Stock Analysis on Net

Cigna Group (NYSE:CI)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 27, 2025.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

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Solvency Ratios (Summary)

Cigna Group, solvency ratios (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity
Debt to capital
Debt to assets
Financial leverage

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The financial leverage exhibited a general downward trend from the beginning of the period until the end of 2020, starting at 3.43 in March 2020 and reaching a low of 3.09 in December 2020. Subsequently, the ratio experienced a gradual increase with minor fluctuations, moving to 3.3 by December 2023. However, a notable rise occurred toward the end of the observed time frame, with the leverage reaching 3.8 by December 2024, indicating an overall increase in the company’s use of financial debt relative to equity.

The debt to equity ratio showed a slight decrease from 0.81 in March 2020 to its lowest point of 0.65 in December 2020, suggesting a reduction in debt relative to shareholder equity during this period. From 2021 onwards, the ratio fluctuated moderately between 0.66 and 0.73, before experiencing a sharper increase beginning in early 2024, peaking at 0.8 in March 2024 and maintaining close values thereafter. This pattern reflects a recent growth in financial leverage compared to equity.

The debt to capital ratio followed a steady declining trend from 0.45 in March 2020 to 0.4 by December 2020, remaining largely stable at approximately 0.4 to 0.42 for the subsequent quarters. Toward the later part of the data, the ratio increased slightly to 0.44 around mid-2024, indicating a modest increase in debt relative to total capital.

The debt to assets ratio decreased steadily from 0.24 in March 2020 to 0.21 by December 2020, maintaining this level with minimal variation through to the end of 2024. This stability suggests that the company’s use of debt relative to total asset base was maintained consistently after an initial reduction in the early part of the observed period.

Summary of Trends
The data indicate an initial phase (early 2020) characterized by reducing leverage and debt ratios, implying an effort to deleverage or strengthen equity relative to debt. The period from 2021 to 2023 reveals relative stability with slight fluctuations in leverage and debt ratios. Noteworthy is the rise in financial leverage and debt to equity starting in early 2024, signaling a strategic increase in the use of debt financing. Meanwhile, debt to assets remained quite stable post-2020, suggesting a consistent asset base relative to debt held. The debt to capital ratio’s small increase toward the end of the period aligns with the overall incremental rise in leverage metrics.

Debt Ratios


Debt to Equity

Cigna Group, debt to equity calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt experienced an initial decline from March 2020 (US$36,487 million) to December 2020 (US$32,919 million). Following this period, there was some fluctuation, with debt increasing again through 2021, peaking at US$34,312 million in September 2021. From late 2021 to early 2023, the debt generally decreased, reaching a low point of US$30,093 million in December 2022. Subsequently, the debt levels showed periodic fluctuations but remained within a range between approximately US$30,900 million and US$32,700 million through 2023 and into early 2024. Toward the end of the period, there was an increase to US$32,802 million in September 2024, followed by a slight reduction to US$31,972 million in December 2024.
Shareholders’ Equity
Shareholders’ equity increased steadily from March 2020 (US$45,079 million) through December 2020 (US$50,321 million), indicating a strengthening equity base during this period. However, from early 2021 onward, equity showed a gradual decline with some moderate fluctuations. This reduction was more pronounced towards the end of the series, where equity dropped from US$46,223 million in December 2023 to US$41,033 million by December 2024. Overall, while equity remained substantial, the latter periods indicate a weakening trend in equity value.
Debt to Equity Ratio
The debt to equity ratio declined notably in 2020 from 0.81 in March to 0.65 in December, reflecting a stronger equity position relative to debt. Starting in 2021, the ratio began to rise again, fluctuating between roughly 0.66 and 0.73 during 2021 and 2022. Throughout 2023, the ratio stabilized around the 0.68 to 0.73 range with minor variation. However, in 2024, there was a noticeable increase in leverage, with the ratio climbing to 0.78 by December 2024, its highest point since early 2020. This suggests a relative increase in debt burden compared to equity towards the end of the period analyzed.

