Name: Eli Lilly and Company Financial Statements
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Segments

	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Revenue Total sales generated.	$28.32 B	$28.54 B	$34.12 B	$45.04 B	$65.18 B	$72.25 B
Cost of Revenue Direct cost of goods/services.	$7.31 B	$6.63 B	$7.08 B	$8.42 B	$10.56 B	$11.92 B
Gross Profit Revenue minus cost of revenue.	$21.01 B	$21.91 B	$27.04 B	$36.62 B	$54.62 B	$60.33 B
Operating Expense Costs to run business.	$13.07 B	$13.26 B	$16.25 B	$19.12 B	$24.92 B	$27.20 B
Research and Development Investment in innovation.	$6.93 B	$7.19 B	$9.31 B	$10.99 B	$13.34 B	$14.11 B
Sales, General and Administrative Selling and admin costs.	$6.14 B	$6.07 B	$6.94 B	$8.13 B	$11.09 B	$11.67 B
General and Administrative Corporate overhead costs.	$6.14 B	$6.07 B	$6.94 B	$8.13 B	$11.09 B	$8.73 B
Sales and Marketing Customer acquisition costs.	-	-	-	-	-	$2.93 B
Other Expenses Other operating costs.	-	-	-	-	$487.50 M	$1.42 B
Operating Income Profit from operations.	$7.93 B	$8.65 B	$10.79 B	$17.50 B	$29.70 B	$33.14 B
Net Interest Income Interest income minus expense.	-$314.40 M	-$268.80 M	-$312.30 M	-$605.40 M	-$642.00 M	-$778.60 M
Interest Income Income from investments.	$25.40 M	$62.80 M	$173.60 M	$175.20 M	$153.30 M	$105.00 M
Interest Expense Cost of borrowing.	$339.80 M	$331.60 M	$485.90 M	$780.60 M	$795.30 M	$883.60 M
Non-Operating Income (ex-Int) Income outside core operations.	$1.44 B	$1.52 B	$3.75 B	$4.04 B	$3.32 B	$1.61 B
Total Other Income (Net) Net non-operating items.	-$1.78 B	-$1.85 B	-$4.23 B	-$4.82 B	-$3.97 B	-$2.01 B
Income Before Tax Profit before taxes.	$6.16 B	$6.81 B	$6.55 B	$12.68 B	$25.73 B	$31.12 B
Income Tax Expense Taxes on income.	$573.80 M	$561.60 M	$1.31 B	$2.09 B	$5.09 B	$5.85 B
Net Income Final profit.	$5.58 B	$6.24 B	$5.24 B	$10.59 B	$20.64 B	$25.28 B
Net Income From Continuing Operations Profit from core business.	$5.58 B	$6.24 B	$5.24 B	$10.59 B	$20.64 B	$25.28 B
Net Income From Discontinued Operations Profit/loss from sold units.	-	-	-	-	-	-
Other Adjustments to Net Income Additional accounting adjustments.	-	-	-	-	-	-
Net Income Deductions Reductions from net income.	-	-	-	-	-	-

Earnings Per Share Company profit allocated to each outstanding share.
EPS Earnings per share. Formula: Net Income ÷ Shares	$5.85	$6.57	$5.83	$11.76	$15.59	$28.20
Diluted EPS EPS including dilution. Formula: Net Income ÷ Diluted Shares	$5.85	$6.57	$5.80	$11.71	$22.95	$28.15
Shares for EPS Number of shares used to calculate EPS.
Weighted Average Shares Outst. Avg shares used for EPS.	953.65 M	950.18 M	899.38 M	900.61 M	898.00 M	894.50 M
Diluted Average Shares Outst. Shares including dilution.	953.65 M	950.18 M	903.28 M	904.06 M	898.00 M	895.90 M
Supplemental Items
EBIT Earnings before interest and tax.	$6.50 B	$7.14 B	$7.04 B	$13.46 B	$26.37 B	$31.52 B
EBITDA Earnings before interest, tax, D&A.	$8.04 B	$8.66 B	$8.57 B	$15.23 B	$27.94 B	$33.13 B
Depreciation and Amortization Non-cash expense for assets.	$1.55 B	$1.52 B	$1.53 B	$1.77 B	$1.56 B	$1.61 B
Company Report

