{"schemaVersion":1,"research":true,"symbol":"ci","name":"Cigna Group","topic":"moat","path":"/stock/ci/moat","status":"published","version":5,"updatedAt":"2026-10-19T10:57:25.389Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"The supplied passages establish a weakly protected competitive position despite Cigna's substantial scale and profitable operations. Clients can readily switch, competitive bidding is common, and PBM pricing concessions have translated into lower earnings. Specialty growth, operating efficiencies and insurance premium increases provide offsets, but do not demonstrate durable relative cost advantages or pricing power. Clinical expertise, technology and integrated services remain plausible sources of advantage without demonstrated economic protection.","advantages":[{"mechanism":"switching_costs","claim":"Large-client renewals demonstrate continuing demand, but do not establish switching costs: Cigna explicitly discloses easy client movement and competitive bidding before renewal.","durability":"Weak protection. Renewals coexist with customer departures and materially lower PBM earnings associated with client-focused initiatives.","risks":"Price concessions, performance guarantees and recontracting can preserve relationships while transferring economic value to clients.","invalidation":"A switching-cost thesis fails if client transitions and concessions continue despite service integration. Reconsideration would require sustained renewals on stable economics and demonstrated operational or contractual switching friction.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5","e6"]},{"mechanism":"cost_advantage","claim":"Prescription-processing scale and demonstrated specialty operating efficiencies are current capabilities, but the passages do not establish a durable cost advantage relative to competitors.","durability":"Unproven. Specialty growth and efficiencies offset some PBM pressure, while the September strategy describes future benefits rather than established protection.","risks":"Client bargaining, regulatory constraints and changes to rebate economics can absorb efficiency gains.","invalidation":"The potential cost-advantage thesis would fail if specialty efficiencies cease supporting earnings or customer savings require persistent reductions in Cigna's economics. Evidence of sustained relative unit-cost benefits through recontracting would support reconsideration.","competitors":[],"evidenceIds":["e7","e8"],"counterEvidenceIds":["e5","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / Evernorth client renewals and recontracting","excerpt":"The Company has undertaken certain client- and customer-focused initiatives, which include proactive renewals or extensions of large client contracts, investments to support the recently announced rebate-free model, and multi-stakeholder recontracting efforts (including affordability-related contract changes and responses to government programs such as the Inflation Reduction Act)."},{"id":"e2","sourceId":"filing-1","location":"Revenue recognition / service arrangement durations","excerpt":"Arrangements are generally short-term (one year or less) except for certain three-year health benefit management solutions contracts, and each consists of a single performance obligation."},{"id":"e3","sourceId":"filing-1","location":"Risk factors / ease of client switching","excerpt":"Clients can easily move between our competitors and us."},{"id":"e4","sourceId":"filing-1","location":"Risk factors / competitive bidding before renewal","excerpt":"Our clients are well-informed and typically have knowledgeable consultants who seek competing bids from our competitors before contract renewal."},{"id":"e5","sourceId":"filing-8","location":"Second-quarter results / Pharmacy Benefit Services earnings decline","excerpt":"◦\n Adjusted income from operations, pre-tax1, decreased 27%, primarily reflecting client-focused initiatives, including large client contract renewals, and customer-focused initiatives, consistent with prior commentary."},{"id":"e6","sourceId":"filing-8","location":"Customer relationships / pharmacy customer decline","excerpt":"Total pharmacy customers at June 30, 2026 decreased 4% from December 31, 2025 to 118.2 million, reflecting expected client transitions and lower membership from health plan clients."},{"id":"e7","sourceId":"filing-1","location":"Business / pharmacy technology processing volume","excerpt":"Our pharmacy technology platform allows us to safely, rapidly and accurately adjudicate over two billion adjusted prescriptions annually."