Net Profit Margin
since 2005
Calculation
Cigna Group, net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Shareholders’ net income1 | ÷ | Revenues from external customers1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.40% | = | 100 | × | 3,434) | ÷ | 246,148) |
| Dec 31, 2023 | 2.66% | = | 100 | × | 5,164) | ÷ | 194,099) |
| Dec 31, 2022 | 3.72% | = | 100 | × | 6,668) | ÷ | 179,361) |
| Dec 31, 2021 | 3.11% | = | 100 | × | 5,365) | ÷ | 172,529) |
| Dec 31, 2020 | 5.31% | = | 100 | × | 8,458) | ÷ | 159,157) |
| Dec 31, 2019 | 3.35% | = | 100 | × | 5,104) | ÷ | 152,176) |
| Dec 31, 2018 | 5.59% | = | 100 | × | 2,637) | ÷ | 47,170) |
| Dec 31, 2017 | 5.51% | = | 100 | × | 2,237) | ÷ | 40,580) |
| Dec 31, 2016 | 4.87% | = | 100 | × | 1,867) | ÷ | 38,352) |
| Dec 31, 2015 | 5.71% | = | 100 | × | 2,094) | ÷ | 36,666) |
| Dec 31, 2014 | 6.26% | = | 100 | × | 2,102) | ÷ | 33,594) |
| Dec 31, 2013 | 4.76% | = | 100 | × | 1,476) | ÷ | 31,003) |
| Dec 31, 2012 | 5.81% | = | 100 | × | 1,623) | ÷ | 27,931) |
| Dec 31, 2011 | 6.38% | = | 100 | × | 1,327) | ÷ | 20,790) |
| Dec 31, 2010 | 6.70% | = | 100 | × | 1,345) | ÷ | 20,073) |
| Dec 31, 2009 | 7.46% | = | 100 | × | 1,302) | ÷ | 17,443) |
| Dec 31, 2008 | 1.60% | = | 100 | × | 292) | ÷ | 18,208) |
| Dec 31, 2007 | 6.76% | = | 100 | × | 1,115) | ÷ | 16,494) |
| Dec 31, 2006 | 7.63% | = | 100 | × | 1,155) | ÷ | 15,132) |
| Dec 31, 2005 | 10.60% | = | 100 | × | 1,625) | ÷ | 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
The net profit margin exhibits a long-term downward trajectory over the twenty-year period, characterized by significant volatility in the early years, a period of relative stabilization, and a structural shift in the latter portion of the timeline.
- Early Period Volatility and Recovery (2005–2013)
- The analysis begins with a peak net profit margin of 10.60% in 2005, followed by a sharp contraction reaching a low of 1.60% in 2008. A rapid recovery occurred in 2009, with the margin returning to 7.46%, before entering a gradual decline over the next four years to reach 4.76% by 2013.
- Mid-Term Stabilization (2014–2018)
- Between 2014 and 2018, the net profit margin demonstrated relative stability, fluctuating within a narrow range between 4.87% and 6.26%. During this phase, net income grew steadily from 2.1 billion to 2.6 billion, while revenues expanded from approximately 33.6 billion to 47.2 billion, maintaining a consistent efficiency ratio.
- Structural Revenue Shift and Margin Compression (2019–2024)
- A significant structural change is observed in 2019, where revenues increased abruptly from 47.2 billion to 152.2 billion. This surge in top-line growth coincided with an immediate compression of the net profit margin to 3.35%. While net income reached a historical peak of 8.46 billion in 2020, the margin remained suppressed compared to pre-2019 levels.
- Recent Performance Trends (2021–2024)
- The final four years of the data show a consistent erosion of profitability relative to revenue. Despite revenues climbing to 246.1 billion by 2024, the net profit margin declined to 1.40%, the second-lowest point in the analyzed period. This indicates that revenue growth has not been matched by proportional increases in net income, which fell from 6.67 billion in 2022 to 3.43 billion in 2024.
Overall, the data reveals a transition from a lower-revenue, higher-margin business model to a high-revenue, low-margin operational structure. The widening gap between revenue growth and net income growth since 2019 suggests increasing operational costs or a shift in the business mix toward lower-margin revenue streams.
