Total Asset Turnover
since 2005
Calculation
Cigna Group, total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues from external customers1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1.58 | = | 246,148) | ÷ | 155,881) |
| Dec 31, 2023 | 1.27 | = | 194,099) | ÷ | 152,761) |
| Dec 31, 2022 | 1.25 | = | 179,361) | ÷ | 143,932) |
| Dec 31, 2021 | 1.11 | = | 172,529) | ÷ | 154,889) |
| Dec 31, 2020 | 1.02 | = | 159,157) | ÷ | 155,451) |
| Dec 31, 2019 | 0.98 | = | 152,176) | ÷ | 155,774) |
| Dec 31, 2018 | 0.31 | = | 47,170) | ÷ | 153,226) |
| Dec 31, 2017 | 0.66 | = | 40,580) | ÷ | 61,759) |
| Dec 31, 2016 | 0.65 | = | 38,352) | ÷ | 59,360) |
| Dec 31, 2015 | 0.64 | = | 36,666) | ÷ | 57,088) |
| Dec 31, 2014 | 0.60 | = | 33,594) | ÷ | 55,896) |
| Dec 31, 2013 | 0.57 | = | 31,003) | ÷ | 54,336) |
| Dec 31, 2012 | 0.52 | = | 27,931) | ÷ | 53,734) |
| Dec 31, 2011 | 0.41 | = | 20,790) | ÷ | 51,047) |
| Dec 31, 2010 | 0.44 | = | 20,073) | ÷ | 45,682) |
| Dec 31, 2009 | 0.41 | = | 17,443) | ÷ | 43,013) |
| Dec 31, 2008 | 0.44 | = | 18,208) | ÷ | 41,406) |
| Dec 31, 2007 | 0.41 | = | 16,494) | ÷ | 40,065) |
| Dec 31, 2006 | 0.36 | = | 15,132) | ÷ | 42,399) |
| Dec 31, 2005 | 0.34 | = | 15,332) | ÷ | 44,863) |
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
The analysis of total asset turnover from 2005 to 2024 reveals three distinct operational phases characterized by steady efficiency gains, a significant structural realignment, and a period of rapid scalability.
- Steady Efficiency Growth (2005–2017)
- During this initial period, a consistent upward trend in total asset turnover is observed, rising from 0.34 in 2005 to 0.66 in 2017. This improvement was driven by revenue growth that outpaced the expansion of the asset base; while revenues increased approximately 2.6 times, total assets grew by only 38%. This indicates a period of increasing operational efficiency and optimized asset utilization.
- Structural Asset Expansion (2018)
- A sharp inflection point occurs in 2018, where the asset turnover ratio drops precipitously to 0.31. This decline is attributed to a substantial increase in total assets, which more than doubled from 61,759 million to 153,226 million within a single year, while revenues grew at a much slower pace. This pattern suggests a major capital investment or acquisition that temporarily diluted the asset turnover ratio before the associated revenues could be fully realized.
- Rapid Revenue Scaling and Optimization (2019–2024)
- Following the 2018 realignment, the company entered a phase of aggressive revenue acceleration. In 2019, revenues surged to 152,176 million, causing the asset turnover ratio to rebound to 0.98. From 2019 through 2024, the ratio continued to climb steadily, reaching a peak of 1.58. During this timeframe, the asset base remained relatively stable, fluctuating between 143,932 million and 155,881 million, while revenues expanded from 152,176 million to 246,148 million. This indicates a high degree of operating leverage and a significant increase in the capacity to generate revenue from the existing asset base.
Overall, the long-term trajectory demonstrates a transformation in the company's business model. The transition from a ratio of 0.34 in 2005 to 1.58 in 2024 represents a substantial increase in asset productivity, particularly in the latter five years where revenue growth decoupled from asset growth.