},{"id":"e8","sourceId":"filing-8","location":"Second-quarter results / specialty growth and operating efficiencies","excerpt":"◦\n Adjusted income from operations, pre-tax1, increased 22% primarily reflecting strong organic growth in specialty businesses, including higher generic and biosimilar adoption which benefits clients and patients by delivering lower costs, and operating efficiencies."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / historical pricing concessions and margin pressure","excerpt":"These competitive factors have historically applied pressure on our operating margins and caused many companies, including us, to reduce the prices charged for products and services while sharing with clients a greater portion of the formulary rebates and related fees received from pharmaceutical manufacturers."},{"id":"e10","sourceId":"filing-1","location":"Regulation / PBM pricing and contracting restrictions","excerpt":"Pharmacy Benefit Manager and Drug Pricing Regulation Our pharmacy benefit management services are subject to numerous laws and regulations that govern critical practices, including disclosure, receipt and retention of rebates and other payments received from pharmaceutical manufacturers; certain pharmacy contracting practices, including disclosure of cost information to customers; pharmacy reimbursement mandates; the receipt and 13 retention of transmission fees from contracted pharmacies; performance-based price concessions; pharmacy price concessions to drug prices at the point of sale; audits of contracted pharmacies; use of, administration of or changes to drug formularies, the use and disclosure of maximum allowable cost (\"MAC\") pricing, or clinical programs; \"most favored nation\" pricing, which provides that a pharmacy participating in a specific government program must give the program the best price the pharmacy makes available to any third-party plan; disclosure of data to third parties; drug utilization management practices; the level of duty a PBM owes its clients or customers; configuration of pharmacy networks; the operations of our subsidiary pharmacies; fiduciary requirements; referrals to affiliated pharmacies; disclosure of negotiated provider reimbursement rates; disclosure of negotiated drug rebates; calculation of certain customer cost-share for prescription drug claims; pricing that includes differential or spread (i.e., a difference between the drug price charged to the plan sponsor by a PBM and the price paid by the manager to the dispensing provider); disclosure of fees associated with administrative service agreements and patient care programs that are attributable to customers' drug utilization; utilization management; and registration or licensing of PBMs."},{"id":"e11","sourceId":"filing-7","location":"Investor Day / prospective benefits of scaling capabilities","excerpt":"As we continue to scale these capabilities, we will create value for customers, clients and shareholders alike through better outcomes, lower costs and a more connected health care experience.”"},{"id":"e12","sourceId":"filing-8","location":"Second-quarter results / Cigna Healthcare premium increases and profitability","excerpt":"Financial Results (dollars in millions):\n \n \n Three Months Ended\n \n \n Six Months \n Ended\n \n \n \n June 30,\n \n \n March 31,\n \n \n June 30,\n \n \n \n 2026\n \n \n 2025\n \n \n 2026\n \n \n 2026\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted Revenues3,7\n \n $\n 11,728\n \n \n $\n 10,754\n \n \n $\n 11,477\n \n \n $\n 23,205\n \n Adjusted Income from Operations, Pre-Tax1\n \n $\n 1,276\n \n \n $\n 1,094\n \n \n $\n 1,514\n \n \n $\n 2,790\n \n Margin, Pre-Tax6\n \n \n 10.9\n %\n \n \n 10.2\n %\n \n \n 13.2\n %\n \n \n 12.0\n %\n •\n Second quarter 2026 adjusted revenues3 increased 9% relative to second quarter 2025, primarily reflecting premium rate increases to cover expected increases in medical costs."},{"id":"e13","sourceId":"filing-1","location":"Risk factors / annual premium setting","excerpt":"Premiums in the Cigna Healthcare segment are generally set for a one-year period and are priced well in advance of the date on which the contract commences or renews."},{"id":"e14","sourceId":"filing-1","location":"Risk factors / regulatory restrictions on premium changes","excerpt":"Federal and state regulatory agencies may restrict or prevent entirely our ability to implement changes in premium rates or collect certain administrative fees."},{"id":"e15","sourceId":"filing-1","location":"Business / actual rebate sharing in 2025","excerpt":"In 2025, for clients covered under our pharmacy benefit contracts, Express Scripts shared over 95% of the drug formulary management rebates it received with its integrated clients, and more than two-thirds of clients received 100% of rebates."