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	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Assets
Cash & Short Term Investments Liquid assets available.	$3.91 B	$2.21 B	$2.93 B	$3.42 B	$7.27 B	$5.28 B
Cash and Cash Equivalents Immediate liquidity.	$3.82 B	$2.07 B	$2.82 B	$3.27 B	$7.27 B	$5.28 B
Short Term Investments Near-term investments.	$90.10 M	$144.80 M	$109.10 M	$154.80 M	-	-
Net Receivables Amount owed by customers.	$8.13 B	$8.56 B	$11.34 B	$13.28 B	$20.16 B	$21.18 B
Accounts Receivable Customer balances due.	$6.67 B	$6.90 B	$9.09 B	$11.01 B	-	$21.18 B
Other Receivables Other receivables.	$1.45 B	$1.66 B	$2.25 B	$2.27 B	-	-
Inventories Goods held for sale.	$3.89 B	$4.31 B	$5.77 B	$7.59 B	$13.74 B	$14.53 B
Prepaids Expenses paid in advance.	$2.53 B	$2.95 B	$5.54 B	$8.34 B	-	-
Other Current Assets Other short-term assets.	-	$7.30 M	$149.50 M	$111.40 M	$14.46 B	$13.85 B
Total Current Assets Total short-term assets.	$18.45 B	$18.03 B	$25.73 B	$32.74 B	$55.63 B	$54.84 B
Property, Plant and Equipment Physical assets.	$8.99 B	$10.14 B	$12.91 B	$17.10 B	$24.68 B	$26.54 B
Goodwill & Intangible Assets Non-physical assets.	$11.58 B	$11.28 B	$11.85 B	$11.94 B	$12.42 B	$13.50 B
Goodwill Premium paid on acquisitions.	$3.89 B	$4.07 B	$4.94 B	$5.77 B	$5.90 B	$6.13 B
Intangible Assets Non-physical assets like IP.	$7.69 B	$7.21 B	$6.91 B	$6.17 B	$6.52 B	$7.37 B
Long-Term Investments Long-term holdings.	$3.21 B	$2.90 B	$3.05 B	$3.22 B	$2.80 B	$3.12 B
Tax Assets Deferred tax benefits.	$2.49 B	$2.79 B	$5.48 B	$8.00 B	$9.96 B	$11.35 B
Other Non-Current Assets Other long-term assets.	$4.08 B	$4.34 B	$4.99 B	$5.72 B	$6.99 B	$7.23 B
Total Non-Current Assets Total long-term assets.	$30.35 B	$31.46 B	$38.28 B	$45.98 B	$56.85 B	$61.74 B
Total Assets Total company resources.	$48.81 B	$49.49 B	$64.01 B	$78.71 B	$112.48 B	$116.58 B
Liabilities
Total Payables Total obligations to suppliers.	$1.80 B	$2.95 B	$2.60 B	$4.57 B	-	$5.03 B
Accounts Payables Amount owed to vendors.	$1.67 B	$1.93 B	$2.60 B	$3.23 B	$5.38 B	$5.03 B
Other Payables Other short-term obligations.	$126.90 M	$1.02 B	-	$1.35 B	-	-
Accrued Expenses Expenses incurred but not paid.	$7.88 B	$8.78 B	$1.65 B	$11.54 B	-	-
Short Term Debt Debt due within 1 year.	$1.54 B	$1.50 B	$6.90 B	$5.12 B	$1.64 B	$4.00 B
Capital Leases Lease obligations due soon.	-	-	-	-	-	-
Tax Payables Taxes owed.	$126.90 M	$475.10 M	$3.85 B	-	$5.88 B	$5.29 B
Deferred Revenue Revenue received but not earned.	-	-	-	-	-	-
Other Current Liabilities Other short-term liabilities.	$3.84 B	$3.91 B	$16.14 B	$7.15 B	$33.59 B	$27.61 B
Total Current Liabilities Total short-term obligations.	$15.05 B	$17.14 B	$27.29 B	$28.38 B	$35.23 B	$36.63 B
Long-Term Debt Debt due beyond 1 year.	$15.35 B	$14.74 B	$18.32 B	$28.53 B	$40.87 B	$39.37 B
Capital Lease Obligations Long-term lease obligations.	-	-	-	-	-	-
Deferred Revenue Long-term unearned revenue.	-	-	-	-	-	-
Deferred Tax Liabilities Future tax obligations.	$1.73 B	$87.30 M	-	-	-	-
Other Non-Current Liabilities Other long-term liabilities.	$7.52 B	$6.75 B	$7.53 B	$7.54 B	$9.85 B	$9.37 B
Total Non-Current Liabilities Total long-term obligations.	$24.60 B	$21.58 B	$25.85 B	$36.07 B	$50.71 B	$48.74 B

