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Elanco

ELAN NYSE Pharmaceuticals Financials FY2016–FY2025

Elanco's revenue rose 6.2% to $4.7 billion in fiscal 2025. Its net margin was −4.9%, down from 7.6% a year earlier. Free cash flow was $284 million, down 27.9%. The diluted share count fell 0.2%.

Last close · Oct 23, 2026

$22.52

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
6.2% vs prior year
Operating margin Operating income as a share of revenue.
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Net income Profit after all expenses, interest and tax.
−$232M
168.6%
Free cash flow Cash from operations minus capital spending.
$284M
27.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.1%
5.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Elanco does

No business description yet.

Legal name
Elanco Animal Health Incorporated
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001739104-26-000012
0001739104

Revenue and margins

Elanco had $4.7B of revenue in fiscal 2025, up 6.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $284M in fiscal 2025, 6.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Elanco returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Elanco yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.5B and divides by 496.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Elanco can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $638M$345M$352M$468M$545M
Debt incl. finance leases $6.3B$5.8B$5.8B$4.3B$4.0B
Net debt / EBITDA 14.9x6.5x—2.7x5.2x
Debt / equity 0.8x0.8x0.9x0.7x0.6x
Interest coverage −1.4x0.7x−3.3x2.7x−0.1x
Current ratio 2.0x1.9x2.8x2.4x2.2x
Quick ratio 1.2x1.0x1.4x1.3x1.1x
Total assets $16.5B$15.5B$14.4B$12.6B$13.4B
Total liabilities $9.0B$8.2B$8.1B$6.5B$6.8B
Shareholders' equity $7.5B$7.3B$6.2B$6.1B$6.5B
Net debt (− = net cash) $5.7B$5.5B$5.4B$3.9B$3.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.6M

7 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

100%

$0.1M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Timothy J BettingtonSee Remarks Sold plan 4,350 $23.00 $0.1M Form 4
Aug 20, 2026 Lawrence Erik KurziusDirector Bought 40,000 $23.40 $0.9M Form 4
Aug 18, 2026 Shiv O'NeillGC and Corp Sec Bought 3,998 $23.58 $0.1M Form 4
Aug 12, 2026 Michael J HarringtonDirector Bought 5,000 $21.82 $0.1M Form 4
Aug 7, 2026 Paul HerendeenDirector Bought 10,000 $23.69 $0.2M Form 4
Aug 7, 2026 Robert M VanHimbergenEVP and CFO Bought 4,200 $23.08 $0.1M Form 4
May 15, 2026 Jeffrey N SimmonsPresident, CEO and Director, Director Bought 4,971 $20.09 $0.1M Form 4
May 15, 2026 Rajeev A. ModiSee Remarks Bought 4,911 $20.35 $0.1M Form 4
Dec 12, 2025 Lawrence Erik KurziusDirector Bought 10,000 $21.30 $0.2M Form 4
Dec 11, 2025 Jeffrey N SimmonsPresident, CEO and Director, Director Bought 22,000 $21.75 $0.5M Form 4
Dec 11, 2025 Rajeev A. ModiSee Remarks Bought 4,500 $21.33 $0.1M Form 4
Dec 11, 2025 Robert M VanHimbergenEVP and CFO Bought 6,950 $21.64 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 4 / 96 / 96 / 9
Accruals ratio −10.1%−1.5%−6.1%
Altman Z'' 0.841.881.38

