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Side-by-side financial comparison of Cigna (CI) and Evolent Health, Inc. (EVH), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Cigna is the larger business by last-quarter revenue ($72.5B vs $468.7M, roughly 154.6× Evolent Health, Inc.). Cigna runs the higher net margin — 1.8% vs -91.6%, a 93.3% gap on every dollar of revenue. On growth, Cigna posted the faster year-over-year revenue change (10.4% vs -27.5%). Over the past eight quarters, Cigna's revenue compounded faster (12.5% CAGR vs -14.4%).
The Cigna Group is an American multinational for-profit managed healthcare and insurance company based in Bloomfield, Connecticut. Cigna's insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups.
Magellan Health Inc., is an American for-profit managed health care company and subsidiary of Centene that focuses on special populations and other specialty areas of healthcare. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. It ranked 390 on the Fortune 500 in 2021.
CI vs EVH — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $72.5B | $468.7M |
| Net Profit | $1.3B | $-429.1M |
| Gross Margin | 20.3% | 20.7% |
| Operating Margin | 3.2% | -87.1% |
| Net Margin | 1.8% | -91.6% |
| Revenue YoY | 10.4% | -27.5% |
| Net Profit YoY | -17.1% | -1782.0% |
| EPS (diluted) | $4.64 | $-3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $72.5B | $468.7M | ||
| Q3 25 | $69.7B | $479.5M | ||
| Q2 25 | $67.2B | $444.3M | ||
| Q1 25 | $65.5B | $483.6M | ||
| Q4 24 | $65.6B | $646.5M | ||
| Q3 24 | $63.7B | $621.4M | ||
| Q2 24 | $60.5B | $647.1M | ||
| Q1 24 | $57.3B | $639.7M |
| Q4 25 | $1.3B | $-429.1M | ||
| Q3 25 | $2.0B | $-20.9M | ||
| Q2 25 | $1.6B | $-19.9M | ||
| Q1 25 | $1.4B | $-64.6M | ||
| Q4 24 | $1.5B | $-22.8M | ||
| Q3 24 | $825.0M | $-23.1M | ||
| Q2 24 | $1.6B | $1.6M | ||
| Q1 24 | $-212.0M | $-17.3M |
| Q4 25 | 20.3% | 20.7% | ||
| Q3 25 | 20.4% | 20.8% | ||
| Q2 25 | 20.7% | 22.6% | ||
| Q1 25 | 26.1% | 21.2% | ||
| Q4 24 | 25.3% | 11.7% | ||
| Q3 24 | 25.3% | 13.0% | ||
| Q2 24 | 26.5% | 16.5% | ||
| Q1 24 | 27.6% | 16.3% |
| Q4 25 | 3.2% | -87.1% | ||
| Q3 25 | 3.7% | 0.2% | ||
| Q2 25 | 3.4% | -0.3% | ||
| Q1 25 | 3.0% | -0.3% | ||
| Q4 24 | 3.3% | -2.9% | ||
| Q3 24 | 4.0% | -2.6% | ||
| Q2 24 | 4.0% | 1.2% | ||
| Q1 24 | 3.9% | -2.1% |
| Q4 25 | 1.8% | -91.6% | ||
| Q3 25 | 2.8% | -4.4% | ||
| Q2 25 | 2.4% | -4.5% | ||
| Q1 25 | 2.2% | -13.4% | ||
| Q4 24 | 2.3% | -3.5% | ||
| Q3 24 | 1.3% | -3.7% | ||
| Q2 24 | 2.7% | 0.2% | ||
| Q1 24 | -0.4% | -2.7% |
| Q4 25 | $4.64 | $-3.76 | ||
| Q3 25 | $6.98 | $-0.24 | ||
| Q2 25 | $5.71 | $-0.44 | ||
| Q1 25 | $4.85 | $-0.63 | ||
| Q4 24 | $5.01 | $-0.26 | ||
| Q3 24 | $2.63 | $-0.27 | ||
| Q2 24 | $5.45 | $-0.06 | ||
| Q1 24 | $-0.97 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.7B | $151.9M |
| Total DebtLower is stronger | $30.9B | — |
| Stockholders' EquityBook value | $41.7B | $415.2M |
| Total Assets | $157.9B | $1.9B |
| Debt / EquityLower = less leverage | 0.74× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $8.7B | $151.9M | ||
| Q3 25 | $6.9B | $116.7M | ||
| Q2 25 | $5.1B | $151.0M | ||
| Q1 25 | $9.1B | $246.5M | ||
| Q4 24 | $8.2B | $104.2M | ||
| Q3 24 | $6.8B | $96.6M | ||
| Q2 24 | $7.9B | $101.3M | ||
| Q1 24 | $9.5B | $165.1M |
| Q4 25 | $30.9B | — | ||
| Q3 25 | $30.9B | — | ||
| Q2 25 | $26.5B | — | ||
| Q1 25 | $26.5B | — | ||
| Q4 24 | $28.9B | — | ||
| Q3 24 | $30.2B | — | ||
| Q2 24 | $30.2B | — | ||
| Q1 24 | $31.1B | — |
| Q4 25 | $41.7B | $415.2M | ||
| Q3 25 | $41.8B | $842.2M | ||
| Q2 25 | $40.2B | $896.0M | ||
| Q1 25 | $40.2B | $935.5M | ||
| Q4 24 | $41.0B | $1.0B | ||
| Q3 24 | $42.1B | $1.0B | ||
| Q2 24 | $41.3B | $1.1B | ||
| Q1 24 | $41.2B | $1.0B |
| Q4 25 | $157.9B | $1.9B | ||
| Q3 25 | $157.9B | $2.5B | ||
| Q2 25 | $151.7B | $2.5B | ||
| Q1 25 | $150.7B | $2.7B | ||
| Q4 24 | $155.9B | $2.5B | ||
| Q3 24 | $157.6B | $2.5B | ||
| Q2 24 | $155.4B | $2.5B | ||
| Q1 24 | $153.1B | $2.6B |
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.74× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 0.75× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.1B | $48.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $6.1B | $48.8M | ||
| Q3 25 | $3.4B | $15.8M | ||
| Q2 25 | $-1.9B | $-30.3M | ||
| Q1 25 | $1.9B | $4.6M | ||
| Q4 24 | $5.2B | $-26.2M | ||
| Q3 24 | $46.0M | $18.7M | ||
| Q2 24 | $265.0M | $21.4M | ||
| Q1 24 | $4.8B | $4.9M |
| Q4 25 | 4.83× | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | -1.16× | — | ||
| Q1 25 | 1.36× | — | ||
| Q4 24 | 3.39× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.16× | 13.42× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CI
| Network Pharmacy | $34.3B | 47% |
| Home Delivery And Specialty | $21.1B | 29% |
| Cigna Healthcare | $9.4B | 13% |
| Services | $4.5B | 6% |
| Other Pharmacy | $3.4B | 5% |
| Service Other | $144.0M | 0% |
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
