Cigna Corporation
- Open
- 278.58
- Day high
- 278.83
- Day low
- 275.59
- Prev close
- 278.88
- Volume
- 1.3M
- Mkt cap
- $73.0B
- P/E (TTM)
- 11.4
- EPS (TTM)
- $24.25
- P/B
- 1.7
- P/S
- 0.3
- Yield
- 2.22%
- Per share
- $6.14
- ▼Insiders net selling -$6.4M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Cigna Corporation (CI) is a Healthcare company listed on NYSE. The stock is down 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 3 published research articles covering CI.
Cigna Corporation (CI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $7.61 | $7.78 | +2.2% | $71.7B | +1.9% |
| Apr 30, 2026 | $7.59 | $7.79 | +2.6% | $68.5B | +2.7% |
| Feb 5, 2026 | $7.86 | $8.08 | +2.8% | $72.5B | +2.6% |
| Oct 30, 2025 | $7.64 | $7.83 | +2.4% | $69.7B | +2.6% |
| Jul 31, 2025 | $7.16 | $7.20 | +0.6% | $67.2B | +5.8% |
| May 2, 2025 | $6.36 | $6.74 | +5.9% | $65.5B | +8.0% |
| Jan 30, 2025 | $7.84 | $6.64 | -15.3% | $65.7B | +3.7% |
| Oct 31, 2024 | $7.25 | $7.51 | +3.6% | $62.8B | +5.8% |
| Aug 1, 2024 | $6.42 | $6.72 | +4.6% | $60.5B | +4.2% |
| May 2, 2024 | $6.21 | $6.47 | +4.1% | $55.4B | -1.4% |
| Feb 2, 2024 | $6.51 | $6.79 | +4.3% | $51.1B | +4.5% |
| Nov 2, 2023 | $6.65 | $6.77 | +1.9% | $49.0B | +1.9% |
CI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Holgerson Bryanofficer: See Remarks | Grant | 1 | — |
| Aug 20, 2026 | Holgerson Bryanofficer: See Remarks | Grant | 1 | — |
| Aug 20, 2026 | Jones Nicole Sofficer: See Remarks | Sell | 2,677 | $279.61 |
| Aug 20, 2026 | Holgerson Bryanofficer: See Remarks | Grant | 1 | — |
| Aug 6, 2026 | Jones Nicole Sofficer: See Remarks | Option | 14,045 | $192.02 |
| Aug 6, 2026 | Jones Nicole Sofficer: See Remarks | Option | 1,301 | $192.02 |
| Aug 6, 2026 | Jones Nicole Sofficer: See Remarks | Sell | 19,436 | $276.27 |
| Jun 16, 2026 | Kates Jamie Gofficer: Chief Accounting Officer | Option | 899 | $152.89 |
| Jun 16, 2026 | Kates Jamie Gofficer: Chief Accounting Officer | Sell | 899 | $298.61 |
| Jun 2, 2026 | Kurian Georgedirector | Grant | 108 | — |
| May 14, 2026 | Cordani Daviddirector, officer: Chairman & CEO | Sell | 12,315 | $291.95 |
| May 14, 2026 | Cordani Daviddirector, officer: Chairman & CEO | Option | 7,971 | $197.35 |
| May 14, 2026 | Cordani Daviddirector, officer: Chairman & CEO | Option | 103,595 | $149.13 |
| May 14, 2026 | Cordani Daviddirector, officer: Chairman & CEO | Option | 15,458 | $149.13 |
| May 14, 2026 | Cordani Daviddirector, officer: Chairman & CEO | Sell | 2,017 | $296.84 |
Source: CI SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full CI insider & 13F page →CI research & analysis
Cigna (CI) AI Predictive Model: $2,000 Lower Costs, 42% Fewer Stays
On its 2026-07-30 call, Cigna named its AI high-cost-member model Personalized Care Coordination and first cited a 42% drop in avoidable inpatient stays.
Cigna (CI): Shields Opens the $200B Provider-Administered Market
Cigna's Evernorth sized the specialty pharmacy market near $500 billion and said roughly $200 billion of it sits in hospital-owned pharmacies it barely serves.
MCKOMCLOPCHMedicare Advantage 2026 Rate Hike: UNH and HUM Lead Margin Winners — Ranked
The April 7, 2026, Medicare Advantage rate decision sparked gains for UNH and HUM, signaling margin relief for exposed insurers. UNH leads with balanced exposure and scale, followed by HUM's pure-play bet and CI's value. Rankings prioritize MA leverage, growth, and valuations amid stabilizing reimbursements.
