Cigna Group, current enterprise value calculation

Current share price (P)	$322.50
No. shares of common stock outstanding	278,152,606
US$ in millions
Common equity (market value)¹	89,704)
Add: Other noncontrolling interests (per books)	21)
Total equity	89,725)
Add: Short-term debt (per books)	2,775)
Add: Long-term debt (per books)	28,155)
Total equity and debt	120,655)
Less: Cash and cash equivalents	7,822)
Less: Investments	925)
Enterprise value (EV)	111,908)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 322.50 × 278,152,606

Cigna Group, EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$336.14	$294.65	$224.43	$209.34	$181.93
No. shares of common stock outstanding¹	292,355,022	297,059,973	320,953,245	351,845,606	372,043,094
US$ in millions
Common equity (market value)³	98,272)	87,529)	72,032)	73,655)	67,686)
Add: Other noncontrolling interests (book value)	21)	13)	18)	7)	6)
Total equity	98,293)	87,542)	72,050)	73,662)	67,692)
Add: Short-term debt (book value)	2,775)	2,993)	2,545)	3,374)	5,514)
Add: Long-term debt (book value)	28,155)	28,100)	31,125)	29,545)	31,893)
Total equity and debt	129,223)	118,635)	105,720)	106,581)	105,099)
Less: Cash and cash equivalents	7,822)	5,924)	5,081)	10,182)	4,619)
Less: Investments	925)	905)	920)	1,331)	937)
Enterprise value (EV)	120,476)	111,806)	99,719)	95,068)	99,543)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 336.14 × 292,355,022

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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 2021 to 2022 and from 2022 to 2023.

Cigna Group (NYSE:CI)

Enterprise Value (EV)