Financials Cigna

Equities

CI

US1255231003

Managed Healthcare

Real-time Estimate Cboe BZX Other stock markets 19:31:50 13/01/2026 GMT			5-day change	1st Jan Change
271.15 ^USD	-1.76%		-4.78%	-1.48%

01-12	Gilead's new HIV prevention shot added to CVS's drug coverage lists, CEO says	RE
01-09	Mizuho Securities Adjusts Cigna Group Price Target to $325 From $307, Maintains Outperform 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	270,539	283,029	300,730
Change	-	8.75%	3.77%	8.13%	26.51%	9.49%	4.62%	6.25%
EBITDA ¹	11,072	11,118	11,522	11,980	12,083	12,892	13,123	13,811
Change	-	0.42%	3.63%	3.98%	0.86%	6.7%	1.79%	5.25%
EBIT ¹	8,153	7,935	8,414	8,536	9,417	9,689	9,881	10,553
Change	-	-2.67%	6.04%	1.45%	10.32%	2.89%	1.98%	6.8%
Interest Paid ¹	-1,438	-1,208	-1,228	-1,446	-1,435	-1,384	-1,394	-1,366
Earnings before Tax (EBT) ¹	10,868	6,782	8,353	5,513	5,269	8,243	8,429	9,012
Change	-	-37.6%	23.16%	-34%	-4.43%	56.45%	2.26%	6.92%
Net income ¹	8,458	5,365	6,668	5,164	3,434	6,466	6,504	6,968
Change	-	-36.57%	24.29%	-22.56%	-33.5%	88.31%	0.58%	7.13%
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 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	2027 Q2	2027 Q3
Net sales ¹	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	63,699	65,683	65,502	67,178	69,748	69,525	67,197	71,071	73,918	74,040	72,387	75,710	79,249
Change	-	-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%	5.34%	3.11%	-0.28%	2.56%	3.83%	-0.32%	-3.35%	5.77%	4.01%	0.17%	-2.23%	4.59%	4.67%
EBITDA ¹	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	3,209	2,817	2,924	3,030	3,205	3,309	3,034	3,076	3,363	3,155	3,187	3,198	3,363
Change	-	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%	4.7%	-12.22%	3.8%	3.63%	5.78%	3.23%	-8.29%	1.36%	9.33%	-6.2%	1.04%	0.32%	5.16%
EBIT ¹	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	2,576	2,173	1,971	2,306	2,578	2,599	2,317	2,331	2,676	2,564	2,424	2,453	2,807
Change	-	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%	6.8%	-15.64%	-9.3%	17%	11.8%	0.82%	-10.85%	0.59%	14.81%	-4.19%	-5.47%	1.19%	14.46%
Charge d'intérêts ¹	-337	-314	-298	-303	-293	-299	-301	-304	-324	-358	-363	-365	-360	-322	-375	-376	-362	-362	-337	-347	-331.8	-332.5	-334.5	-336.7	-333.8	-314.8	-319.5	-320.5
Earnings before Tax (EBT) ¹	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	2,021	2,295	2,212	2,031	1,991	2,318	2,145	2,184	2,155	2,443
Change	-	-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%	22.63%	13.56%	-3.61%	-8.17%	-2%	16.42%	-7.44%	1.79%	-1.3%	13.38%
Net income ¹	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	1,532	1,868	1,728	1,557	1,531	1,783	1,628	1,690	1,683	1,874
Change	-	-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%	15.8%	21.93%	-7.52%	-9.85%	-1.69%	16.44%	-8.66%	3.79%	-0.43%	11.33%
Announcement Date	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	31/07/25	30/10/25	-	-	-	-	-	-	-	-

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	23,941	18,739	14,621
Change	-	25.74%	-11.96%	-8.19%	5.69%	-1.97%	-21.73%	-21.98%
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	1,300	1,407	1,455
Change	-	5.48%	12.22%	21.47%	-10.62%	-7.55%	8.21%	3.47%
Free Cash Flow (FCF) ¹	9,256	6,037	7,361	10,240	8,957	9,516	10,363	10,195
Change	-	-34.78%	21.93%	39.11%	-12.53%	6.24%	8.9%	-1.62%
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%	4.77%	4.64%	4.59%
EBIT Margin (%)	5.09%	4.56%	4.66%	4.37%	3.81%	3.58%	3.49%	3.51%
EBT Margin (%)	6.79%	3.9%	4.62%	2.82%	2.13%	3.05%	2.98%	3%
Net margin (%)	5.28%	3.08%	3.69%	2.64%	1.39%	2.39%	2.3%	2.32%
FCF margin (%)	5.78%	3.47%	4.07%	5.24%	3.62%	3.52%	3.66%	3.39%
FCF / Net Income (%)	109.43%	112.53%	110.39%	198.3%	260.83%	147.16%	159.33%	146.32%
Profitability
ROA	5.44%	4.5%	4.88%	5.02%	5.02%	3.77%	4.19%	4.11%
ROE	14.21%	14.33%	15.84%	16.39%	17.74%	19.04%	17.93%	18.47%
Financial Health
Leverage (Debt/EBITDA)	2.05x	2.57x	2.18x	1.93x	2.02x	1.86x	1.43x	1.06x
Debt / Free cash flow	2.46x	4.74x	3.42x	2.26x	2.73x	2.52x	1.81x	1.43x
Capital Intensity
CAPEX / Current Assets (%)	0.68%	0.66%	0.72%	0.81%	0.57%	0.48%	0.5%	0.48%
CAPEX / EBITDA (%)	9.88%	10.38%	11.24%	13.13%	11.64%	10.08%	10.72%	10.54%
CAPEX / FCF (%)	11.82%	19.12%	17.59%	15.36%	15.7%	13.66%	13.57%	14.28%
Items per share
Cash flow per share ¹	28.1	21.09	27.65	39.79	36.59	27.52	45.82	51.41
Change	-	-24.93%	31.1%	43.91%	-8.04%	-24.8%	66.51%	12.2%
Dividend per Share ¹	0.04	4	4.48	4.92	5.6	5.858	6.092	6.318
Change	-	9,900%	12%	9.82%	13.82%	4.61%	4%	3.7%
Book Value Per Share ¹	141.8	145.9	150.2	158	149.9	158.3	171.3	186.8
Change	-	2.85%	2.99%	5.19%	-5.16%	5.62%	8.21%	9.04%
EPS ¹	22.96	15.73	21.3	17.39	12.12	24.08	24.88	27.36
Change	-	-31.49%	35.41%	-18.36%	-30.3%	98.68%	3.31%	9.97%
Nbr of stocks (in thousands)	361,267	331,428	305,739	292,620	278,153	267,126	267,126	267,126
Announcement Date	04/02/21	03/02/22	03/02/23	02/02/24	30/01/25	-	-	-