NYSE · Healthcare

Eli Lilly and Company

LLY · Drug Manufacturers - General

$967.88

▲ 4.55 (0.47%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Eli Lilly and Company at $967.88.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 83.0%

Operating Margin 45.6%

Net Income Margin 31.7%

Fin. Health C

Years to Pay Off Debt 2.1 yrs

Working Capital vs Long-Term Debt -$20.5B

Working Capital $20.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 32.64x

Cash Flow C

Free Cash Flow $6.0B

CapEx % of Net Income 52.6%

Owner Earnings $33.5B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $866.1B

Enterprise Value $897.1B

P/E (TTM) 34.41

Dividend Yield 0.65%

Exchange NYSE

Key Margins

Gross Profit 83.0%

Operating Margin 45.6%

Net Margin 31.7%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 50000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Eli Lilly and Company at $967.88.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $967.88, the stock trades at a 682% premium to its Graham Number of $123.74. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Eli Lilly and Company

Eli Lilly and Company discovers, develops, manufactures, and markets human pharmaceutical products in the United States, Europe, China, Japan, and internationally. The company offers cardiometabolic health products, including Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity. It also provides oncology products, such as Cyramza for the second-line treatment of gastric cancer or gastro-esophageal junction adenocarcinoma; Erbitux for colorectal cancers and head and neck cancers; Inluriyo for breast cancer; Jaypirca for chronic lymphocytic leukemia or small lymphocytic lymphoma; Retevmo for the treatment of metastatic NSCLC; TYVYT for classic hodgkin's lymphoma; and Verzenio for breast cancer. In addition, the company offers immunology products, which include Ebglyss for severe atopic dermatitis; Olumiant for rheumatoid arthritis, atopic dermatitis, severe alopecia areata, and COVID-19; Omvoh for ulcerative colitis; and Taltz for plaque psoriasis, psoriatic arthritis, ankylosing spondylitis, and non-radiographic axial spondylarthritis. Further, it provides Emgality for migraine prevention and episodic cluster headache, as well as Kisubla for symptomatic Alzheimer's disease. The company has collaborations with Boehringer Ingelheim Pharmaceuticals, Inc. for the Jardiance product family; and F. Hoffmann-La Roche Ltd and Genentech, Inc. for lebrikizumab, as well as license agreements with Almirall, S.A. for Ebglyss; and Chugai Pharmaceutical Co., Ltd for orforglipron. Eli Lilly and Company was founded in 1876 and is headquartered in Indianapolis, Indiana.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	83.0% ▲	81.3%	79.2%	76.8%	N/A
Operating Margin %	45.6% ▲	37.8%	30.3%	29.0%	N/A
Net Income %	31.7% ▲	23.5%	15.4%	21.9%	N/A
Diluted EPS	22.95 ▲	11.71	5.80	6.57	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$112.5B	$78.7B	$64.0B	$49.5B	N/A
Total Debt	$42.5B ↑	$33.6B	$25.2B	$16.2B	N/A
Working Capital	$20.4B ▲	$4.4B	-$1.6B	$896M	N/A
Years to Pay Debt	2.06	3.18	4.81	2.60	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$6.0B ▲	$414M	-$3.2B	$4.6B	N/A
Owner Earnings	$33.5B	$20.8B	$14.2B	$10.8B	N/A
CapEx % of Net Income	52.6%	79.4%	141.1%	47.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-671,519	-682,547	-777,468	-129,795
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	35,087,000	22,948,000	15,720,000	10,224,300
Total Unusual Items	-3,394,000	-4,141,000	-3,868,000	-1,563,800
Total Unusual Items Excluding Goodwill	-3,394,000	-4,141,000	-3,868,000	-1,563,800
Net Income From Continuing Operation Net Minority Interest	20,640,000	10,590,000	5,240,000	6,244,800
Reconciled Depreciation	1,997,000	1,767,000	1,527,000	1,522,500
Reconciled Cost Of Revenue	11,052,000	8,418,000	7,082,000	6,629,800
EBITDA	31,693,000	18,807,000	11,852,000	8,660,500
EBIT	29,696,000	17,040,000	10,325,000	7,138,000
Net Interest Income		-605,400	-312,300	-268,800	-314,400
Interest Expense		780,600	485,900	331,600	339,800
Interest Income		175,200	173,600	62,800	25,400
Normalized Income	23,362,481	14,048,453	8,330,532	7,678,805
Net Income From Continuing And Discontinued Operation	20,640,000	10,590,000	5,240,000	6,244,800
Total Expenses	35,483,000	28,003,000	23,799,000	20,261,000
Diluted Average Shares	899,301	904,059	903,284	950,182
Basic Average Shares	894,800	897,538	899,379	950,182
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	20,640,000	10,590,000	5,240,000	6,244,800
Net Income Common Stockholders	20,640,000	10,590,000	5,240,000	6,244,800
Net Income	20,640,000	10,590,000	5,240,000	6,244,800
Net Income Including Noncontrolling Interests	20,640,000	10,590,000	5,240,000	6,244,800
Net Income Continuous Operations	20,640,000	10,590,000	5,240,000	6,244,800
Tax Provision	5,091,000	2,090,000	1,314,000	561,600
Pretax Income	25,731,000	12,680,000	6,554,000	6,806,400
Other Income Expense	-3,965,000	-4,360,000	-3,771,000	-1,205,200
Other Non Operating Income Expenses	-571,000	-219,000	97,000	358,600
Special Income Charges	-3,394,000	-4,141,000	-3,868,000	-1,153,100
Other Special Charges	2,910,000	3,280,000	3,800,000	908,500
Write Off	484,000	861,000	68,000	244,600
Impairment Of Capital Assets					236,100
Restructuring And Mergern Acquisition	2,910,000	3,280,000	45,500	23,000
Gain On Sale Of Security		-49,500	-20,200	-410,700	176,900
Net Non Operating Interest Income Expense		-605,400	-312,300	-268,800	-314,400
Interest Expense Non Operating		780,600	485,900	331,600	339,800
Interest Income Non Operating		175,200	173,600	62,800	25,400
Operating Income	29,696,000	17,040,000	10,325,000	8,280,400
Operating Expense	24,431,000	19,585,000	16,717,000	13,631,200
Research And Development	13,337,000	10,991,000	9,313,000	7,190,800
Selling General And Administration	11,094,000	8,594,000	7,404,000	6,440,400
General And Administrative Expense		8,593,800	7,403,100	6,440,400	6,431,600
Other Gand A		8,593,800	7,403,100	6,440,400	6,431,600
Salaries And Wages		-461,700	-461,900	-372,900	-289,700
Gross Profit	54,127,000	36,625,000	27,042,000	21,911,600
Cost Of Revenue	11,052,000	8,418,000	7,082,000	6,629,800
Total Revenue	65,179,000	45,043,000	34,124,000	28,541,400
Operating Revenue	65,179,000	45,043,000	34,124,000	28,541,400