Total Liabilities Total obligations.	$39.65 B	$38.71 B	$53.14 B	$64.44 B	$85.94 B	$85.38 B
Stockholders’ Equity
Common Stock Value of issued common shares.	$596.30 M	$594.10 M	$593.60 M	$592.40 M	$590.00 M	$590.00 M
Retained Earnings Cumulative profits retained.	$8.96 B	$10.04 B	$10.31 B	$13.55 B	$24.47 B	$29.51 B
Accumulated OCI Unrealized gains/losses.	-$7.36 B	-$3.84 B	-$4.33 B	-$4.32 B	-$2.88 B	-$2.83 B
Treasury Stock Shares repurchased by company.	-$52.70 M	-$50.50 M	-$44.20 M	-$49.50 M	-	-
Preferred Stock Value of preferred shares.	$3.01 B	-	-	-	-	-
Additional Paid-In Capital Excess paid over par value.	$6.83 B	$6.92 B	$7.25 B	$7.44 B	-	-
Minority Interest Non-controlling interest.	$175.60 M	$125.60 M	$91.80 M	$79.50 M	-	-
Other Total Stockholders’ Equity Other equity components.	-$3.01 B	-$3.01 B	-$3.01 B	-$3.01 B	$4.36 B	$3.93 B
Total Stockholders’ Equity Total shareholder value.	$8.98 B	$10.65 B	$10.77 B	$14.19 B	$26.54 B	$31.20 B

Total Liabilities & Stockholders’ Equity Total financing of assets.	$48.81 B	$49.49 B	$64.01 B	$78.71 B	$112.48 B	$116.58 B
Key Metrics
Total Debt Total borrowing. Formula: Short-Term + Long-Term Debt	$16.88 B	$16.24 B	$25.23 B	$33.64 B	$42.50 B	$43.37 B
Net Debt Debt after cash. Formula: Debt − Cash + Short-Term Investments	$13.07 B	$14.17 B	$22.41 B	$30.38 B	$35.24 B	$38.09 B
Total Investments Total invested assets. Formula: Short + Long-Term Investments	$3.30 B	$3.05 B	$3.16 B	$3.37 B	-	$3.12 B
Working Capital Short-term liquidity. Formula: Current Assets − Current Liabilities	$3.40 B	$896.30 M	-$1.57 B	$4.36 B	-	-
Invested Capital Capital used in business.	$23.97 B	$22.32 B	$23.19 B	$33.40 B	-	-
Tangible Asset Value Assets excluding intangibles.	-$2.43 B	-$504.20 M	-$982.60 M	$2.34 B	-	-
Intangibles to Total Assets Share of intangible assets. Formula: Intangibles ÷ Total Assets	$0.24	$0.23	$0.19	$0.15	-	-
Net Current Asset Value Liquid assets after liabilities. Formula: Current Assets − Total Liabilities	-$21.20 B	-$20.68 B	-$27.42 B	-$31.70 B	-	-
Company Report

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	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Operating Activities
Net Income Profit after all expenses.	$5.58 B	$6.24 B	$5.24 B	$10.59 B	$20.64 B	$25.28 B
Non-Cash Adjustments Items added back (no cash impact).
Depreciation & Amortization Non-cash expense for asset usage.	$1.55 B	$1.52 B	$1.53 B	$1.77 B	$2.00 B	$2.04 B
Stock-Based Compensation Non-cash compensation expense.	$342.80 M	$371.10 M	$628.50 M	$645.60 M	$626.00 M	$633.30 M
Deferred Income Tax Taxes recognized but not yet paid.	-$802.30 M	-$2.19 B	-$2.34 B	-$2.68 B	-$1.71 B	-$2.79 B
Other Non-Cash Items Other accounting adjustments.	$1.71 B	$1.63 B	$2.24 B	$3.88 B	-$4.74 B	$1.71 B
Changes In Working Capital Cash impact from receivables, payables, inventory.	-$1.01 B	-$800.00 K	-$3.06 B	-$5.39 B	-	-$6.39 B
Accounts Receivable Change in customer payments owed.	-$1.28 B	-$299.60 M	-$2.45 B	-$2.16 B	-	-
Inventory Change in goods held.	-$235.90 M	-$599.70 M	-$1.43 B	-$2.51 B	-$4.67 B	-
Accounts Payable Change in supplier obligations.	-$1.01 B	$1.33 B	$4.27 B	$2.61 B	$10.19 B	-
Other Working Capital Other current asset/liability changes.	$1.52 B	-$433.20 M	-$3.45 B	-$3.33 B	-	-$6.39 B
Net Cash from Operations Cash generated from core business. Formula: Net Income + Adjustments + WC Changes	$7.37 B	$7.59 B	$4.24 B	$8.82 B	$16.81 B	$20.48 B