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Cigna Corporation company profile
Overview
Cigna Corporation (NYSE:CI) is a major American healthcare services company founded in 1792 and headquartered in Bloomfield, Connecticut. The company has evolved from its origins as an insurance provider into a diversified healthcare services organization operating through two primary segments: Evernorth Health Services and Cigna Healthcare. With over 230 years of history, Cigna has established itself as one of the largest healthcare companies in the United States, serving millions of customers through its integrated approach to health insurance, pharmacy benefits management, and specialized healthcare services.
Business
Cigna operates in the healthcare services industry, providing a comprehensive range of medical insurance products and healthcare-related services primarily in the United States. The company's business is structured around two main segments that work together to deliver integrated healthcare solutions. Evernorth Health Services is Cigna's largest segment, generating approximately 80% of total revenues. This division operates as a comprehensive healthcare services platform that provides pharmacy benefit management (PBM), specialty pharmacy services, care management, and health intelligence solutions. The PBM business manages prescription drug benefits for health plans, employers, and government organizations by negotiating with pharmaceutical manufacturers, processing claims, and operating mail-order pharmacies. Specialty pharmacy services focus on complex, high-cost medications for conditions like cancer, rheumatoid arthritis, and multiple sclerosis, requiring specialized handling, storage, and patient support. The care management services include behavioral health programs, chronic disease management, and care coordination to help patients navigate the healthcare system more effectively. Cigna Healthcare represents approximately 20% of revenues and functions as a traditional health insurance provider. This segment offers medical, dental, vision, and behavioral health coverage to individuals, families, and employer groups. The division provides Medicare Advantage plans for seniors, individual health insurance plans sold through public and private exchanges, and international health coverage for expatriates and multinational corporations. The healthcare segment also includes stop-loss insurance, which protects self-insured employers from catastrophic medical claims that exceed predetermined thresholds. The company also maintains smaller operations in permanent life insurance products sold to corporations and international health services, though these represent minimal revenue contributions. Cigna distributes its products through insurance brokers, consultants, direct sales to employers and unions, and online exchanges.
Revenue model
Cigna generates revenue through multiple business models across its two primary segments. Evernorth Health Services operates primarily on a fee-for-service model, earning revenue from pharmacy benefit management fees, specialty pharmacy product sales, and care management service fees. The PBM business collects administrative fees from clients for processing prescription claims, negotiating drug prices, and managing formularies (approved drug lists). Additionally, Evernorth earns significant revenue from the spread between what it pays pharmaceutical manufacturers and what it charges clients, as well as rebates negotiated with drug manufacturers. The specialty pharmacy component generates revenue through direct sales of high-cost medications, often with substantial markups due to the specialized nature of these drugs. Cigna Healthcare operates on a traditional insurance premium model, collecting monthly premiums from individuals, employers, and government programs in exchange for providing medical coverage. The segment also generates revenue from administrative fees for managing self-insured employer plans and stop-loss insurance premiums. Revenue timing varies by product, with commercial insurance typically renewed annually, while individual plans may have more frequent turnover. Several factors significantly impact Cigna's profitability margins. Positive margin drivers include the growing adoption of high-cost specialty medications (which generate higher absolute profits), successful biosimilar launches that can reduce drug costs while maintaining service fees, increased penetration of value-based care arrangements that reward better health outcomes, and the company's scale advantages in negotiating with pharmaceutical manufacturers and healthcare providers. The aging U.S. population also drives demand for healthcare services, particularly specialty medications for chronic conditions. Margin pressures come from regulatory scrutiny of PBM practices that could limit pricing flexibility, increasing medical costs that outpace premium increases, competition from other large PBMs and insurers, and potential changes to Medicare and Medicaid reimbursement rates. The company has recently experienced margin pressure in its stop-loss insurance business due to higher-than-expected claims from specialty medications and high-acuity surgical procedures. Additionally, the ongoing debate over pharmaceutical pricing and PBM transparency could impact future profitability if regulations limit current business practices.