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	50,000	50,365	50,402	450
Ordinary Shares Number	894,800	897,538	899,379	950,182
Share Issued	944,800	947,903	949,781	950,632
Net Debt	35,235,000	30,376,000	22,406,700	14,171,600
Total Debt	42,503,000	33,644,000	25,225,300	16,238,600
Tangible Book Value	14,115,000	2,336,000	-1,074,400	-629,800
Invested Capital	69,038,000	47,916,000	35,997,200	26,888,400
Working Capital	20,401,000	4,364,000	-1,566,200	896,300
Net Tangible Assets	14,115,000	2,336,000	-1,074,400	-629,800
Common Stock Equity	26,535,000	14,272,000	10,771,900	10,649,800
Total Capitalization	67,403,000	42,799,000	29,092,700	25,387,300
Total Equity Gross Minority Interest	26,535,000	14,272,000	10,863,700	10,775,400
Minority Interest		79,500	91,800	125,600	175,600
Stockholders Equity	26,535,000	14,272,000	10,771,900	10,649,800
Other Equity Interest	-2,991,000	-2,982,000	-3,013,200	-3,013,200
Gains Losses Not Affecting Retained Earnings	-2,880,000	-4,322,000	-4,327,000	-3,844,600
Other Equity Adjustments	-2,880,000	-4,322,000	-4,327,000	-3,844,600
Treasury Stock		49,500	44,200	50,500	52,700
Retained Earnings	24,470,000	13,545,000	10,312,300	10,042,600
Additional Paid In Capital	7,346,000	7,439,000	7,250,400	6,921,400
Capital Stock	590,000	592,000	593,600	594,100
Common Stock	590,000	592,000	593,600	594,100
Total Liabilities Net Minority Interest	85,941,000	64,443,000	53,142,600	38,714,400
Total Non Current Liabilities Net Minority Interest	50,713,000	36,067,000	25,849,400	21,576,200
Other Non Current Liabilities	3,970,000	3,479,000	2,240,600	1,824,000
Employee Benefits		1,300,500	1,438,800	1,305,100	1,954,100
Non Current Pension And Other Postretirement Benefit Plans		1,300,500	1,438,800	1,305,100	1,954,100
Tradeand Other Payables Non Current	5,875,000	4,061,000	3,849,200	3,709,600
Non Current Deferred Liabilities				87,300	1,733,700
Non Current Deferred Taxes Liabilities				87,300	1,733,700
Long Term Debt And Capital Lease Obligation	40,868,000	28,527,000	18,320,800	14,737,500
Long Term Debt	40,868,000	28,527,000	18,320,800	14,737,500
Current Liabilities	35,228,000	28,376,000	27,293,200	17,138,200
Other Current Liabilities	8,457,000	6,397,000	3,281,300	2,845,400
Current Debt And Capital Lease Obligation	1,635,000	5,117,000	6,904,500	1,501,100
Current Debt	1,635,000	5,117,000	6,904,500	1,501,100
Pensionand Other Post Retirement Benefit Plans Current	2,375,000	2,094,000	1,650,400	1,059,800
Payables And Accrued Expenses	22,761,000	14,768,000	15,457,000	11,731,900
Current Accrued Expenses	17,382,000	11,539,000	11,689,000	8,784,100
Payables	5,379,000	3,229,000	3,768,000	2,947,800
Dividends Payable		1,346,300	1,169,200	1,017,200	885,500
Total Tax Payable				475,100	126,900
Income Tax Payable				475,100	126,900
Accounts Payable	5,379,000	3,229,000	2,598,800	1,930,600
Total Assets	112,476,000	78,715,000	64,006,300	49,489,800
Total Non Current Assets	56,847,000	45,976,000	38,279,300	31,455,300
