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Elanco Animal Health Inc (ELAN) stock

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NYSE: ELAN NYSE Pharmaceuticals Next results ~November 6, 2026

C+ Fundamentals grade

Elanco Animal Health Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$9.2

Cash-flow model

Base case. Range ~$5.2–$14 across our lower- and higher-growth cases (3.5%–13.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 62% below it.

Price used: $24.48, November 3, 2026

Elanco Animal Health Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders7 buying, 1 selling11 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds232 adding, 280 cuttingOf 69 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Elanco Animal Health files

Where Elanco Animal Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.02bn, up 12.0% on a year earlier, faster than 10.5% a quarter earlier. Free-cash-flow margin held at 7.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $10.52 a share, against a share price of $22.94. At that price, our model says the market is pricing in about 18.4% a year of cash-flow growth for five years, faster than the 1.1% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Elanco Animal Health Inc's trailing-twelve-month revenue grew 12.0% year on year, with a free-cash-flow margin of 7.5%.

Our discounted-cash-flow model values the business at ~$9.2 per share in the base case (~$5.2–$14 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.0% (+1.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $24.10 is 62% above our value per share of $9.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.34 against an average estimate of $0.27: beat by 26.5%
Revenue
$1.37bn, up 10.2% on a year earlier
Share reaction
-5.5% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue $5.09bn to $5.14bn (Full Year 2026); organic constant currency revenue growth growth 6% to 7% (Full Year 2026)
Next report
November 6, 2026; average EPS estimate $0.20

Elanco Animal Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week+8.1%
  • 1 month+10.6%
  • This year+6.5%
  • 1 year+7.2%
  • 5 years-25.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Net margin
-4.0%
EPS (TTM, diluted)
$-0.40

Growth

Revenue growth
+12.0%
Change in growth rate
+1.4 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
$379M
FCF margin
7.5%
Stock pay % of revenue
1.4%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Elanco Animal Health Inc valuation models and calculator

What the price is pricing in

The share price implies about 19.8% a year of cash-flow growth for five years.That is faster than the 1.1% a year revenue growth Elanco Animal Health has delivered.

  • Priced in19.8%
  • Last 12 months12.0%
  • 3 years a year5.1%
  • 5 years a year1.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($24.48, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$9.2
Price used
$24.48close November 3, 2026
Implied change
▼ 62%
Uncertainty
High

How we got here: a discounted-cash-flow model of Elanco Animal Health Inc's free cash flow after stock-based pay with after-tax interest added back ($351M, FY2026 Q2 TTM), growing 6.1% and 7.4% in the next two years (forecasts, guidance and its record), then back to 8.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$5.2–~$14 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Elanco Animal Health Inc's free cash flow after stock-based pay ( $351M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Elanco Animal Health Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$9.2 ~$5.2–$14 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$11 ~$12–$21 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.3 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.8 ~$9.2–$11 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Elanco Animal Health Inc with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −36%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −9%
  • Discount rate 1 point higher ▼ −22%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$7$12$18$26$37
8.5% $1$3$7$11$17$25
10% —$1$4$7$12$18

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$31.53$29.45$30.67$28.38$12.22$14.90$12.11$22.63$24.10
Market value$9.9bn$10.9bn$13.5bn$13.8bn$6.0bn$7.3bn$6.0bn$11.2bn$12.0bn
+ Net debt (− = net cash)$2.0bn$2.0bn$5.7bn$5.8bn$5.6bn$5.5bn$3.9bn$3.5bn$3.4bn
Enterprise value$11.9bn$12.9bn$19.3bn$19.6bn$11.5bn$12.8bn$9.9bn$14.7bn$15.4bn
Multiples
Price / sales 3.2x3.6x4.1x2.9x1.4x1.7x1.4x2.4x2.4x
Price / earnings 114.3x160.4x————17.8x——
Price / free cash flow 28.0x129.8x—42.7x21.2x56.0x15.3x39.6x31.8x
EV / EBITDA —————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Elanco Animal Health's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.1% of total assets over 8 years.

  • Durability 10 / 20

    Net margin has been a median -3.7%; its worst year was -27.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 6 of 7 years, at a median 8.1% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 3.9% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $1.2bn and EPS of $0.20 (range $0.19 to $0.21) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.13 +20% $5.1bn +9%
Next $1.27 +13% $5.4bn +5%

Next year's EPS estimate has moved +6.4% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.1% on 90 days ago. In the last 30 days, 2 analysts raised Elanco Animal Health Inc's forecast and 0 cut it.

