Cigna Group (CI) is undervalued and Elevance Health Inc (ELV) is undervalued.
Against our estimates of intrinsic value, ELV trades at the wider discount: a margin of safety of +33%, against +33% for CI.
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
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $602.54; the price of $402.43 is 33% below that value, and 80% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
| Metric | CI | ELV |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $273.74 | $402.43 |
| Intrinsic value | $406.00 | $602.54 |
| Margin of safety | +33% | +33% |
| Leak Score | 70/100 (9/12) | 61/100 (10/12) |
| Market cap | $72.3B | $87.3B |
| Revenue growth, 5 years | 11.3% | 10.3% |
| Operating margin | 3.9% | 3.6% |
| Net margin | 2.3% | 2.5% |
| Return on equity | 15.5% | 11.2% |
| Debt to equity | 0.75 | 0.69 |
| P/E | 11.3x | 17.9x |
| Forward P/E | 8.2x | 13.6x |
| P/B | 1.7x | 1.9x |
| Dividend yield | 2.3% | 1.7% |