Price to Operating Profit (P/OP)
since 2005
Calculation
Cigna Group, P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income from operations1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | 8.80 | = | 302.92 | ÷ | 34.41 | 34.41 | = | 9,417 | ÷ | 273,678,464 | |
| Feb 29, 2024 | 11.51 | = | 336.14 | ÷ | 29.20 | 29.20 | = | 8,536 | ÷ | 292,355,022 | |
| Feb 23, 2023 | 10.40 | = | 294.65 | ÷ | 28.32 | 28.32 | = | 8,414 | ÷ | 297,059,973 | |
| Feb 24, 2022 | 9.08 | = | 224.43 | ÷ | 24.72 | 24.72 | = | 7,935 | ÷ | 320,953,245 | |
| Feb 25, 2021 | 9.03 | = | 209.34 | ÷ | 23.17 | 23.17 | = | 8,153 | ÷ | 351,845,606 | |
| Feb 27, 2020 | 8.38 | = | 181.93 | ÷ | 21.71 | 21.71 | = | 8,077 | ÷ | 372,043,094 | |
| Feb 28, 2019 | 15.94 | = | 174.44 | ÷ | 10.95 | 10.95 | = | 4,160 | ÷ | 380,058,967 | |
| Feb 28, 2018 | 12.07 | = | 195.89 | ÷ | 16.23 | 16.23 | = | 3,942 | ÷ | 242,875,357 | |
| Feb 23, 2017 | — | = | 147.51 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 257,052,404 | |
| Feb 25, 2016 | — | = | 140.32 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 255,766,310 | |
| Feb 26, 2015 | — | = | 121.59 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 258,442,718 | |
| Feb 27, 2014 | — | = | 77.80 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 273,566,004 | |
| Feb 28, 2013 | — | = | 58.46 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 285,954,499 | |
| Feb 23, 2012 | — | = | 44.83 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 286,517,042 | |
| Feb 25, 2011 | — | = | 41.99 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 271,234,488 | |
| Feb 25, 2010 | — | = | 33.87 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 274,968,520 | |
| Feb 26, 2009 | — | = | 16.39 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 271,037,887 | |
| Feb 29, 2008 | — | = | 44.58 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 280,085,645 | |
| Feb 28, 2007 | — | = | 47.50 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 292,417,410 | |
| Feb 23, 2006 | — | = | 41.32 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 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 financial data indicates a significant long-term appreciation in share price, coupled with a general upward trajectory in operating profit per share since 2018. While the share price experienced a notable decline in 2009, it entered a sustained growth phase from 2010 through 2024, reaching a peak of 336.14 US$ before slightly moderating to 302.92 US$ in 2025.
- Operating Profit Performance
- Operating profit per share showed volatility in the initial years of reported data, dropping from 16.23 US$ in 2018 to 10.95 US$ in 2019. However, a strong recovery occurred in 2020, with earnings rising to 21.71 US$. From 2020 to 2025, a consistent growth pattern is evident, with the profit per share increasing annually to reach 34.41 US$.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio exhibited significant fluctuation between 2018 and 2020. A peak ratio of 15.94 was observed in 2019, coinciding with the decline in operating profit per share. This was followed by a sharp contraction to 8.38 in 2020 as operating profits surged. Between 2021 and 2024, the ratio remained relatively stable, oscillating between 9.03 and 11.51, before declining to 8.80 in 2025.
- Valuation Correlation
- The relationship between share price and operating profit suggests that while the nominal stock price has increased substantially, the valuation relative to operating earnings has remained compressed since 2020. The decrease in the P/OP ratio in 2025, despite the high absolute share price, is driven by the continued growth in operating profit per share, which has outpaced the change in market price.
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Comparison to Competitors
Cigna Group, P/OP, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Feb 27, 2025 | 8.80 | 34.28 | 86.83 | 19.98 | 13.27 |
| Feb 29, 2024 | 11.51 | 30.54 | 75.42 | 21.20 | 14.20 |
| Feb 23, 2023 | 10.40 | 22.18 | 54.49 | 20.48 | 15.89 |
| Feb 24, 2022 | 9.08 | 24.45 | 56.11 | 37.44 | 18.77 |
| Feb 25, 2021 | 9.03 | 40.69 | 88.37 | 26.29 | 14.12 |
| Feb 27, 2020 | 8.38 | 34.03 | 48.89 | 21.26 | 14.40 |
| Feb 28, 2019 | 15.94 | 36.64 | 49.87 | 17.64 | 14.58 |
| Feb 28, 2018 | 12.07 | 60.88 | 44.40 | 22.64 | 14.42 |
| Feb 23, 2017 | — | 24.25 | 28.93 | 22.18 | 11.79 |
| Feb 25, 2016 | — | 19.80 | 27.25 | 28.81 | 9.59 |
| Feb 26, 2015 | — | 27.50 | 34.42 | 16.68 | 10.12 |
| Feb 27, 2014 | — | 22.79 | 17.96 | 11.80 | 7.22 |
| Feb 28, 2013 | — | 6.82 | 26.21 | — | 6.32 |
| Feb 23, 2012 | — | 15.35 | 27.83 | — | 6.55 |
| Feb 25, 2011 | — | 11.92 | 23.28 | — | 5.90 |
| Feb 25, 2010 | — | 13.54 | 33.47 | — | 5.95 |
| Feb 26, 2009 | — | 14.66 | 14.45 | — | 6.59 |
| Feb 29, 2008 | — | 18.76 | 55.84 | — | 7.62 |
| Feb 28, 2007 | — | 40.49 | 38.98 | — | 10.47 |
| Feb 23, 2006 | — | 15.48 | 50.21 | — | 14.87 |
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).