Price to Sales (P/S)
since 2005
Calculation
Cigna Group, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues from external customers1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | 0.34 | = | 302.92 | ÷ | 899.41 | 899.41 | = | 246,148 | ÷ | 273,678,464 | |
| Feb 29, 2024 | 0.51 | = | 336.14 | ÷ | 663.92 | 663.92 | = | 194,099 | ÷ | 292,355,022 | |
| Feb 23, 2023 | 0.49 | = | 294.65 | ÷ | 603.79 | 603.79 | = | 179,361 | ÷ | 297,059,973 | |
| Feb 24, 2022 | 0.42 | = | 224.43 | ÷ | 537.55 | 537.55 | = | 172,529 | ÷ | 320,953,245 | |
| Feb 25, 2021 | 0.46 | = | 209.34 | ÷ | 452.35 | 452.35 | = | 159,157 | ÷ | 351,845,606 | |
| Feb 27, 2020 | 0.44 | = | 181.93 | ÷ | 409.03 | 409.03 | = | 152,176 | ÷ | 372,043,094 | |
| Feb 28, 2019 | 1.41 | = | 174.44 | ÷ | 124.11 | 124.11 | = | 47,170 | ÷ | 380,058,967 | |
| Feb 28, 2018 | 1.17 | = | 195.89 | ÷ | 167.08 | 167.08 | = | 40,580 | ÷ | 242,875,357 | |
| Feb 23, 2017 | 0.99 | = | 147.51 | ÷ | 149.20 | 149.20 | = | 38,352 | ÷ | 257,052,404 | |
| Feb 25, 2016 | 0.98 | = | 140.32 | ÷ | 143.36 | 143.36 | = | 36,666 | ÷ | 255,766,310 | |
| Feb 26, 2015 | 0.94 | = | 121.59 | ÷ | 129.99 | 129.99 | = | 33,594 | ÷ | 258,442,718 | |
| Feb 27, 2014 | 0.69 | = | 77.80 | ÷ | 113.33 | 113.33 | = | 31,003 | ÷ | 273,566,004 | |
| Feb 28, 2013 | 0.60 | = | 58.46 | ÷ | 97.68 | 97.68 | = | 27,931 | ÷ | 285,954,499 | |
| Feb 23, 2012 | 0.62 | = | 44.83 | ÷ | 72.56 | 72.56 | = | 20,790 | ÷ | 286,517,042 | |
| Feb 25, 2011 | 0.57 | = | 41.99 | ÷ | 74.01 | 74.01 | = | 20,073 | ÷ | 271,234,488 | |
| Feb 25, 2010 | 0.53 | = | 33.87 | ÷ | 63.44 | 63.44 | = | 17,443 | ÷ | 274,968,520 | |
| Feb 26, 2009 | 0.24 | = | 16.39 | ÷ | 67.18 | 67.18 | = | 18,208 | ÷ | 271,037,887 | |
| Feb 29, 2008 | 0.76 | = | 44.58 | ÷ | 58.89 | 58.89 | = | 16,494 | ÷ | 280,085,645 | |
| Feb 28, 2007 | 0.92 | = | 47.50 | ÷ | 51.75 | 51.75 | = | 15,132 | ÷ | 292,417,410 | |
| Feb 23, 2006 | 0.98 | = | 41.32 | ÷ | 42.21 | 42.21 | = | 15,332 | ÷ | 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.
An analysis of the Price to Sales (P/S) ratio from 2006 to 2025 reveals three distinct valuation phases characterized by significant volatility in the multiple, driven primarily by an exponential increase in sales per share over the long term.
- Initial Valuation Contraction (2006–2009)
- The P/S ratio began at 0.98 in 2006 and experienced a consistent decline, reaching a cyclical low of 0.24 in 2009. This contraction occurred despite a steady increase in sales per share, which rose from 42.21 to 67.18 during this period. The divergence suggests a period of significant market devaluation where the share price fell much faster than the revenue grew.
- Sustained Multiple Expansion (2010–2019)
- A prolonged recovery and expansion phase is observed between 2010 and 2019. The P/S ratio climbed from 0.53 to a peak of 1.41. During this decade, share prices grew from 33.87 to 174.44, while sales per share grew more moderately from 63.44 to 124.11. This indicates that the market attributed increasing value to each dollar of revenue, leading to the highest valuation multiples in the observed history.