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Elanco ELAN $11.4B 6.2% — 6.0% −0.1% — 6
Jazz Pharmaceuticals JAZZ $14.9B 4.9% −10.1% 30.4% −4.2% 14.6x 4 Compare →
Amneal Pharmaceuticals AMRX $6.7B 8.1% 13.1% 8.9% 16.1% 41.6x 7 Compare →
Zoetis ZTS $33.8B 2.3% — 24.1% 29.3% 13.4x 8 Compare →
Bausch Health Companies BHC $2.4B 6.7% 17.7% 9.8% 4.5% — 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.9B $2.9B $3.1B $3.1B $3.3B $4.8B $4.4B $4.4B $4.4B $4.7B
Gross profit $1.5B $1.4B $1.5B $1.6B $1.6B $2.6B $2.5B $2.5B $2.4B $2.6B
Research and development $266M $252M $247M $270M $329M $369M $321M $327M $344M $368M
Interest expense $0.0M $0.0M $29.6M $79.0M $150M $236M $241M $277M $296M $206M
Pretax income −$22.4M −$233M $114M $78.0M −$677M −$571M −$72.0M −$1.2B $488M −$224M
Income tax $25.5M $78.1M $27.6M $10.0M −$103M −$88.0M $6.0M $36.0M $150M $8.0M
Net income −$47.9M −$311M $86.5M $68.0M −$574M −$483M −$78.0M −$1.2B $338M −$232M
Diluted EPS −$0.16 −$1.06 $0.28 $0.18 −$1.30 −$0.99 −$0.16 −$2.50 $0.68 −$0.47
Diluted shares 0.29B 0.29B 0.31B 0.37B 0.44B 0.49B 0.49B 0.49B 0.50B 0.50B
Cash flow
Cash from operations $156M $174M $487M $224M −$41.0M $483M $452M $271M $541M $560M
Capital expenditure $110M $98.6M $135M $140M $135M $159M $171M $140M $147M $276M
Free cash flow $45.6M $75.2M $353M $84.0M −$176M $324M $281M $131M $394M $284M
Depreciation and amortization $254M $318M $296M $314M $517M $716M $682M $694M $662M $680M
Stock-based compensation $20.4M $25.0M $26.0M $49.0M $47.0M $66.0M $59.0M $46.0M $55.0M $68.0M
Acquisitions $45.0M $882M $0.0M $33.0M $5.0B $342M $0.0M $19.0M $41.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $259M $323M $475M $334M $495M $638M $345M $352M $468M $545M
Total debt — $0.0M $2.5B $2.4B $6.1B $6.3B $5.8B $5.8B $4.3B $3.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $255M
Current assets — $2.1B $2.5B $2.4B $3.4B $3.3B $3.3B $3.4B $3.2B $3.5B
Current liabilities — $643M $971M $819M $2.1B $1.6B $1.7B $1.2B $1.3B $1.6B
Inventory $0.0M $1.1B $1.0B $1.1B $1.6B $1.4B $1.5B $1.7B $1.6B $1.7B
Property and equipment, net — $920M $922M $955M $1.3B $1.1B $999M $1.0B $993M $1.4B
Total assets — $8.9B $9.0B $9.0B $17.7B $16.5B $15.5B $14.4B $12.6B $13.4B
Total liabilities — $1.2B $3.8B $3.4B $9.2B $9.0B $8.2B $8.1B $6.5B $6.8B
Shareholders' equity $7.0B $7.8B $5.2B $5.5B $8.5B $7.5B $7.3B $6.2B $6.1B $6.5B
Margins
Gross margin 51.6% 48.3% 48.7% 52.1% 49.1% 55.3% 56.6% 56.3% 54.9% 55.0%
EBITDA margin 8.0% 3.0% 14.3% 15.3% −0.3% 8.0% 19.3% −5.1% 32.6% 14.0%
Net margin −1.6% −10.8% 2.8% 2.2% −17.5% −10.1% −1.8% −27.9% 7.6% −4.9%
FCF margin 1.6% 2.6% 11.5% 2.7% −5.4% 6.8% 6.4% 3.0% 8.9% 6.0%
Returns
Return on capital — — 1.5% 1.9% −3.9% −1.9% 1.0% −5.9% 5.0% −0.1%
Return on capital employed — — 1.8% 1.9% −4.4% −2.2% 1.2% −6.8% 6.4% −0.2%
Return on equity — — 1.3% 1.3% −8.2% −6.1% −1.1% −18.2% 5.5% −3.7%
Return on assets — — 1.0% 0.8% −4.3% −2.8% −0.5% −8.3% 2.5% −1.8%
Growth
Revenue growth — −0.8% 6.2% 0.1% 6.6% 45.6% −7.4% 0.1% 0.5% 6.2%
Net income growth — — — −21.4% −944.1% — — — — −168.6%
EPS growth — — — −35.7% −822.2% — — — — −169.1%
FCF growth — 64.9% 369.2% −76.2% −309.5% — −13.3% −53.4% 200.8% −27.9%
Share count change — 0.0% 7.0% 18.0% 19.2% 10.4% 0.2% 0.8% 1.0% −0.2%
Financial health
Net debt / EBITDA — −3.8x 4.5x 4.3x — 14.9x 6.5x — 2.7x 5.2x
Debt / equity — 0.0x 0.5x 0.4x 0.7x 0.8x 0.8x 0.9x 0.7x 0.6x
Interest coverage — — 4.9x 2.0x −3.5x −1.4x 0.7x −3.3x 2.7x −0.1x
Current ratio — 3.3x 2.6x 2.9x 1.7x 2.0x 1.9x 2.8x 2.4x 2.2x
Quick ratio — 1.7x 1.6x 1.6x 0.9x 1.2x 1.0x 1.4x 1.3x 1.1x
Capital allocation
Capex / revenue 3.8% 3.4% 4.4% 4.6% 4.1% 3.3% 3.9% 3.2% 3.3% 5.9%
Stock comp / revenue 0.7% 0.9% 0.9% 1.6% 1.4% 1.4% 1.3% 1.0% 1.2% 1.4%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — 6.0 2.0 6.0 5.0 4.0 6.0 6.0
Altman Z'' — 8.0 2.7 3.0 1.2 1.2 1.5 0.8 1.9 1.4
Accruals ratio — — −4.5% −1.7% −4.0% −5.7% −3.3% −10.1% −1.5% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0001739104). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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