Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Analysis of Debt
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Cigna Group, long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a consistent upward trend throughout the observed periods. Starting at 39.29 in the first quarter of 2021, the ratio increased steadily to reach 67.36 by the end of 2024. This indicates improved efficiency in utilizing fixed assets to generate sales, with notable acceleration occurring from 2023 onwards.
- Total Asset Turnover
- Total asset turnover demonstrated modest growth during the entire timeframe. The ratio rose from 1.06 in early 2021 to 1.58 at the close of 2024. The increase was gradual, with slightly more pronounced gains starting in 2023. This pattern suggests a strengthening in the company's ability to efficiently use all assets to produce revenue.
- Equity Turnover
- Equity turnover showed a clear and steady increase over the time span, moving from 3.36 at the beginning of 2021 to 6 by the end of 2024. The increase appears continuous, with an acceleration phase noticeable after the first quarter of 2023. This reflects enhanced utilization of shareholders' equity in generating sales.
- Overall Trend Analysis
- All three turnover ratios reveal improvement in operational efficiency between 2021 and 2024, with stronger gains emphasized in the latter part of the period. The rise in net fixed asset turnover and total asset turnover suggests more effective use of fixed and total assets respectively. Simultaneously, the growth in equity turnover indicates better leveraging of equity to drive revenue growth. These trends collectively point toward an increasingly optimized asset and equity management strategy over time.
Net Fixed Asset Turnover
Cigna Group, net fixed asset turnover calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenues from external customers | |||||||||||||||||||||
| Property and equipment | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q4 2024 Calculation
Net fixed asset turnover
= (Revenues from external customersQ4 2024
+ Revenues from external customersQ3 2024
+ Revenues from external customersQ2 2024
+ Revenues from external customersQ1 2024)
÷ Property and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the examined quarterly periods. Revenues from external customers generally exhibit a steady upward trajectory. Starting at approximately 40.6 billion USD in the first quarter of 2021, revenues show consistent growth with minor fluctuations, reaching around 65.4 billion USD by the last quarter of 2024. This reflects a sustained expansion in sales or service income over the four-year span.
In contrast, the property and equipment values demonstrate a slight downward movement overall. The amount recorded decreases from about 4.1 billion USD at the start of 2021 to approximately 3.6 billion USD by the end of 2024. The data shows small variations quarter to quarter, but the general pattern suggests a moderate reduction or underinvestment in fixed assets during the period.
The net fixed asset turnover ratio displays a consistent and strong upward trend. Beginning at roughly 39.3 in early 2021, this ratio increases significantly each quarter, reaching a level above 67 by the last quarter of 2024. This rise indicates improving efficiency in the use of fixed assets to generate revenues, implying the company is generating considerably higher sales per unit of fixed asset value as time progresses.
- Revenue Analysis
- Revenues demonstrate steady growth across the entire period, increasing by over 60% from the start of 2021 to the end of 2024, signifying ongoing business expansion or increased market demand.
- Property and Equipment Trend
- Values tend to decline modestly, indicating either asset disposals, slower reinvestment in property and equipment, or amortization exceeding new capital expenditures.
- Efficiency Metrics
- The net fixed asset turnover ratio rising significantly points to improved asset utilization. The company is able to generate higher revenue per unit of fixed asset over time, which may reflect better operational management or shifts toward less asset-intensive business lines.
In summary, the company shows robust revenue growth combined with a decreasing asset base in property and equipment and substantially enhanced efficiency in fixed asset usage. This aligns with a strategy focused on maximizing revenue generation while maintaining or reducing capital investment levels in fixed assets.
Total Asset Turnover
Cigna Group, total asset turnover calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenues from external customers | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q4 2024 Calculation
Total asset turnover
= (Revenues from external customersQ4 2024
+ Revenues from external customersQ3 2024
+ Revenues from external customersQ2 2024
+ Revenues from external customersQ1 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends regarding revenues, total assets, and asset turnover ratios over the examined periods.
- Revenues from External Customers
- Revenues demonstrate a general upward trajectory from the first quarter of 2021 through the end of 2024. Starting at approximately 40,580 million US dollars in March 2021, revenues show steady growth with occasional minor fluctuations. A notable acceleration in revenue growth appears from early 2023 onwards, with revenues increasing from around 46,240 million US dollars in March 2023 to over 65,000 million US dollars by December 2024. This pattern indicates robust sales expansion or increased market penetration over time.
- Total Assets
- Total assets remained relatively stable throughout the initial quarters, fluctuating slightly around the 150,000 million US dollars mark. A slight decline is observable toward late 2022, where assets decreased to approximately 144,209 million US dollars. However, this trend reverses in 2023, with total assets gradually climbing back to about 157,639 million US dollars by the third quarter of 2024, before a minor decline at the end of 2024. Overall, asset levels exhibit moderate volatility but maintain a generally stable and slightly increasing trend after the mid-point of the examined period.
- Total Asset Turnover
- The total asset turnover ratio shows a clear increasing trend across all quarters analyzed. Starting with a ratio of about 1.06 in March 2021, the ratio increases steadily, reaching approximately 1.58 by the end of 2024. This suggests improving efficiency in utilizing assets to generate sales. The upward trend indicates enhanced operational effectiveness or better asset management, with asset turnover increasing more sharply from 2023 onwards.
In summary, the data reveals a pattern of consistent revenue growth, stable to moderately increasing total assets, and improving asset turnover efficiency. The growing asset turnover ratio alongside rising revenues suggests that the company has been effectively utilizing its assets to support expanding sales. The moderate fluctuations in total assets do not appear to hinder operational performance, as evidenced by continuous improvements in turnover and revenue metrics.
Equity Turnover
Cigna Group, equity turnover calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenues from external customers | |||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q4 2024 Calculation
Equity turnover
= (Revenues from external customersQ4 2024
+ Revenues from external customersQ3 2024
+ Revenues from external customersQ2 2024
+ Revenues from external customersQ1 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues from external customers showed a generally increasing trend over the observed periods. Starting at 40,580 million USD in March 2021, revenues experienced steady growth, reaching 45,308 million USD by December 2021. Following a brief dip in the first quarter of 2022 to 43,591 million USD, revenues resumed an upward trajectory. The trend continued through 2023 and into 2024, culminating in a significant rise to 65,372 million USD by December 2024. This reflects strong growth momentum and successful revenue generation throughout the four-year span.
- Shareholders’ Equity Trends
- Shareholders’ equity demonstrated a contrasting pattern compared to revenues. Beginning at 48,149 million USD in March 2021, equity values declined gradually to 44,872 million USD by December 2021. This downward trend persisted into 2022, with equity dropping to 44,502 million USD by March 2023. A short period of stabilization and mild improvement was observed during 2023, but the equity figure again decreased substantially in 2024, ending at 41,033 million USD by December 2024. This indicates a weakening equity base amid rising revenues.
- Equity Turnover Analysis
- The equity turnover ratio increased steadily across the reported periods, rising from 3.36 in March 2021 to 6.00 by December 2024. This ratio's growth suggests improving asset efficiency and higher revenue generation per unit of shareholder equity. The consistent rise indicates enhanced operational leverage, possibly reflecting better use of capital despite the declining equity value.
- Summary of Financial Position and Performance
- While revenues consistently expanded, shareholders’ equity declined, indicating potential pressure on the equity base, such as increased liabilities or asset revaluations. The growing equity turnover ratio shows that the company is managing to generate more revenue from a shrinking equity base, which could represent operational efficiency or higher financial risk. The divergence between rising revenues and falling equity warrants further investigation into financial structure and risk exposure.