NYSE: LLY · Pharmaceuticals
Lilly (Eli)
Eli Lilly, founded in Indianapolis in 1876, discovers, develops, manufactures and sells human pharmaceuticals in about 90 countries with about 50,000 employees. Its tirzepatide drugs transformed its growth: in 2025 Mounjaro (diabetes) brought in $22,965 million and Zepbound (obesity) $13,542 million, lifting total revenue 45% to $65,179 million — volume rose 50% while prices fell 6% — and net income nearly doubled to $20,640 million. Other key products include Verzenio for breast cancer ($5,723 million), Trulicity and Jardiance (with Boehringer Ingelheim), and Kisunla for early Alzheimer’s disease; the oral GLP-1 orforglipron is among its most anticipated candidates. Lilly is spending heavily on manufacturing capacity ($7,841 million of capex in 2025) and faces litigation over insulin pricing, the 340B program and alleged side effects of incretin drugs. Q3 2026 revenue rose 39% to $24.4 billion, and Lilly raised its 2026 revenue guidance to $91–92 billion.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 27, 2026 15:57 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 21.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.81x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 48.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.70
Higher than 88% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 4% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$1,417.71close on 2026-11-04
Market cap$1,339.45B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 48.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 50.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.4%
At FY2025 year-end: 46.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 38.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$17.6B → $24.4B (vs. a year earlier)↑ +38.6%$17.6B → $24.4B (vs. a year earlier)
- Net income$5.58B → $6.45B (vs. a year earlier)↑ +15.5%$5.58B → $6.45B (vs. a year earlier)
- Diluted EPS$6.21 → $7.22 (vs. a year earlier)↑ +16.3%$6.21 → $7.22 (vs. a year earlier)
- Cash$8.95B → $4.89B (vs. previous quarter-end)↓ −45.4%$8.95B → $4.89B (vs. previous quarter-end)
- Long-term debt$47.86B → $46.99B (vs. previous quarter-end)↓ −1.8%$47.86B → $46.99B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook ↑ Raised
Raised the midpoint of 2026 revenue guidance by $5.5B. Source sentence
Increased the midpoint of our 2026 full-year revenue guidance by $5.5 billion to be in the range of $91.0 to $92.0 billion and raised underlying non-GAAP EPS guidance for the full year by $4.07 at the midpoint, which was more than offset by $4.57 of acquired IPR&D charges from Q3 business development activity, resulting in an updated range of $35.00 to $36.00.
Key changes
Q3 revenue up 39% to $24.4B. Source sentence
Revenue in Q3 2026 increased 39% to $24.4 billion driven primarily by Mounjaro and Zepbound.
Reported EPS up 16% to $7.22. Source sentence
Q3 2026 EPS increased by 16% to $7.22 on a reported basis and increased by 7% to $7.48 on a non-GAAP basis.
EPS included $4.57 of acquired IPR&D charges. Source sentence
Q3 2026 reported and non-GAAP EPS included $4.57 of acquired IPR&D charges compared to $0.71 in Q3 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- ELI LILLY & Co
- Headquarters
- INDIANAPOLIS, IN
- Incorporated in
- Indiana
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: LLY
- Industry
- Pharmaceuticals
- CIK
- 59478
- Website
- https://www.lilly.com/ ↗
Workforce (as of FY2025 year-end)
Employees
50,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–37 days after quarter end (Feb 4, 2026; Feb 6, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Cardiometabolic
Mounjaro (tirzepatide)
Type 2 diabetes treatment; $22,965M of 2025 revenue (+99%).
Cardiometabolic
Zepbound (tirzepatide)
Obesity treatment in the U.S., Canada and Japan; $13,542M (+175%).
Oncology
Verzenio
Breast cancer treatment; $5,723M.
Cardiometabolic
Trulicity, Jardiance
Older diabetes products; Jardiance is with Boehringer Ingelheim.
Neuroscience
Kisunla
Treatment for early symptomatic Alzheimer’s disease.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Capacity build-out
Capital expenditures rose to $7,841M in 2025 from $3,448M in 2023.
Source: Form 10-K (FY2025)
Business development
Paid $3.0B for in-process R&D and $661M for acquisitions in 2025.
Source: Form 10-K (FY2025)
Q3 2026
Revenue $24.4B (+39%), driven by Mounjaro and Zepbound and including about $900M of one-time benefits; EPS $7.22 (+16%) after $4.57 per share of acquired IPR&D. 2026 revenue guidance raised by $5.5B at the midpoint to $91.0–92.0B. FDA approvals included Mounjaro for cardiovascular risk reduction and once-weekly insulin Onswik.
Source: Q3 2026 earnings release
Capex ÷ D&A (FY2025)
3.93x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$7,841M ÷ $1,997M = 3.93x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
20.5%
formularesearch & development expense ÷ revenue × 100
e.g.$13,337M ÷ $65,179M × 100 = 20.5%
M&A spend (6-year total)
$1.92B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.39B in FY2020 to $7.84B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$65.18B
As reported in the 10-K
Revenue CAGR (5 years)
+21.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($65,179M ÷ $24,540M) ^ (1÷5) − 1 = 21.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
101.2%▲favorable
6-year average: 80.7%
As reported in the 10-K
P/B (FY2025 end)
38.26x
formulafiscal year-end closing price ÷ book value per share
e.g.$1074.68 ÷ $28.09 = 38.26x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +21.6% a year over 5 years (strong growth)
From $24.54B in FY2020 to $65.18B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 23.6% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 80.7% over 6 years (latest: 101.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Boehringer Ingelheim
07 · what it does
Key activities
- Cardiometabolic health (Mounjaro, Zepbound, Trulicity, Jardiance)
- Oncology (Verzenio)
- Neuroscience (Kisunla) and immunology
06 · what it draws on
Key resources
- About 50,000 employees incl. 12,000 in R&D
- Manufacturing in the U.S. (incl. Puerto Rico), Europe and Asia
- Patents on tirzepatide and other molecules
02 · why customers buy
Value propositions
- Innovative medicines for diabetes, obesity, oncology, immunology and neuroscience.
04 · how it keeps them
Customer relationships
- Account managers serving wholesalers, PBMs, insurers, employers and managed care organizations.
03 · how it reaches them
Channels
- In the U.S., mostly wholesalers (McKesson, Cencora and Cardinal Health each a major customer); LillyDirect for some products.
01 · who it serves
Customer segments
- Wholesalers, pharmacies, hospitals and government programs in ~90 countries
09 · where money goes
Cost structure
FY2025, share of revenue ($65.18B)
- Cost of revenue17.0%
- Research & development20.5%
- Selling, general & administrative17.0%
Depreciation & amortization (inside the costs above): $2B. Capital spending: $7.84B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Mounjaro $22,965M (2025)
- Zepbound $13,542M
- Verzenio $5,723M
- Other products $22,949M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Researches and develops new medicines, manufactures them in the U.S., Europe and Asia, and sells them through wholesalers and pharmacies, with prices negotiated with payers and governments.
01 what it draws on
Inputs & resources
- About 50,000 employees incl. 12,000 in R&D
- Manufacturing in the U.S. (incl. Puerto Rico), Europe and Asia
- Patents on tirzepatide and other molecules
02 what it does
Activities
- Cardiometabolic health (Mounjaro, Zepbound, Trulicity, Jardiance)
- Oncology (Verzenio)
- Neuroscience (Kisunla) and immunology
03 who it serves
Customers
- Wholesalers, pharmacies, hospitals and government programs in ~90 countries
04 how money comes in
How it earns
- Mounjaro $22,965M (2025)
- Zepbound $13,542M
- Verzenio $5,723M
- Other products $22,949M
How the business makes money
- U.S. revenue $43,481M; outside U.S. $21,698M in 2025.
- 2025 revenue growth: +50% volume, −6% price, +1% FX.
- Dividend raised to $1.73 per quarter for 2026 (indicated $6.92 a year).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Lilly reached a voluntary pricing agreement with the U.S. government that includes a tariff grace period tied to U.S. manufacturing investment.
Trade & export rules
Tariff grace period
Preliminary agreements give a three-year grace period from Section 232 tariffs if Lilly meets U.S. manufacturing investment commitments.
Supports the businessTouches: Inputs & resources · ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Voluntary drug-pricing agreement
Negotiating and implementing a voluntary agreement with the U.S. government on drug pricing and access.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Payer price concessions
Payers and PBMs negotiate significant price and rebate concessions for access.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Mounjaro
22,965 (35%)Zepbound
13,542 (21%)Verzenio
5,723 (9%)Other products
22,949 (35%)
Source: Form 10-K (FY2025) Revenue by product; one reportable segment. Total $65,179M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 67% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
43,481 (67%)Outside U.S.
21,698 (33%)
Source: Form 10-K (FY2025) Revenue.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Boehringer Ingelheim
Jardiance collaboration; amended in 2024–2025 to adjust commercialization responsibilities.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesalers, pharmacies, hospitals and governments.
Named by the company
No customer concentration is disclosed in this summary.
Suppliers
API and component suppliers and contract manufacturers.
Named by the company
No material supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Lilly competes with many multinational pharma, biotech and generic companies, including from China; its performance graph uses a pharma/medtech peer group.
Competitors named in the 10-K
Peer group the company chose
Performance peer group (2025), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer group from the 10-K stock performance graph, aligned with executive compensation peers.
- AbbViesite ↗
- Amgensite ↗
- AstraZenecasite ↗
- Bristol-Myers Squibbsite ↗
- Gilead Sciencessite ↗
- GSKsite ↗
- Johnson & Johnsonsite ↗
- Medtronicsite ↗
- Merck & Co.site ↗
- Novartissite ↗
- Pfizersite ↗
- Roche (Ventana Medical Systems)site ↗
- Sanofisite ↗
- Strykersite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 24,540 | 28,318 | 28,541 | 34,124 | 45,043 | 65,179 |
| Pretax income | 7,230 | 6,156 | 6,806 | 6,554 | 12,680 | 25,731 |
| Net income (attributable) | 6,194 | 5,582 | 6,245 | 5,240 | 10,590 | 20,640 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 15.4% | 0.8% | 19.6% | 32.0% | 44.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 25.2% | 19.7% | 21.9% | 15.4% | 23.5% | 31.7% |
| Balance sheet ($M) | ||||||
| Total assets | 46,633 | 48,806 | 49,490 | 64,006 | 78,715 | 112,476 |
| Total equity | 5,825 | 9,155 | 10,775 | 10,864 | 14,272 | 26,535 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,587 | 16,741 | 16,313 | 25,294 | 33,812 | 42,503 |
| Equity ratio | 12.1% | 18.4% | 21.5% | 16.8% | 18.1% | 23.6% |
| ROE | 109.8% | 76.4% | 63.6% | 48.9% | 84.6% | 101.2% |
| Cash flow ($M) | ||||||
| Operating CF | 6,500 | 7,366 | 7,586 | 4,240 | 8,818 | 16,813 |
| Investing CF | -2,259 | -2,867 | -3,763 | -7,153 | -9,302 | -10,972 |
| Financing CF | -3,137 | -4,131 | -5,407 | 3,496 | 1,230 | -2,213 |
| Free cash flowcalccash flow from operations − capital expenditures | 5,112 | 6,056 | 5,731 | 792 | 3,760 | 8,972 |
| Cash and equivalents | 3,657 | 3,819 | 2,067 | 2,819 | 3,268 | 7,268 |
| Per share & other | ||||||
| EPS ($) | 6.79 | 6.12 | 6.90 | 5.80 | 11.71 | 22.95 |
| BVPS ($) | 6.09 | 9.60 | 11.33 | 11.44 | 15.06 | 28.09 |
| Dividend per share ($) | 3.07 | 3.53 | 4.07 | 4.69 | 5.40 | 6.23 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 45.2% | 57.7% | 59.0% | 80.9% | 46.1% | 27.1% |
| P/E (x) | 24.9 | 45.1 | 53.0 | 100.5 | 65.9 | 46.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 27.74 | 28.79 | 32.28 | 50.96 | 51.27 | 38.26 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $24.4B+38.6% | $6.45B+15.5% | $7.22 |
| 2026-06-30 | $22.97B+47.7% | $7.1B+25.3% | $7.94 |
| 2026-03-31 | $19.8B+55.5% | $7.4B+168.1% | $8.26 |
| 2025-12-31 † | $19.29B+42.5% | $6.64B+50.5% | — |
| 2025-09-30 | $17.6B | $5.58B | $6.21 |
| 2025-06-30 | $15.56B | $5.66B | $6.29 |
| 2025-03-31 | $12.73B | $2.76B | $3.06 |
| 2024-12-31 † | $13.53B | $4.41B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
7.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.5% − 0.7%
Past FCF growth (FY2020–FY2025)
+11.9%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+21.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $8.97B (operating CF − capex); enterprise value $1,374.69B = market cap $1,339.45B (latest close, 2026-11-04) + debt $42.5B − cash and short-term investments $7.27B; r = WACC of 8.5% using this page’s default assumptions (β 0.70, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$1,495.33B
FCF $8.97B ÷ (8.5% − 7.9%)
Theoretical ÷ actual enterprise value
1.09x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.5% | 7.5% | 8.5% | 9.5% | 10.5% |
|---|---|---|---|---|---|
| 0% | 0.10x | 0.09x | 0.08x | 0.07x | 0.06x |
| 2% | 0.15x | 0.12x | 0.10x | 0.09x | 0.08x |
| 4% | 0.26x | 0.19x | 0.15x | 0.12x | 0.10x |
| 6% | 1.31x | 0.44x | 0.26x | 0.19x | 0.15x |
| 8% | — | — | 1.31x | 0.44x | 0.26x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.01x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): 4.0%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 87 → 81 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$16,813M ÷ $20,640M = 0.81x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($11,006M + $17,760M) ÷ 2 ÷ $65,179M × 365 = 81 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($7,589M + $13,744M) ÷ 2 ÷ $11,052M × 365 = 352 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 16.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 275 of 416
- Beta (adjusted)
- 0.70
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 66% of covered companies have more
above 1 = swings more than the market
- 788.0M shares reported by 4,622 13F filers ÷ 941.4M shares outstanding on 2026-08-03. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-20 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-03)
20
Strengths & weaknessesSite analysis
Strengths
1. Blockbuster franchise
Mounjaro and Zepbound together generated $36.5B in 2025.
Evidence: Form 10-K (FY2025)
2. Rapid profit growth
Net income rose from $5,240M (2023) to $20,640M (2025); first-half 2026 net income was $14,491M and Q3 2026 net income $6,451M.
Evidence: Form 10-Q (quarter ended 2026-06-30); Form 10-Q (quarter ended 2026-09-30)
3. Strong pipeline
Pipeline includes orforglipron, an oral incretin candidate.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Concentration
Tirzepatide products were about 56% of 2025 revenue.
Evidence: Form 10-K (FY2025)
2. Falling prices
Realized prices fell 6% in 2025 (−10% in the U.S.).
Evidence: Form 10-K (FY2025)
3. Rising debt
Interest-bearing debt rose from $16.3B (2022) to $42.5B (2025).
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
46.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.58%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
27%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.9%
(Operating CF − capex) ÷ market cap
1. Obesity market leader
Zepbound and Mounjaro volumes grew rapidly.
- What has to hold
- Demand and access keep expanding.
- The other side
- Price cuts and competition.
Evidence: Form 10-K (FY2025)
2. Dividend growth
Dividend raised to an indicated $6.92 for 2026.
- What has to hold
- Earnings growth continues.
- The other side
- Low yield.
Evidence: Form 10-K (FY2025)
Lilly does not report a separate operating income line in XBRL. Shares and book value per share are from the issued-share XBRL tag.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
4.4x
$7.27B vs. $1.64B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.7x
$8.97B vs. $5.38B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Growth acceleration
Revenue rose from $24,540M (2020) to $65,179M (2025).
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Lilly faces insulin pricing lawsuits since 2017, product liability MDLs over incretin drugs (Mounjaro, Trulicity, Zepbound), 340B-related antitrust and regulatory disputes, an Actos third-party-payer class action (indemnified by Takeda), and a patent appeal by Teva.
6 open matters (3 flagged as major)
Insulin pricing litigation
PendingClass actionMajorVarious plaintiffs v. Lilly et al.
Since 2017, consumers, states, counties, tribes, payers and others have sued Lilly, other manufacturers and PBMs over insulin pricing and rebates.
Incretin product liability MDLs
PendingProduct liabilityMajorPlaintiffs v. Lilly and Novo Nordisk
Since August 2023, suits against Lilly and Novo Nordisk alleging gastrointestinal injuries and NAION from Mounjaro, Trulicity and Zepbound; two MDLs pending in E.D. Pa.
Tirzepatide and Verzenio Hatch-Waxman suits
PendingPatent / IPMajorLilly v. multiple generic filers (Mounjaro/Zepbound); Lilly v. Cipla (Verzenio) (D. Del.)
In July 2026 multiple generic companies filed ANDAs to market generic Mounjaro and/or Zepbound before some or all of their Orange Book patents expire; Lilly sued for infringement in August 2026. Lilly also sued Cipla in June 2026 over a generic Verzenio ANDA, with trial set for May 2028.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 9, Contingencies
Mosaic Health 340B antitrust class action
PendingAntitrustMosaic Health v. Lilly et al.
Putative class action (W.D.N.Y., 2021) against Lilly, Sanofi, Novo Nordisk and AstraZeneca over 340B program policies; the Second Circuit revived it and denied rehearing in 2025.
Actos third-party payer class action
On appealClass actionThird-party payers v. Takeda and Lilly
Class certified in 2023; Ninth Circuit denied appeal in 2025; Lilly and Takeda petitioned the Supreme Court in November 2025. Takeda indemnifies Lilly.
Teva patent case
PendingPatent / IPTeva v. Lilly
Teva says Emgality infringes three of its patents. A 2022 jury found for Teva; the trial court overturned the verdict in 2023, but in April 2026 the Federal Circuit reversed the invalidity finding and remanded, and Lilly recognized a charge in Q1 2026. The Federal Circuit denied Lilly's petition for rehearing en banc in September 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 9, Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note on Contingencies (Legal), reviewed 2026-10-28. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition in obesity and diabetes
- Company disclosure (summarized from the 10-K)
- Competes with many multinational pharma, biotech and generic companies in incretin and other drugs.
- Company’s stated mitigation
- We invest heavily in research and development because we believe it is critical to our long-term competitiveness.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Drug pricing policy
- Company disclosure (summarized from the 10-K)
- U.S. pricing pressure, Medicare negotiation and 340B rules.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Law & regulation
Product liability
- Company disclosure (summarized from the 10-K)
- MDLs alleging gastrointestinal injuries and NAION from Mounjaro, Trulicity and Zepbound.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Supply chain
Manufacturing capacity
- Company disclosure (summarized from the 10-K)
- Meeting demand requires large manufacturing investments.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Pipeline and patent risk
- Company disclosure (summarized from the 10-K)
- New products face high regulatory hurdles; generics compete where IP is weak.
- Company’s stated mitigation
- We invest heavily in research and development because we believe it is critical to our long-term competitiveness.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
In November 2025, we announced preliminary voluntary agreements with the U.S. Read more
government in which, among other arrangements, we agreed to implement measures to lower Medicaid and certain other drug prices for U.S. patients and to launch new medicines with a more balanced pricing approach across developed nations. We face risks and uncertainty associated with these arrangements and negotiating the definitive agreements, including potential delays and the possibility of unfavorable terms related to pricing, access, and other key objectives. Among other risks, we may fail to adequately capitalize on the additional U.S. access to our obesity medicines resulting from these agreements, particularly if the revenues generated from such expanded access are insufficient to offset pricing concessions. Moreover, the outcome of these arrangements and broader U.S. policy efforts to align domestic…
In general, securing and growing access for our obesity medicines is an important factor in the success of our business. Read more
Among other considerations, payers in various international markets do not currently provide coverage for obesity medicines for weight loss indications, requiring patient self-pay. In addition, patient self-pay sales through LillyDirect represented a growing portion of our business in 2025, and we have launched, and continue to explore, new partnerships and tools, including through LillyDirect, to further expand access to our medicines. Our financial results and prospects are subject to risks related to the level and pace of patient participation in cash-pay markets, which may be influenced by pricing, economic conditions, and competitive offerings, as well as regulatory or other actions that could restrict our ability to benefit from such markets, and uncertainty…
uncertainty. See Item 1, "Business—Government Regulation of Our Operations and Products," for more details. Read more
For example, U.S. government authorities have taken and may continue to take actions intended to restrict direct-to-patient advertising and promotion of prescription drugs and biologics. These or other initiatives may influence the ways in which we can market our products, which could negatively affect our business. Moreover, novel regulatory or policy programs such as the FDA Commissioner's National Priority Voucher Pilot Program may attract scrutiny and criticism from various stakeholders. Our participation in such programs, notwithstanding the review processes involved and our adherence to applicable requirements and procedures, may expose us to legal, regulatory, political, and reputational risks.
No longer in the text (1)
• We are party to litigation and investigations related to our products, how we price or commercialize our products, and other aspects of our business, which could adversely affect our business, and we are self-insured for such matters.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
26
What to watch going forwardSite analysis
- Orforglipron approval and launch.
- Tirzepatide pricing and volume.
- Manufacturing capacity expansion.
- Incretin product liability MDLs.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 27, 2026 15:57 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Lilly (Eli)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.