Other Non Current Assets	6,992,000	5,720,000	4,989,900	4,337,000
Non Current Deferred Assets	9,959,000	8,001,000	5,477,300	2,792,900
Non Current Deferred Taxes Assets	9,959,000	8,001,000	5,477,300	2,792,900
Investments And Advances	2,802,000	3,216,000	3,052,200	2,901,800
Investmentin Financial Assets	668,000	1,209,000	1,481,900	1,642,300
Held To Maturity Securities		211,400	214,300	213,900	235,300
Available For Sale Securities	668,000	1,209,000	1,267,600	1,428,400
Long Term Equity Investment	2,134,000	2,007,000	1,570,300	1,259,500
Goodwill And Other Intangible Assets	12,420,000	11,936,000	11,846,300	11,279,600
Other Intangible Assets	6,522,000	6,166,000	6,906,600	7,206,600
Goodwill	5,898,000	5,770,000	4,939,700	4,073,000
Net PPE	24,674,000	17,103,000	12,913,600	10,144,000
Accumulated Depreciation	-12,560,000	-11,789,000	-11,099,300	-10,233,400
Gross PPE	37,234,000	28,892,000	24,012,900	20,377,400
Construction In Progress	13,013,000	8,245,000	5,084,100	2,798,600
Other Properties	13,486,000	11,458,000	10,329,000	9,406,300
Buildings And Improvements	10,088,000	8,807,000	8,280,000	7,915,900
Land And Improvements	647,000	382,000	319,800	256,600
Current Assets	55,629,000	32,740,000	25,727,000	18,034,500
Other Current Assets	147,000	266,000	149,500	7,300
Prepaid Assets	14,315,000	8,341,000	5,540,800	2,946,800
Inventory	13,744,000	7,589,000	5,772,800	4,309,700
Inventories Adjustments Allowances		62,900	102,400	8,900	34,200
Other Inventories	43,000	63,000	102,400	8,900
Finished Goods	1,931,000	1,221,000	791,700	901,200
Work In Process	8,183,000	3,979,000	3,248,600	2,597,700
Raw Materials	3,587,000	2,326,000	1,630,100	801,900
Receivables	20,155,000	13,276,000	11,336,200	8,558,900
Other Receivables	2,395,000	2,270,000	2,245,700	1,662,900
Accounts Receivable	17,760,000	11,006,000	9,090,500	6,896,000
Allowance For Doubtful Accounts Receivable		-14,900	-14,800	-16,000	-22,500
Gross Accounts Receivable		11,020,600	9,105,300	6,912,000	6,695,300
Cash Cash Equivalents And Short Term Investments	7,268,000	3,268,000	2,927,700	2,211,800
Other Short Term Investments		154,800	109,100	144,800	90,100
Cash And Cash Equivalents	7,268,000	3,268,000	2,818,600	2,067,000
Cash Equivalents			1,088,400	657,400	2,379,500
Cash Financial			1,730,200	1,409,600	1,439,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	5,964,000	414,000	-3,152,000	4,600,400
Repurchase Of Capital Stock	-4,108,000	-2,500,000	-750,000	-1,500,000
Repayment Of Debt	-778,000	-664,000	0	-1,560,000
Issuance Of Debt	13,167,000	11,417,000	3,959,000	0
Capital Expenditure	-10,849,000	-8,404,000	-7,392,000	-2,985,300
End Cash Position	7,268,000	3,268,000	2,819,000	2,067,000
Beginning Cash Position	3,268,000	2,819,000	2,067,000	3,818,500
Effect Of Exchange Rate Changes	372,000	-297,000	169,000	-167,600
Changes In Cash	3,628,000	746,000	583,000	-1,583,900
Financing Cash Flow	-2,213,000	1,230,000	3,496,000	-5,406,700
