Analysis of Long-term (Investment) Activity Ratios
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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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Cigna Group, long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed a consistent upward trend over the analyzed periods, increasing from 37.85 in 2020 to 67.36 in 2024. This indicates an improvement in the efficiency with which fixed assets are utilized to generate sales, reflecting stronger asset management or increased revenue generation relative to fixed asset investment.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio also demonstrated steady growth, rising from 33.46 in 2020 to 67.36 in 2024, mirroring the trend of the net fixed asset turnover ratio without lease adjustments. The alignment of values in 2024 suggests increased integration or recognition of right-of-use assets, possibly reflecting changes in lease accounting or asset utilization strategies over time.
- Total Asset Turnover
- The total asset turnover ratio increased from 1.02 in 2020 to 1.58 in 2024, indicating enhanced effectiveness in using total assets to generate sales. The gradual rise signals improved operational efficiency or asset productivity at the aggregate level across the period.
- Equity Turnover
- Equity turnover rose from 3.16 in 2020 to 6.00 in 2024, representing a significant increase in revenue generated per unit of shareholders' equity. This suggests improved leverage or profitability relative to equity, potentially driven by higher sales volumes, better capital management, or increased financial leverage.
- Overall Analysis
- The consistent increases across all turnover ratios indicate a strong trend of improving asset and equity utilization efficiency over the five-year span. The sharpest growth occurred in net fixed asset turnover and equity turnover ratios, suggesting a strategic focus on maximizing returns from fixed assets and equity capital. The convergence of net fixed asset turnover ratios including and excluding lease assets by 2024 further implies adjustments in asset base recognition. Collectively, these trends reflect enhanced operational performance and effective asset management within the examined timeframe.
Net Fixed Asset Turnover
Cigna Group, net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Net fixed asset turnover = Revenues from external customers ÷ Property and equipment
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- There is a consistent upward trend in revenues from external customers over the five-year period. Revenue increased from $159,157 million in 2020 to $246,148 million in 2024. The growth accelerated notably between 2023 and 2024, indicating stronger sales or business expansion in the latest year.
- Property and Equipment
- The value of property and equipment showed a slight decline from $4,205 million in 2020 to $3,654 million in 2024. This reflects a gradual reduction of tangible fixed assets over time, which could be due to asset disposals, depreciation outpacing acquisitions, or strategic shifts in capital allocation.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio improved significantly during the period, rising from 37.85 in 2020 to 67.36 in 2024. This indicates an enhanced efficiency in using fixed assets to generate revenue. The largest improvement occurred in the final year, highlighting substantial gains in asset utilization or revenue generation efficiency relative to the asset base.
- Overall Insights
- The data suggests a strategic focus on increasing revenue while managing fixed asset levels efficiently. The stable or slightly declining property and equipment values combined with rising turnover ratios imply that the company may be optimizing asset use or shifting towards less capital-intensive operations. The strong revenue growth, especially in the latest year, underscores positive business momentum.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Cigna Group, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues from external customers | ||||||
| Property and equipment | ||||||
| Operating lease ROU assets (included in Other assets) | ||||||
| Property and equipment (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Health Care Equipment & Services | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues from external customers ÷ Property and equipment (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenues from External Customers
- The revenues from external customers have shown a consistent upward trend over the five-year period. Starting at $159,157 million in 2020, revenues increased steadily each year, reaching $246,148 million by 2024. The growth accelerated particularly between 2023 and 2024, indicating a significant expansion in the company's sales or services during that time.
- Property and Equipment (Including Operating Lease, Right-of-Use Asset)
- The value of property and equipment has demonstrated a gradual decline throughout the observed years. Beginning at $4,757 million in 2020, the asset base decreased progressively to $3,654 million by 2024. This could suggest asset disposals, depreciation outpacing additions, or a strategic reduction in capital-intensive assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio reflects a marked improvement over the period. Rising from 33.46 in 2020 to 67.36 in 2024, the ratio nearly doubled. This indicates a more efficient use of fixed assets in generating revenues, likely driven by the combination of increasing sales and decreasing fixed asset values, enhancing operational efficiency.
Total Asset Turnover
Cigna Group, total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Total asset turnover = Revenues from external customers ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- There is a consistent upward trend in revenues from external customers over the five-year period. Starting at 159,157 million US dollars in 2020, revenues increased steadily each year, reaching 246,148 million US dollars by the end of 2024. This represents a significant growth, particularly notable between 2023 and 2024, where the increase was approximately 27 percent.
- Total Assets
- Total assets demonstrated some fluctuations during the period. From 2020 to 2021, total assets decreased slightly from 155,451 million to 154,889 million US dollars. This decline continued more noticeably into 2022, reaching a low of 143,932 million US dollars. However, total assets recovered in the following years, increasing to 152,761 million in 2023 and slightly more to 155,881 million in 2024, nearly returning to the initial level of 2020.
- Total Asset Turnover Ratio
- The total asset turnover ratio showed a consistent increase throughout the five years, improving from 1.02 in 2020 to 1.58 in 2024. This upward trend indicates a progressively more efficient use of assets to generate revenues. The most marked improvement occurred between 2023 and 2024, paralleling the significant revenue growth observed in that year while assets remained relatively stable.
- Overall Insights
- The data suggests an overall positive performance trend, where revenue growth outpaced changes in total assets leading to improved asset utilization efficiency. Despite fluctuations in total asset levels, the company has enhanced how effectively it employs assets to drive revenue. The substantial revenue increase in the last year, coupled with a modest rise in total assets, resulted in a notable improvement in the total asset turnover ratio, indicating potential gains in operational efficiency or market expansion.
Equity Turnover
Cigna Group, equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Equity Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Equity turnover = Revenues from external customers ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Revenues from external customers
- The revenues exhibited a consistent upward trend over the five-year period. Starting from 159,157 million US dollars in 2020, there was a steady increase each year, reaching 246,148 million US dollars by 2024. This represents a significant growth, with the most substantial increase observed in the final year, indicating robust expansion in sales or service income.
- Shareholders’ equity
- Shareholders' equity showed a declining trend over the same span. Beginning at 50,321 million US dollars in 2020, it decreased gradually each year with minor fluctuations, ending at 41,033 million US dollars in 2024. The decline suggests potential distributions, write-downs, or retained earnings being lower than dividends and other payouts, possibly reflecting strategic financial decisions or adverse operational impacts on equity.
- Equity turnover ratio
- The equity turnover ratio consistently improved from 3.16 in 2020 to 6 in 2024. This upward trend indicates an increasing efficiency in utilizing equity to generate revenues, with a notable acceleration in the later years. The growth in this ratio aligns with the rising revenues juxtaposed with decreasing equity, emphasizing a higher level of operational leverage or asset productivity relative to the equity base.