Investing Activities
Capital Expenditures (PP&E) Spending on fixed assets.	-$1.31 B	-$1.85 B	-$3.45 B	-$5.06 B	-$7.84 B	-$8.66 B
Acquisitions, Net Cash spent on acquisitions.	-$747.40 M	-$327.20 M	-$1.04 B	-$947.70 M	-$661.00 M	-$1.72 B
Purchases of Investments Investments bought.	-$1.01 B	-$707.60 M	-$829.00 M	-$775.80 M	-$645.00 M	-$745.30 M
Sales / Maturities of Investments Investments sold or matured.	$847.40 M	$463.60 M	$700.30 M	$522.50 M	$964.00 M	$892.40 M
Other Investing Activities Other investment-related cash flows.	-$644.30 M	-$1.34 B	-$2.53 B	-$3.04 B	-$2.79 B	-$1.31 B
Net Cash from Investing Net cash used in investing.	-$2.87 B	-$3.76 B	-$7.15 B	-$9.30 B	-$10.97 B	-$11.54 B

Financing Activities
Net Debt Issuance Debt raised minus repayments.	$501.40 M	-$62.00 M	$8.65 B	$8.90 B	-	$4.46 B
Long-Term Debt (Net) Net change in long-term debt.	$505.40 M	-$1.56 B	$3.96 B	$10.75 B	-	$5.18 B
Short-Term Debt (Net) Net change in short-term debt.	-$4.00 M	$1.50 B	$4.69 B	-$1.85 B	-	-$714.30 M
Net Stock Issuance Shares issued minus buybacks.	-$1.25 B	-$1.50 B	-$750.00 M	-$2.50 B	-	-$5.26 B
Common Stock Issued Cash from issuing shares.	-	-	-	-	-	-
Common Stock Repurchased Cash used for buybacks.	-$1.25 B	-$1.50 B	-$750.00 M	-$2.50 B	-$4.11 B	-$5.26 B
Dividends Paid (Common) Dividends paid to common shareholders.	-$3.09 B	-$3.54 B	-$4.07 B	-$4.68 B	-$5.38 B	-$5.59 B
Preferred Dividends Paid Dividends paid to preferred holders.	-	-	-	-	-	-
Other Financing Activities Other financing cash flows.	-$295.90 M	-$308.90 M	-$335.00 M	-$490.60 M	$3.17 B	-$676.70 M
Net Cash from Financing Activities Net cash from financing.	-$4.13 B	-$5.41 B	$3.50 B	$1.23 B	-$2.21 B	-$7.06 B

Cash Reconciliation
Effect of Forex Changes on Cash Impact of currency changes on cash.	-$205.70 M	-$167.60 M	$168.60 M	-$296.70 M	$372.00 M	$307.10 M
Net Change in Cash Total change in cash balance.	$161.40 M	-$1.75 B	$751.60 M	$449.80 M	$4.00 B	$2.19 B
Cash at Beginning of Period Starting cash balance.	$3.66 B	$3.82 B	$2.07 B	$2.82 B	$3.27 B	$3.09 B
Cash at End of Period Ending cash balance.	$3.82 B	$2.07 B	$2.82 B	$3.27 B	$7.27 B	$5.28 B
Supplemental / Derived
Operating Cash Flow Cash from operations.	$7.37 B	$7.59 B	$4.24 B	$8.82 B	$16.81 B	$20.48 B
Capital Expenditure Investment in assets.	-$1.98 B	-$2.99 B	-$7.39 B	-$8.40 B	-$7.84 B	-$6.90 B
Free Cash Flow Cash after capex. Formula: OCF − Capex	$5.39 B	$4.60 B	-$3.15 B	$414.30 M	$8.97 B	$13.58 B
Income Tax Paid Actual taxes paid in cash.	-	-	-	-	-	-
Interest Paid Cash interest payments.	-	-	-	-	-	-
Company Report

