Debt to Equity
since 2005
Calculation
Cigna Group, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 0.78 | = | 31,972) | ÷ | 41,033) |
| Dec 31, 2023 | 0.67 | = | 30,930) | ÷ | 46,223) |
| Dec 31, 2022 | 0.69 | = | 31,093) | ÷ | 44,872) |
| Dec 31, 2021 | 0.71 | = | 33,670) | ÷ | 47,112) |
| Dec 31, 2020 | 0.65 | = | 32,919) | ÷ | 50,321) |
| Dec 31, 2019 | 0.83 | = | 37,407) | ÷ | 45,338) |
| Dec 31, 2018 | 1.04 | = | 42,478) | ÷ | 41,028) |
| Dec 31, 2017 | 0.40 | = | 5,439) | ÷ | 13,711) |
| Dec 31, 2016 | 0.37 | = | 5,032) | ÷ | 13,723) |
| Dec 31, 2015 | 0.43 | = | 5,169) | ÷ | 12,035) |
| Dec 31, 2014 | 0.48 | = | 5,152) | ÷ | 10,774) |
| Dec 31, 2013 | 0.50 | = | 5,247) | ÷ | 10,567) |
| Dec 31, 2012 | 0.53 | = | 5,187) | ÷ | 9,769) |
| Dec 31, 2011 | 0.61 | = | 5,094) | ÷ | 8,344) |
| Dec 31, 2010 | 0.43 | = | 2,840) | ÷ | 6,645) |
| Dec 31, 2009 | 0.47 | = | 2,540) | ÷ | 5,417) |
| Dec 31, 2008 | 0.67 | = | 2,391) | ÷ | 3,592) |
| Dec 31, 2007 | 0.38 | = | 1,793) | ÷ | 4,748) |
| Dec 31, 2006 | 0.39 | = | 1,676) | ÷ | 4,330) |
| Dec 31, 2005 | 0.27 | = | 1,438) | ÷ | 5,360) |
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 financial structure of the organization underwent a fundamental shift between 2005 and 2024, characterized by a period of relative stability followed by a significant expansion of both liabilities and equity starting in 2018. The capital structure transitioned from a low-leverage model to a more heavily leveraged position, which subsequently stabilized over the following six years.
- Total Debt Trends
- Between 2005 and 2017, total debt remained relatively contained, growing from 1,438 million USD to 5,439 million USD. A substantial inflection point occurred in 2018, where debt surged to a peak of 42,478 million USD. Following this spike, a gradual deleveraging trend is observed, with total debt declining to 30,930 million USD by 2022 before slightly increasing to 31,972 million USD by the end of 2024.
- Shareholders' Equity Evolution
- Equity exhibited steady growth from 5,360 million USD in 2005 to 13,711 million USD in 2017. Similar to the debt trend, there was a sharp increase in 2018 to 41,028 million USD. Equity reached its maximum value of 50,321 million USD in 2019, after which it experienced a gradual decline, ending the period at 41,033 million USD in 2024.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained below 0.70 for the first twelve years of the analyzed period, fluctuating between a low of 0.27 in 2005 and a peak of 0.67 in 2008. The ratio reached its historical maximum of 1.04 in 2018, coinciding with the massive increase in total debt. From 2019 onward, the ratio moderated and stabilized, ranging between 0.65 and 0.78, indicating a permanent shift to a higher leverage baseline compared to the 2005-2017 era.
The synchronization of the spikes in both debt and equity in 2018 suggests a major capital event or strategic acquisition that fundamentally resized the balance sheet. While the organization has since reduced its absolute debt levels, the debt to equity ratio remains higher than its pre-2018 average, reflecting a modified approach to capital financing.
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Comparison to Competitors
Cigna Group, debt to equity, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | 0.78 | 0.30 | 0.76 | 0.00 | 0.50 | 0.83 |
| Dec 31, 2023 | 0.67 | 0.38 | 0.64 | 0.00 | 0.47 | 0.70 |
| Dec 31, 2022 | 0.69 | 0.46 | 0.66 | 0.00 | 0.46 | 0.74 |
| Dec 31, 2021 | 0.71 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Dec 31, 2020 | 0.65 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Dec 31, 2019 | 0.83 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2018 | 1.04 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2017 | 0.40 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | 0.37 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | 0.43 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | 0.48 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | 0.50 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | 0.53 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | 0.61 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Dec 31, 2010 | 0.43 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Dec 31, 2009 | 0.47 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Dec 31, 2008 | 0.67 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Dec 31, 2007 | 0.38 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Dec 31, 2006 | 0.39 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Dec 31, 2005 | 0.27 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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, debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 0.78 | 0.59 |
| Dec 31, 2023 | 0.67 | 0.55 |
| Dec 31, 2022 | 0.69 | 0.57 |
| Dec 31, 2021 | 0.71 | 0.55 |
| Dec 31, 2020 | 0.65 | 0.56 |
| Dec 31, 2019 | 0.83 | 0.58 |
| Dec 31, 2018 | 1.04 | 0.60 |
| Dec 31, 2017 | 0.40 | 0.71 |
| Dec 31, 2016 | 0.37 | 0.72 |
| Dec 31, 2015 | 0.43 | 0.69 |
| Dec 31, 2014 | 0.48 | 0.52 |
| Dec 31, 2013 | 0.50 | 0.47 |
| Dec 31, 2012 | 0.53 | 0.61 |
| Dec 31, 2011 | 0.61 | 0.49 |
| Dec 31, 2010 | 0.43 | 0.55 |
| Dec 31, 2009 | 0.47 | 0.51 |
| Dec 31, 2008 | 0.67 | 0.55 |
| Dec 31, 2007 | 0.38 | 0.53 |
| Dec 31, 2006 | 0.39 | 0.50 |
| Dec 31, 2005 | 0.27 | 0.34 |
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, debt to equity, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Dec 31, 2024 | 0.78 | 0.87 |
| Dec 31, 2023 | 0.67 | 0.82 |
| Dec 31, 2022 | 0.69 | 0.72 |
| Dec 31, 2021 | 0.71 | 0.80 |
| Dec 31, 2020 | 0.65 | 0.92 |
| Dec 31, 2019 | 0.83 | 0.90 |
| Dec 31, 2018 | 1.04 | 0.80 |
| Dec 31, 2017 | 0.40 | 0.82 |
| Dec 31, 2016 | 0.37 | 0.77 |
| Dec 31, 2015 | 0.43 | 0.69 |
| Dec 31, 2014 | 0.48 | 0.54 |
| Dec 31, 2013 | 0.50 | 0.50 |
| Dec 31, 2012 | 0.53 | 0.54 |
| Dec 31, 2011 | 0.61 | 0.47 |
| Dec 31, 2010 | 0.43 | 0.43 |
| Dec 31, 2009 | 0.47 | 0.42 |
| Dec 31, 2008 | 0.67 | 0.42 |
| Dec 31, 2007 | 0.38 | 0.36 |
| Dec 31, 2006 | 0.39 | 0.32 |
| Dec 31, 2005 | 0.27 | 0.30 |
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).