},{"id":"e16","sourceId":"filing-3","location":"Proxy / 2025 earnings and operating cash generation","excerpt":"•Achieved shareholders’ net income for 2025 of $6 billion, or $22.18 per share, and adjusted income from operations of $8 billion, or $29.84 per share.* •Generated cash flow from operations of $9.6 billion."},{"id":"e17","sourceId":"filing-3","location":"Proxy / 2025 shareholder distributions","excerpt":"•Returned $5.2 billion to shareholders through dividends and share repurchases."},{"id":"e18","sourceId":"filing-3","location":"Proxy / Shields investment and completed business sale","excerpt":"In addition to these financial achievements, we further shaped our portfolio in 2025 by investing $3.5 billion in Shields Health Solutions to enhance care for individuals with complex and chronic conditions, and by completing the $4.9 billion sale of our Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D, and CareAllies businesses to Health Care Service Corporation."},{"id":"e19","sourceId":"filing-1","location":"Risk factors / realized VillageMD impairment","excerpt":"For example, in the year ended December 31, 2024, we determined our investment in VillageMD was fully impaired and recorded a $2.7 billion loss in Net investment gains/losses in our Consolidated Statements of Income."},{"id":"e20","sourceId":"filing-2","location":"Consolidated statements of equity / earnings, distributions and employee stock issuance","excerpt":"6 The Cigna Group Consolidated Statements of Changes in Total Equity Unaudited Six Months Ended June 30, 2026 (In millions) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Retained Earnings Treasury Stock Shareholders' Equity Other Non- controlling Interests Total Equity Balance at December 31, 2025 $ 4 $ 31,790 $ (2,806) $ 47,865 $ (35,140) $ 41,713 $ 161 $ 41,874 Effect of issuing stock for employee benefit plans 305 (80) 225 225 Other comprehensive loss (1,555) (1,555) (1,555) Net income 3,314 3,314 422 3,736 Common dividends declared (per share: $3.12) (824) (824) (824) Repurchase of common stock — (250) (250) (250) Other transactions impacting noncontrolling interests (3) (3) (293) (296) Balance at June 30, 2026 $ 4 $ 32,092 $ (4,361) $ 50,355 $ (35,470) $ 42,620 $ 290 $ 42,910 Six Months Ended June 30, 2025 (In millions) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Retained Earnings Treasury Stock Shareholders' Equity Other Non- controlling Interests Total Equity Balance at December 31, 2024 $ 4 $ 31,288 $ (2,341) $ 43,519 $ (31,437) $ 41,033 $ 210 $ 41,243 Effect of issuing stock for employee benefit plans 300 (108) 192 192 Other comprehensive loss (475) (475) (475) Net income 2,855 2,855 186 3,041 Common dividends declared (per share: $3.02) (810) (810) (810) Repurchase of common stock — (2,581) (2,581) (2,581) Other transactions impacting noncontrolling interests — — (180) (180) Balance at June 30, 2025 $ 4 $ 31,588 $ (2,816) $ 45,564 $ (34,126) $ 40,214 $ 216 $ 40,430 The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements."},{"id":"e21","sourceId":"filing-2","location":"Consolidated cash flows / funding, distributions and cash balances","excerpt":"7 The Cigna Group Consolidated Statements of Cash Flows Unaudited Six Months Ended June 30, (In millions) 2026 2025 Cash Flows from Operating Activities Net income $ 3,736 $ 3,041 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,305 1,356 Investment gains, net (189) (50) Deferred income tax benefit (170) (292) Gain on sale of businesses (17) (41) Net changes in assets and liabilities, net of non-operating effects: Accounts receivable, net (2,044) (6,398) Inventories 1,490 726 Reinsurance recoverable and Other assets (398) (402) Insurance liabilities 906 1,702 Pharmacy and other service costs payable (4,108) 995 Accounts payable and Accrued expenses and other liabilities 230 (1,020) Other, net (31) 417 NET CASH PROVIDED BY OPERATING ACTIVITIES 710 34 Cash Flows from Investing Activities Proceeds from investments sold: Debt securities and equity securities 104 272 Investment maturities and repayments: Debt securities and equity securities 399 553 Commercial mortgage loans 75 90 Other sales, maturities and repayments (primarily short-term and other long-term investments) 513 431 Investments purchased or originated: Debt securities and equity securities (668) (1,512) Commercial mortgage loans (40) (62) Other (primarily short-term and other long-term investments) (749) (761) Property and equipment purchases, net (564) (612) Divestitures, net of cash sold 26 2,346 Renewable energy tax credit equity investments (214) (327) Other, net (22) (18) NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (1,140) 400 Cash Flows from Financing Activities Deposits and interest credited to contractholder deposit funds 74 74 Withdrawals and benefit payments from contractholder deposit funds (158) (137) Net change in short-term debt 975 296 Repayment of long-term debt (550) (1,600) Repurchase of common stock (280) (2,620) Issuance of common stock 158 141 Common stock dividend paid (826) (813) Other, net (327) (355) NET CASH USED IN FINANCING ACTIVITIES (934) (5,014) Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (16) 35 Net decrease in cash, cash equivalents and restricted cash (1,380) (4,545) Cash, cash equivalents and restricted cash January 1, (1) 7,736 8,931 Cash, cash equivalents and restricted cash June 30, (1) $ 6,356 $ 4,386 (1)Restricted cash and cash equivalents were reported in other long-term investments and Other assets."},{"id":"e22","sourceId":"filing-2","location":"Debt / revolving credit facility size and maturity","excerpt":"Revolving Credit Agreement. The Company maintains a $6.5 billion, five-year revolving credit and letter of credit agreement that will mature in April 2030, with an option to extend the maturity date for additional one-year periods, subject to consent of the banks (the \"Credit Agreement\")."},{"id":"e23","sourceId":"filing-2","location":"Debt / undrawn revolving credit facility","excerpt":"As of June 30, 2026, there was no outstanding balance under the Credit Agreement."},{"id":"e24","sourceId":"filing-2","location":"Receivables factoring / outstanding sold receivables","excerpt":"As of June 30, 2026, there were $0.9 billion of sold accounts receivable that have not been collected and have been removed from the Company's Consolidated Balance Sheets."},{"id":"e25","sourceId":"filing-1","location":"Solvency regulation / adjusted surplus relative to RBC","excerpt":"If the ratio of the insurer's adjusted surplus to its RBC falls below statutorily required minimums, the insurer could be subject to regulatory actions ranging from increased scrutiny to conservatorship."},{"id":"e26","sourceId":"filing-1","location":"Solvency and capital requirements / covered subsidiaries","excerpt":"Our HMOs and life and health insurance subsidiaries, as well as non-U.S."},{"id":"e27","sourceId":"filing-1","location":"Solvency and capital requirements / compliance disclosure","excerpt":"insurance subsidiaries, are compliant with applicable RBC and non-U.S."},{"id":"e28","sourceId":"filing-1","location":"Solvency compliance and insurance holding company regulation","excerpt":"surplus rules.\nHolding Company Laws\nOur insurance companies and most of our HMOs are regulated under state insurance holding company laws and regulations, which are largely based on the NAIC’s Insurance Holding Company System Regulatory Act and its companion model regulation."},{"id":"e29","sourceId":"filing-1","location":"Investment management / segregated asset-liability matching portfolios","excerpt":"Assets supporting these liabilities are managed in segregated investment portfolios to facilitate matching of asset durations and cash flows to those of corresponding liabilities."},{"id":"e30","sourceId":"filing-2","location":"Investments / commercial mortgage credit profile","excerpt":"The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio: (Dollars in millions) June 30, 2026 December 31, 2025 Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio Below 60% $ 379 2.08 $ 355 2.13 60% to 79% 634 1.72 694 1.81 80% to 100% 186 0.84 184 0.79 Total $ 1,199 1.67 72 % $ 1,233 1.72 71 % Other Long-Term Investments Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans."},{"id":"e31","sourceId":"filing-1","location":"Insurance liabilities / external reinsurance recoverables","excerpt":"As of December 31, 2025 and December 31, 2024, $0.8 billion and $0.9 billion, respectively, of the future policy benefit reserve was recoverable through treaties with external reinsurers."},{"id":"e32","sourceId":"filing-2","location":"MD&A / Cigna Healthcare earnings and medical care ratios","excerpt":"Adjusted revenues (1)\n11,728 \n10,754 \n23,205 \n25,236 \n(8)\nPre-tax adjusted income from operations (1)\n1,276 \n1,094 \n2,790 \n2,381 \nPre-tax margin (1)(2)\n10.9 \n10.2 \nbps\n12.0 \n9.4 \n260 \nbps\nMedical care ratio\n84.5 \n83.2 \n130 \nbps\n82.2 \n82.6 \nbps\nSG&A expense ratio (3)\n19.6 \n20.3 \n(70)\nbps\n19.8 \n19.8 \nbps\n(1)See Note 15 to the Consolidated Financial Statements for reconciliation of adjusted revenues and pre-tax adjusted income from operations to Total revenues and Income before income taxes, respectively."},{"id":"e33","sourceId":"filing-2","location":"Capital resources / Evernorth dividend flexibility","excerpt":"Most of the Evernorth Health Services segment operations are not subject to regulatory restrictions regarding dividends and therefore provide significant financial flexibility to The Cigna Group."