Price to Earnings (P/E)
since 2005
Calculation
Cigna Group, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Shareholders’ net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | 24.14 | = | 302.92 | ÷ | 12.55 | 12.55 | = | 3,434 | ÷ | 273,678,464 | |
| Feb 29, 2024 | 19.03 | = | 336.14 | ÷ | 17.66 | 17.66 | = | 5,164 | ÷ | 292,355,022 | |
| Feb 23, 2023 | 13.13 | = | 294.65 | ÷ | 22.45 | 22.45 | = | 6,668 | ÷ | 297,059,973 | |
| Feb 24, 2022 | 13.43 | = | 224.43 | ÷ | 16.72 | 16.72 | = | 5,365 | ÷ | 320,953,245 | |
| Feb 25, 2021 | 8.71 | = | 209.34 | ÷ | 24.04 | 24.04 | = | 8,458 | ÷ | 351,845,606 | |
| Feb 27, 2020 | 13.26 | = | 181.93 | ÷ | 13.72 | 13.72 | = | 5,104 | ÷ | 372,043,094 | |
| Feb 28, 2019 | 25.14 | = | 174.44 | ÷ | 6.94 | 6.94 | = | 2,637 | ÷ | 380,058,967 | |
| Feb 28, 2018 | 21.27 | = | 195.89 | ÷ | 9.21 | 9.21 | = | 2,237 | ÷ | 242,875,357 | |
| Feb 23, 2017 | 20.31 | = | 147.51 | ÷ | 7.26 | 7.26 | = | 1,867 | ÷ | 257,052,404 | |
| Feb 25, 2016 | 17.14 | = | 140.32 | ÷ | 8.19 | 8.19 | = | 2,094 | ÷ | 255,766,310 | |
| Feb 26, 2015 | 14.95 | = | 121.59 | ÷ | 8.13 | 8.13 | = | 2,102 | ÷ | 258,442,718 | |
| Feb 27, 2014 | 14.42 | = | 77.80 | ÷ | 5.40 | 5.40 | = | 1,476 | ÷ | 273,566,004 | |
| Feb 28, 2013 | 10.30 | = | 58.46 | ÷ | 5.68 | 5.68 | = | 1,623 | ÷ | 285,954,499 | |
| Feb 23, 2012 | 9.68 | = | 44.83 | ÷ | 4.63 | 4.63 | = | 1,327 | ÷ | 286,517,042 | |
| Feb 25, 2011 | 8.47 | = | 41.99 | ÷ | 4.96 | 4.96 | = | 1,345 | ÷ | 271,234,488 | |
| Feb 25, 2010 | 7.15 | = | 33.87 | ÷ | 4.74 | 4.74 | = | 1,302 | ÷ | 274,968,520 | |
| Feb 26, 2009 | 15.21 | = | 16.39 | ÷ | 1.08 | 1.08 | = | 292 | ÷ | 271,037,887 | |
| Feb 29, 2008 | 11.20 | = | 44.58 | ÷ | 3.98 | 3.98 | = | 1,115 | ÷ | 280,085,645 | |
| Feb 28, 2007 | 12.03 | = | 47.50 | ÷ | 3.95 | 3.95 | = | 1,155 | ÷ | 292,417,410 | |
| Feb 23, 2006 | 9.24 | = | 41.32 | ÷ | 4.47 | 4.47 | = | 1,625 | ÷ | 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 long-term trajectory of the share price exhibits a consistent upward trend, rising from 41.32 USD in 2006 to a peak of 336.14 USD in 2024. Earnings per share (EPS) followed a generally positive trajectory but demonstrated significant volatility, characterized by a sharp decline to 1.08 USD in 2009 and a substantial peak of 24.04 USD in 2021. The interaction between these two metrics has resulted in fluctuating valuation multiples over the two-decade period.
- Valuation Expansion Phase (2011–2019)
- A period of sustained growth in the Price-to-Earnings (P/E) ratio is observed from 2011 to 2019. The ratio climbed steadily from 8.47 to a peak of 25.14. This trend indicates a progressive increase in the premium investors were willing to pay per dollar of earnings, suggesting rising market confidence or expectations of future growth during this interval.
- Valuation Contraction and EPS Surge (2020–2022)
- A significant reversal in the P/E ratio occurred between 2020 and 2022, with the ratio dropping to 8.71 in 2021. This contraction occurred simultaneously with the highest recorded EPS of 24.04 USD. The inverse relationship during this period suggests that earnings growth outpaced share price appreciation, leading to a lower valuation multiple despite strong profitability.
