Cigna Corp (CI)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	8,536,000	8,189,000	8,091,000	8,241,000	8,414,000	8,238,000	8,390,000	8,166,000	7,935,000	7,743,000	7,557,000	8,049,000	8,153,000	8,369,000	8,384,000	7,908,000	8,077,000	7,075,000
Long-term debt	US$ in thousands	66,000	62,000	66,000	67,000	66,000	69,000	35,000	37,000	28,000	30,000	31,000	35,000	36,000	40,000	43,000	58,000	61,000	—	—	—
Total stockholders’ equity	US$ in thousands	46,223,000	45,691,000	45,445,000	44,502,000	44,675,000	45,041,000	45,892,000	46,087,000	47,112,000	47,415,000	48,709,000	48,149,000	50,321,000	48,032,000	47,366,000	45,079,000	45,338,000	44,696,000	43,815,000	42,408,000
Return on total capital		18.44%	17.90%	17.78%	18.49%	18.81%	18.26%	18.27%	17.70%	16.83%	16.32%	15.50%	16.70%	16.19%	17.41%	17.68%	17.52%	17.79%	15.83%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $8,536,000K ÷ ($66,000K + $46,223,000K)
= 18.44%

Cigna Group (The) has demonstrated relatively stable performance in terms of return on total capital over the past eight quarters. The return on total capital has ranged from 9.14% to 11.08% during this period. The company's return on total capital peaked at 11.08% in Q4 2022 and has fluctuated around this level since then. This indicates that Cigna Group (The) has been able to effectively utilize its total capital to generate profits, although there has been some variability in performance. It would be important to continue monitoring this ratio to assess the company's ability to maintain and potentially improve its returns on capital in the future.