},{"id":"e34","sourceId":"filing-2","location":"Corporate results / higher interest expense","excerpt":"Financial Summary Three Months Ended June 30, Change Six Months Ended June 30, Change (In millions) 2026 2025 2026 2025 Pre-tax adjusted loss from operations $ (410) $ (382) 7 % $ (814) $ (793) 3 % Three and Six Months Ended June 30, 2026 versus Three and Six Months Ended June 30, 2025 Pre-tax adjusted loss from operations increased for both periods, primarily due to higher interest expense."},{"id":"e35","sourceId":"filing-3","location":"Proxy / implemented compensation practices and safeguards","excerpt":"Compensation Practices Incentivize Performance Align Interests Emphasize Performance-Based Pay Focus on Long Term Pay Competitively Performance-Based Pay •92% of 2025 CEO total target pay at risk(1) Long-Term Incentives •77% of 2025 CEO total target pay in equity award incentives(1) •No payment of dividends on restricted stock prior to vesting Commitment to Performance Equity •100% of 2025 CEO long-term incentive award is performance based •60% of 2025 CEO long-term incentive award comprised of Strategic Performance Shares Rigorous Goals Underpin Incentives •No annual incentive payout unless pre-established minimum level of performance is achieved •No overlap between short- and long-term metrics, and incentives use both absolute and relative metrics Compensation Benchmarking •Committee review of compensation targets •Named executive officer total target compensation within the competitive range of the market median Strong Compensation Governance •Robust clawback, anti-hedging, and anti-pledging policies •Annual compensation risk assessment by People Resources Committee Rigorous Stock Ownership Requirements •Significant stock ownership requirements •Stock retention requirements that encourage a long-term ownership philosophy Prudent Equity Usage •No repricing without shareholder approval •Annual share usage limit to manage burn rate (1)CEO long-term incentive target at midpoint of target range."},{"id":"e36","sourceId":"filing-3","location":"Proxy / actual 2023–2025 performance-share payout","excerpt":"2023–2025 SPS Program\nAs further described on page 73, the 2023–2025 SPS program paid out at 73%."},{"id":"e37","sourceId":"filing-3","location":"Proxy / CEO ownership as of December 31, 2025","excerpt":"As of December 31, 2025, this represents approximately 0.23% of the Company’s outstanding shares."},{"id":"e38","sourceId":"filing-3","location":"Proxy / effective board and committee risk oversight responsibilities","excerpt":"34 The Cigna Group | 2026 Notice of Annual Meeting of Shareholders and Proxy Statement CORPORATE GOVERNANCE MATTERS Key Areas of Risk Oversight Board of Directors Strategic Operational Financial Compliance Risks related to strategic planning, including the selection and implementation of business plans, the allocation of capital resources, and our ability to adapt to the changing environment in which we operate Risks related to the management and operation of our business, including controls with respect to key business processes and business continuity Risks related to financial matters, including our ability to maintain our desired debt ratings and appropriate levels of liquidity, as well as the reliability of our financial reporting Risks related to our compliance with the laws and regulations governing our business, as well as our ability to maintain high ethical and business practice standards Board Committees as of January 1, 2026(1) Audit & Compliance •Financial statements •Internal control over financial reporting •Disclosure controls and procedures •Privacy •Independent auditor and internal audit oversight •ERM programs and policies •Compliance programs and risk assessments Corporate Governance •Corporate governance policies and practices •Board succession planning •Corporate impact and sustainability landscape, policies, and performance •Shareholder engagement •Political and charitable contributions •Code of Ethics and Director Code Finance & Technology •Capital deployment •Operating plan/budget •Technology strategy •Cybersecurity •Artificial Intelligence •Investment strategy •Material mergers, acquisitions, and divestitures •Insurance coverage and related risk management People Resources •Executive compensation •Incentive compensation programs and policies •Succession planning •Human capital management (1)Reflects oversight responsibilities effective January 1, 2026."},{"id":"e39","sourceId":"filing-3","location":"Proxy / adopted shareholder governance rights","excerpt":"As disclosed in “Corporate Governance Matters – Shareholder Engagement,” we have implemented several governance enhancements in recent years for which shareholders have expressed support in our engagement discussions, including the adoption of amendments to our By-Laws to provide for a proxy access right and the shareholder right to call a special meeting, and the elimination of supermajority voting provisions in our governing documents."},{"id":"e40","sourceId":"filing-2","location":"Controls and procedures / management effectiveness conclusion","excerpt":"Item 4. CONTROLS AND PROCEDURES Based on an evaluation of the effectiveness of The Cigna Group's disclosure controls and procedures conducted under the supervision and with the participation of The Cigna Group's management (including The Cigna Group's Chief Executive Officer and Chief Financial Officer), The Cigna Group's Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, The Cigna Group's disclosure controls and procedures are effective to ensure that information required to be disclosed by The Cigna Group in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and is accumulated and communicated to The Cigna Group's management (including The Cigna Group's Chief Executive Officer and Chief Financial Officer) as appropriate to allow timely decisions regarding required disclosure."},{"id":"e41","sourceId":"filing-1","location":"Contractual obligations / binding purchase commitments","excerpt":"As of December 31, 2025, purchase obligations consisted of a total of $6.3 billion of estimated payments required under contractual arrangements (of which we expect $2.1 billion of purchase obligations to be paid within the next 12 months beginning January 1, 2026)."}],"changes":["Changed the previous uncertain verdict to none because the supplied passages directly establish easy switching, competitive renewal bidding and realized PBM earnings pressure; this is evidence of weak protection rather than merely missing evidence.","Incorporated the 27% second-quarter PBM earnings decline and 4% pharmacy customer decline, while recognizing specialty earnings growth and realized insurance premium increases.","Added assessments supported by actual compensation arrangements, governance disclosures and recent insurer financial evidence. September growth targets remain prospective."],"limitations":["All evidence is issuer-supplied. Reported operating outcomes and contractual disclosures support numerical grades, but claims of differentiation do not establish exceptional durability.","No supplied passage clearly identifies a named competitive rival in its competitive role. Named customers, transaction counterparties, suppliers and directors' other employers are not treated as competitors.","Relative unit costs, market shares, renewal economics and switching expenditures are absent. Customer declines include health-plan membership changes and cannot be treated entirely as lost contracts.","Solvency compliance is disclosed, but actual adjusted surplus, a quantified RBC ratio and regulatory headroom are absent. Fragmented statutory-capital tables cannot establish those amounts.","Reserve-development results, comprehensive investment credit quality and reinsurer recoverability evidence are incomplete.","Financial grades use sources filed in 2026, within 550 days of October 19, 2026. Source dates are filing dates, not retrieval dates.","Interim earnings and cash flows are seasonal and affected by factoring, working-capital timing and portfolio changes. Adjusted segment results retain their disclosed non-GAAP scope.","Proxy disclosures establish existing compensation practices and completed payouts; proposed votes and future appointments are not treated as proof of subsequent adoption or performance."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Processing scale and specialty efficiencies are demonstrated, but relative cost protection is unestablished and clients can switch readily.","evidenceIds":["e7","e8","e3"]},{"criterion":"durability","grade":1,"rationale":"Large-client renewals provide continuity, but short service arrangements and competitive renewal bidding weaken durable economic protection.","evidenceIds":["e1","e2","e4"]},{"criterion":"customer_dependency","grade":0,"rationale":"The explicit disclosure of easy client movement directly contradicts meaningful customer lock-in. Actual pharmacy customer contraction reinforces this assessment without establishing a contract churn rate.","evidenceIds":["e3","e6"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Specialty growth provides an offset, but actual PBM earnings contraction associated with renewals demonstrates economic erosion.","evidenceIds":["e5","e8","e9"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Historical PBM price reductions, substantial rebate pass-through and renewal-related earnings pressure outweigh insurance premium increases as evidence of discretionary pricing power.","evidenceIds":["e9","e15","e5","e12"]},{"criterion":"retention","grade":1,"rationale":"Actual large-client renewals show repeat demand, but customer contraction and easy switching indicate fragile retention. No retention rate or unchanged renewal economics is disclosed.","evidenceIds":["e1","e3","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"Specialty earnings growth and stronger Healthcare profitability offset PBM deterioration. This is mixed demonstrated resilience across businesses, not proof of a moat.","evidenceIds":["e5","e8","e12","e32"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Annual premiums set in advance, regulatory limits and competitive bidding constrain the ability to change prices and terms. PBM regulation further restricts contracting practices.","evidenceIds":["e13","e14","e4","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Substantial 2025 operating cash generation supported distributions and portfolio transactions, while buybacks fell sharply in 2026. The realized VillageMD impairment and weak interim cash conversion prevent a stronger assessment.","evidenceIds":["e16","e17","e18","e19","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing performance-based equity, ownership and retention requirements, clawbacks and an actual 73% performance-share payout demonstrate alignment in practice. Disclosed CEO ownership is modest; exceptional alignment is not established.","evidenceIds":["e35","e36","e37"]},{"criterion":"execution","grade":2,"rationale":"Reported cash generation, specialty growth and completed transactions demonstrate execution, while PBM earnings and customer declines show material weaknesses. Outcomes support this grade without attributing all changes to management skill.","evidenceIds":["e16","e18","e8","e5","e6"]},{"criterion":"governance","grade":3,"rationale":"Effective committee responsibilities, adopted shareholder rights and compensation safeguards provide concrete governance evidence. Control effectiveness is management's conclusion, and these disclosures do not prove exceptional oversight outcomes.","evidenceIds":["e38","e39","e35","e40"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"Insurance subsidiaries disclose compliance with applicable RBC and non-U.S. surplus rules. The regime references adjusted surplus relative to RBC, but actual ratios and headroom are absent; compliance supports adequacy only at a limited qualitative level.","evidenceIds":["e25","e26","e27","e28"]},{"criterion":"liquidity_funding","grade":2,"rationale":"June 2026 cash including restricted balances was $6.356 billion and the $6.5 billion revolver was undrawn. However, operating cash flow was $710 million, cash declined, short-term debt increased and $900 million of factored receivables remained uncollected. Consolidated cash is not all freely available to the parent.","evidenceIds":["e21","e22","e23","e24","e33"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Segregated portfolios support duration and cash-flow matching. The mortgage portfolio includes a weaker high-LTV cohort, and external reinsurance introduces recoverability exposure. Limited reserve-development and counterparty evidence prevents a strong grade.","evidenceIds":["e29","e30","e31","e32"]},{"criterion":"earnings_resilience","grade":2,"rationale":"Consolidated shareholder earnings increased in the first half of 2026 and specialty earnings grew, despite PBM weakness. Healthcare medical-cost experience is mixed across periods, and cash conversion remains weaker than reported earnings.","evidenceIds":["e20","e8","e5","e32","e21"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"First-half 2026 shareholder earnings of $3.314 billion against beginning and ending GAAP shareholder equity of $41.713 billion and $42.620 billion demonstrate positive accounting returns. This partial-period group evidence includes health services and does not establish insurer statutory returns or sustained superior capital efficiency.","evidenceIds":["e20","e19"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"2025 distributions were below disclosed operating cash generation. First-half 2026 dividends and repurchases remained below shareholder earnings, and repurchases were reduced, but cash distributions exceeded interim operating cash flow. Solvency compliance and available credit provide limited buffer evidence without quantified regulatory headroom.","evidenceIds":["e16","e17","e20","e21","e23","e26","e27","e28"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Employee stock issuance increased