Cigna Group, FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Net income attributable to noncontrolling interests	208)	78)	50)	31)	16)
Net noncash charges	2,953)	1,290)	2,648)	(1,737)	3,163)
Net changes in assets and liabilities, net of non-operating effects	3,488)	620)	(872)	3,598)	1,202)
Net cash provided by operating activities	11,813)	8,656)	7,191)	10,350)	9,485)
Interest paid, net of tax¹	1,295)	993)	1,000)	1,124)	1,281)
Property and equipment purchases, net	(1,573)	(1,295)	(1,154)	(1,094)	(1,050)
Free cash flow to the firm (FCFF)	11,535)	8,354)	7,037)	10,380)	9,716)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Cigna Group suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Cigna Group FCFF increased from 2021 to 2022 and from 2022 to 2023.

Cigna Group, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	2.60%	19.20%	20.20%	21.90%	22.10%
Interest Paid, Net of Tax
Interest paid, before tax	1,330)	1,229)	1,253)	1,439)	1,645)
Less: Interest paid, tax²	35)	236)	253)	315)	364)
Interest paid, net of tax	1,295)	993)	1,000)	1,124)	1,281)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 1,330 × 2.60% = 35

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Cigna Group, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	111,908)
Free cash flow to the firm (FCFF)	11,535)
Valuation Ratio
EV/FCFF	9.70
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	37.45
CVS Health Corp.	9.87
Elevance Health Inc.	10.61
Humana Inc.	6.95
Intuitive Surgical Inc.	249.18
Medtronic PLC	21.64
UnitedHealth Group Inc.	20.14
EV/FCFF, Sector
Health Care Equipment & Services	19.21
EV/FCFF, Industry
Health Care	23.67

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Cigna Group, historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	120,476)	111,806)	99,719)	95,068)	99,543)
Free cash flow to the firm (FCFF)²	11,535)	8,354)	7,037)	10,380)	9,716)
Valuation Ratio
EV/FCFF³	10.44	13.38	14.17	9.16	10.24
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	36.51	23.24	23.47	36.94	33.05
CVS Health Corp.	11.96	10.00	10.30	9.42	12.30
Elevance Health Inc.	14.19	13.32	12.74	6.04	12.73
Humana Inc.	9.95	14.88	42.03	7.92	8.46
Intuitive Surgical Inc.	170.92	85.45	56.01	76.70	54.58
Medtronic PLC	26.54	20.32	33.84	21.43	22.07
UnitedHealth Group Inc.	17.59	19.30	22.21	15.82	17.51
EV/FCFF, Sector
Health Care Equipment & Services	18.44	17.28	19.60	14.85	16.66
EV/FCFF, Industry
Health Care	24.38	17.63	16.41	17.93	18.26

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 120,476 ÷ 11,535 = 10.44

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Cigna Group EV/FCFF ratio decreased from 2021 to 2022 and from 2022 to 2023.

Cigna Group (NYSE:CI)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical