Cigna management check
CI · Health Care · Health Care Services · CEO David M. Cordani
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $145, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.55 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$22.9m of reported pay in fiscal 2025, against $6.0bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.0 years of payThe CEO holds 236,215 shares, directly or through trusts (unvested awards not counted): about 2.0 years of pay. Light activity: no buys, $65.7m sold in six months. 16 of 17 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -4.9% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Watch
Is leadership stable?
11 leadership filings in 3 yearsCEO in the pay table: David M. Cordani. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 47 | 26 | |
| Pay for performance | 78 | 85 | |
| CEO cost | 85 | 44 | |
| Skin in the game | 50 | 46 | |
| Dilution | 100 | 68 | |
| Stable leadership | 70 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Services, by management score. Cigna is 10th of 60 in its sector.
- 110CICigna76
- 115ABTAbbott Laboratories75
- 124DVADaVita74
- 194LHLabcorp69
- 219DGXQuest Diagnostics67
- 362CVSCVS Health57
Pay versus performance
From the proxy statement filed March 13, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | David M. Cordani | $22.9m | $14.6m | $6.9m | $145 | $148 | $6.0bn |
| 2024 | — | $23.3m | $18.9m | $8.1m | $142 | $129 | $3.4bn |
| 2023 | — | $21.0m | $8.1m | $6.8m | $152 | $126 | $5.2bn |
| 2022 | — | $21.0m | $57.4m | $6.3m | $165 | $124 | $6.7bn |
| 2021 | — | $19.9m | $15.4m | $7.2m | $112 | $126 | $5.4bn |
The board says pay is tied most to adjusted income from operations, per share. Its other key measures: Adjusted Income from Operations, Adjusted Income from Operations, per Share, Adjusted Revenues, Customer & Patient Satisfaction, Growth in Specialty Pharmacy Prescriptions, Employee Engagement, Relative Total Shareholder Return.
Insiders and the CEO's stake
David Cordani (Chairman & CEO) held 236,215 shares directly after their latest Form 4 on May 13, 2026, roughly $46.6m at that filing's price.
Light activity: no buys, $65.7m sold in six months. 16 of 17 sales ran on pre-arranged 10b5-1 plans.
- SoldDavid CordaniChairman & CEO · 10b5-1 plan$59.1mMay 12, 2026
- SoldNicole S JonesSee Remarks · 10b5-1 plan$6.1mAug 18, 2026
- SoldJamie G KatesChief Accounting Officer$268kJun 12, 2026
- SoldEverett NevilleSee Remarks · 10b5-1 plan$175kSep 3, 2026
Leadership and governance on file
- Oct 9, 2026Leadership change8-K 5.02
- Mar 3, 2026Leadership change8-K 5.02
- Oct 20, 2025Leadership change8-K 5.02
- Jul 28, 2025Leadership change8-K/A 5.02
- Jun 2, 2025Leadership change8-K 5.02
- Apr 28, 2025Leadership change8-K 5.02
- Apr 18, 2025Leadership change8-K 5.02
- Mar 13, 2025Leadership change8-K 5.02
- Jun 20, 2024Leadership change8-K 5.02
- Jan 22, 2024Leadership change8-K 5.02
- Jan 17, 2024Leadership change8-K 5.02
- Sep 15, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 27, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $35.6bn returned to owners in buybacks and dividends, 245% of net income, and $1.4bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $174.1bn | $180.5bn | $195.3bn | $247.1bn | $274.9bn |
| Net income | — | — | $5.2bn | $3.4bn | $6.0bn |
| Stock-based pay | $268.0m | $264.0m | $286.0m | $308.0m | $291.0m |
| Buybacks | $7.7bn | $7.6bn | $2.3bn | $7.0bn | $3.6bn |
| Dividends | $1.3bn | $1.4bn | $1.4bn | $1.6bn | $1.6bn |
| Diluted shares | 341m | 313m | 297m | 283m | 269m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.