equity by $225 million in the first half of 2026 versus $250 million of repurchases. Financing costs also increased. These actual effects support a mixed assessment; the passages do not provide a complete current compensation-cost or diluted-share reconciliation.","evidenceIds":["e20","e34"]},{"criterion":"investment_discipline","grade":1,"rationale":"The $2.7 billion realized VillageMD impairment is a substantial adverse investment outcome. The completed divestiture, $3.5 billion Shields investment and binding commitments demonstrate active allocation, but subsequent investment returns are unestablished.","evidenceIds":["e19","e18","e41"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"69eb41f2ff265abe2b5d89c2cc16743014a927ad8032f966107c83a685d650b9","updatedAt":"2026-10-19T10:57:25.389Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000006/ci-20251231.htm","publishedAt":"2026-02-26","sha256":"53e3bfceb0993d2cdb82f18ecb35fca8fd0c99f8fb520fc429b9ebd6b1ace41a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000065/ci-20260630.htm","publishedAt":"2026-07-30","sha256":"d69ff9d09e9381fa452d9e52567d1995f55e7e258cacb17ec1c23340672feb95","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000023/ci-20260312.htm","publishedAt":"2026-03-13","sha256":"e3688bf1d9560d09ba5ee65b71880ac2b353b26028780bf2ed37c361ddd2f1f0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994025000009/ci-20241231.htm","publishedAt":"2025-02-27","sha256":"3b1de278ab2a79805cb78f2dfc447046dd41a4ad456261afbf87941be55d4657","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994024000005/ci-20231231.htm","publishedAt":"2024-02-29","sha256":"ada705b63a80fda5cc4219be541040f22b9184291ec131639371ffac6daf2217","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000043/ci-20260331.htm","publishedAt":"2026-04-30","sha256":"5bb569686c16fd36149fc7ea6ec8a9b1c630457e75619f0597c43e0735dac436","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1739940/000114036126038056/ef20082869_ex99-1.htm","publishedAt":"2026-09-30","sha256":"1aa2455b0ac9766008f3eae1404f047db46b65734b93215cf7a3a8b4700c4408","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1739940/000114036126030135/ef20078875_ex99-1.htm","publishedAt":"2026-07-30","sha256":"a5ccc1fc5dcd103970ae7a8fe444dcce5c4acaf434eea02d033af51bca0648fa","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2b46824e07c31d4217364dd85f3edd0160145d2ee51283fb9ae3b1ce9efbea86","usage":{"input_tokens":123694,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4019,"reasoning_output_tokens":310}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":32.47107618423925,"operating_margin":4.558301451073657,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":30.84601918943473,"operating_margin":4.661082674111991,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":31.477223260697002,"operating_margin":4.3714951476199015,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":26.145896139947638,"operating_margin":3.8106838350443715,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":21.793015642051657,"operating_margin":3.3466715169152423,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000006/ci-20251231.htm","publishedAt":"2026-02-26","sha256":"53e3bfceb0993d2cdb82f18ecb35fca8fd0c99f8fb520fc429b9ebd6b1ace41a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000065/ci-20260630.htm","publishedAt":"2026-07-30","sha256":"d69ff9d09e9381fa452d9e52567d1995f55e7e258cacb17ec1c23340672feb95","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000023/ci-20260312.htm","publishedAt":"2026-03-13","sha256":"e3688bf1d9560d09ba5ee65b71880ac2b353b26028780bf2ed37c361ddd2f1f0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994025000009/ci-20241231.htm","publishedAt":"2025-02-27","sha256":"3b1de278ab2a79805cb78f2dfc447046dd41a4ad456261afbf87941be55d4657","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994024000005/ci-20231231.htm","publishedAt":"2024-02-29","sha256":"ada705b63a80fda5cc4219be541040f22b9184291ec131639371ffac6daf2217","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1739940/000173994026000043/ci-20260331.htm","publishedAt":"2026-04-30","sha256":"5bb569686c16fd36149fc7ea6ec8a9b1c630457e75619f0597c43e0735dac436","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1739940/000114036126038056/ef20082869_ex99-1.htm","publishedAt":"2026-09-30","sha256":"1aa2455b0ac9766008f3eae1404f047db46b65734b93215cf7a3a8b4700c4408","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1739940/000114036126030135/ef20078875_ex99-1.htm","publishedAt":"2026-07-30","sha256":"a5ccc1fc5dcd103970ae7a8fe444dcce5c4acaf434eea02d033af51bca0648fa","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"none","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}