Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Cigna Group, FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Net income attributable to noncontrolling interests	208)	78)	50)	31)	16)
Net noncash charges	2,953)	1,290)	2,648)	(1,737)	3,163)
Net changes in assets and liabilities, net of non-operating effects	3,488)	620)	(872)	3,598)	1,202)
Net cash provided by operating activities	11,813)	8,656)	7,191)	10,350)	9,485)
Property and equipment purchases, net	(1,573)	(1,295)	(1,154)	(1,094)	(1,050)
Net change in short-term debt	1,198)	(2,059)	975)	60)	(681)
Net proceeds on issuance of term loan	—)	—)	—)	1,398)	—)
Repayment of term loan	—)	—)	—)	(1,400)	—)
Payments for debt extinguishment	—)	—)	(136)	(212)	(3)
Repayment of long-term debt	(2,967)	(500)	(4,578)	(8,047)	(4,491)
Net proceeds on issuance of long-term debt	1,491)	—)	4,260)	3,465)	—)
Free cash flow to equity (FCFE)	9,962)	4,802)	6,558)	4,520)	3,260)

Based on: 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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Cigna Group equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Cigna Group FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Cigna Group, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	292,355,022
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	9,962)
FCFE per share	34.08
Current share price (P)	353.18
Valuation Ratio
P/FCFE	10.36
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	71.90
CVS Health Corp.	4.78
Danaher Corp.	49.99
Elevance Health Inc.	16.74
Humana Inc.	10.73
Intuitive Surgical Inc.	174.58
Medtronic PLC	26.87
Shockwave Medical Inc.	15.87
UnitedHealth Group Inc.	15.12
P/FCFE, Sector
Health Care Equipment & Services	17.52
P/FCFE, Industry
Health Care	16.28

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Cigna Group, historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	292,355,022	297,059,973	320,953,245	351,845,606	372,043,094
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	9,962)	4,802)	6,558)	4,520)	3,260)
FCFE per share³	34.08	16.17	20.43	12.85	8.76
Share price^1, 4	336.14	294.65	224.43	209.34	181.93
Valuation Ratio
P/FCFE⁵	9.86	18.23	10.98	16.30	20.76
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	76.56	26.11	24.52	38.42	53.19
CVS Health Corp.	5.22	12.36	21.23	11.93	18.52
Danaher Corp.	53.08	32.04	20.75	44.62	6.88
Elevance Health Inc.	16.04	14.26	11.07	7.75	13.72
Humana Inc.	12.01	30.99	11.49	8.47	11.73
Intuitive Surgical Inc.	177.77	89.67	58.39	81.15	57.31
Medtronic PLC	29.20	19.71	38.91	23.06	26.62
Shockwave Medical Inc.	12.55	70.16	2,410.63	—	—
UnitedHealth Group Inc.	15.33	12.57	20.11	13.93	13.90
P/FCFE, Sector
Health Care Equipment & Services	18.03	17.65	20.30	18.25	16.26
P/FCFE, Industry
Health Care	16.86	18.40	17.97	17.17	13.58

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 9,962,000,000 ÷ 292,355,022 = 34.08

⁴ Closing price as at the filing date of Cigna Group Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 336.14 ÷ 34.08 = 9.86

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Cigna Group P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Cigna Group (NYSE:CI)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical