Cigna Group, FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Shareholders’ net income	3,434)	5,164)	6,668)	5,365)	8,458)
Net income attributable to noncontrolling interests	344)	208)	78)	50)	31)
Net noncash charges	5,393)	2,953)	1,290)	2,648)	(1,737)
Net changes in assets and liabilities, net of non-operating effects	1,192)	3,488)	620)	(872)	3,598)
Net cash provided by operating activities	10,363)	11,813)	8,656)	7,191)	10,350)
Interest paid, net of tax¹	962)	1,295)	993)	1,000)	1,124)
Property and equipment purchases, net	(1,406)	(1,573)	(1,295)	(1,154)	(1,094)
Free cash flow to the firm (FCFF)	9,919)	11,535)	8,354)	7,037)	10,380)

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).

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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 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Cigna Group, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	28.30%	2.60%	19.20%	20.20%	21.90%
Interest Paid, Net of Tax
Interest paid, before tax	1,342)	1,330)	1,229)	1,253)	1,439)
Less: Interest paid, tax²	380)	35)	236)	253)	315)
Interest paid, net of tax	962)	1,295)	993)	1,000)	1,124)

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 See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 1,342 × 28.30% = 380

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	114,806)
Free cash flow to the firm (FCFF)	9,919)
Valuation Ratio
EV/FCFF	11.57
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	34.45
CVS Health Corp.	16.63
Elevance Health Inc.	17.18
Intuitive Surgical Inc.	135.70
Medtronic PLC	22.49
UnitedHealth Group Inc.	22.70
EV/FCFF, Sector
Health Care Equipment & Services	22.65
EV/FCFF, Industry
Health Care	22.95

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	106,870)	120,476)	111,806)	99,719)	95,068)
Free cash flow to the firm (FCFF)²	9,919)	11,535)	8,354)	7,037)	10,380)
Valuation Ratio
EV/FCFF³	10.77	10.44	13.38	14.17	9.16
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	35.21	36.51	23.24	23.47	36.94
CVS Health Corp.	15.91	11.96	10.00	10.30	9.42
Elevance Health Inc.	15.57	14.19	13.32	12.74	6.04
Intuitive Surgical Inc.	153.43	170.92	85.45	56.01	76.70
Medtronic PLC	20.58	26.54	20.32	33.84	21.43
UnitedHealth Group Inc.	20.57	17.59	19.30	22.21	15.82
EV/FCFF, Sector
Health Care Equipment & Services	21.76	18.86	17.40	19.23	15.32
EV/FCFF, Industry
Health Care	22.99	24.06	17.76	17.08	18.03

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 106,870 ÷ 9,919 = 10.77

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 2022 to 2023 but then slightly increased from 2023 to 2024.

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