Financials Cigna

Equities

CI

US1255231003

Managed Healthcare

Market Closed - Nyse Other stock markets 21:00:02 18/07/2025 BST			5-day change	1st Jan Change
295.71 ^USD	-0.86%		-2.49%	+7.09%

07-17	Many US employers plan to pare health benefits as weight-loss spending soars	RE
07-16	Bernstein Adjusts Price Target on Cigna Group to $346 From $373, Maintains Market Perform Rating	MT

Projected Income Statement: Cigna

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	160,067	174,078	180,642	195,322	247,099	257,097	267,766	282,145
Change	-	8.75%	3.77%	8.13%	26.51%	4.05%	4.15%	5.37%
EBITDA ¹	11,072	11,118	11,522	11,980	12,083	12,692	13,633	14,481
Change	-	0.42%	3.63%	3.98%	0.86%	5.04%	7.42%	6.22%
EBIT ¹	8,153	7,935	8,414	8,536	9,417	9,555	10,234	10,348
Change	-	-2.67%	6.04%	1.45%	10.32%	1.46%	7.11%	1.11%
Interest Paid ¹	-1,438	-1,208	-1,228	-1,446	-1,435	-1,388	-1,354	-1,338
Earnings before Tax (EBT) ¹	10,868	6,782	8,353	5,513	5,269	8,006	9,122	9,935
Change	-	-37.6%	23.16%	-34%	-4.43%	51.95%	13.94%	8.91%
Net income ¹	8,458	5,365	6,668	5,164	3,434	6,355	7,027	7,696
Change	-	-36.57%	24.29%	-22.56%	-33.5%	85.05%	10.57%	9.53%
Announcement Date	04/02/21	03/02/22	03/02/23	02/02/24	30/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	39,205	40,801	41,669	40,985	43,107	44,310	45,676	44,005	45,480	45,280	45,743	46,479	48,616	49,048	51,149	57,247	60,470	63,694	65,683	65,452	62,606	64,222	65,763	65,706	66,133	68,109	69,656	69,832
Change	-	4.07%	2.13%	-1.64%	5.18%	2.79%	3.08%	-3.66%	3.35%	-0.44%	1.02%	1.61%	4.6%	0.89%	4.28%	11.92%	5.63%	5.33%	3.12%	-0.35%	-4.35%	2.58%	2.4%	-0.09%	0.65%	2.99%	2.27%	0.25%
EBITDA ¹	3,397	2,657	2,196	2,678	2,878	3,028	2,530	3,022	3,140	2,867	2,445	2,684	2,976	3,220	3,133	2,992	3,065	3,303	2,817	2,924	3,065	3,282	3,210	3,222	3,130	3,338	3,307	3,366
Change	-	-21.78%	-17.35%	21.95%	7.47%	5.21%	-16.45%	19.45%	3.9%	-8.69%	-14.72%	9.78%	10.88%	8.2%	-2.7%	-4.5%	2.44%	7.77%	-14.71%	3.8%	4.82%	7.09%	-2.2%	0.36%	-2.84%	6.65%	-0.92%	1.79%
EBIT ¹	2,639	2,108	1,345	1,957	2,147	2,362	1,537	2,167	2,381	2,141	1,725	2,015	2,221	2,454	2,060	2,256	2,412	2,653	2,173	1,971	2,368	2,567	2,538	2,574	2,509	2,701	2,708	2,750
Change	-	-20.12%	-36.2%	45.5%	9.71%	10.01%	-34.93%	40.99%	9.88%	-10.08%	-19.43%	16.81%	10.22%	10.49%	-16.06%	9.51%	6.91%	9.99%	-18.09%	-9.3%	20.14%	8.41%	-1.14%	1.42%	-2.53%	7.68%	0.24%	1.55%
Charge d'intérêts ¹	-377	-336	-337	-314	-298	-303	-293	-299	-301	-304	-324	-358	-363	-365	-360	-322	-375	-376	-362	-362	-343.9	-340.2	-338.6	-338	-336	-337.7	-340	-341.5
Earnings before Tax (EBT) ¹	2,289	1,804	5,378	1,513	1,898	2,059	1,312	1,549	1,985	3,491	1,328	1,601	1,884	1,840	188	79	1,989	1,192	2,009	1,648	1,980	2,179	2,188	2,227	2,182	2,352	2,371	2,465
Change	-	-21.19%	198.12%	-71.87%	25.45%	8.48%	-36.28%	18.06%	28.15%	75.87%	-61.96%	20.56%	17.68%	-2.34%	-89.78%	-57.98%	2,417.72%	-40.07%	68.54%	-17.97%	20.14%	10.03%	0.44%	1.8%	-2.03%	7.79%	0.79%	3.98%
Net income ¹	1,754	1,388	4,135	1,161	1,467	1,621	1,116	1,183	1,559	2,757	1,169	1,267	1,460	1,408	1,029	-277	1,548	739	1,424	1,323	1,568	1,739	1,717	1,709	1,694	1,819	1,844	1,906
Change	-	-20.87%	197.91%	-71.92%	26.36%	10.5%	-31.15%	6%	31.78%	76.84%	-57.6%	8.38%	15.23%	-3.56%	-26.92%	-126.92%	658.84%	-52.26%	92.69%	-7.09%	18.49%	10.9%	-1.22%	-0.5%	-0.85%	7.37%	1.38%	3.36%
Announcement Date	30/07/20	05/11/20	04/02/21	07/05/21	05/08/21	04/11/21	03/02/22	06/05/22	04/08/22	03/11/22	03/02/23	05/05/23	03/08/23	02/11/23	02/02/24	02/05/24	01/08/24	31/10/24	30/01/25	02/05/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Cigna

