Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Cigna (CI)

Price updated 06 Nov 2026 09:55; TTM through 30 Jun 2026; TTM financials updated 06 Nov 2026 12:29.

Starts from TTM through 30 Jun 2026 financials in USD and a share price of USD 301.48. Growth begins at 5.4% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 4.5%, net 2.3%, free cash flow 3.2% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Year 1 uses analyst consensus revenue growth (4.1%); year 2 is halfway back to the model's own path.
USD 423.17Model fair value (Free-cash-flow DCF); range USD 293.52 to USD 648.72
40%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.

6.5%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 417.12BRevenue in year 10 (base)
USD 9.48BNet income in year 10 (base)
USD 13.46BFree cash flow in year 10 (base)
USD 9.09Dividend per share in year 10 (base)
USD 490.27Implied share price in year 10 (base), today USD 301.48
16.9%Year-10 free cash flow per share vs today's price

Free cash flow over time

USD 0 USD 4.69B USD 9.38B USD 14.07B USD 18.76B FY2021 FY2023 FY2025 TTM through 30 Jun 2026 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -1.9% USD 9.53B 0.4%
Base 4.1% USD 13.46B 4.0%
Bull 10.1% USD 18.76B 7.5%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– USD 282.38BUSD 12.57BUSD 6.42BUSD 9.11B 24.3134.526.15161.46301.48
Year 14.1% USD 293.90BUSD 13.08BUSD 6.68BUSD 9.48B 25.3035.936.40180.36320.11
Year 24.6% USD 307.48BUSD 13.69BUSD 6.99BUSD 9.92B 26.4737.596.70200.13341.52
Year 34.9% USD 322.47BUSD 14.35BUSD 7.33BUSD 10.41B 27.7639.427.03220.86365.12
Year 44.6% USD 337.28BUSD 15.01BUSD 7.66BUSD 10.88B 29.0341.247.35242.54389.16
Year 54.3% USD 351.82BUSD 15.66BUSD 7.99BUSD 11.35B 30.2843.017.67265.16413.52
Year 64.0% USD 366.00BUSD 16.29BUSD 8.32BUSD 11.81B 31.5044.757.97288.69430.18
Year 73.7% USD 379.71BUSD 16.90BUSD 8.63BUSD 12.25B 32.6846.428.27313.10446.30
Year 83.5% USD 392.86BUSD 17.49BUSD 8.93BUSD 12.68B 33.8248.038.56338.36461.76
Year 93.2% USD 405.37BUSD 18.04BUSD 9.21BUSD 13.08B 34.8949.568.83364.42476.45
Year 102.9% USD 417.12BUSD 18.57BUSD 9.48BUSD 13.46B 35.9051.009.09391.23490.27

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.