AstraZeneca vs Eli Lilly
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KIRA’s take AI analyst
I put AstraZeneca and Eli Lilly side by side, using each one’s latest annual report. Here is what stands out:
- Eli Lilly is the larger business, with $65.2B of revenue in fiscal 2025 against $58.7B for AstraZeneca.
- Eli Lilly grew revenue faster (44.7%, against 8.6%).
- AstraZeneca turned more of its sales into free cash flow (20.0% FCF margin, against 13.8%).
- Eli Lilly earned a higher return on the capital invested in it (40.8%, against 16.8%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
AstraZeneca
AZN
2/9
FCF marginPiotroski F-score
Eli Lilly
LLY
7/9
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | AZN FY25 | LLY FY25 |
|---|---|---|
| Size | ||
| Market cap | $268.8B | $1.14T |
| Revenue | $58.7B | $65.2B |
| Free cash flow | $11.8B | $9.0B |
| Net income | $10.2B | $20.6B |
| Growth | ||
| Revenue growth | 8.6% | 44.7% |
| 5-year growth | 17.2% | 21.6% |
| Share count change | −0.1% | −0.5% |
| Profitability | ||
| Gross margin | 81.9% | 83.0% |
| Operating margin | 23.4% | — |
| Net margin | 17.4% | 31.7% |
| FCF margin | 20.0% | 13.8% |
| Return on capital | 16.8% | 40.8% |
| Return on equity | 22.9% | 101.2% |
| Balance sheet | ||
| Net debt | $22.1B | $33.6B |
| Net debt / EBITDA | — | 1.2x |
| Dividends and buybacks | $5.5B | $9.5B |
| Valuation & quality | ||
| P/E | — | 42.9x |
| Piotroski F-score | 9 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.

