Stock Analysis on Net
Stock Analysis on Net

Cigna Group (NYSE:CI)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Cigna Group, adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.27 1.25 1.11 1.02 0.98
Adjusted 1.28 1.25 1.11 1.02 0.98
Solvency Ratios
Debt to Equity
Reported 0.67 0.69 0.71 0.65 0.83
Adjusted 0.60 0.60 0.62 0.57 0.69
Debt to Capital
Reported 0.40 0.41 0.42 0.40 0.45
Adjusted 0.37 0.37 0.38 0.36 0.41
Financial Leverage
Reported 3.30 3.21 3.29 3.09 3.44
Adjusted 2.89 2.73 2.79 2.62 2.84
Profitability Ratios
Net Profit Margin
Reported 2.66% 3.72% 3.11% 5.31% 3.35%
Adjusted 1.81% 3.21% 2.98% 5.13% 3.66%
Return on Equity (ROE)
Reported 11.17% 14.86% 11.39% 16.81% 11.26%
Adjusted 6.68% 10.91% 9.26% 13.77% 10.17%
Return on Assets (ROA)
Reported 3.38% 4.63% 3.46% 5.44% 3.28%
Adjusted 2.31% 4.00% 3.32% 5.25% 3.57%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Cigna Group adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Cigna Group adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Cigna Group adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Cigna Group adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Cigna Group adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Cigna Group adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Cigna Group adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Cigna Group, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues from external customers 194,099 179,361 172,529 159,157 152,176
Total assets 152,761 143,932 154,889 155,451 155,774
Activity Ratio
Total asset turnover1 1.27 1.25 1.11 1.02 0.98
Adjusted
Selected Financial Data (US$ in millions)
Revenues from external customers 194,099 179,361 172,529 159,157 152,176
Adjusted total assets2 151,706 143,932 154,889 155,451 155,774
Activity Ratio
Adjusted total asset turnover3 1.28 1.25 1.11 1.02 0.98

Based on: 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).

1 2023 Calculation
Total asset turnover = Revenues from external customers ÷ Total assets
= 194,099 ÷ 152,761 = 1.27

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues from external customers ÷ Adjusted total assets
= 194,099 ÷ 151,706 = 1.28

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Cigna Group adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 30,930 31,093 33,670 32,919 37,407
Shareholders’ equity 46,223 44,872 47,112 50,321 45,338
Solvency Ratio
Debt to equity1 0.67 0.69 0.71 0.65 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 31,375 31,553 34,265 33,562 38,038
Adjusted total equity3 52,538 52,702 55,530 59,325 54,766
Solvency Ratio
Adjusted debt to equity4 0.60 0.60 0.62 0.57 0.69

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 30,930 ÷ 46,223 = 0.67

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 31,375 ÷ 52,538 = 0.60

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Cigna Group adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 30,930 31,093 33,670 32,919 37,407
Total capital 77,153 75,965 80,782 83,240 82,745
Solvency Ratio
Debt to capital1 0.40 0.41 0.42 0.40 0.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 31,375 31,553 34,265 33,562 38,038
Adjusted total capital3 83,913 84,255 89,795 92,887 92,804
Solvency Ratio
Adjusted debt to capital4 0.37 0.37 0.38 0.36 0.41

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,930 ÷ 77,153 = 0.40

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 31,375 ÷ 83,913 = 0.37

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Cigna Group adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 152,761 143,932 154,889 155,451 155,774
Shareholders’ equity 46,223 44,872 47,112 50,321 45,338
Solvency Ratio
Financial leverage1 3.30 3.21 3.29 3.09 3.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 151,706 143,932 154,889 155,451 155,774
Adjusted total equity3 52,538 52,702 55,530 59,325 54,766
Solvency Ratio
Adjusted financial leverage4 2.89 2.73 2.79 2.62 2.84

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 152,761 ÷ 46,223 = 3.30

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 151,706 ÷ 52,538 = 2.89

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Cigna Group adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,164 6,668 5,365 8,458 5,104
Revenues from external customers 194,099 179,361 172,529 159,157 152,176
Profitability Ratio
Net profit margin1 2.66% 3.72% 3.11% 5.31% 3.35%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,507 5,751 5,144 8,167 5,567
Revenues from external customers 194,099 179,361 172,529 159,157 152,176
Profitability Ratio
Adjusted net profit margin3 1.81% 3.21% 2.98% 5.13% 3.66%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Shareholders’ net income ÷ Revenues from external customers
= 100 × 5,164 ÷ 194,099 = 2.66%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues from external customers
= 100 × 3,507 ÷ 194,099 = 1.81%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Cigna Group adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,164 6,668 5,365 8,458 5,104
Shareholders’ equity 46,223 44,872 47,112 50,321 45,338
Profitability Ratio
ROE1 11.17% 14.86% 11.39% 16.81% 11.26%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,507 5,751 5,144 8,167 5,567
Adjusted total equity3 52,538 52,702 55,530 59,325 54,766
Profitability Ratio
Adjusted ROE4 6.68% 10.91% 9.26% 13.77% 10.17%

Based on: 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).

1 2023 Calculation
ROE = 100 × Shareholders’ net income ÷ Shareholders’ equity
= 100 × 5,164 ÷ 46,223 = 11.17%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 3,507 ÷ 52,538 = 6.68%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Cigna Group adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,164 6,668 5,365 8,458 5,104
Total assets 152,761 143,932 154,889 155,451 155,774
Profitability Ratio
ROA1 3.38% 4.63% 3.46% 5.44% 3.28%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,507 5,751 5,144 8,167 5,567
Adjusted total assets3 151,706 143,932 154,889 155,451 155,774
Profitability Ratio
Adjusted ROA4 2.31% 4.00% 3.32% 5.25% 3.57%

Based on: 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).

1 2023 Calculation
ROA = 100 × Shareholders’ net income ÷ Total assets
= 100 × 5,164 ÷ 152,761 = 3.38%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,507 ÷ 151,706 = 2.31%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Cigna Group adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.