CICigna Group

Hospital & Medical Service Plans

Revenue: $274.9B; 11% YoY
Operating margin: 3.3%; 12% YoY
EBITDA: $12.0B; 1.8% YoY
Market cap: $78.6B
Employees: 67,700; $4M revenue each
Net debt / EBITDA: 1.9×; $22.8B net debt
AI in 10-K: 5.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
161% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$4M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.3 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$78.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$66M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$174.1B	$180.5B	$195.3B	$247.1B	$274.9B	11%
Operating income	$7.9B	$8.4B	$8.5B	$9.4B	$9.2B	2.3%
Net income	—	—	$5.2B	$3.4B	$6.0B	73%
Operating cash flow	$7.2B	$8.7B	$11.8B	$10.4B	$9.6B	7.4%
Stock-based comp	$268M	$264M	$286M	$308M	$291M	5.5%
Buybacks	$7.7B	$7.6B	$2.3B	$7.0B	$3.6B	49%
Dividends	$1.3B	$1.4B	$1.4B	$1.6B	$1.6B	2.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1000K · 1
Open-market sells, 12 mo: $67M · 19
Net: −$66M

Pay vs performance

No pay-versus-performance disclosure yet.