Operating Profit Margin
since 2005
Calculation
Cigna Group, operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Income from operations1 | ÷ | Revenues from external customers1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 3.83% | = | 100 | × | 9,417) | ÷ | 246,148) |
| Dec 31, 2023 | 4.40% | = | 100 | × | 8,536) | ÷ | 194,099) |
| Dec 31, 2022 | 4.69% | = | 100 | × | 8,414) | ÷ | 179,361) |
| Dec 31, 2021 | 4.60% | = | 100 | × | 7,935) | ÷ | 172,529) |
| Dec 31, 2020 | 5.12% | = | 100 | × | 8,153) | ÷ | 159,157) |
| Dec 31, 2019 | 5.31% | = | 100 | × | 8,077) | ÷ | 152,176) |
| Dec 31, 2018 | 8.82% | = | 100 | × | 4,160) | ÷ | 47,170) |
| Dec 31, 2017 | 9.71% | = | 100 | × | 3,942) | ÷ | 40,580) |
| Dec 31, 2016 | 0.00% | = | 100 | × | —) | ÷ | 38,352) |
| Dec 31, 2015 | 0.00% | = | 100 | × | —) | ÷ | 36,666) |
| Dec 31, 2014 | 0.00% | = | 100 | × | —) | ÷ | 33,594) |
| Dec 31, 2013 | 0.00% | = | 100 | × | —) | ÷ | 31,003) |
| Dec 31, 2012 | 0.00% | = | 100 | × | —) | ÷ | 27,931) |
| Dec 31, 2011 | 0.00% | = | 100 | × | —) | ÷ | 20,790) |
| Dec 31, 2010 | 0.00% | = | 100 | × | —) | ÷ | 20,073) |
| Dec 31, 2009 | 0.00% | = | 100 | × | —) | ÷ | 17,443) |
| Dec 31, 2008 | 0.00% | = | 100 | × | —) | ÷ | 18,208) |
| Dec 31, 2007 | 0.00% | = | 100 | × | —) | ÷ | 16,494) |
| Dec 31, 2006 | 0.00% | = | 100 | × | —) | ÷ | 15,132) |
| Dec 31, 2005 | 0.00% | = | 100 | × | —) | ÷ | 15,332) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
A persistent downward trend in the operating profit margin is observed from 2017 through 2024, occurring despite a substantial increase in both total revenues and absolute income from operations.
- Revenue and Operational Scale
- Revenues from external customers experienced exponential growth, rising from 15.3 billion in 2005 to 246.1 billion in 2024. A significant expansion occurred between 2018 and 2019, where revenue increased from 47.2 billion to 152.2 billion. During the same period, income from operations rose from 3.9 billion in 2017 to 9.4 billion in 2024, indicating that while absolute profitability grew, it did not scale proportionally with revenue.
- Operating Profit Margin Contraction
- The operating profit margin peaked at 9.71% in 2017 and underwent a consistent decline thereafter. The most pronounced drop occurred in 2019, when the margin fell to 5.31% from 8.82% in 2018. This sharp contraction coincided with the massive surge in total revenue, suggesting a transition toward a higher-volume but lower-margin business model.
- Long-term Margin Trajectory
- Following the 2019 shift, the margin continued a gradual descent, reaching 3.83% by December 31, 2024. The trend highlights a narrowing gap between operating income and total revenue, resulting in a significant reduction in operational efficiency relative to the top line over the seven-year period from 2017 to 2024.
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Comparison to Competitors
Cigna Group, operating profit margin, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3.83% | 16.27% | 28.12% | 15.89% | 8.17% |
| Dec 31, 2023 | 4.40% | 16.15% | 24.80% | 17.56% | 8.80% |
| Dec 31, 2022 | 4.69% | 19.16% | 25.35% | 18.15% | 8.83% |
| Dec 31, 2021 | 4.60% | 19.56% | 31.89% | 14.89% | 8.40% |
| Dec 31, 2020 | 5.12% | 15.48% | 24.09% | 16.57% | 8.76% |
| Dec 31, 2019 | 5.31% | 14.21% | 30.69% | 20.51% | 8.19% |
| Dec 31, 2018 | 8.82% | 11.94% | 32.21% | 22.20% | 7.71% |
| Dec 31, 2017 | 9.71% | 6.30% | 33.71% | 17.94% | 7.60% |
| Dec 31, 2016 | 0.00% | 15.27% | 34.95% | 18.35% | 7.03% |
| Dec 31, 2015 | 0.00% | 14.05% | 31.04% | 18.59% | 7.05% |
| Dec 31, 2014 | 0.00% | 12.84% | 25.56% | 22.42% | 7.92% |
| Dec 31, 2013 | 0.00% | 12.03% | 37.64% | 26.53% | 7.90% |
| Dec 31, 2012 | 0.00% | 20.28% | 40.30% | 0.00% | 8.42% |
| Dec 31, 2011 | 0.00% | 14.81% | 39.54% | 0.00% | 8.36% |
| Dec 31, 2010 | 0.00% | 17.31% | 39.29% | 0.00% | 8.41% |
| Dec 31, 2009 | 0.00% | 20.27% | 35.87% | 0.00% | 7.35% |
| Dec 31, 2008 | 0.00% | 19.28% | 35.53% | 0.00% | 6.54% |
| Dec 31, 2007 | 0.00% | 17.67% | 34.41% | 0.00% | 10.57% |
| Dec 31, 2006 | 0.00% | 9.09% | 28.81% | 0.00% | 9.88% |
| Dec 31, 2005 | 0.00% | 19.53% | 30.25% | 0.00% | 11.98% |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).