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Comparison to Competitors
Cigna Group, total asset turnover, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.58 | 0.52 | 1.50 | 0.45 | 0.36 | 1.32 |
| Dec 31, 2023 | 1.27 | 0.55 | 1.56 | 0.46 | 0.34 | 1.34 |
| Dec 31, 2022 | 1.25 | 0.59 | 1.51 | 0.48 | 0.35 | 1.31 |
| Dec 31, 2021 | 1.11 | 0.57 | 1.41 | 0.42 | 0.32 | 1.34 |
| Dec 31, 2020 | 1.02 | 0.48 | 1.39 | 0.39 | 0.32 | 1.30 |
| Dec 31, 2019 | 0.98 | 0.47 | 1.33 | 0.46 | 0.34 | 1.38 |
| Dec 31, 2018 | 0.31 | 0.46 | 1.28 | 0.47 | 0.33 | 1.48 |
| Dec 31, 2017 | 0.66 | 0.36 | 1.26 | 0.54 | 0.30 | 1.44 |
| Dec 31, 2016 | 0.65 | 0.40 | 1.29 | 0.42 | 0.29 | 1.50 |
| Dec 31, 2015 | 0.64 | 0.49 | 1.27 | 0.49 | 0.19 | 1.40 |
| Dec 31, 2014 | 0.60 | 0.49 | 1.18 | 0.54 | 0.45 | 1.50 |
| Dec 31, 2013 | 0.57 | 0.51 | 1.18 | 0.57 | 0.48 | 1.49 |
| Dec 31, 2012 | 0.52 | 0.59 | 1.03 | 0.54 | 0.49 | 1.36 |
| Dec 31, 2011 | 0.41 | 0.64 | 1.15 | 0.57 | 0.52 | 1.49 |
| Dec 31, 2010 | 0.44 | 0.59 | 1.15 | 0.59 | 0.56 | 1.48 |
| Dec 31, 2009 | 0.41 | 0.59 | 1.17 | 0.58 | 0.62 | 1.47 |
| Dec 31, 2008 | 0.44 | 0.70 | 1.27 | 0.59 | 0.61 | 1.44 |
| Dec 31, 2007 | 0.41 | 0.65 | 1.15 | 0.58 | 0.63 | 1.46 |
| Dec 31, 2006 | 0.36 | 0.62 | 1.08 | 0.55 | 0.57 | 1.46 |
| Dec 31, 2005 | 0.34 | 0.77 | 0.87 | 0.45 | 0.61 | 1.08 |
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).
Comparison to Sector (Health Care Equipment & Services)
Cigna Group, total asset turnover, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 1.58 | 1.08 |
| Dec 31, 2023 | 1.27 | 1.10 |
| Dec 31, 2022 | 1.25 | 1.06 |
| Dec 31, 2021 | 1.11 | 1.02 |
| Dec 31, 2020 | 1.02 | 0.97 |
| Dec 31, 2019 | 0.98 | 0.98 |
| Dec 31, 2018 | 0.31 | 0.98 |
| Dec 31, 2017 | 0.66 | 0.89 |
| Dec 31, 2016 | 0.65 | 0.92 |
| Dec 31, 2015 | 0.64 | 0.85 |
| Dec 31, 2014 | 0.60 | 1.05 |
| Dec 31, 2013 | 0.57 | 1.04 |
| Dec 31, 2012 | 0.52 | 0.94 |
| Dec 31, 2011 | 0.41 | 1.02 |
| Dec 31, 2010 | 0.44 | 1.00 |
| Dec 31, 2009 | 0.41 | 1.03 |
| Dec 31, 2008 | 0.44 | 1.09 |
| Dec 31, 2007 | 0.41 | 1.06 |
| Dec 31, 2006 | 0.36 | 1.03 |
| Dec 31, 2005 | 0.34 | 0.88 |
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).
Comparison to Industry (Health Care)
Cigna Group, total asset turnover, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.58 | 0.65 |
| Dec 31, 2023 | 1.27 | 0.63 |
| Dec 31, 2022 | 1.25 | 0.66 |
| Dec 31, 2021 | 1.11 | 0.62 |
| Dec 31, 2020 | 1.02 | 0.57 |
| Dec 31, 2019 | 0.98 | 0.57 |
| Dec 31, 2018 | 0.31 | 0.63 |
| Dec 31, 2017 | 0.66 | 0.56 |
| Dec 31, 2016 | 0.65 | 0.57 |
| Dec 31, 2015 | 0.64 | 0.55 |
| Dec 31, 2014 | 0.60 | 0.60 |
| Dec 31, 2013 | 0.57 | 0.58 |
| Dec 31, 2012 | 0.52 | 0.58 |
| Dec 31, 2011 | 0.41 | 0.61 |
| Dec 31, 2010 | 0.44 | 0.61 |
| Dec 31, 2009 | 0.41 | 0.55 |
| Dec 31, 2008 | 0.44 | 0.73 |
| Dec 31, 2007 | 0.41 | 0.71 |
| Dec 31, 2006 | 0.36 | 0.69 |
| Dec 31, 2005 | 0.34 | 0.66 |
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).