Enterprise Value to EBITDA (EV/EBITDA)
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Cigna Group, EBITDA calculation
US$ in millions
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).
- Shareholders’ net income
- There is a noticeable downward trend in shareholders’ net income over the analyzed period. Starting from a high of 8458 million US dollars in 2020, the figure drops significantly to 5365 million in 2021. It recovers somewhat in 2022, reaching 6668 million, but then steadily declines again through 2023 and 2024 to 5164 million and finally to 3434 million. This overall decline suggests increasing challenges in profitability or increased costs impacting the net income returned to shareholders.
- Earnings before tax (EBT)
- The earnings before tax follow a similar downward pattern as net income. From 10868 million US dollars in 2020, earnings before tax decline sharply to 6782 million in 2021. There is a moderate rebound in 2022 reaching 8353 million, but thereafter the trend is negative with consecutive decreases to 5513 million in 2023, and a slight further drop to 5269 million in 2024. The pattern reinforces the observation of decreasing profitability before tax.
- Earnings before interest and tax (EBIT)
- EBIT also reflects a declining trend during the period but shows somewhat less volatility. Starting at 12268 million US dollars in 2020, it decreases to 8082 million in 2021 followed by a recovery in 2022 to 9653 million. The subsequent years 2023 and 2024 see declines again to 6913 million and 6769 million respectively. This indicates diminishing operating profitability before accounting for interest and tax expenses over the measured years.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- The EBITDA figures show a somewhat consistent decline over the period. EBITDA begins at 15070 million US dollars in 2020 and falls sharply to 11005 million in 2021. There is a limited recovery in 2022 to 12590 million, but then it declines steadily again through 2023 and 2024 to 9948 million and 9544 million respectively. This decreasing trend in EBITDA highlights a reduction in earnings capacity before non-cash charges and financial expenses.
Enterprise Value to EBITDA Ratio, Current
Cigna Group, current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| EV/EBITDA, Sector | |
| Health Care Equipment & Services | |
| EV/EBITDA, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Cigna Group, historical EV/EBITDA 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) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Health Care Equipment & Services | ||||||
| EV/EBITDA, 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited an overall upward trend from 2020 through 2023, increasing from approximately $95.1 billion to $120.5 billion. However, in 2024, there was a notable decline to around $106.9 billion, indicating a potential readjustment or market valuation correction during that year.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA demonstrated volatility across the years under review. It decreased sharply from roughly $15.1 billion in 2020 to $11.0 billion in 2021. This was followed by a partial recovery to approximately $12.6 billion in 2022. Subsequently, EBITDA declined again in 2023 and 2024, reaching about $9.9 billion and $9.5 billion respectively, signaling challenges in maintaining operational profitability.
- EV/EBITDA Ratio
- The EV/EBITDA ratio reflected considerable fluctuations that corresponded inversely with EBITDA changes and EV movements. In 2020, the ratio was relatively low at 6.31, rising sharply to 9.06 in 2021 despite the decline in EBITDA, implying increased valuation multiples. The ratio slightly decreased to 8.88 in 2022 with EBITDA recovery, but it surged significantly to 12.11 in 2023 and remained elevated at 11.20 in 2024, influenced by decreasing EBITDA and still-high enterprise value relative to earnings.