Eli Lilly
LLY NYSE Pharmaceuticals Financials FY2016–FY2025
Eli Lilly's revenue rose 44.7% to $65.2 billion in fiscal 2025. Its net margin was 31.7%, up from 23.5% a year earlier. Free cash flow was $9.0 billion, up 138.6%. It paid out $9.5 billion in dividends and buybacks, 106% of free cash flow. The diluted share count fell 0.5%.
What Eli Lilly does
Eli Lilly discovers, develops, makes and sells medicines. It reports a single business segment, human pharmaceutical products. Its medicines treat diabetes, obesity, cancer, immune diseases such as psoriasis and ulcerative colitis, migraine and Alzheimer's disease. They are sold in approximately 90 countries and made at facilities in the United States, including Puerto Rico, and in Europe and Asia.
A few products bring in most of its revenue. Mounjaro, for type 2 diabetes, and Zepbound, for obesity, accounted for 56 percent of total revenues in 2025. Together with Verzenio, Trulicity, Taltz and Jardiance, they made up 82 percent. In the U.S., most of its products are distributed through wholesalers, and three of them, McKesson, Cencora and Cardinal Health, each accounted for a significant percentage of its revenue. It also delivers select medicines to patients through LillyDirect, its direct-to-patient platform, which uses third-party pharmacies.
Lilly competes with many other drugmakers, and its medicines face cheaper generic and biosimilar copies once their protection ends. It says it faces intensifying competition worldwide, including from China. It also points to the sale of counterfeit and mass-compounded copies of incretins, the type of medicine under which it groups Mounjaro and Zepbound. At the end of 2025 it employed approximately 50,000 people, including approximately 27,000 outside the U.S. and approximately 12,000 in research and development.
- Legal name
- ELI LILLY AND COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0000059478-26-000013
0000059478
Revenue and margins
Eli Lilly had $65.2B of revenue in fiscal 2025, up 44.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 27.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $9.0B in fiscal 2025, 13.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Eli Lilly returned $9.5B to shareholders in fiscal 2025, 106% of free cash flow. The diluted share count fell 0.5%.
Value Eli Lilly 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 −$33.6B and divides by 899.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 42.7x · peers 39.5x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Eli Lilly can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.9B | $2.2B | $2.9B | $3.4B | $7.3B |
| Debt incl. finance leases | $16.7B | $16.3B | $25.3B | $33.8B | $40.9B |
| Net debt / EBITDA | 1.6x | 1.6x | 2.6x | 2.0x | 1.2x |
| Debt / equity | 1.9x | 1.5x | 2.4x | 2.4x | 1.5x |
| Interest coverage | 19.1x | 21.5x | 14.5x | 17.2x | 29.8x |
| Current ratio | 1.2x | 1.1x | 0.9x | 1.2x | 1.6x |
| Quick ratio | 1.0x | 0.8x | 0.7x | 0.9x | 1.2x |
| Total assets | $48.8B | $49.5B | $64.0B | $78.7B | $112.5B |
| Total liabilities | $39.7B | $38.7B | $53.1B | $64.4B | $85.9B |
| Shareholders' equity | $9.0B | $10.6B | $10.8B | $14.3B | $26.5B |
| Net debt (− = net cash) | $12.8B | $14.1B | $22.4B | $30.4B | $33.6B |
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
$0.0M
0 insiders
Sold, 12 months
$544M
5 insiders
Of sales under plans
3%
$18.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Patrik JonssonEVP & President, LLY Int'l | Sold plan | 6,500 | $1,175.10 | $7.6M | Form 4 |
| Aug 10, 2026 | Donald A ZakrowskiSVP, Finance, & CAO | Sold plan | 2,000 | $1,185.01 | $2.4M | Form 4 |
| Aug 7, 2026 | Anat HakimEVP, GC & Secretary | Sold plan | 5,000 | $1,190.00 | $6.0M | Form 4 |
| Jun 10, 2026 | Ilya YuffaEVP&Pres, LLY USA&Global Capab | Sold plan | 2,500 | $1,150.77 | $2.9M | Form 4 |
| May 6, 2026 | Lilly Endowment IncFormer 10% Shareholder | Sold | 15,828 | $995.36 | $15.8M | Form 4 |
| Jan 7, 2026 | Lilly Endowment Inc10% owner | Sold | 292,148 | $1,103.48 | $322M | Form 4 |
| Jan 5, 2026 | Lilly Endowment Inc10% owner | Sold | 1,390 | $1,085.01 | $1.5M | Form 4 |
| Dec 29, 2025 | Lilly Endowment Inc10% owner | Sold | 3,593 | $1,085.04 | $3.9M | Form 4 |
| Dec 24, 2025 | Lilly Endowment Inc10% owner | Sold | 2,629 | $1,085.17 | $2.9M | Form 4 |
| Dec 23, 2025 | Lilly Endowment Inc10% owner | Sold | 240 | $1,085.04 | $0.3M | Form 4 |
| Nov 25, 2025 | Lilly Endowment Inc10% owner | Sold | 147,061 | $1,095.35 | $161M | Form 4 |
| Nov 25, 2025 | Lilly Endowment Inc10% owner | Sold | 15,632 | $1,109.30 | $17.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 | 5 / 9 | 6 / 9 | 8 / 9 |
| Accruals ratio | 1.8% | 2.5% | 4.0% |
| Altman Z'' | 1.32 | 2.31 | 3.81 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Eli Lilly LLY | $1.14T | 44.7% | — | 13.8% | 40.8% | 42.7x | 8 | |
| Merck MRK | $358.8B | 1.3% | — | 19.0% | 24.8% | 115.3x | 4 | Compare → |
| Pfizer PFE | $171.1B | −1.7% | — | 14.5% | 7.3% | 39.5x | 6 | Compare → |
| AstraZeneca AZN | $267.9B | 8.6% | 23.4% | 20.0% | 16.8% | — | 9 | Compare → |
| Bristol Myers Squibb BMY | $125.9B | −0.2% | — | 26.7% | 15.2% | 13.5x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $21.2B | $20.0B | $21.5B | $22.3B | $24.5B | $28.3B | $28.5B | $34.1B | $45.0B | $65.2B |
| Gross profit | $15.5B | $15.5B | $16.8B | $17.6B | $19.1B | $21.0B | $21.9B | $27.0B | $36.6B | $54.1B |
| Research and development | $5.3B | $5.1B | $5.1B | $5.6B | $6.0B | $6.9B | $7.2B | $9.3B | $11.0B | $13.3B |
| Interest expense | $185M | $225M | $243M | $401M | $360M | $340M | $332M | $486M | $781M | $895M |
| Pretax income | $3.4B | $2.3B | $3.7B | $5.3B | $7.2B | $6.2B | $6.8B | $6.6B | $12.7B | $25.7B |
| Income tax | $636M | $2.4B | $530M | $628M | $1.0B | $574M | $562M | $1.3B | $2.1B | $5.1B |
| Net income | $2.7B | −$204M | $3.2B | $8.3B | $6.2B | $5.6B | $6.2B | $5.2B | $10.6B | $20.6B |
| Diluted EPS | $2.58 | −$0.19 | $3.13 | $8.89 | $6.79 | $6.12 | $6.90 | $5.80 | $11.71 | $22.95 |
| Diluted shares | 1.06B | 1.05B | 1.03B | 0.94B | 0.91B | 0.91B | 0.90B | 0.90B | 0.90B | 0.90B |
| Cash flow | ||||||||||
| Cash from operations | $4.9B | $5.6B | $5.5B | $4.8B | $6.5B | $7.4B | $7.6B | $4.2B | $8.8B | $16.8B |
| Capital expenditure | $1.0B | $1.1B | $1.2B | $1.0B | $1.4B | $1.3B | $1.9B | $3.4B | $5.1B | $7.8B |
| Free cash flow | $3.8B | $4.5B | $4.3B | $3.8B | $5.1B | $6.1B | $5.7B | $792M | $3.8B | $9.0B |
| Depreciation and amortization | $1.5B | $1.6B | $1.6B | $1.2B | $1.3B | $1.5B | $1.5B | $1.5B | $1.8B | $2.0B |
| Stock-based compensation | $255M | $281M | $280M | $312M | $308M | $343M | $371M | $629M | $646M | $626M |
| Acquisitions | $45.0M | $882M | $0.0M | $6.9B | $849M | $747M | $327M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $600M | $300M | $4.2B | $4.4B | $500M | $1.3B | $1.5B | $750M | $2.5B | $4.1B |
| Dividends paid | $2.2B | $2.2B | $2.3B | $2.4B | $2.7B | $3.1B | $3.5B | $4.1B | $4.7B | $5.4B |
| Dividends and buybacks | $2.8B | $2.5B | $6.5B | $6.8B | $3.2B | $4.3B | $5.0B | $4.8B | $7.2B | $9.5B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.0B | $8.0B | $7.4B | $2.4B | $3.7B | $3.9B | $2.2B | $2.9B | $3.4B | $7.3B |