- Recent Valuation Recovery (2023–2025)
- From 2023 to 2025, the P/E ratio transitioned back into an expansionary phase, rising from 13.13 to 24.14. This increase in the multiple occurred despite a downward trend in EPS, which fell from 22.45 USD in 2023 to 12.55 USD in 2025. The widening P/E ratio during a period of declining earnings indicates that the share price has remained high relative to current profitability, reflecting a shift in valuation drivers.
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Comparison to Competitors
Cigna Group, P/E, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 27, 2025 | 24.14 | 17.46 | 14.85 | 87.82 | 27.97 | 29.75 |
| Feb 29, 2024 | 19.03 | 34.57 | 19.80 | 74.11 | 30.94 | 20.53 |
| Feb 23, 2023 | 13.13 | 26.76 | 9,358,713.46 | 64.99 | 23.38 | 22.46 |
| Feb 24, 2022 | 13.43 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 25, 2021 | 8.71 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 27, 2020 | 13.26 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 28, 2019 | 25.14 | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 28, 2018 | 21.27 | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 23, 2017 | 20.31 | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 25, 2016 | 17.14 | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 26, 2015 | 14.95 | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 27, 2014 | 14.42 | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 28, 2013 | 10.30 | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 23, 2012 | 9.68 | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
| Feb 25, 2011 | 8.47 | 15.68 | 8.74 | 33.85 | 12.65 | 10.01 |
| Feb 25, 2010 | 7.15 | 14.69 | 5.53 | 54.30 | 17.11 | 9.91 |
| Feb 26, 2009 | 15.21 | 17.11 | 8.26 | 21.99 | 26.02 | 11.66 |
| Feb 29, 2008 | 11.20 | 23.82 | 12.02 | 79.87 | 20.81 | 12.85 |
| Feb 28, 2007 | 12.03 | 48.17 | 16.05 | 58.08 | 21.31 | 17.58 |
| Feb 23, 2006 | 9.24 | 20.03 | 20.66 | 36.68 | 35.12 | 24.20 |
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/E, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2025 | 24.14 | 26.60 |
| Feb 29, 2024 | 19.03 | 25.86 |
| Feb 23, 2023 | 13.13 | 1,429,718.32 |
| Feb 24, 2022 | 13.43 | 28.98 |
| Feb 25, 2021 | 8.71 | 27.23 |
| Feb 27, 2020 | 13.26 | 25.22 |
| Feb 28, 2019 | 25.14 | 28.84 |
| Feb 28, 2018 | 21.27 | 28.17 |
| Feb 23, 2017 | 20.31 | 27.54 |
| Feb 25, 2016 | 17.14 | 20.20 |
| Feb 26, 2015 | 14.95 | 21.28 |
| Feb 27, 2014 | 14.42 | 14.93 |
| Feb 28, 2013 | 10.30 | 10.51 |
| Feb 23, 2012 | 9.68 | 14.07 |
| Feb 25, 2011 | 8.47 | 12.56 |
| Feb 25, 2010 | 7.15 | 11.86 |
| Feb 26, 2009 | 15.21 | 15.75 |
| Feb 29, 2008 | 11.20 | 17.58 |
| Feb 28, 2007 | 12.03 | 22.77 |
| Feb 23, 2006 | 9.24 | 24.03 |
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/E, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Feb 27, 2025 | 24.14 | 38.03 |
| Feb 29, 2024 | 19.03 | 30.62 |
| Feb 23, 2023 | 13.13 | 351,256.81 |
| Feb 24, 2022 | 13.43 | 21.55 |
| Feb 25, 2021 | 8.71 | 32.22 |
| Feb 27, 2020 | 13.26 | 22.09 |
| Feb 28, 2019 | 25.14 | 24.32 |
| Feb 28, 2018 | 21.27 | 33.04 |
| Feb 23, 2017 | 20.31 | 21.90 |
| Feb 25, 2016 | 17.14 | 19.53 |
| Feb 26, 2015 | 14.95 | 21.38 |
| Feb 27, 2014 | 14.42 | 18.67 |
| Feb 28, 2013 | 10.30 | 15.77 |
| Feb 23, 2012 | 9.68 | 15.79 |
| Feb 25, 2011 | 8.47 | 15.12 |
| Feb 25, 2010 | 7.15 | 11.71 |
| Feb 26, 2009 | 15.21 | 13.07 |
| Feb 29, 2008 | 11.20 | 19.29 |
| Feb 28, 2007 | 12.03 | 18.61 |
| Feb 23, 2006 | 9.24 | 21.71 |
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).