5.4% | 5.5% |
| FCF Yield | 11.7% | 11.5% | 11.5% | 7.1% | 7.7% | 12.1% | 10.9% | 6.9% | 7.3% | 10.3% | 5.8% |
| Buyback Yield | 9.2% | 9.0% | 2.6% | 7.3% | 9.9% | 5.3% | 2.6% | 0.7% | 5.5% | 0.4% | 1.8% |
| Total Shareholder Yield | 11.1% | 11.0% | 4.2% | 8.7% | 11.6% | 5.3% | 2.6% | 0.7% | 5.5% | 0.4% | 1.8% |
| Shares Outstanding | — | $283M | $297M | $313M | $341M | $368M | $380M | $247M | $244M | $260M | $261M |
Compare CI with 2 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CIYou | $76B | 23.9 | 9.0 | 8.5 | 10.5% | 3.8% | 7.8% | 10.5% | 2.9 |
| UNH | $266B | 18.8 | 13.5 | 8.3 | 18.5% | 4.2% | 13.9% | 9.3% | 3.4 |
| CVS | $102B | 57.5 | 12.4 | 13.0 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonCigna Corporation's current P/E ratio is 23.9x. The historical average is 14.6x. This places it at the 97th percentile of its historical range.
Cigna Corporation's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Cigna Corporation's return on equity (ROE) is 7.8%. The historical average is 16.0%.
Based on historical data, Cigna Corporation is trading at a P/E of 23.9x. This is at the 97th 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 1.91% with a payout ratio of 45.6%.
Cigna Corporation has 10.5% gross margin and 3.8% operating margin.
Cigna Corporation's Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.