| Total debt | $10.3B | $12.6B | $9.7B | $15.1B | $16.3B | $16.7B | $16.3B | $25.3B | $33.8B | $40.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $15.1B | $19.2B | $20.5B | $13.7B | $17.5B | $18.5B | $18.0B | $25.7B | $32.7B | $55.6B |
| Current liabilities | $11.0B | $14.5B | $11.9B | $11.8B | $12.5B | $15.1B | $17.1B | $27.3B | $28.4B | $35.2B |
| Inventory | $3.6B | $4.5B | $3.1B | $3.2B | $4.0B | $3.9B | $4.3B | $5.8B | $7.6B | $13.7B |
| Property and equipment, net | $8.3B | $8.8B | $8.0B | $7.9B | $8.7B | $9.0B | $10.1B | $12.9B | $17.1B | $24.7B |
| Total assets | $38.8B | $45.0B | $43.9B | $39.3B | $46.6B | $48.8B | $49.5B | $64.0B | $78.7B | $112.5B |
| Total liabilities | $24.7B | $33.3B | $33.0B | $36.6B | $40.8B | $39.7B | $38.7B | $53.1B | $64.4B | $85.9B |
| Shareholders' equity | $14.0B | $11.6B | $9.8B | $2.6B | $5.6B | $9.0B | $10.6B | $10.8B | $14.3B | $26.5B |
| Margins | ||||||||||
| Gross margin | 73.1% | 77.7% | 78.2% | 78.9% | 77.7% | 74.2% | 76.8% | 79.3% | 81.3% | 83.0% |
| EBITDA margin | 23.8% | 20.5% | 25.7% | 30.9% | 36.3% | 28.4% | 30.3% | 25.1% | 33.8% | 43.9% |
| Net margin | 12.9% | −1.0% | 15.0% | 37.3% | 25.2% | 19.7% | 21.9% | 15.4% | 23.5% | 31.7% |
| FCF margin | 18.0% | 22.7% | 20.1% | 17.0% | 20.8% | 21.4% | 20.1% | 2.3% | 8.4% | 13.8% |
| Returns | ||||||||||
| Return on capital | 15.8% | 7.3% | 22.8% | 34.9% | 38.4% | 29.1% | 28.0% | 19.4% | 28.9% | 40.8% |
| Return on capital employed | 12.9% | 8.7% | 12.6% | 19.0% | 24.6% | 19.1% | 21.6% | 20.4% | 30.9% | 41.7% |
| Return on equity | 19.2% | −1.6% | 30.2% | 133.8% | 150.2% | 76.4% | 63.6% | 48.9% | 84.6% | 101.2% |
| Return on assets | 7.4% | −0.5% | 7.3% | 20.0% | 14.4% | 11.7% | 12.7% | 9.2% | 14.8% | 21.6% |
| Growth | ||||||||||
| Revenue growth | 6.3% | −5.9% | 7.6% | 3.8% | 10.0% | 15.4% | 0.8% | 19.6% | 32.0% | 44.7% |
| Net income growth | 13.7% | −107.5% | — | 157.4% | −25.5% | −9.9% | 11.9% | −16.1% | 102.1% | 94.9% |
| EPS growth | 14.2% | −107.4% | — | 184.0% | −23.6% | −9.9% | 12.8% | −15.9% | 101.9% | 96.0% |
| FCF growth | 100.9% | 19.0% | −5.0% | −11.9% | 34.4% | 18.5% | −5.4% | −86.2% | 374.8% | 138.6% |
| Share count change | −0.4% | −0.9% | −1.7% | −9.5% | −2.5% | −0.1% | −0.8% | −0.2% | 0.1% | −0.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.8x | 1.1x | 0.4x | 1.8x | 1.4x | 1.6x | 1.6x | 2.6x | 2.0x | 1.2x |
| Debt / equity | 0.7x | 1.1x | 1.0x | 5.8x | 2.9x | 1.9x | 1.5x | 2.4x | 2.4x | 1.5x |
| Interest coverage | 19.2x | 11.2x | 16.2x | 14.2x | 21.1x | 19.1x | 21.5x | 14.5x | 17.2x | 29.8x |
| Current ratio | 1.4x | 1.3x | 1.7x | 1.2x | 1.4x | 1.2x | 1.1x | 0.9x | 1.2x | 1.6x |
| Quick ratio | 1.1x | 1.0x | 1.5x | 0.9x | 1.1x | 1.0x | 0.8x | 0.7x | 0.9x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.9% | 5.4% | 5.6% | 4.6% | 5.7% | 4.6% | 6.5% | 10.1% | 11.2% | 12.0% |
| Stock comp / revenue | 1.2% | 1.4% | 1.3% | 1.4% | 1.3% | 1.2% | 1.3% | 1.8% | 1.4% | 1.0% |
| Payouts / FCF | 72.3% | 54.9% | 149.8% | 179.1% | 62.4% | 71.6% | 87.9% | 608.5% | 191.0% | 105.8% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 4.0 | 8.0 | 6.0 | 6.0 | 5.0 | 7.0 | 5.0 | 6.0 | 8.0 |
| Altman Z'' | 3.3 | 2.4 | 3.1 | 1.8 | 2.5 | 2.2 | 2.0 | 1.3 | 2.3 | 3.8 |
| Accruals ratio | −5.7% | −13.9% | −5.2% | 8.4% | −0.7% | −3.7% | −2.7% | 1.8% | 2.5% | 4.0% |
Source: SEC EDGAR XBRL filings (CIK 0000059478). Data updated October 9, 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.