Stock Analysis on Net

Cigna Group (NYSE:CI)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Cigna Group, solvency ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Debt Ratios
Debt to equity 0.78 0.67 0.69 0.71 0.65
Debt to equity (including operating lease liability) 0.78 0.68 0.70 0.73 0.67
Debt to capital 0.44 0.40 0.41 0.42 0.40
Debt to capital (including operating lease liability) 0.44 0.40 0.41 0.42 0.40
Debt to assets 0.21 0.20 0.22 0.22 0.21
Debt to assets (including operating lease liability) 0.21 0.21 0.22 0.22 0.22
Financial leverage 3.80 3.30 3.21 3.29 3.09
Coverage Ratios
Interest coverage 4.51 4.94 7.43 6.22 8.76
Fixed charge coverage 4.51 4.64 6.87 5.61 7.84

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Cigna Group debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Cigna Group debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Cigna Group debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Cigna Group debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Cigna Group debt to assets ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Cigna Group debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Cigna Group financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Cigna Group interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Cigna Group fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Debt to Equity

Cigna Group, debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
 
Shareholders’ equity 41,033 46,223 44,872 47,112 50,321
Solvency Ratio
Debt to equity1 0.78 0.67 0.69 0.71 0.65
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.30 0.38 0.46 0.50 0.57
CVS Health Corp. 0.88 0.81 0.74 0.75 0.93
Elevance Health Inc. 0.76 0.64 0.66 0.64 0.60
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.50 0.47 0.46 0.51 0.49
UnitedHealth Group Inc. 0.83 0.70 0.74 0.64 0.66
Debt to Equity, Sector
Health Care Equipment & Services 0.67 0.62 0.62 0.62 0.66
Debt to Equity, Industry
Health Care 0.87 0.81 0.72 0.79 0.90

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 31,972 ÷ 41,033 = 0.78

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Cigna Group debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Equity (including Operating Lease Liability)

Cigna Group, debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
Current operating lease liabilities (included in Accrued expenses and other liabilities) 105 114 159 152
Operating lease liabilities (included in Other non-current liabilities) 340 346 436 491
Total debt (including operating lease liability) 31,972 31,375 31,553 34,265 33,562
 
Shareholders’ equity 41,033 46,223 44,872 47,112 50,321
Solvency Ratio
Debt to equity (including operating lease liability)1 0.78 0.68 0.70 0.73 0.67
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.32 0.41 0.49 0.54 0.61
CVS Health Corp. 1.10 1.04 1.00 1.01 1.23
Elevance Health Inc. 0.78 0.66 0.69 0.67 0.63
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.52 0.49 0.48 0.53 0.51
UnitedHealth Group Inc. 0.88 0.76 0.80 0.70 0.73
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.74 0.69 0.70 0.70 0.75
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.92 0.86 0.78 0.84 0.96

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 31,972 ÷ 41,033 = 0.78

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Cigna Group debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital

Cigna Group, debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
Shareholders’ equity 41,033 46,223 44,872 47,112 50,321
Total capital 73,005 77,153 75,965 80,782 83,240
Solvency Ratio
Debt to capital1 0.44 0.40 0.41 0.42 0.40
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.23 0.28 0.31 0.34 0.36
CVS Health Corp. 0.47 0.45 0.42 0.43 0.48
Elevance Health Inc. 0.43 0.39 0.40 0.39 0.38
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.33 0.32 0.31 0.34 0.33
UnitedHealth Group Inc. 0.45 0.41 0.43 0.39 0.40
Debt to Capital, Sector
Health Care Equipment & Services 0.40 0.38 0.38 0.38 0.40
Debt to Capital, Industry
Health Care 0.46 0.45 0.42 0.44 0.47

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,972 ÷ 73,005 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Cigna Group debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital (including Operating Lease Liability)

Cigna Group, debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
Current operating lease liabilities (included in Accrued expenses and other liabilities) 105 114 159 152
Operating lease liabilities (included in Other non-current liabilities) 340 346 436 491
Total debt (including operating lease liability) 31,972 31,375 31,553 34,265 33,562
Shareholders’ equity 41,033 46,223 44,872 47,112 50,321
Total capital (including operating lease liability) 73,005 77,598 76,425 81,377 83,883
Solvency Ratio
Debt to capital (including operating lease liability)1 0.44 0.40 0.41 0.42 0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.24 0.29 0.33 0.35 0.38
CVS Health Corp. 0.52 0.51 0.50 0.50 0.55
Elevance Health Inc. 0.44 0.40 0.41 0.40 0.39
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.34 0.33 0.32 0.35 0.34
UnitedHealth Group Inc. 0.47 0.43 0.45 0.41 0.42
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.43 0.41 0.41 0.41 0.43
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.48 0.46 0.44 0.46 0.49

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 31,972 ÷ 73,005 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Cigna Group debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Assets

Cigna Group, debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
 
Total assets 155,881 152,761 143,932 154,889 155,451
Solvency Ratio
Debt to assets1 0.21 0.20 0.22 0.22 0.21
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.17 0.20 0.23 0.24 0.26
CVS Health Corp. 0.26 0.25 0.23 0.24 0.28
Elevance Health Inc. 0.27 0.23 0.23 0.24 0.23
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.28 0.27 0.27 0.28 0.27
UnitedHealth Group Inc. 0.26 0.23 0.23 0.22 0.22
Debt to Assets, Sector
Health Care Equipment & Services 0.24 0.23 0.23 0.23 0.24
Debt to Assets, Industry
Health Care 0.30 0.29 0.27 0.28 0.31

