Financials Cigna

Equities

CI

US1255231003

Managed Healthcare

Real-time Estimate Cboe BZX Other stock markets 01:16:07 18/04/26 am AEST			5-day change	1st Jan Change
276.60 ^USD	+0.09%		+2.03%	+0.55%

15/04	Baird Adjusts Cigna Price Target to $306 From $315, Maintains Outperform Rating	MT
19/03	The Cigna Group Presents at TD Cowen 46th Annual Health Care Conference, Mar-02-2026 01:50 PM

Projected Income Statement: Cigna

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	174,078	180,642	195,322	247,099	274,900	282,642	298,902	315,448
Change	-	3.77%	8.13%	26.51%	11.25%	2.82%	5.75%	5.54%
EBITDA ¹	11,118	11,522	11,980	12,083	12,351	13,074	14,245	14,916
Change	-	3.63%	3.98%	0.86%	2.22%	5.85%	8.96%	4.71%
EBIT ¹	7,935	8,414	8,536	9,417	9,200	9,642	10,286	10,956
Change	-	6.04%	1.45%	10.32%	-2.3%	4.8%	6.68%	6.52%
Interest Paid ¹	-1,208	-1,228	-1,446	-1,435	-1,408	-1,357	-1,330	-1,401
Earnings before Tax (EBT) ¹	6,782	8,353	5,513	5,269	7,781	8,228	9,375	9,834
Change	-	23.16%	-34%	-4.43%	47.68%	5.75%	13.93%	4.9%
Net income ¹	5,365	6,668	5,164	3,434	5,957	6,465	7,481	7,784
Change	-	24.29%	-22.56%	-33.5%	73.47%	8.53%	15.72%	4.05%
Announcement Date	3/2/22	3/2/23	2/2/24	30/1/25	5/2/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	40,985	43,107	44,310	45,676	44,005	45,480	45,280	45,743	46,479	48,616	49,048	51,149	57,247	60,470	63,699	65,683	65,502	67,178	69,748	72,472	66,042	69,879	72,088	74,603	70,137	74,115	76,699	79,676
Change	-	5.18%	2.79%	3.08%	-3.66%	3.35%	-0.44%	1.02%	1.61%	4.6%	0.89%	4.28%	11.92%	5.63%	5.34%	3.11%	-0.28%	2.56%	3.83%	3.91%	-8.87%	5.81%	3.16%	3.49%	-5.99%	5.67%	3.49%	3.88%
EBITDA ¹	2,678	2,878	3,028	2,530	3,022	3,140	2,867	2,445	2,684	2,976	3,220	3,133	2,992	3,065	3,209	2,817	2,924	3,030	3,205	3,192	3,214	3,240	3,349	3,160	3,295	3,331	3,459	3,203
Change	-	7.47%	5.21%	-16.45%	19.45%	3.9%	-8.69%	-14.72%	9.78%	10.88%	8.2%	-2.7%	-4.5%	2.44%	4.7%	-12.22%	3.8%	3.63%	5.78%	-0.41%	0.69%	0.8%	3.35%	-5.64%	4.28%	1.09%	3.86%	-7.41%
EBIT ¹	1,957	2,147	2,362	1,537	2,167	2,381	2,141	1,725	2,015	2,221	2,454	2,060	2,256	2,412	2,576	2,173	1,971	2,306	2,578	2,345	2,460	2,385	2,533	2,438	2,414	2,531	2,709	2,704
Change	-	9.71%	10.01%	-34.93%	40.99%	9.88%	-10.08%	-19.43%	16.81%	10.22%	10.49%	-16.06%	9.51%	6.91%	6.8%	-15.64%	-9.3%	17%	11.8%	-9.04%	4.9%	-3.05%	6.22%	-3.77%	-0.96%	4.84%	7.03%	-0.16%
Charge d'intérêts ¹	-314	-298	-303	-293	-299	-301	-304	-324	-358	-363	-365	-360	-322	-375	-376	-362	-362	-337	-347	-362	-336.6	-338.7	-338	-338.1	-317.8	-322.8	-323.6	-325.2
Earnings before Tax (EBT) ¹	1,513	1,898	2,059	1,312	1,549	1,985	3,491	1,328	1,601	1,884	1,840	188	79	1,989	1,192	2,009	1,648	2,021	2,295	1,817	2,075	2,007	2,173	2,073	2,112	2,228	2,404	2,320
Change	-	25.45%	8.48%	-36.28%	18.06%	28.15%	75.87%	-61.96%	20.56%	17.68%	-2.34%	-89.78%	-57.98%	2,417.72%	-40.07%	68.54%	-17.97%	22.63%	13.56%	-20.83%	14.2%	-3.3%	8.27%	-4.59%	1.87%	5.5%	7.89%	-3.46%
Net income ¹	1,161	1,467	1,621	1,116	1,183	1,559	2,757	1,169	1,267	1,460	1,408	1,029	-277	1,548	739	1,424	1,323	1,532	1,868	1,234	1,643	1,574	1,689	1,552	1,644	1,738	1,865	1,805
Change	-	26.36%	10.5%	-31.15%	6%	31.78%	76.84%	-57.6%	8.38%	15.23%	-3.56%	-26.92%	-126.92%	658.84%	-52.26%	92.69%	-7.09%	15.8%	21.93%	-33.94%	33.13%	-4.17%	7.26%	-8.1%	5.95%	5.69%	7.33%	-3.24%
Announcement Date	7/5/21	5/8/21	4/11/21	3/2/22	6/5/22	4/8/22	3/11/22	3/2/23	5/5/23	3/8/23	2/11/23	2/2/24	2/5/24	1/8/24	31/10/24	30/1/25	2/5/25	31/7/25	30/10/25	5/2/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Cigna