- Revenue Acceleration and Ratio Reset (2020–2025)
- A fundamental shift in the ratio occurs starting in 2020, where the P/S ratio dropped sharply from 1.41 to 0.44. This decline was not caused by a decrease in share price—which actually continued to rise from 181.93 in 2020 to 302.92 in 2025—but by a massive surge in sales per share. Revenue per share increased from 124.11 in 2019 to 899.41 by 2025. This rapid expansion of the revenue base effectively reset the P/S ratio to a lower range, ending at 0.34 in 2025.
In summary, while the share price has trended upward over the twenty-year period, the P/S ratio has shifted from being driven by price volatility in the first two decades to being driven by aggressive revenue growth in the final phase. The current valuation multiple is significantly lower than the 2019 peak, reflecting a business model that generates substantially higher revenue per share.
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Comparison to Competitors
Cigna Group, P/S, long-term trends, comparison to competitors
| Cigna Group | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 27, 2025 | 0.34 | 5.58 | 0.51 | 24.42 | 3.18 | 1.08 |
| Feb 29, 2024 | 0.51 | 4.93 | 0.70 | 18.71 | 3.72 | 1.25 |
| Feb 23, 2023 | 0.49 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Feb 24, 2022 | 0.42 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 25, 2021 | 0.46 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Feb 27, 2020 | 0.44 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Feb 28, 2019 | 1.41 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Feb 28, 2018 | 1.17 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 23, 2017 | 0.99 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 25, 2016 | 0.98 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 26, 2015 | 0.94 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 27, 2014 | 0.69 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 28, 2013 | 0.60 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 23, 2012 | 0.62 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Feb 25, 2011 | 0.57 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Feb 25, 2010 | 0.53 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Feb 26, 2009 | 0.24 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Feb 29, 2008 | 0.76 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 28, 2007 | 0.92 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Feb 23, 2006 | 0.98 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Cigna Group | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2025 | 0.34 | 1.62 |
| Feb 29, 2024 | 0.51 | 1.66 |
| Feb 23, 2023 | 0.49 | 100,807.66 |
| Feb 24, 2022 | 0.42 | 2.07 |
| Feb 25, 2021 | 0.46 | 1.86 |
| Feb 27, 2020 | 0.44 | 1.74 |
| Feb 28, 2019 | 1.41 | 1.69 |
| Feb 28, 2018 | 1.17 | 1.58 |
| Feb 23, 2017 | 0.99 | 1.30 |
| Feb 25, 2016 | 0.98 | 1.17 |
| Feb 26, 2015 | 0.94 | 1.23 |
| Feb 27, 2014 | 0.69 | 0.95 |
| Feb 28, 2013 | 0.60 | 0.85 |
| Feb 23, 2012 | 0.62 | 1.04 |
| Feb 25, 2011 | 0.57 | 0.96 |
| Feb 25, 2010 | 0.53 | 1.02 |
| Feb 26, 2009 | 0.24 | 1.08 |
| Feb 29, 2008 | 0.76 | 1.48 |
| Feb 28, 2007 | 0.92 | 1.64 |
| Feb 23, 2006 | 0.98 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Cigna Group | Health Care | |
|---|---|---|
| Feb 27, 2025 | 0.34 | 3.36 |
| Feb 29, 2024 | 0.51 | 3.52 |
| Feb 23, 2023 | 0.49 | 51,413.66 |
| Feb 24, 2022 | 0.42 | 3.28 |
| Feb 25, 2021 | 0.46 | 3.31 |
| Feb 27, 2020 | 0.44 | 3.21 |
| Feb 28, 2019 | 1.41 | 3.07 |
| Feb 28, 2018 | 1.17 | 3.06 |
| Feb 23, 2017 | 0.99 | 2.80 |
| Feb 25, 2016 | 0.98 | 2.72 |
| Feb 26, 2015 | 0.94 | 3.08 |
| Feb 27, 2014 | 0.69 | 2.81 |
| Feb 28, 2013 | 0.60 | 2.20 |
| Feb 23, 2012 | 0.62 | 1.90 |
| Feb 25, 2011 | 0.57 | 1.80 |
| Feb 25, 2010 | 0.53 | 2.08 |
| Feb 26, 2009 | 0.24 | 1.70 |
| Feb 29, 2008 | 0.76 | 2.42 |
| Feb 28, 2007 | 0.92 | 2.85 |
| Feb 23, 2006 | 0.98 | 3.17 |
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).