Cigna Corporation (CI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+580.7%

$2,009.12

vs $295.17 price

Levered DCF

$1,803.24

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.8

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.34×	22.54×	17.04×	15.3×	14.45×	8.98×	15.06×	17.77×
P/B	1.75×	1.89×	1.92×	2.31×	1.65×	1.51×	1.7×	1.14×
P/S	0.27×	0.31×	0.46×	0.57×	0.45×	0.47×	0.5×	0.96×
EV / EBITDA	8.25×	8.17×	9.28×	11.23×	9.63×	8.74×	8.85×	15.37×
Gross margin	9.5%	10.5%	12.9%	13.0%	13.2%	15.1%	16.3%	33.6%
Operating margin	3.3%	3.8%	4.4%	4.7%	4.6%	5.1%	5.3%	8.6%
Net margin	2.2%	1.4%	2.6%	3.7%	3.1%	5.3%	3.3%	5.4%
Current ratio	0.85×	0.84×	0.77×	0.73×	0.83×	0.77×	0.74×	0.64×
Debt / equity	0.75×	0.78×	0.67×	0.7×	0.73×	0.67×	0.84×	1.04×
Interest coverage	6.61×	6.56×	5.9×	6.88×	6.57×	5.67×	4.8×	8.35×
Dividend yield	2.2%	2.0%	1.6%	1.3%	1.7%	0.0%	0.0%	0.0%
Payout ratio	27.0%	45.6%	28.1%	20.6%	25.0%	0.2%	0.3%	0.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	8.4%	11.2%	14.9%	11.4%	16.8%	11.3%	6.4%
Return on invested capital	7.4%	6.7%	7.8%	6.5%	5.6%	5.2%	5.2%	2.5%
Return on assets	3.8%	2.2%	3.4%	4.7%	3.5%	5.4%	3.3%	1.7%
Free cash flow yield	11.5%	11.6%	11.5%	7.1%	7.8%	12.2%	11.0%	6.9%
Earnings yield	8.1%	4.4%	5.8%	6.5%	6.9%	11.1%	6.6%	5.6%
Enterprise value	$97B	$101.8B	$112B	$129.4B	$106.8B	$99.4B	$110.3B	$85.5B
Net debt / EBITDA	2.02×	1.96×	1.91×	2.23×	2.63×	2.06×	2.68×	6.95×
Cash conversion cycle (days)	33	-16	-16	-12	-13	-15	-12	-62