The Cigna Group
CIAbove valueExpectations · modestHeld by 10 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +11.2%
- Net margin
- 2.2%
- ROE
- 14.3%
- FCF margin
- —
Valuation · value band
Above fair value
Zero-growth floor
$185
Central IV
$195
Optimistic top
$247
The Cigna Group (CI): A conservative value band $185–$247 / sh (zero-growth floor to growth-capped optimistic top); central read about $195. Today’s price sits above that band (price $281 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $185
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $171.58 – $224.78 · Greenwald zero-growth $247.26 · zero-growth base $247.26 · reproduction $24.20
Moat Franchise (moat) · terminal value 37% of present value · owner-earnings yield 7% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$184.69 – $247.26 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$187.18 – $228.78 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 7.0% a year in owner-earnings for the next few years. Revenue actually grew 11.5% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 4 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
10 holders · $5.00B combined · this quarter +0 opened / -0 exited
- Value$3.36BWeight (prev→now)1.7% → 1.8% ▲
- Value$710.4MWeight (prev→now)1.8% → 1.6% ▼
- Value$621.2MWeight (prev→now)2.7% → 2.7% ▼
- Value$154.9MWeight (prev→now)0.5% → 0.5% ▼
- Value$89.6MWeight (prev→now)2.8% → 2.5% ▼
- Value$24.4MWeight (prev→now)0.7% → 0.6% ▼
- Value$24.2MWeight (prev→now)0.3% → 0.1% ▼
- Value$8.6MWeight (prev→now)1.9% → 1.8% ▼
- Value$4.0MWeight (prev→now)0.0% → 0.0% ▼
- Value$2.1MWeight (prev→now)0.1% → 0.2% ▲
SEC 13F · notes
Written summary
Written summary
The Cigna Group (CI) is held by 10 of the superinvestors tracked on Compounder, with a combined $5.00B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 1.8% of the portfolio.
Other notable holders by value include Jeremy Grantham (1.6% of its book), Christopher Davis (2.7% of its book) and Richard Pzena (0.5% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in CI, 4 added to existing ones, 4 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding The Cigna Group (CI) also commonly hold →
- Alphabet Inc-Cl AGOOGL8 holders
- Bank Of America CorpBAC8 holders
- Microsoft CorpMSFT7 holders
- Unitedhealth Group IncUNH7 holders
- ConocophillipsCOP7 holders
- Walt Disney Co/TheDIS7 holders
CI's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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