Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have looked hard at Cigna, and we will give you our conclusion up front, the way we prefer it done: this is a statistically cheap stock attached to an average business, and our discipline says the second observation matters more than the first. At $288.77, Cigna trades at roughly 9.5 times this year's guided adjusted earnings of at least $30.45 per share, with a shareholder-friendly management team that has retired nearly a third of the share count since 2019. Those are genuinely attractive facts. But the business itself fails our two most important tests. First, it is not simple — Cigna's economics run through rebate flows, pharmacy spread pricing, risk pools, and reinsurance arrangements that require a healthy dose of faith even after you have read the 10-Q twice, and we just did.
Recent filings analysed: 8-K (2026-07-30), 10-Q (2026-07-30), 8-K (2026-05-13), 8-K (2026-04-30).
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