Price to Book Value (P/BV)
since 2005
Calculation
Cigna Group, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | 2.02 | = | 302.92 | ÷ | 149.93 | 149.93 | = | 41,033 | ÷ | 273,678,464 | |
| Feb 29, 2024 | 2.13 | = | 336.14 | ÷ | 158.11 | 158.11 | = | 46,223 | ÷ | 292,355,022 | |
| Feb 23, 2023 | 1.95 | = | 294.65 | ÷ | 151.05 | 151.05 | = | 44,872 | ÷ | 297,059,973 | |
| Feb 24, 2022 | 1.53 | = | 224.43 | ÷ | 146.79 | 146.79 | = | 47,112 | ÷ | 320,953,245 | |
| Feb 25, 2021 | 1.46 | = | 209.34 | ÷ | 143.02 | 143.02 | = | 50,321 | ÷ | 351,845,606 | |
| Feb 27, 2020 | 1.49 | = | 181.93 | ÷ | 121.86 | 121.86 | = | 45,338 | ÷ | 372,043,094 | |
| Feb 28, 2019 | 1.62 | = | 174.44 | ÷ | 107.95 | 107.95 | = | 41,028 | ÷ | 380,058,967 | |
| Feb 28, 2018 | 3.47 | = | 195.89 | ÷ | 56.45 | 56.45 | = | 13,711 | ÷ | 242,875,357 | |
| Feb 23, 2017 | 2.76 | = | 147.51 | ÷ | 53.39 | 53.39 | = | 13,723 | ÷ | 257,052,404 | |
| Feb 25, 2016 | 2.98 | = | 140.32 | ÷ | 47.05 | 47.05 | = | 12,035 | ÷ | 255,766,310 | |
| Feb 26, 2015 | 2.92 | = | 121.59 | ÷ | 41.69 | 41.69 | = | 10,774 | ÷ | 258,442,718 | |
| Feb 27, 2014 | 2.01 | = | 77.80 | ÷ | 38.63 | 38.63 | = | 10,567 | ÷ | 273,566,004 | |
| Feb 28, 2013 | 1.71 | = | 58.46 | ÷ | 34.16 | 34.16 | = | 9,769 | ÷ | 285,954,499 | |
| Feb 23, 2012 | 1.54 | = | 44.83 | ÷ | 29.12 | 29.12 | = | 8,344 | ÷ | 286,517,042 | |
| Feb 25, 2011 | 1.71 | = | 41.99 | ÷ | 24.50 | 24.50 | = | 6,645 | ÷ | 271,234,488 | |
| Feb 25, 2010 | 1.72 | = | 33.87 | ÷ | 19.70 | 19.70 | = | 5,417 | ÷ | 274,968,520 | |
| Feb 26, 2009 | 1.24 | = | 16.39 | ÷ | 13.25 | 13.25 | = | 3,592 | ÷ | 271,037,887 | |
| Feb 29, 2008 | 2.63 | = | 44.58 | ÷ | 16.95 | 16.95 | = | 4,748 | ÷ | 280,085,645 | |
| Feb 28, 2007 | 3.21 | = | 47.50 | ÷ | 14.81 | 14.81 | = | 4,330 | ÷ | 292,417,410 | |
| Feb 23, 2006 | 2.80 | = | 41.32 | ÷ | 14.76 | 14.76 | = | 5,360 | ÷ | 363,205,548 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Cigna Group Annual Report.
The Price to Book Value (P/BV) ratio exhibits significant cyclicality over the twenty-year period from 2006 to 2025, reflecting shifts in market valuation relative to the company's equity base. While both the share price and book value per share (BVPS) demonstrate long-term upward trajectories, the P/BV ratio fluctuates, indicating varying levels of market premiums assigned to the company's net assets over time.
- Early Volatility and Stabilization (2006–2013)
- The P/BV ratio began at 2.80 in 2006, peaking at 3.21 in 2007 before experiencing a sharp contraction to a period low of 1.24 in 2009. Following this trough, the ratio entered a recovery phase, stabilizing and oscillating within a narrow range between 1.54 and 1.72 through 2013.