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	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Gross Profit Margin % of revenue after cost of goods. Formula: Gross Profit ÷ Revenue	74.18%	76.77%	79.25%	81.31%	83.79%	83.51%
EBITDA Margin Operating profitability before D&A. Formula: EBITDA ÷ Revenue	28.40%	30.34%	25.11%	33.81%	42.86%	45.86%
Operating Profit Margin Core operating profitability. Formula: Operating Income ÷ Revenue	28.01%	30.32%	31.61%	38.86%	45.56%	45.87%
Pre-Tax Profit Margin Profit before taxes as % of revenue. Formula: EBT ÷ Revenue	21.74%	23.85%	19.21%	28.15%	39.48%	43.08%
Net Profit Margin Bottom-line profitability. Formula: Net Income ÷ Revenue	19.71%	21.88%	15.36%	23.51%	31.66%	34.98%
Return on Assets (ROA) Profit generated per asset. Formula: Net Income ÷ Total Assets	11.44%	12.62%	8.19%	13.45%	0.00%	16.02%
Operating Return on Assets Operating profit per asset. Formula: Operating Income ÷ Total Assets	16.62%	17.61%	19.01%	24.53%	0.00%	24.15%
Return on Tangible Assets Profit per tangible asset base. Formula: Net Income ÷ (Assets − Intangibles)	15.00%	16.34%	10.05%	15.86%	0.00%	17.95%
Return on Equity (ROE) Profit generated on shareholder equity. Formula: Net Income ÷ Equity	62.16%	58.64%	48.65%	74.62%	0.00%	102.26%
Return on Invested Capital (ROIC) Return on total invested capital. Formula: NOPAT ÷ Invested Capital	20.38%	23.45%	19.77%	26.36%	0.00%	27.90%
Return on Capital Employed (ROCE) Return on capital used. Formula: EBIT ÷ Capital Employed	23.50%	26.75%	29.38%	34.77%	0.00%	34.85%
Company Report

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	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Tax & Interest Structure
Effective Tax Rate % of pre-tax income paid as taxes. Formula: Tax Expense ÷ EBT	9.32%	8.25%	20.05%	16.49%	19.79%	18.79%
Tax Burden Ratio Portion of earnings retained after taxes. Formula: Net Income ÷ EBT	90.68%	91.75%	79.95%	83.51%	80.21%	81.82%
Interest Burden Ratio Impact of interest on earnings. Formula: EBT ÷ EBIT	94.77%	95.35%	93.10%	94.20%	97.57%	96.91%
Net Income per EBT Share of pre-tax income that becomes net profit. Formula: Net Income ÷ EBT	90.68%	91.75%	79.95%	83.51%	80.21%	81.21%
EBT per EBIT	77.59%	78.66%	60.76%	72.45%	86.64%	93.92%
Earnings Quality
Income Quality How much profit is backed by real cash flow. Formula: Operating Cash Flow ÷ Net Income	1.32x	1.21x	0.81x	0.83x	0.00x	0.87x
Earnings Yield Earnings relative to stock price. Formula: EPS ÷ Price (or Net Income ÷ Market Cap)	2.12%	1.80%	1.00%	1.52%	0.00%	2.12%
Earnings Yield
Current Ratio Ability to meet short-term obligations. Formula: Current Assets ÷ Current Liabilities	1.23x	1.05x	0.94x	1.15x	0.00x	1.55x
Quick Ratio Liquidity excluding inventory. Formula: (Current Assets − Inventory) ÷ Current Liabilities	0.97x	0.80x	0.73x	0.89x	1.19x	1.10x
Cash Ratio Cash coverage of short-term liabilities. Formula: Cash ÷ Current Liabilities	0.25x	0.12x	0.10x	0.12x	0.20x	0.14x
Debt to Assets Ratio Portion of assets financed by debt. Formula: Total Debt ÷ Total Assets	34.60%	32.81%	39.41%	42.74%	37.79%	37.20%
Debt to Equity Ratio Debt relative to equity. Formula: Total Debt ÷ Equity	1.88x	1.52x	2.34x	2.37x	1.60x	1.39x
Debt to Capital Ratio Debt portion of total capital. Formula: Debt ÷ (Debt + Equity)	65.28%	60.39%	70.08%	70.33%	61.56%	58.16%
Long-Term Debt to Capital Ratio Long-term debt share of capital. Formula: Long-Term Debt ÷ (Debt + Equity)	63.09%	58.05%	62.97%	66.78%	60.63%	55.79%
Financial Leverage Ratio Assets supported by equity. Formula: Total Assets ÷ Equity	5.44x	4.65x	5.94x	5.55x	4.24x	3.74x
Net Debt to EBITDA Debt burden relative to earnings. Formula: Net Debt ÷ EBITDA	1.62x	1.64x	2.62x	1.99x	0.00x	1.30x
Solvency Ratio Ability to meet long-term obligations. Formula: (Net Income + Depreciation) ÷ Total Liabilities	17.98%	20.06%	12.73%	19.17%	25.83%	31.49%
Debt to Market Cap Debt relative to company value. Formula: Total Debt ÷ Market Cap	6.41%	4.67%	4.81%	4.84%	4.40%	4.58%
Cash Flow Ratios & Coverage
Free Cash Flow Yield FCF relative to market value. Formula: FCF ÷ Market Cap	2.05%	1.32%	-0.60%	0.06%	0.00%	1.04%
Operating Cash Flow Ratio Ability to cover liabilities with operating cash. Formula: Operating Cash Flow ÷ Current Liabilities	0.49x	0.44x	0.16x	0.31x	0.48x	0.56x
Operating Cash Flow to Sales Ratio Cash conversion of revenue. Formula: Operating Cash Flow ÷ Revenue	0.26x	0.27x	0.12x	0.20x	0.26x	0.28x
FCF to Operating Cash Flow Portion of OCF left after capex. Formula: FCF ÷ Operating Cash Flow	73.14%	60.65%	-74.34%	4.70%	53.36%	66.31%
Capex to Operating Cash Flow Share of OCF used for capex. Formula: Capex ÷ Operating Cash Flow	26.86%	39.35%	174.34%	95.30%	0.00%	43.84%
Capex to Depreciation Capex relative to depreciation. Formula: Capex ÷ Depreciation	1.28x	1.96x	4.84x	4.76x	0.00x	3.71x
Capex to Revenue Capex intensity vs revenue. Formula: Capex ÷ Revenue	6.99%	10.46%	21.66%	18.66%	0.00%	11.85%
Debt Service Coverage Ratio Ability to service debt. Formula: EBITDA ÷ Debt Service	3.98x	4.42x	0.98x	2.23x	9.40x	5.59x
OCF Coverage OCF coverage of total debt. Formula: Operating Cash Flow ÷ Total Debt	0.44x	0.47x	0.17x	0.26x	0.40x	0.47x
OCF Coverage (ST) OCF coverage of short-term debt. Formula: Operating Cash Flow ÷ Short-Term Debt	4.79x	5.05x	0.61x	1.72x	10.28x	5.12x
CapEx Coverage Ability to fund capex. Formula: Operating Cash Flow ÷ Capex	3.72x	2.54x	0.57x	1.05x	2.14x	2.97x
Dividend & CapEx Coverage Ability to cover dividends + capex. Formula: Operating Cash Flow ÷ (Dividends + Capex)	1.45x	1.16x	0.37x	0.67x	1.27x	1.64x
Efficiency & Working Capital
Receivables Turnover How quickly receivables are collected. Formula: Revenue ÷ Avg Receivables	3.48x	3.33x	3.01x	3.39x	3.23x	3.41x
Payables Turnover How quickly payables are paid. Formula: COGS ÷ Avg Payables	4.38x	3.43x	2.73x	2.61x	1.96x	2.37x
