Cigna Group, current enterprise value calculation

Current share price (P)	$331.92
No. shares of common stock outstanding	273,678,464
US$ in millions
Common equity (market value)¹	90,839)
Add: Other noncontrolling interests (per books)	210)
Total equity	91,049)
Add: Short-term debt (per books)	3,035)
Add: Long-term debt (per books)	28,937)
Total equity and debt	123,021)
Less: Cash and cash equivalents	7,550)
Less: Investments	665)
Enterprise value (EV)	114,806)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 331.92 × 273,678,464

Cigna Group, EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$302.92	$336.14	$294.65	$224.43	$209.34
No. shares of common stock outstanding¹	273,678,464	292,355,022	297,059,973	320,953,245	351,845,606
US$ in millions
Common equity (market value)³	82,903)	98,272)	87,529)	72,032)	73,655)
Add: Other noncontrolling interests (book value)	210)	21)	13)	18)	7)
Total equity	83,113)	98,293)	87,542)	72,050)	73,662)
Add: Short-term debt (book value)	3,035)	2,775)	2,993)	2,545)	3,374)
Add: Long-term debt (book value)	28,937)	28,155)	28,100)	31,125)	29,545)
Total equity and debt	115,085)	129,223)	118,635)	105,720)	106,581)
Less: Cash and cash equivalents	7,550)	7,822)	5,924)	5,081)	10,182)
Less: Investments	665)	925)	905)	920)	1,331)
Enterprise value (EV)	106,870)	120,476)	111,806)	99,719)	95,068)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Cigna Group Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 302.92 × 273,678,464

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Cigna Group EV increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Cigna Group (NYSE:CI)

Enterprise Value (EV)