Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Cigna Group, historical price multiples (quarterly data)
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 analysis of the financial ratios for the periods from March 2020 to December 2024 reveals distinct trends across different valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows an overall increasing trend from the beginning of 2021 through the end of 2024. Starting at 8.71 in March 2021, it rose steadily with minor fluctuations to reach a peak of 28.81 in September 2024 before slightly decreasing to 24.14 by December 2024. This upward trend indicates that the market valuation relative to earnings has increased over time, suggesting either higher investor expectations for future earnings growth or a possible premium valuation of earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits variability but with a general downward trend towards the end of the period. It started at 9.03 in March 2021, peaked around the end of 2022 at 12.05, and then gradually decreased to 8.8 by December 2024. This pattern could reflect changes in operating profit levels relative to market price, indicating that while valuation expanded up to 2022, it became more conservative thereafter.
- Price to Sales (P/S) Ratio
- This ratio shows moderate fluctuations with a tendency to decline in the later periods. Beginning at 0.46 in March 2021, the ratio peaked at 0.55 multiple times (June 2021 and December 2022) but trended downward after that, decreasing to 0.34 by December 2024. The decline suggests a decreasing market valuation per unit of sales, potentially due to changes in revenue growth or market sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increased consistently over the entire timeframe, from 1.51 in March 2020 to a high of 2.38 in June 2024, before slightly receding to 2.02 by December 2024. This growth suggests enhanced market confidence in the company’s net asset value or improvements in the perceived quality of assets. The slight dip in the last quarter may indicate stabilization in the market’s valuation of book value.
Overall, the valuations through the P/E and P/BV ratios indicate an improving market perception of earnings and net asset value over time. Meanwhile, the P/OP and P/S ratios show some cyclical movements with a tendency towards stabilization or slight decline after peaks around 2022, reflecting variability in operating profitability and sales value relative to market price. The data suggests a maturing valuation environment where earnings expectations are elevated while operating profit and sales multiples moderate.
Price to Earnings (P/E)
Cigna Group, historical P/E calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Shareholders’ net income (loss) (in millions) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2024 Calculation
EPS
= (Shareholders’ net income (loss)Q4 2024
+ Shareholders’ net income (loss)Q3 2024
+ Shareholders’ net income (loss)Q2 2024
+ Shareholders’ net income (loss)Q1 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cigna Group Quarterly or Annual Report.
4 Q4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends concerning share price, earnings per share (EPS), and price-to-earnings (P/E) ratios over the observed periods.
- Share Price Trends
- The share price exhibited notable volatility across the quarters. Initially, share price decreased from $184.18 in March 2020 to a low of $173.07 in June 2020, followed by a significant recovery and a rise peaking at $324.24 by September 2022. This upward trend continued with fluctuations, reaching a high of $344.50 in March 2024 before gradually declining to $302.92 by December 2024. Overall, the share price demonstrated an upward trajectory with intermittent pullbacks towards the end of the timeline.
- Earnings per Share (EPS) Behavior
- EPS data was available from March 2021 onward. Initially, EPS showed positive growth, moving from $24.04 in March 2021 to a peak of $25.30 in December 2021. A decline followed in 2022, with the lowest EPS observed at $10.93 in September 2024. Despite some recovery attempts in late 2024, earnings did not return to earlier peak levels. This indicates a weakening profitability trend in the recent periods relative to earlier ones.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio generally increased over the observed quarters. Starting from 8.71 in March 2021, it rose to a peak of 28.81 in September 2024, indicating growing market valuation multiples relative to earnings. This increase suggests that investors were willing to pay higher prices for each unit of earnings, possibly reflecting expectations of future growth or other market factors. Notably, the increasing P/E trend contrasted with the declining EPS, implying that rising share prices were not fully supported by contemporaneous earnings growth.
- Interrelation of Metrics
- The share price movement was somewhat decoupled from EPS trends during certain periods. While EPS declined after 2021, share price reached new highs through 2023 and early 2024 before falling back in the latter part of 2024. The rising P/E multiple throughout reflects increased investor optimism or market exuberance despite earnings weakening. This divergence warrants attention to potential overvaluation risks or anticipation of earnings recovery not yet realized in the data.
In summary, the data indicates a complex dynamic where share price appreciation and valuation multiples increased through much of the period, even as earnings per share decreased after initial strong performance. This pattern may reflect market sentiment shifts, external economic factors, or company-specific developments influencing investor perceptions independently of current profitability.
Price to Operating Profit (P/OP)
Cigna Group, historical P/OP calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Income from operations (in millions) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2024 Calculation
Operating profit per share
= (Income from operationsQ4 2024
+ Income from operationsQ3 2024
+ Income from operationsQ2 2024
+ Income from operationsQ1 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cigna Group Quarterly or Annual Report.
4 Q4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- Over the observed period, the share price exhibits considerable volatility but shows an overall upward trajectory from early 2020 through late 2021. Starting at approximately $184 in March 2020, it fluctuates with a decline noted in mid-2020, followed by a recovery and peak near $336 by December 2023. However, after this peak, the price demonstrates a slight downward trend into 2024, declining to around $303 by the end of the reported period.