- Valuation Expansion (2014–2018)
- A sustained period of valuation growth occurred between 2014 and 2018. During this interval, the P/BV ratio climbed steadily from 2.01 to a peak of 3.47. This trend was characterized by share price appreciation that significantly outpaced the growth of the book value per share, suggesting a heightened market premium during this window.
- Structural Shift and Recent Trends (2019–2025)
- A significant inflection point occurred in 2019, where the P/BV ratio dropped sharply to 1.62. This contraction was primarily driven by a substantial increase in BVPS, which rose from 56.45 in 2018 to 107.95 in 2019. Between 2020 and 2022, the ratio remained compressed, fluctuating between 1.46 and 1.53. In the final three years of the sequence, a moderate recovery is observed, with the ratio rising to 2.02 by February 2025, indicating a gradual increase in the market's valuation of the company relative to its expanded book value.
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Comparison to Competitors
Cigna Group, P/BV, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 27, 2025 | 2.02 | 4.91 | 2.15 | 12.41 | 2.05 | 4.63 |
| Feb 29, 2024 | 2.13 | 5.12 | 3.02 | 10.01 | 2.26 | 5.18 |
| Feb 23, 2023 | 1.95 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Feb 24, 2022 | 1.53 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 25, 2021 | 1.46 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 27, 2020 | 1.49 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 28, 2019 | 1.62 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 28, 2018 | 3.47 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 23, 2017 | 2.76 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 25, 2016 | 2.98 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 26, 2015 | 2.92 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 27, 2014 | 2.01 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 28, 2013 | 1.71 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 23, 2012 | 1.54 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 25, 2011 | 1.71 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 25, 2010 | 1.72 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 26, 2009 | 1.24 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 29, 2008 | 2.63 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 28, 2007 | 3.21 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Feb 23, 2006 | 2.80 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
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, P/BV, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2025 | 2.02 | 4.26 |
| Feb 29, 2024 | 2.13 | 4.43 |
| Feb 23, 2023 | 1.95 | 263,051.14 |
| Feb 24, 2022 | 1.53 | 5.01 |
| Feb 25, 2021 | 1.46 | 4.30 |
| Feb 27, 2020 | 1.49 | 4.00 |
| Feb 28, 2019 | 1.62 | 3.83 |
| Feb 28, 2018 | 3.47 | 3.44 |
| Feb 23, 2017 | 2.76 | 2.95 |
| Feb 25, 2016 | 2.98 | 2.39 |
| Feb 26, 2015 | 2.92 | 2.94 |
| Feb 27, 2014 | 2.01 | 2.12 |
| Feb 28, 2013 | 1.71 | 1.89 |
| Feb 23, 2012 | 1.54 | 2.39 |
| Feb 25, 2011 | 1.71 | 2.21 |
| Feb 25, 2010 | 1.72 | 2.31 |
| Feb 26, 2009 | 1.24 | 2.78 |
| Feb 29, 2008 | 2.63 | 3.52 |
| Feb 28, 2007 | 3.21 | 3.80 |
| Feb 23, 2006 | 2.80 | 3.90 |
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, P/BV, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Feb 27, 2025 | 2.02 | 5.99 |
| Feb 29, 2024 | 2.13 | 5.94 |
| Feb 23, 2023 | 1.95 | 87,112.79 |
| Feb 24, 2022 | 1.53 | 5.48 |
| Feb 25, 2021 | 1.46 | 5.37 |
| Feb 27, 2020 | 1.49 | 5.14 |
| Feb 28, 2019 | 1.62 | 5.17 |
| Feb 28, 2018 | 3.47 | 4.55 |
| Feb 23, 2017 | 2.76 | 4.06 |
| Feb 25, 2016 | 2.98 | 3.62 |
| Feb 26, 2015 | 2.92 | 4.10 |
| Feb 27, 2014 | 2.01 | 3.51 |
| Feb 28, 2013 | 1.71 | 2.87 |
| Feb 23, 2012 | 1.54 | 2.51 |
| Feb 25, 2011 | 1.71 | 2.24 |
| Feb 25, 2010 | 1.72 | 2.36 |
| Feb 26, 2009 | 1.24 | 2.65 |
| Feb 29, 2008 | 2.63 | 3.45 |
| Feb 28, 2007 | 3.21 | 3.81 |
| Feb 23, 2006 | 2.80 | 3.97 |
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).