CI vs CVS: Cigna and CVS Health compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CVS Health is the larger company, worth $109.7B, about 1.5 times Cigna.
- CVS Health grew revenue faster over the last year (+7.3% vs +6.7%).
- Cigna keeps more of each dollar of revenue as operating profit (3.5% vs 2.0%).
- On earnings, Cigna is the cheaper stock (11.1x vs 37.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CI | CVS |
|---|---|---|
| Market cap | $70.9B | $109.7B |
| Share price | $282.43 | $87.95 |
| Revenue (last fiscal year) | $274.9B | $402.1B |
| Free cash flow (last fiscal year) | — | $7.8B |
| Revenue growth, last year | +6.7% | +7.3% |
| Revenue growth per year, last 5 fiscal years | +12.1% | +8.3% |
| Operating margin | 3.5% | 2.0% |
| Net margin | 2.3% | 1.2% |
| Return on equity | 15.2% | 6.1% |
| P/E (trailing) | 11.1x | 37.7x |
| Price / free cash flow | 8.45x | 14.0x |
| EV / EBITDA | 7.43x | 12.6x |
| FCF growth the price implies | — | 0.36% |
| Dividend yield | 2.2% | 3.1% |
| Debt / equity | 2.68x | 2.18x |
| Fundamental grade | C | C |
| Superinvestors holding it | 9 | 14 |
| Insider purchases, last 12 months | 10 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cigna
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $174.1B | — | 4.6% |
| 2022 | $180.5B | — | 4.7% |
| 2023 | $195.3B | — | 4.4% |
| 2024 | $247.1B | — | 3.8% |
| 2025 | $274.9B | — | 3.3% |
CVS Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $292.1B | $15.7B | 4.6% |
| 2022 | $322.5B | $13.4B | 2.5% |
| 2023 | $357.8B | $10.4B | 3.8% |
| 2024 | $372.8B | $6.3B | 2.3% |
| 2025 | $402.1B | $7.8B | 1.2% |
Where the revenue comes from
Cigna · by segments, 2025
Evernorth Health Services$235.0B83%
Cigna Healthcare$47.4B17%
Other Operations$674M0%
CVS Health · by segments, 2025
Health Services$190.4B40%
Health Care Benefits$143.4B30%
Pharmacy & Consumer Wellness$139.4B29%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CI in InvestinglyQuestions
Which is bigger, Cigna or CVS Health?
CVS Health (CVS), at $109.7B against $70.9B.
Is CI or CVS cheaper?
By trailing P/E, Cigna (11.1x) is cheaper than CVS Health (37.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CI or CVS?
CVS Health: revenue grew +7.3% over the last year, against +6.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.