Cigna
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 Ca…
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.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF is somewhat apart.
Other models: USD 329.10–474.54 (median 370.53). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 5.44% growth, 2.9% terminal growth, and 10.5% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 5.44%, discount rate 10.50%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 5.4% (sector default 6.8%, analyst revenue consensus 4.1%).
Analyst consensus expects revenue growth of 4.1% a year; the growth assumption used is 5.4%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — USD 423.17 (+42.0%)
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EPS-based Gordon proxy
— USD 329.10 (+10.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 423.17 (+42.0%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— USD 370.53 (+24.3%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— USD 474.54 (+59.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 421.16 (+41.3%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— USD 2019.43 (+577.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 293.52 | -1.5% |
| Base USD 423.17 | 29.6% |
| Bull USD 648.72 | 54.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 298.00 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.5%).
Compare: the market implies -1.0% a year, this model assumes 5.4%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.5% | 9.5% | 10.5% | 11.5% | 12.5% |
|---|---|---|---|---|---|
| 1.4% | 497.95 | 408.39 | 342.38 | 291.70 | 251.57 |
| 3.4% | 552.63 | 454.00 | 381.32 | 325.56 | 281.41 |
| 5.4% | 611.47 | 503.04 | 423.17 | 361.91 | 313.43 |
| 7.4% | 674.71 | 555.71 | 468.09 | 400.90 | 347.76 |
| 9.4% | 742.59 | 612.21 | 516.25 | 442.68 | 384.52 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +11.8% a year | 20 / 20 |
| Balance sheet | net debt 2.0x EBITDA | 10 / 20 |
| Margins | EBITDA margin 4% | 0 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| CI (this company) | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CNC Centene Corporation | USD 74.17 | 41.6% | 25.1 | 1.7 | – | 72 |
| ZEAL.CO Zealand Pharma A/S | DKK 235.70 | 35.7% | 6.1 | 0.9 | – | 72 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 239.80 | 12.4% | 11.8 | 1.4 | – | 92 |
| AMP.MI Amplifon S.p.A. | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.50 | -3.2% | 17.3 | 4.0 | 3.6% | 92 |
| SAN.PA Sanofi | EUR 82.64 | -4.2% | 12.9 | – | 4.7% | 92 |
| Peer median | 15.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: USD 6.19 per share · yield 2.08% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 4.680 |
| 2025 | 6.040 |
| 2024 | 5.600 |
| 2023 | 4.920 |
| 2022 | 4.480 |
| 2021 | 4.000 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:29
| Revenue | USD 282,382,000,000 |
|---|---|
| EBITDA | USD 12,570,000,000 |
| EBIT | USD 9,846,000,000 |
| Net income | USD 6,416,000,000 |
| Free cash flow | USD 9,113,000,000 |
| Capital expenditures | USD 1,164,000,000 |
| Debt | USD 31,878,000,000 |
| Cash | USD 6,298,000,000 |
| Working capital | USD -8,571,000,000 |
| Shares outstanding | 263,962,000 |
| Reported dividends per share | USD 6.1524 |