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 31,972 ÷ 155,881 = 0.21

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Cigna Group debt to assets ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Debt to Assets (including Operating Lease Liability)

Cigna Group, debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt 3,035 2,775 2,993 2,545 3,374
Long-term debt 28,937 28,155 28,100 31,125 29,545
Total debt 31,972 30,930 31,093 33,670 32,919
Current operating lease liabilities (included in Accrued expenses and other liabilities) 105 114 159 152
Operating lease liabilities (included in Other non-current liabilities) 340 346 436 491
Total debt (including operating lease liability) 31,972 31,375 31,553 34,265 33,562
 
Total assets 155,881 152,761 143,932 154,889 155,451
Solvency Ratio
Debt to assets (including operating lease liability)1 0.21 0.21 0.22 0.22 0.22
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.19 0.22 0.24 0.26 0.27
CVS Health Corp. 0.33 0.32 0.31 0.33 0.37
Elevance Health Inc. 0.27 0.24 0.24 0.25 0.24
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.29 0.28 0.27 0.29 0.28
UnitedHealth Group Inc. 0.27 0.25 0.25 0.24 0.24
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.27 0.25 0.26 0.26 0.28
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.32 0.31 0.29 0.30 0.33

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 31,972 ÷ 155,881 = 0.21

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Cigna Group debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Financial Leverage

Cigna Group, financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Total assets 155,881 152,761 143,932 154,889 155,451
Shareholders’ equity 41,033 46,223 44,872 47,112 50,321
Solvency Ratio
Financial leverage1 3.80 3.30 3.21 3.29 3.09
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 1.71 1.90 2.03 2.10 2.21
CVS Health Corp. 3.35 3.27 3.21 3.10 3.32
Elevance Health Inc. 2.83 2.77 2.83 2.70 2.61
Intuitive Surgical Inc. 1.14 1.16 1.17 1.14 1.15
Medtronic PLC 1.79 1.77 1.73 1.81 1.79
UnitedHealth Group Inc. 3.22 3.08 3.16 2.96 3.01
Financial Leverage, Sector
Health Care Equipment & Services 2.78 2.72 2.72 2.67 2.71
Financial Leverage, Industry
Health Care 2.86 2.79 2.67 2.77 2.94

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 155,881 ÷ 41,033 = 3.80

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Cigna Group financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Interest Coverage

Cigna Group, interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Shareholders’ net income 3,434 5,164 6,668 5,365 8,458
Add: Net income attributable to noncontrolling interest 344 208 78 50 31
Add: Income tax expense 1,491 141 1,607 1,367 2,379
Add: Interest expense on long-term and short-term debt 1,500 1,400 1,300 1,300 1,400
Earnings before interest and tax (EBIT) 6,769 6,913 9,653 8,082 12,268
Solvency Ratio
Interest coverage1 4.51 4.94 7.43 6.22 8.76
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 13.55 11.46 15.89 16.41 10.10
CVS Health Corp. 3.08 5.20 3.46 5.16 4.36
Elevance Health Inc. 7.67 8.49 10.13 10.93 8.96
Intuitive Surgical Inc.
Medtronic PLC 7.73 9.43 10.98 5.21 4.71
UnitedHealth Group Inc. 6.14 9.97 13.59 14.44 13.47
Interest Coverage, Sector
Health Care Equipment & Services 5.98 8.03 9.31 8.96 7.89
Interest Coverage, Industry
Health Care 5.70 7.09 12.71 12.24 7.71

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,769 ÷ 1,500 = 4.51

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Cigna Group interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Fixed Charge Coverage

Cigna Group, fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Shareholders’ net income 3,434 5,164 6,668 5,365 8,458
Add: Net income attributable to noncontrolling interest 344 208 78 50 31
Add: Income tax expense 1,491 141 1,607 1,367 2,379
Add: Interest expense on long-term and short-term debt 1,500 1,400 1,300 1,300 1,400
Earnings before interest and tax (EBIT) 6,769 6,913 9,653 8,082 12,268
Add: Operating lease cost 115 124 170 190
Earnings before fixed charges and tax 6,769 7,028 9,777 8,252 12,458
 
Interest expense on long-term and short-term debt 1,500 1,400 1,300 1,300 1,400
Operating lease cost 115 124 170 190
Fixed charges 1,500 1,515 1,424 1,470 1,590
Solvency Ratio
Fixed charge coverage1 4.51 4.64 6.87 5.61 7.84
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 8.58 7.71 10.10 10.21 6.68
CVS Health Corp. 2.14 3.15 2.16 3.03 2.75
Elevance Health Inc. 6.93 7.51 8.82 8.48 6.10
Intuitive Surgical Inc. 79.87 74.09 63.52 93.66 58.48
Medtronic PLC 5.88 6.90 7.79 4.31 3.98
UnitedHealth Group Inc. 4.78 7.27 8.77 8.80 8.51
Fixed Charge Coverage, Sector
Health Care Equipment & Services 4.49 5.67 6.11 5.87 5.31
Fixed Charge Coverage, Industry
Health Care 4.66 5.52 9.02 8.67 5.70

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,769 ÷ 1,500 = 4.51

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Cigna Group fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.