Bristol Myers Squibb vs Eli Lilly
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The short version
- Eli Lilly is the larger business, with $65.2B of revenue in fiscal 2025 against $48.2B for Bristol Myers Squibb.
- Eli Lilly grew revenue faster (44.7%, against −0.2%).
- Bristol Myers Squibb turned more of its sales into free cash flow (26.7% FCF margin, against 13.8%).
- Eli Lilly earned a higher return on the capital invested in it (40.8%, against 15.2%).
- Investors pay more for each dollar of Eli Lilly’s earnings: a P/E of 42.7x against 13.5x for Bristol Myers Squibb.
| Latest fiscal year | BMY · FY25 | LLY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $125.9B | $1.14T |
| Revenue | $48.2B | $65.2B |
| Free cash flow | $12.8B | $9.0B |
| Net income | $7.1B | $20.6B |
| Growth | ||
| Revenue growth | −0.2% | 44.7% |
| 5-year growth | 2.5% | 21.6% |
| Share count change | 0.6% | −0.5% |
| Profitability | ||
| Gross margin | 71.1% | 83.0% |
| Operating margin | — | — |
| Net margin | 14.6% | 31.7% |
| FCF margin | 26.7% | 13.8% |
| Return on capital | 15.2% | 40.8% |
| Return on equity | 40.5% | 101.2% |
| Balance sheet | ||
| Net debt | $36.4B | $33.6B |
| Net debt / EBITDA | 2.4x | 1.2x |
| Dividends and buybacks | $5.0B | $9.5B |
| Valuation & quality | ||
| P/E | 13.5x | 42.7x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
BMY $19.4B
LLY $21.2B
FY17
BMY $20.8B
LLY $20.0B
FY18
BMY $22.6B
LLY $21.5B
FY19
BMY $26.1B
LLY $22.3B
FY20
BMY $42.5B
LLY $24.5B
FY21
BMY $46.4B
LLY $28.3B
FY22
BMY $46.2B
LLY $28.5B
FY23
BMY $45.0B
LLY $34.1B
FY24
BMY $48.3B
LLY $45.0B
FY25
BMY $48.2B
LLY $65.2B
BMY
LLY
Operating margin
FY16
BMY —
LLY —
FY17
BMY —
LLY —
FY18
BMY —
LLY —
FY19
BMY —
LLY —
FY20
BMY —
LLY —
FY21
BMY —
LLY —
FY22
BMY —
LLY —
FY23
BMY —
LLY —
FY24
BMY —
LLY —
FY25
BMY —
LLY —
BMY
LLY
Free cash flow
FY16
BMY $1.8B
LLY $3.8B
FY17
BMY $4.2B
LLY $4.5B
FY18
BMY $6.1B
LLY $4.3B
FY19
BMY $7.4B
LLY $3.8B
FY20
BMY $13.3B
LLY $5.1B
FY21
BMY $15.2B
LLY $6.1B
FY22
BMY $11.9B
LLY $5.7B
FY23
BMY $12.7B
LLY $792M
FY24
BMY $13.9B
LLY $3.8B
FY25
BMY $12.8B
LLY $9.0B
BMY
LLY
Return on capital
FY16
BMY 27.7%
LLY 15.8%
FY17
BMY 18.0%
LLY 7.3%
FY18
BMY 37.8%
LLY 22.8%
FY19
BMY 7.9%
LLY 34.9%
FY20
BMY −5.4%
LLY 38.4%
FY21
BMY 11.4%
LLY 29.1%
FY22
BMY 11.0%
LLY 28.0%
FY23
BMY 14.7%
LLY 19.4%
FY24
BMY −8.7%
LLY 28.9%
FY25
BMY 15.2%
LLY 40.8%
BMY
LLY
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.