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	28,589	25,169	23,108	24,422	23,787	20,217	15,916	11,271
Change	-	-11.96%	-8.19%	5.69%	-2.6%	-15.01%	-21.27%	-29.18%
Announcement Date	3/2/22	3/2/23	2/2/24	30/1/25	5/2/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Cigna

Fiscal Period: December	2021	2022	2023	2024	2026	2027	2028
CAPEX ¹	1,154	1,295	1,573	1,406	1,358	1,405	1,498
Change	-	12.22%	21.47%	-10.62%	-	3.48%	6.58%
Free Cash Flow (FCF) ¹	6,037	7,361	10,240	8,957	9,138	10,174	10,686
Change	-	21.93%	39.11%	-12.53%	-	11.34%	5.03%
Announcement Date	3/2/22	3/2/23	2/2/24	30/1/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Cigna

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	6.39%	6.38%	6.13%	4.89%	4.49%	4.63%	4.77%	4.73%
EBIT Margin (%)	4.56%	4.66%	4.37%	3.81%	3.35%	3.41%	3.44%	3.47%
EBT Margin (%)	3.9%	4.62%	2.82%	2.13%	2.83%	2.91%	3.14%	3.12%
Net margin (%)	3.08%	3.69%	2.64%	1.39%	2.17%	2.29%	2.5%	2.47%
FCF margin (%)	3.47%	4.07%	5.24%	3.62%	-	3.23%	3.4%	3.39%
FCF / Net Income (%)	112.53%	110.39%	198.3%	260.83%	-	141.35%	136%	137.29%
Profitability
ROA	4.5%	4.88%	5.02%	5.02%	5.11%	4.18%	4.2%	4.21%
ROE	14.33%	15.84%	16.39%	17.74%	19.37%	17.6%	17.9%	16.76%
Financial Health
Leverage (Debt/EBITDA)	2.57x	2.18x	1.93x	2.02x	1.93x	1.55x	1.12x	0.76x
Debt / Free cash flow	4.74x	3.42x	2.26x	2.73x	-	2.21x	1.56x	1.05x
Capital Intensity
CAPEX / Current Assets (%)	0.66%	0.72%	0.81%	0.57%	-	0.48%	0.47%	0.47%
CAPEX / EBITDA (%)	10.38%	11.24%	13.13%	11.64%	-	10.39%	9.86%	10.04%
CAPEX / FCF (%)	19.12%	17.59%	15.36%	15.7%	-	14.86%	13.81%	14.01%
Items per share
Cash flow per share ¹	21.09	27.65	39.79	36.59	35.75	28.63	44.74	-
Change	-	31.1%	43.91%	-8.04%	-2.3%	-19.92%	56.27%	-
Dividend per Share ¹	4	4.48	4.92	5.6	-	6.215	6.488	6.775
Change	-	12%	9.82%	13.82%	-	-	4.39%	4.42%
Book Value Per Share ¹	145.9	150.2	158	149.9	158.3	170	184	225.1
Change	-	2.99%	5.19%	-5.16%	5.64%	7.37%	8.23%	22.34%
EPS ¹	15.73	21.3	17.39	12.12	22.18	24.29	27.83	30.66
Change	-	35.41%	-18.36%	-30.3%	83%	9.52%	14.56%	10.19%
Nbr of stocks (in thousands)	331,428	305,739	292,620	278,153	267,126	263,661	263,661	263,661
Announcement Date	3/2/22	3/2/23	2/2/24	30/1/25	5/2/26	-	-	-