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Comparison to Competitors
Cigna Group, net profit margin, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.40% | 31.95% | 3.41% | 27.81% | 11.36% | 3.65% |
| Dec 31, 2023 | 2.66% | 14.27% | 3.52% | 25.24% | 12.03% | 6.09% |
| Dec 31, 2022 | 3.72% | 15.88% | 3.87% | 21.25% | 15.90% | 6.25% |
| Dec 31, 2021 | 3.11% | 16.42% | 4.46% | 29.85% | 11.97% | 6.06% |
| Dec 31, 2020 | 5.31% | 12.99% | 3.78% | 24.33% | 16.56% | 6.03% |
| Dec 31, 2019 | 3.35% | 11.56% | 4.66% | 30.80% | 15.16% | 5.76% |
| Dec 31, 2018 | 5.59% | 7.74% | 4.11% | 30.29% | 10.36% | 5.33% |
| Dec 31, 2017 | 5.51% | 1.74% | 4.31% | 21.09% | 13.56% | 5.28% |
| Dec 31, 2016 | 4.87% | 6.71% | 2.93% | 27.21% | 12.27% | 3.81% |
| Dec 31, 2015 | 5.71% | 21.68% | 3.27% | 24.69% | 13.20% | 3.72% |
| Dec 31, 2014 | 6.26% | 11.28% | 3.52% | 19.65% | 18.02% | 4.33% |
| Dec 31, 2013 | 4.76% | 11.79% | 3.55% | 29.62% | 20.90% | 4.62% |
| Dec 31, 2012 | 5.81% | 14.95% | 4.37% | 30.14% | 22.35% | 5.03% |
| Dec 31, 2011 | 6.38% | 12.17% | 4.42% | 28.17% | 19.43% | 5.08% |
| Dec 31, 2010 | 6.70% | 13.15% | 4.99% | 27.02% | 19.59% | 4.95% |
| Dec 31, 2009 | 7.46% | 18.68% | 7.80% | 22.11% | 14.86% | 4.42% |
| Dec 31, 2008 | 1.60% | 16.53% | 4.04% | 23.35% | 16.51% | 3.70% |
| Dec 31, 2007 | 6.76% | 13.92% | 5.56% | 24.06% | 22.78% | 6.26% |
| Dec 31, 2006 | 7.63% | 7.64% | 5.52% | 19.33% | 22.55% | 5.89% |
| Dec 31, 2005 | 10.60% | 15.10% | 5.53% | 41.41% | 17.94% | 7.36% |
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, net profit margin, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 1.40% | 6.09% |
| Dec 31, 2023 | 2.66% | 6.43% |
| Dec 31, 2022 | 3.72% | 7.05% |
| Dec 31, 2021 | 3.11% | 7.14% |
| Dec 31, 2020 | 5.31% | 6.82% |
| Dec 31, 2019 | 3.35% | 6.91% |
| Dec 31, 2018 | 5.59% | 5.87% |
| Dec 31, 2017 | 5.51% | 5.60% |
| Dec 31, 2016 | 4.87% | 4.73% |
| Dec 31, 2015 | 5.71% | 5.78% |
| Dec 31, 2014 | 6.26% | 5.76% |
| Dec 31, 2013 | 4.76% | 6.37% |
| Dec 31, 2012 | 5.81% | 8.05% |
| Dec 31, 2011 | 6.38% | 7.40% |
| Dec 31, 2010 | 6.70% | 7.67% |
| Dec 31, 2009 | 7.46% | 8.63% |
| Dec 31, 2008 | 1.60% | 6.88% |
| Dec 31, 2007 | 6.76% | 8.40% |
| Dec 31, 2006 | 7.63% | 7.20% |
| Dec 31, 2005 | 10.60% | 9.04% |
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, net profit margin, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.40% | 8.84% |
| Dec 31, 2023 | 2.66% | 11.49% |
| Dec 31, 2022 | 3.72% | 14.65% |
| Dec 31, 2021 | 3.11% | 15.24% |
| Dec 31, 2020 | 5.31% | 10.27% |
| Dec 31, 2019 | 3.35% | 14.56% |
| Dec 31, 2018 | 5.59% | 12.61% |
| Dec 31, 2017 | 5.51% | 9.26% |
| Dec 31, 2016 | 4.87% | 12.80% |
| Dec 31, 2015 | 5.71% | 13.94% |
| Dec 31, 2014 | 6.26% | 14.40% |
| Dec 31, 2013 | 4.76% | 15.04% |
| Dec 31, 2012 | 5.81% | 13.92% |
| Dec 31, 2011 | 6.38% | 12.06% |
| Dec 31, 2010 | 6.70% | 11.90% |
| Dec 31, 2009 | 7.46% | 17.77% |
| Dec 31, 2008 | 1.60% | 13.00% |
| Dec 31, 2007 | 6.76% | 12.52% |
| Dec 31, 2006 | 7.63% | 15.30% |
| Dec 31, 2005 | 10.60% | 14.61% |
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).