Cigna Group (CI) is undervalued and Centene Corp (CNC) is slightly undervalued.
Against our estimates of intrinsic value, CI trades at the wider discount: a margin of safety of +33%, against +20% for CNC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 6.9% (average of 3 methods) values the shares at $406.00; the price of $273.74 is 33% below that value, and 84% of that value comes from beyond year five.
Leak Score 70/100 on 9 of 12 signals
Its through-the-cycle earnings (2.2% median margin), capitalised at 8.5% with no growth, values the shares at $78.72; the price of $63.30 is 20% below that value.
Leak Score 34/100 on 8 of 12 signals
| Metric | CI | CNC |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $273.74 | $63.30 |
| Intrinsic value | $406.00 | $78.72 |
| Margin of safety | +33% | +20% |
| Leak Score | 70/100 (9/12) | 34/100 (8/12) |
| Market cap | $72.3B | $31.3B |
| Revenue growth, 5 years | 11.3% | 11.9% |
| Operating margin | 3.9% | 0.8% |
| Net margin | 2.3% | -2.5% |
| Return on equity | 15.5% | -20.4% |
| Debt to equity | 0.75 | 0.71 |
| P/E | 11.3x | — |
| Forward P/E | 8.2x | 11.9x |
| P/B | 1.7x | 1.4x |
| Dividend yield | 2.3% | — |