Cash Flow From Continuing Financing Activities	-2,213,000	1,230,000	3,496,000	-5,406,700
Net Other Financing Charges	-772,000	-491,000	-335,000	-308,900
Cash Dividends Paid	-5,384,000	-4,680,000	-4,069,000	-3,535,800
Common Stock Dividend Paid	-5,384,000	-4,680,000	-4,069,000	-3,535,800
Net Common Stock Issuance	-4,108,000	-2,500,000	-750,000	-1,500,000
Common Stock Payments	-4,108,000	-2,500,000	-750,000	-1,500,000
Net Issuance Payments Of Debt	8,051,000	8,901,000	8,650,000	-62,000
Net Short Term Debt Issuance	-4,338,000	-1,852,000	4,691,000	1,498,000
Net Long Term Debt Issuance	12,389,000	10,753,000	3,959,000	-1,560,000
Long Term Debt Payments	-778,000	-664,000	0	-1,560,000
Long Term Debt Issuance	13,167,000	11,417,000	3,959,000	0
Investing Cash Flow	-10,972,000	-9,302,000	-7,153,000	-3,762,900
Cash Flow From Continuing Investing Activities	-10,972,000	-9,302,000	-7,153,000	-3,762,900
Net Other Investing Changes	1,000	-248,000	-98,000	-302,200
Net Investment Purchase And Sale	319,000	-303,000	-223,000	-244,000
Sale Of Investment	964,000	374,000	508,000	463,600
Purchase Of Investment	-645,000	-677,000	-731,000	-707,600
Net Business Purchase And Sale	-661,000	-948,000	-1,044,000	-327,200
Purchase Of Business	-661,000	-948,000	-1,044,000	-327,200
Net Intangibles Purchase And Sale	-2,790,000	-2,745,000	-2,340,000	-1,035,200
Sale Of Intangibles	218,000	601,000	1,604,000	95,800
Purchase Of Intangibles	-3,008,000	-3,346,000	-3,944,000	-1,131,000
Net PPE Purchase And Sale	-7,841,000	-5,058,000	-3,448,000	-1,854,300
Purchase Of PPE	-7,841,000	-5,058,000	-3,448,000	-1,854,300
Operating Cash Flow	16,813,000	8,818,000	4,240,000	7,585,700
Cash Flow From Continuing Operating Activities	16,813,000	8,818,000	4,240,000	7,585,700
Change In Working Capital	-8,093,000	-5,384,000	-3,055,000	-800
Change In Other Current Assets			-3,453,400	-793,500	1,515,400
Change In Payables And Accrued Expense	10,187,000	2,609,000	4,274,000	1,692,000
Change In Payable	10,187,000	2,609,000	4,274,000	1,692,000
Change In Account Payable	10,187,000	2,609,000	4,274,000	1,692,000
Change In Tax Payable				346,600	-359,700
Change In Income Tax Payable				346,600	-359,700
Change In Prepaid Assets	-6,609,000	-3,331,000	-3,453,000	-793,500
Change In Inventory	-4,671,000	-2,507,000	-1,425,000	-599,700
Change In Receivables	-7,000,000	-2,155,000	-2,451,000	-299,600
Other Non Cash Items	3,530,000	4,106,000	4,119,000	1,369,800
Stock Based Compensation	626,000	646,000	629,000	371,100
Deferred Tax	-1,707,000	-2,683,000	-2,341,000	-2,185,200
Deferred Income Tax	-1,707,000	-2,683,000	-2,341,000	-2,185,200
Depreciation Amortization Depletion	1,997,000	1,767,000	1,527,000	1,522,500
Depreciation And Amortization	1,997,000	1,767,000	1,527,000	1,522,500
Operating Gains Losses	-180,000	-224,000	-1,879,000	263,500
Gain Loss On Sale Of PPE	-180,000	-224,000	-1,879,000	-156,500
Net Income From Continuing Operations	20,640,000	10,590,000	5,240,000	6,244,800