Inventory Turnover How quickly inventory is sold. Formula: COGS ÷ Avg Inventory	1.88x	1.54x	1.23x	1.11x	0.77x	0.82x
Fixed Asset Turnover Revenue generated per fixed asset. Formula: Revenue ÷ Net Fixed Assets	3.15x	2.81x	2.64x	2.63x	2.64x	2.72x
Asset Turnover Revenue generated per asset. Formula: Revenue ÷ Total Assets	0.58x	0.58x	0.53x	0.57x	0.58x	0.62x
Working Capital Turnover Ratio Revenue generated per working capital. Formula: Revenue ÷ Working Capital	6.76x	13.29x	-101.88x	32.21x	5.26x	3.74x
Average Receivables Average outstanding receivables. Formula: (Beginning + Ending Receivables) ÷ 2	$7.53 B	$8.34 B	$9.95 B	$12.31 B	-	$18.33 B
Average Payables Average outstanding payables. Formula: (Beginning + Ending Payables) ÷ 2	$1.64 B	$1.80 B	$2.26 B	$2.91 B	-	$4.17 B
Average Inventory Average inventory held. Formula: (Beginning + Ending Inventory) ÷ 2	$3.93 B	$4.10 B	$5.04 B	$6.68 B	-	$11.60 B
Days of Sales Outstanding (DSO) Days to collect receivables. Formula: (Receivables ÷ Revenue) × 365	105 days	109 days	121 days	108 days	0 days	120 days
Days of Payables Outstanding (DPO) Days to pay suppliers. Formula: (Payables ÷ COGS) × 365	83 days	106 days	134 days	140 days	0 days	154 days
Days of Inventory Outstanding (DIO) Days inventory is held. Formula: (Inventory ÷ COGS) × 365	194 days	237 days	298 days	329 days	0 days	441 days
Operating Cycle Time to convert inventory to cash. Formula: DSO + DIO	299 days	347 days	419 days	437 days	0 days	560 days
Cash Conversion Cycle (CCC) Net cash cycle. Formula: DSO + DIO − DPO	215 days	240 days	285 days	297 days	0 days	406 days
Per-Share Fundamentals
Revenue per Share Revenue generated per share. Formula: Revenue ÷ Shares Outstanding	$29.69	$30.04	$37.94	$50.01	$72.58	$80.77
Net Income per Share Profit attributable per share. Formula: Net Income ÷ Shares Outstanding	$5.85	$6.57	$5.83	$11.76	$22.98	$28.26
Operating Cash Flow per Share Cash generated from operations per share. Formula: Operating Cash Flow ÷ Shares Outstanding	$7.72	$7.98	$4.71	$9.79	$18.72	$22.90
Free Cash Flow per Share Cash available after capex per share. Formula: Free Cash Flow ÷ Shares Outstanding	$5.65	$4.84	-$3.50	$0.46	$9.99	$15.18
Capex per Share Capital spending per share. Formula: Capex ÷ Shares Outstanding	$2.07	$3.14	$8.22	$9.33	$8.73	$7.71
Cash per Share Cash held per share. Formula: Cash & Equivalents ÷ Shares Outstanding	$4.10	$2.33	$3.26	$3.80	$8.09	$5.90
Book Value per Share Equity value per share. Formula: Total Equity ÷ Shares Outstanding	$9.60	$11.34	$12.08	$15.85	$29.55	$34.88
Tangible Book Value per Share Equity excluding intangibles per share. Formula: (Equity − Intangibles) ÷ Shares Outstanding	-$2.55	-$0.53	-$1.09	$2.59	$15.72	$19.78
Shareholders Equity per Share Shareholder equity per share. Formula: Total Equity ÷ Shares Outstanding	$9.42	$11.21	$11.98	$15.76	$29.55	$34.88
Interest Debt per Share Debt burden per share. Formula: Total Debt ÷ Shares Outstanding	$18.06	$17.44	$28.59	$38.22	$48.22	$49.47
Dividend per Share Dividend paid per share. Formula: Total Dividends ÷ Shares Outstanding	$3.24	$3.72	$4.52	$5.20	$6.00	$6.46
Dividends
Dividend Payout Ratio % of earnings paid as dividends. Formula: Dividends ÷ Net Income	55.30%	56.62%	77.65%	44.20%	26.09%	22.10%
Dividend Yield Dividend relative to stock price. Formula: Dividend per Share ÷ Price	1.17%	1.02%	0.78%	0.67%	0.56%	0.64%
Valuations
Market Capitalization Total market value of a company’s outstanding shares, calculated as Share Price × Shares Outstanding. Measures company size Large-cap = more stable, slower growth Small-cap = higher growth potential, higher risk	$263.42 B	$347.61 B	$524.27 B	$695.27 B	-	$868.32 B
Enterprise Value Total value of the company including debt and excluding cash, calculated as Market Cap + Total Debt − Cash. Often represents the theoretical takeover cost. More complete valuation than Market Cap Used in EV-based multiples	$276.48 B	$361.79 B	$546.67 B	$725.64 B	-	$901.03 B
Price to Earnings Ratio (P/E) The price investors pay for each $1 of earnings, calculated as Share Price ÷ Earnings Per Share (EPS). High P/E = growth expectations Low P/E = undervalued or slow growth	47.19x	55.66x	100.04x	65.65x	46.76x	35.56x