Consensus EPS forecast Elanco Animal Health Inc, last 90 days
$1.00 $1.10 $1.20 $1.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.07 Current fiscal year, 60 days ago: $1.13 Current fiscal year, 30 days ago: $1.13 Current fiscal year, 7 days ago: $1.14 Current fiscal year, Now: $1.13 $1.13 Next fiscal year, 90 days ago: $1.20 Next fiscal year, 60 days ago: $1.28 Next fiscal year, 30 days ago: $1.28 Next fiscal year, 7 days ago: $1.29 Next fiscal year, Now: $1.27 $1.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.07$1.20
60 days ago $1.13$1.28
30 days ago $1.13$1.28
7 days ago $1.14$1.29
Now $1.13$1.27

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.27 $0.34 +26.5%
Mar 2026 $0.34 $0.40 +16.6%
Dec 2025 $0.12 $0.13 +11.2%
Sept 2025 $0.13 $0.19 +43.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue Full Year 2026 $5.09bn to $5.14bn Raised
    “Raising revenue guidance to $5.09 billion to $5.14 billion, or 6% to 7% organic constant currency growth” source
  • Organic constant currency revenue growth Full Year 2026 6% growth to 7% growth Non-GAAP Raised
    “Raising revenue guidance to $5.09 billion to $5.14 billion, or 6% to 7% organic constant currency growth” source
  • FX tailwind to revenue full year 2026 about $60m
    “The company anticipates a tailwind to revenue of approximately $60 million from the favorable impact of foreign exchange rates compared to prior year.” source
  • Revenue 2026 Third Quarter $1,195m to $1,220m New
    “Revenue (1) $1,195 to $1,220” source
  • Revenue growth (excluding FX, AHV acquisition, and sold royalty revenue) third quarter of 2026 5% growth to 7% growth Non-GAAP New
    “Excluding the impacts of foreign exchange rates, the AHV International acquisition that closed in April 2026, and royalty revenue sold to a third party, the company expects 5% to 7% revenue growth.” source
  • Adjusted EPS Full Year 2026 $1.10 to $1.16 Non-GAAP Raised
    “Raising Adjusted EPS to $1.10 to $1.16, a year-over-year increase of 20% at midpoint” source
Show 10 more items
  • Adjusted EPS year-over-year increase at midpoint Full Year 2026 about 20% growth Non-GAAP Raised
    “Raising Adjusted EPS to $1.10 to $1.16, a year-over-year increase of 20% at midpoint” source
  • Adjusted Earnings per Share 2026 Third Quarter $0.19 to $0.22 Non-GAAP New
    “Adjusted Earnings per Share $0.19 to $0.22” source
  • Adjusted gross margin full year 2026 55.2% to 55.6% Non-GAAP Raised
    “Elanco expects adjusted gross margin of 55.2% to 55.6%, an increase of 50 basis points versus 2025 and compared to the prior expectation of 40 basis points of improvement.” source
  • Innovation revenue target Full Year 2026 about $1.25bn Raised
    “Raising innovation revenue target to $1.25 billion” source
  • Adjusted EBITDA Full Year 2026 $1.01bn to $1.035bn Non-GAAP Raised
    “Raising Adjusted EBITDA to $1.01 billion to $1.035 billion, a year-over-year increase of 13% at midpoint” source
  • Adjusted EBITDA year-over-year increase at midpoint Full Year 2026 about 13% growth Non-GAAP Raised
    “Raising Adjusted EBITDA to $1.01 billion to $1.035 billion, a year-over-year increase of 13% at midpoint” source
  • Year-end net leverage ratio target Full Year 2026 about 3 Non-GAAP
    “Improving year-end net leverage ratio target to approximately 3.0x Adjusted EBITDA” source
  • Net leverage ratio target (next year) next year about 3
    “With a net leverage ratio of 3.1x at quarter-end, also faster than expected, we are closing in on our target of reaching below 3x next year, a key milestone that will unlock greater capital allocation flexibility.” source
  • Adjusted EBITDA 2026 Third Quarter $200m to $215m Non-GAAP New
    “Adjusted EBITDA $200 to $215” source
  • Operating expenses growth third quarter of 2026 about 10% growth New
    “The company expects operating expenses up approximately 10% year-over-year in constant currency with incremental support for innovation products.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Elanco Animal Health Inc's revenue by +6.1% next year and +7.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 56%) , management guidance (+6.2%, weight 19%) and the company's own record (+8.5%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1381%
Hold319%
Sell00%

Monthly trend

  1. Oct 202649316
  2. Sep 2026410216
  3. Aug 2026411217
  4. Jul 202651117

Counts of recommendations published by analysts covering Elanco Animal Health Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.9%
of tradable shares
Days to cover
5.57
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
9,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +8.8%

$22.15 on October 31, 2025 to $24.10

ThenNowEffect
Revenue (last 12 months) $4.5bn $5.0bn +12.0%
P/S multiple 2.5x 2.4x −2.8%
Share count 500m 500m 0.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +150.8%