- Operating Profit Per Share (OPPS)
- Data on operating profit per share is available from March 2021 onwards. A steady increase is observed throughout this timeframe, starting from $23.17 in March 2021 and rising consistently each quarter to reach $34.41 by December 2024. This indicates strengthening profitability on a per-share basis over the period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio fluctuates between 8.8 and 12.05 during the available periods, indicating varying valuation multiples assigned by the market relative to operating profit. Initially, after March 2021, the ratio peaks around 12.05 in December 2022, suggesting a relatively high market valuation compared to earnings in that quarter. Following this, the ratio generally declines, reaching a low of 8.8 by December 2024. This decreasing trend may reflect either a market correction, improved earnings outpacing price, or both.
- Relationship Between Share Price, OPPS, and P/OP Ratio
- Despite increasing operating profit per share, the share price does not maintain a strictly proportional increase, particularly noticeable in late 2023 and throughout 2024, where share prices come down slightly. Consequently, the P/OP ratio decreases, indicating that the market is valuing the company at a lower multiple of its operating profit compared to prior peaks. This may suggest expectations of changing business conditions or risk factors not captured solely by operating profit metrics.
- Summary of Financial Performance
- The company demonstrates solid improvement in operating profitability per share over the analyzed period, reflecting operational efficiency or growth. The share price growth until late 2023 aligns with this trend but shows increased volatility and some decline entering 2024, resulting in lower valuation multiples as measured by P/OP. Overall, the data implies improving financial performance with some caution or adjustment in market sentiment toward the company's valuation in the most recent quarters.
Price to Sales (P/S)
Cigna Group, historical P/S calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenues from external customers (in millions) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2024 Calculation
Sales per share
= (Revenues from external customersQ4 2024
+ Revenues from external customersQ3 2024
+ Revenues from external customersQ2 2024
+ Revenues from external customersQ1 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cigna Group Quarterly or Annual Report.
4 Q4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the analyzed quarterly periods, beginning with a decline from US$184.18 as of March 31, 2020, to a low point of US$173.07 in June 2020, followed by a fluctuating upward trajectory that peaked at US$344.50 by March 31, 2024. However, the latter quarters show a gradual decrease, with the share price dropping to US$302.92 by December 31, 2024 after reaching a high of US$344.50 earlier in the year.
Sales per share demonstrated a consistent and steady growth from the point data was available starting March 31, 2021. The metric increased from US$452.35 to US$899.41 by December 31, 2024, indicating sustained revenue growth relative to the number of shares outstanding during this period. The trend reflects a positive momentum in sales performance on a per-share basis, nearly doubling over the four-year window.
The price-to-sales (P/S) ratio, which measures the market’s valuation relative to sales per share, showed more variability. Initially, the P/S ratio rose from 0.46 in March 2021 to 0.55 in June 2021, marking an increase in valuation premiums despite a growing sales base. Subsequently, the ratio fluctuated between 0.38 and 0.55, with a general downward trend observable from mid-2023 onward. This decline in P/S ratio alongside rising sales implies that while sales growth was robust, the share price appreciation was less aggressive relative to sales growth, potentially signaling market recalibration of the company's valuation multiples.
In summary, the data reveals strong underlying sales growth reflected in the sales per share metric, accompanied by substantial but volatile share price movements. The P/S ratio's downward trajectory in the latter periods suggests an adjustment in investor valuation norms despite the improving sales figures, highlighting a potential shift in market sentiment or expectations for future growth sustainability.
Price to Book Value (P/BV)
Cigna Group, historical P/BV calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Cigna Group Quarterly or Annual Report.
4 Q4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the presented periods, with a general upward trend from March 2020 to December 2021. It increased from $184.18 in March 2020 to a peak of $266.90 in March 2022, further climbing to $336.14 by December 2023. However, after this peak, the share price experienced a gradual decline, falling to $302.92 by December 2024. This pattern suggests periods of strong market confidence followed by some correction or consolidation in the latter stages.
Book value per share (BVPS) demonstrated a more consistent increase over time, reflecting steady growth in the company’s net asset value per share. Beginning at $122.17 in March 2020, it rose steadily to $158.11 by December 2023 before a slight decrease to $149.93 by December 2024. The overall trend indicates sustained improvements in underlying shareholder equity, despite minor fluctuations toward the end of the period.
The price-to-book value (P/BV) ratio showed significant variation, which highlights changing market sentiments relative to the intrinsic value of the company. Starting at 1.51 in March 2020, the ratio fluctuated but generally increased, reaching as high as 2.38 in March 2024. This rising P/BV ratio indicates that the stock price grew at a faster pace than book value, possibly reflecting optimistic investor expectations or improved profitability prospects. The ratio's peak and subsequent slight decline toward the end of 2024 suggest a moderation in valuation multiples after a period of heightened market enthusiasm.
- Share Price Trends
- Increased substantially from early 2020 to late 2023, peaking at $336.14; following this peak, a decline was observed into 2024.
- Book Value Per Share Trends
- Displayed steady growth, indicating consistent strengthening of shareholder equity, with minor erosion observed near the end of 2024.
- P/BV Ratio Trends
- Generally trending upwards, demonstrating increasing investor valuation premiums over book value, with a peak in early 2024 followed by a slight reduction.
- Insights
- The divergence between share price and book value toward the end of the period, marked by a rising P/BV ratio, may imply heightened market expectations or speculative elements. The gradual share price decline in late 2024, coupled with the modest drop in book value, suggests a potential reassessment of the company’s valuation by the market participants.