Price to Book Ratio (P/B) Compares market price to the company’s net asset value, calculated as Price ÷ Book Value per Share. Above 1x = trading above accounting value Very high ratios suggest asset-light or intangible-heavy business Less useful for technology companies	29.34x	32.64x	48.67x	48.99x	36.37x	28.81x
Price to Sales Ratio (P/S) The price investors pay for each $1 of revenue, calculated as Market Cap ÷ Revenue. Useful when earnings are volatile or negative Higher ratios signal strong revenue expectations	9.30x	12.18x	15.36x	15.44x	14.81x	13.10x
Price to Free Cash Flow Ratio The price paid for each $1 of free cash flow, calculated as Market Cap ÷ Free Cash Flow. Evaluates valuation relative to real cash generation <15x = historically attractive range 15–25x = typical range 25–35x = premium valuation 35x+ = elevated valuation requiring sustained growth	48.89x	75.56x	-166.33x	1,678.17x	107.56x	69.69x
Price to Operating Cash Flow Ratio Compares market value to operating cash generated by the business. Often more stable than earnings-based metrics <15x = historically low range 15–25x = common range 25x+ = premium valuation Useful for capital-intensive industries	35.76x	45.82x	123.64x	78.85x	57.40x	43.89x
Price to Earnings Growth Ratio (PEG) Adjusts the P/E ratio for earnings growth, calculated as P/E ÷ Earnings Growth Rate. Incorporates growth into valuation <1.0 = valuation lower relative to growth ~1.0 = valuation aligned with growth 1–2 = growth premium 2+ = elevated growth pricing	-4.92x	4.52x	-8.88x	0.65x	0.49x	0.28x
EV to Sales Enterprise Value divided by revenue. Capital-structure neutral revenue multiple <2x = lower valuation range 2–5x = moderate range 5–10x = growth-oriented pricing 10x+ = strong growth expectations Commonly used in tech and SaaS	9.76x	12.68x	16.02x	16.11x	0.00x	15.16x
EV to EBITDA Enterprise Value relative to EBITDA (earnings before interest, taxes, depreciation, and amortization). Widely used cross-industry valuation metric <8x = historically low range 8–12x = mature business range 12–20x = growth premium 20x+ = high growth or elevated valuation Sensitive to capital intensity and industry norms	34.38x	41.77x	63.81x	47.65x	0.00x	35.87x
EV to Operating Cash Flow Enterprise Value divided by operating cash flow. Measures total company value vs operating cash generation <15x = attractive valuation 15x–25x = typical range 25x+ = premium valuation	37.54x	47.69x	128.93x	82.29x	0.00x	56.10x
EV to Free Cash Flow Enterprise Value divided by free cash flow. Strong measure of real valuation.	51.32x	78.64x	-173.44x	1,751.49x	0.00x	99.89x
Graham Number Conservative intrinsic value estimate based on earnings and book value (√22.5 × EPS × Book Value). Designed for traditional value investing Price below Graham Number may indicate conservative value gap Most applicable to asset-heavy or stable earnings businesses	$35.21	$40.71	$39.63	$64.57	-	$110.69
Graham Net-Net A valuation method where a company is valued below its net current assets, calculated as Current Assets − Total Liabilities. Deep value / distressed investing strategy Rare among large-cap companies More common in small-cap or distressed firms	-$29.05	-$29.39	-$43.17	-$52.49	-	-$67.44
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Eli Lilly and Company's Income Statement Analysis: Revenue to Profit Breakdown

Eli Lilly and Company's Income Statement Analysis: Revenue to Profit Breakdown

Eli Lilly and Company's Income Statement

Eli Lilly and Company's Assets vs Liabilities & Equity

Eli Lilly and Company's Assets vs Liabilities & Equity

Eli Lilly and Company's Balance Sheet

Eli Lilly and Company's Cash flow

Eli Lilly and Company's Profitability

Eli Lilly and Company's Ratios

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Eli Lilly and Company's Income Statement Analysis: Revenue to Profit Breakdown

Eli Lilly and Company's Income Statement Analysis: Revenue to Profit Breakdown

Eli Lilly and Company's Income Statement

Eli Lilly and Company's Assets vs Liabilities & Equity

Eli Lilly and Company's Assets vs Liabilities & Equity

Eli Lilly and Company's Balance Sheet

Eli Lilly and Company's Cash flow

Eli Lilly and Company's Profitability

Eli Lilly and Company's Ratios

Frequently Asked Questions

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