Competitive moat
Cigna possesses a moderate but defensible competitive moat built primarily on scale advantages, network effects, and switching costs, though the strength of this moat faces ongoing challenges from regulatory pressure and industry consolidation. The company's strongest competitive advantage lies in its scale in pharmacy benefit management. As one of the three largest PBMs in the United States (alongside CVS Caremark and Express Scripts, which Cigna acquired in 2018), the company can negotiate more favorable terms with pharmaceutical manufacturers due to the volume of prescriptions it processes. This scale enables better rebates, lower drug acquisition costs, and more comprehensive formulary management capabilities that smaller competitors cannot match. The integration between Evernorth's PBM services and Cigna Healthcare's insurance products creates additional value through data sharing and care coordination that pure-play competitors struggle to replicate. Switching costs provide another layer of protection, as clients face significant administrative burden and potential disruption when changing PBM or insurance providers. Employers and health plans typically sign multi-year contracts and face complex integration challenges when switching providers, creating customer stickiness. The company's broad service portfolio also makes it difficult for clients to replicate the full range of services with alternative providers. However, Cigna's moat faces several significant challenges. Regulatory scrutiny of PBM practices continues to intensify, with potential legislation that could limit rebate retention, require greater pricing transparency, or restrict certain business practices that currently contribute to profitability. The healthcare industry is also experiencing consolidation, with competitors like UnitedHealth Group (through OptumRx) and CVS Health (through Caremark) offering similar integrated models. Amazon's entry into pharmacy and healthcare services, while still nascent, represents a potential long-term disruptive threat. The company's competitive position is strongest in specialty pharmacy and complex care management, where clinical expertise and specialized infrastructure create higher barriers to entry. However, the traditional PBM business faces increasing commoditization pressure, and the health insurance segment operates in a highly regulated, competitive market with limited differentiation opportunities. Overall, while Cigna maintains competitive advantages, the sustainability of its moat depends on successfully navigating regulatory challenges and continuing to innovate in higher-value healthcare services.
Risks & safety
Cigna demonstrates strong financial stability with adequate liquidity and manageable debt levels, though valuation metrics suggest limited margin of safety at current prices. **Liquidity and Solvency:** - Cash and short-term investments of $7.6 billion provide substantial liquidity buffer - Strong operating cash flow generation of $10.4 billion in 2024 supports debt service and capital allocation - Current ratio of 0.84 is typical for insurance companies due to business model characteristics - Debt-to-equity ratio of 0.78 is reasonable for the industry, though elevated compared to some peers **Valuation Metrics:** - Price-to-earnings ratio of 22.5x appears high relative to historical averages and industry peers - EV/EBITDA of 10.7x suggests limited valuation cushion - Price-to-book ratio of 1.89x is reasonable for a service-based healthcare company - Graham number analysis suggests potential overvaluation at current price levels **Other Considerations:** - Regulatory risks in PBM business could impact future profitability - Recent margin pressure in stop-loss business creates near-term earnings uncertainty - Strong market position and diversified revenue streams provide some downside protection - Planned Medicare Advantage divestiture will improve capital efficiency but reduce revenue diversification
Recent development
Over the past few years, Cigna has executed several strategic initiatives to strengthen its position in the evolving healthcare landscape. The company has significantly expanded its biosimilar strategy, launching interchangeable versions of high-cost drugs like Humira and Stelara with zero out-of-pocket costs for patients. This initiative addresses both affordability concerns and positions Cigna to capture market share in the growing biosimilar market, with management noting that approximately 50% of specialty drugs face potential biosimilar competition. Innovation in GLP-1 drug management has emerged as a key growth driver, with the launch of the EnCircleRx program that has rapidly scaled to over 9 million enrolled members. This program addresses the affordability and clinical management challenges associated with popular weight-loss and diabetes medications, providing Cigna with a competitive advantage in managing these high-cost therapies. The company has made strategic portfolio adjustments by agreeing to divest its Medicare Advantage business to Health Care Service Corporation (HCSC) in early 2025. This move allows Cigna to focus resources on higher-growth, higher-margin businesses while still serving Medicare beneficiaries through Evernorth's services. Management plans to use the majority of divestiture proceeds for share repurchases. Specialty pharmacy and care services expansion continues to be a major focus, with Evernorth's specialty and care services revenue growing 18-23% annually. The company is investing in oncology benefit services, expanded behavioral health programs, and virtual care capabilities to capture more value from the growing specialty medication market. Cigna has also enhanced transparency initiatives in response to regulatory pressure on PBM practices, launching programs like ClearCareRx that provide more transparent pricing models and ensuring patients benefit more directly from negotiated drug savings. These initiatives aim to address industry criticism while maintaining competitive positioning.
CI company profile · for informational purposes only — not investment advice.
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