These metrics estimate what Eli Lilly and Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$123.74

Margin of Safety

Market Cap ÷ Company Value

2.54

P/B Ratio

32.64

Warren's Owner Earnings

$33.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$65.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.58x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.65%

vs Uninterrupted dividends

✅ Earnings Growth

+249.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

32.64x P/B (P/E×P/B: 1123.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-33.88

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$368.74

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	52.6%	79.4%	141.1%	47.8%	N/A
Repurchase of Capital Stock	-$4.1B	-$2.5B	-$750M	-$1.5B	N/A
Free Cash Flow	$6.0B ▲	$414M ▲	-$3.2B ▼	$4.6B •	N/A •
Warren's Owner Earnings	$33.5B	$20.8B	$14.2B	$10.8B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare LLY against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.17%

Low — management has little skin in the game

Return on Equity (ROE)

77.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

18.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$4.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+26.3% YoY

Debt is growing — management is leveraging up

Leadership Team

David Ricks

Chairman & CEO

Age 57

Pay: $8,921,701

0.043% of net income

Lucas Montarce

Executive VP & CFO

Age 47

Pay: $3,240,000

0.016% of net income

Daniel Skovronsky , Ph.

Chief Scientific & Product Officer and President of Lilly Research Laboratories

Age 51

Pay: $4,898,731

0.024% of net income

Jacob Van Naarden

Executive VP, President of Lilly Oncology & Head of Corporate Business Development

Age 40

Pay: $2,998,730

0.015% of net income

Ilya Yuffa

Executive VP and President of Lilly USA & Global Customer Capabilities

Age 50

Top Institutional Holders

Institution	% Owned	Shares
Lilly Endowment, Inc	9.73%	91,896,978
Vanguard Group Inc	8.68%	81,965,974
Blackrock Inc.	7.07%	66,792,863
PNC Financial Services Group, Inc.	5.43%	51,333,220
State Street Corporation	3.74%	35,361,916
FMR, LLC	2.72%	25,721,670
Capital Research Global Investors	2.60%	24,566,846
Geode Capital Management, LLC	2.10%	19,810,065

Risk Analysis

Beta (Market Risk)

0.48

Low volatility — more stable than the market

Short Interest

0.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.39x

Moderate leverage

Current Ratio

1.50x

Adequate liquidity

52-Week Price Range

Low: $623.78 Current: $967.88 High: $1,133.95

Currently at 67% of 52-week range

360investing