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	22,737	28,589	25,169	23,108	24,422	19,518	13,474	10,913
Change	-	25.74%	-11.96%	-8.19%	5.69%	-20.08%	-30.97%	-19.01%
Announcement Date	04/02/21	03/02/22	03/02/23	02/02/24	30/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Cigna

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,094	1,154	1,295	1,573	1,406	1,396	1,483	1,581
Change	-	5.48%	12.22%	21.47%	-10.62%	-0.71%	6.2%	6.66%
Free Cash Flow (FCF) ¹	9,256	6,037	7,361	10,240	8,957	10,391	12,343	12,040
Change	-	-34.78%	21.93%	39.11%	-12.53%	16.01%	18.79%	-2.46%
Announcement Date	04/02/21	03/02/22	03/02/23	02/02/24	30/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Cigna

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	6.92%	6.39%	6.38%	6.13%	4.89%	4.94%	5.09%	5.13%
EBIT Margin (%)	5.09%	4.56%	4.66%	4.37%	3.81%	3.72%	3.82%	3.67%
EBT Margin (%)	6.79%	3.9%	4.62%	2.82%	2.13%	3.11%	3.41%	3.52%
Net margin (%)	5.28%	3.08%	3.69%	2.64%	1.39%	2.47%	2.62%	2.73%
FCF margin (%)	5.78%	3.47%	4.07%	5.24%	3.62%	4.04%	4.61%	4.27%
FCF / Net Income (%)	109.43%	112.53%	110.39%	198.3%	260.83%	163.51%	175.67%	156.43%
Profitability
ROA	5.44%	4.5%	4.88%	5.02%	5.02%	3.77%	4.58%	4.49%
ROE	14.21%	14.33%	15.84%	16.39%	17.74%	19.03%	20.04%	18.35%
Financial Health
Leverage (Debt/EBITDA)	2.05x	2.57x	2.18x	1.93x	2.02x	1.54x	0.99x	0.75x
Debt / Free cash flow	2.46x	4.74x	3.42x	2.26x	2.73x	1.88x	1.09x	0.91x
Capital Intensity
CAPEX / Current Assets (%)	0.68%	0.66%	0.72%	0.81%	0.57%	0.54%	0.55%	0.56%
CAPEX / EBITDA (%)	9.88%	10.38%	11.24%	13.13%	11.64%	11%	10.87%	10.92%
CAPEX / FCF (%)	11.82%	19.12%	17.59%	15.36%	15.7%	13.44%	12.01%	13.14%
Items per share
Cash flow per share ¹	28.1	21.09	27.65	39.79	36.59	38.57	41.7	-
Change	-	-24.93%	31.1%	43.91%	-8.04%	5.42%	8.1%	-
Dividend per Share ¹	0.04	4	4.48	4.92	5.6	5.777	6.245	6.763
Change	-	9,900%	12%	9.82%	13.82%	3.16%	8.11%	8.3%
Book Value Per Share ¹	141.8	145.9	150.2	158	149.9	156.2	168	206.5
Change	-	2.85%	2.99%	5.19%	-5.16%	4.25%	7.54%	22.88%
EPS ¹	22.96	15.73	21.3	17.39	12.12	23.66	27.14	30.29
Change	-	-31.49%	35.41%	-18.36%	-30.3%	95.18%	14.74%	11.58%
Nbr of stocks (in thousands)	361,267	331,428	305,739	292,620	278,153	267,143	267,143	267,143
Announcement Date	04/02/21	03/02/22	03/02/23	02/02/24	30/01/25	-	-	-