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Cigna key statistics and ratios

In fiscal 2025, Cigna had return on equity of 14.4%, an operating margin of 3.3%, debt equal to 75.4% of equity and a current ratio of 0.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin93.8%94.1%90.1%36.4%35.5%32.5%30.8%31.5%26.1%21.8%20.6%
Operating margin7.8%9.4%8.6%5.3%5.1%4.6%4.7%4.4%3.8%3.3%3.5%
Net margin4.7%5.4%5.4%3.3%5.3%3.1%3.7%2.6%1.4%2.2%2.3%
Free-cash-flow margin8.9%8.6%6.7%5.5%6.5%4.1%4.8%6.0%4.2%3.5%3.6%
Return on equity13.6%16.3%9.6%11.8%17.7%11.0%14.6%11.4%7.9%14.4%15.2%
Return on assets—3.6%2.5%3.3%5.4%3.5%4.5%3.5%2.2%3.8%4.1%
Asset turnover—0.680.450.991.031.121.211.321.601.751.79
Current ratio—0.850.640.740.770.830.730.770.840.850.85
Debt to equity0.0%39.7%103.5%82.5%65.4%71.5%69.6%66.9%77.9%75.4%74.8%
Interest cover (operating income ÷ interest)12.3x16.2x8.2x5.0x5.8x6.1x6.5x6.1x6.3x6.6x7.2x
Effective tax rate38.1%38.1%26.1%22.1%21.9%20.2%19.2%2.6%28.3%19.2%19.2%
SG&A as % of revenue24.6%24.0%24.5%9.2%8.8%7.5%7.3%7.6%6.0%5.3%5.0%
Capital spending as % of revenue1.2%1.1%1.1%0.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income190.9%161.6%122.9%165.3%122.4%133.9%129.1%228.8%301.8%161.2%160.2%
Dividends ÷ net income———0.3%0.2%25.0%20.6%28.1%45.6%27.0%25.3%
Dividends and buybacks ÷ free cash flow3.9%75.4%10.5%23.7%39.2%126.3%103.9%31.6%83.0%54.5%28.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $157.1bn
Short-term assets $47.0bnLonger-term assets $110.1bn
What it owes, and who funded it · $156.8bn
Short-term liabilities $55.6bnLonger-term liabilities $58.6bnShareholders' equity $42.6bn
  • Short-term assets cover short-term liabilities $47.0bn of assets due within a year against $55.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $47.0bn short-term assets against $58.6bn of longer-dated liabilities.
  • More cash than debt $6.3bn of cash against $31.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 75% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 66% to 75% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.3bn of operating cash flow against $31.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $10.0bn against $1.4bn of interest.

From Cigna's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

57 /100

Moderate moat

How hard Cigna's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 27.4% of total assets over 7 years.

  • Pricing power 6 / 20

    Gross margin has been a median 31.3%, moving by 7.9 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median 4.4%; its worst year was 3.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 8 years, at a median 3.3% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 25.5% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (62 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CI vs CVSBTSG vs CICI vs LH

More: Health Care Services stocks compared, Health Care sector, rankings of US companies

Figures from Cigna's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cigna.