The Cigna GroupCI
NYSE•Healthcare•Healthcare Plans
The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. It operates through two segments: Evernorth Health Services and Cigna Healthcare. The Evernorth Health Services segment includes Pharmacy Benefit Services and Specialty and Care Services, offering pharmacy benefit management, drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management, pharmacy benefits, home delivery pharmacy, specialty pharmacy, specialty pharmaceutical distribution, and clinical programs for whole-person health outcomes. The Cigna Healthcare segment comprises U.S. Healthcare and International Health, delivering comprehensive medical and coordinated solutions such as employer medical plans, individual and family plans, behavioral health, consumer health engagement, dental, pharmacy management, stop-loss insurance, global health care, and local health care solutions, as well as health care benefits for mobile individuals and employees of multinational organizations. The company offers other operations, including corporate-owned life insurance, reinsurance, and certain run-off and non-strategic businesses. The company distributes its products and services through brokers and consultants; directly to employers, unions and other groups, or individuals; and private and public exchanges. The company was formerly known as Cigna Corporation and changed its name to The Cigna Group in February 2023. The company was founded in 1792 and is headquartered in Bloomfield, Connecticut.
The Cigna Group (CI) reported trailing twelve months revenue of $277.89B as of March 2026, a 8.8% increase year-over-year. Quarterly revenue reached $68.49B, reflecting continued top-line momentum.
The Cigna Group generated $6.20B in TTM net income, with quarterly EBITDA of $3.01B. The operating margin expanded from 3.0% to 3.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.4%) and net margin (2.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.2% a year ago, signaling stronger bottom-line efficiency.
CI trades at a P/E of 0.0x (below the broader market average) and a P/S of 0.0x. The price-to-book ratio of 0.0x suggests the stock trades below its book value.
The company generated $1.13B in free cash flow over the trailing twelve months, a 41.1% decrease year-over-year, indicating cash generation ability. The balance sheet shows $153.27B in total assets with $29.37B in long-term debt against $42.21B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~3.5% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~27.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~3.5% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.