Debt to Capital

Cigna Group, debt to capital calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
Shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt level exhibits some fluctuations over the observed periods. Initially, it decreases from approximately 36,487 million USD at the end of March 2020 to 32,919 million USD by December 2020, indicating a reduction in leverage. Following this, there is a gradual increase peaking at about 33,670 million USD in December 2021. Post this peak, total debt declines again, reaching near 30,930 million USD in December 2023. However, in 2024, debt levels trend upward once more, ending at around 31,972 million USD by December 2024. Overall, total debt demonstrates a pattern of initial decrease, mid-period increase, and a late period partial recovery.
Total Capital
Total capital slightly fluctuates but generally shows a downward trend over the entire timeframe. Starting near 81,566 million USD in March 2020, total capital peaks near 84,018 million USD in September 2020 before gradually declining to a low around 73,005 million USD by December 2024. The decline is more notable from 2022 onward, indicating potential capital erosion or payout activity exceeding capital inflows. Despite some minor rebounds, the overall trajectory points to a moderate contraction in the capital base.
Debt to Capital Ratio
The debt to capital ratio decreases from 0.45 in the first quarter of 2020 to 0.40 by December 2020, reflecting deleveraging efforts in the initial periods. From early 2021 through 2023, this ratio stabilizes around 0.41 to 0.42, indicating a steady capital structure with moderate leverage. However, in 2024, there is a notable increase in the ratio to approximately 0.44, suggesting an increase in leverage relative to capital. This rise in leverage might be attributed to the slight increase in debt combined with the downward movement in total capital during the same period.
Summary of Trends
The financial data indicates that the company initially focused on reducing leverage in 2020, as evidenced by falling debt and a lower debt to capital ratio. Subsequently, debt levels began to rise, partially offsetting some of the earlier deleveraging. Total capital shows a general decline over the period, especially after 2021, which affects the debt to capital ratio and contributes to a moderate increase in leverage towards 2024. The combination of rising debt and declining capital towards the latter periods warrants attention, suggesting a potential shift in financial strategy or market conditions impacting the capital structure.

Debt to Assets

Cigna Group, debt to assets calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term debt
Long-term debt
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


The financial data reveals several key trends relating to the company's debt, assets, and leverage ratio over the analyzed periods.

Total Debt
The total debt demonstrates a general decline from approximately $36.5 billion at the start of the period (March 31, 2020) to around $31 billion by the end of 2024. There are minor fluctuations within this downward trend, with occasional increases observed during mid-periods such as June and September 2021, and again in March 2023 and March 2024. However, the overall trajectory suggests a modest but consistent reduction in debt levels over the four-year span.
Total Assets
Total assets exhibit a slight decrease initially, dropping from about $155 billion in early 2020 to a low near $144 billion in late 2022. Subsequently, assets begin a gradual recovery and grow steadily, reaching a peak close to $157.6 billion in September 2024 before a slight decline to approximately $155.9 billion by year-end 2024. This pattern points to temporary asset contraction followed by gradual expansion, indicating possible strategic asset management or reinvestment efforts during the latter periods.
Debt to Assets Ratio
The debt to assets ratio remains relatively stable over the entire timeframe, fluctuating narrowly between 0.20 and 0.24. This stability implies consistent leverage management despite changes in absolute debt and asset values. Its slight downward movement toward 0.21 by the end of 2024 suggests improved balance sheet strength with a relatively lower proportion of debt compared to assets.

Overall, the data indicates a deliberate approach to reducing debt while maintaining or moderately increasing total assets, resulting in steady leverage metrics. The observed financial management approach reflects a balanced optimization of the capital structure, supporting sustained financial stability and potentially enhancing the company’s credit profile over time.


Financial Leverage

Cigna Group, financial leverage calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


Total assets
Over the observed periods, total assets exhibited fluctuations but remained within a relatively narrow range, starting at approximately 155 billion US dollars in the first quarter of 2020 and experiencing a slight decline and recovery pattern. The asset base peaked near 160 billion around the third quarter of 2020 before trending downward to about 144 billion by the third quarter of 2022. Thereafter, total assets gradually increased again, reaching approximately 157 billion by the third quarter of 2024. This indicates cyclical asset adjustments without significant long-term expansion or contraction.
Shareholders’ equity
Shareholders' equity displayed a generally downward trajectory over the time frame despite intermediate rises. Beginning near 45 billion US dollars in early 2020, equity initially increased to slightly above 50 billion by the final quarter of 2020. However, post-2020, a trend of gradual reduction is observed, with equity falling consistently to approximately 41 billion by the end of 2024. This decline may suggest either payouts, losses, or other equity reductions outpacing capital infusions or retained earnings.
Financial leverage
The financial leverage ratio, representing the relationship between total assets and shareholders’ equity, mostly followed an upward trend over the period. Starting at about 3.43 in the first quarter of 2020, leverage showed some initial decreases, reaching a low near 3.09 by the end of 2020. Subsequently, the ratio increased again, peaking around 3.8 by the final quarter of 2024. This rising leverage indicates that assets have been increasingly financed through liabilities rather than equity, reflecting a growing reliance on debt or other forms of financial obligation.
Overall observations
The financial data reveal a relatively stable asset base with limited growth, contrasted by a steady reduction in shareholders’ equity. The increasing leverage ratio underscores a structural shift in the capital mix towards higher debt levels relative to equity. This combination may raise considerations regarding financial risk and capitalization strategies in the medium to long term.