$9.61 on November 3, 2023 to $24.10

ThenNowEffect
Revenue (last 12 months) $4.3bn $5.0bn +16.1%
P/S multiple 1.1x 2.4x +120.5%
Share count 490m 500m −2.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ELAN−8%−57%+22%−19%+87%+7%
Industry peers (median)−20%−49%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ELAN42%25%58%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ELAN−25%−60%−45%−37%−35%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 20, 2018: 78% from August 3, 2021 to May 30, 2023. Getting back needed a 355% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$19.80 – $26.84
From 52-week high
−10.2%
vs 50-day average
+4.2%
vs 200-day average
+1.3%
Volatility (1 year)
42%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±10.8%
After a week
7 up, 5 down
typical move ±13.7%
After a month
8 up, 4 down
typical move ±16.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −5.5% −0.4% −13.6% −4.6%
May 6, 2026 +4.4% +1.1% −5.2% +2.8%
February 24, 2026 +8.4% +1.6% +0.5% +3.0%
November 5, 2025 −4.4% −0.7% −2.0% −2.7%
August 7, 2025 +19.5% +0.7% +29.0% +36.6%
May 7, 2025 +29.1% +1.1% +35.4% +46.2%
February 25, 2025 +0.2% −0.4% −2.8% −5.0%
November 7, 2024 +9.4% +1.2% +9.2% +0.2%
August 8, 2024 +5.3% +2.8% +17.8% +19.4%
May 8, 2024 +27.2% +0.6% +26.0% +34.7%
February 26, 2024 +0.5% −0.2% −1.2% −2.9%
November 7, 2023 +15.9% +0.4% +21.2% +36.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Elanco Animal Health Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.81× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ELAN Elanco Animal Health Inc Grade C+ $24.70

Own 100 shares, sell the $26.00 call expiring December 18, 2026 (45 days) for $0.95 a share — $95.00 per contract.

Bid $0.95, ask $1.25, quoted Tue 3 Nov, 14:25 New York time with ELAN at $24.70. Option prices move with the shares: check the live chain at your broker before trading.

  • If ELAN ends below $26.00: you keep your shares and the $95.00 — 3.9% extra on the position, 31.2% a year at that pace.
  • If it ends above $26.00: your shares are sold at $26.00, a total return of 9.1% including the premium — at or above our value of ~$9.2.
$226 $0 −$475 Break-even $23.75 Price $24.70 ← Our value ~$9.2
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$95.00
Annualised
31.2%
Break-even
$23.75
Max gain
$225.5
Chance of selling
~43%

Results are expected around November 4, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Elanco Animal Health Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Elanco Animal Health Inc
$4.2B $4.4B $4.6B $4.8B $5B $5.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.4B Revenue (TTM), FY23 Q4: $4.4B Revenue (TTM), FY24 Q1: $4.4B Revenue (TTM), FY24 Q2: $4.5B Revenue (TTM), FY24 Q3: $4.5B Revenue (TTM), FY24 Q4: $4.4B Revenue (TTM), FY25 Q1: $4.4B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.6B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.9B Revenue (TTM), FY26 Q2: $5B $5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.4B
FY23 Q4 $4.4B
FY24 Q1 $4.4B
FY24 Q2 $4.5B
FY24 Q3 $4.5B
FY24 Q4 $4.4B
FY25 Q1 $4.4B
FY25 Q2 $4.5B
FY25 Q3 $4.6B
FY25 Q4 $4.7B
FY26 Q1 $4.9B
FY26 Q2 $5B
Revenue growth, TTM YoY Elanco Animal Health Inc
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -3.8% Revenue growth, TTM YoY, FY23 Q4: 0.1% Revenue growth, TTM YoY, FY24 Q1: -1.8% Revenue growth, TTM YoY, FY24 Q2: 3.9% Revenue growth, TTM YoY, FY24 Q3: 2.0% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: 1.4% Revenue growth, TTM YoY, FY25 Q2: -0.2% Revenue growth, TTM YoY, FY25 Q3: 3.1% Revenue growth, TTM YoY, FY25 Q4: 6.2% Revenue growth, TTM YoY, FY26 Q1: 10.5% Revenue growth, TTM YoY, FY26 Q2: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -3.8%
FY23 Q4 0.1%
FY24 Q1 -1.8%
FY24 Q2 3.9%
FY24 Q3 2.0%
FY24 Q4 0.5%
FY25 Q1 1.4%
FY25 Q2 -0.2%
FY25 Q3 3.1%
FY25 Q4 6.2%
FY26 Q1 10.5%
FY26 Q2 12.0%
FCF margin (TTM) Elanco Animal Health Inc
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1.6% FCF margin (TTM), FY23 Q4: 3.0% FCF margin (TTM), FY24 Q1: 6.4% FCF margin (TTM), FY24 Q2: 9.5% FCF margin (TTM), FY24 Q3: 8.5% FCF margin (TTM), FY24 Q4: 8.9% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 8.1% FCF margin (TTM), FY25 Q3: 8.0% FCF margin (TTM), FY25 Q4: 6.0% FCF margin (TTM), FY26 Q1: 6.4% FCF margin (TTM), FY26 Q2: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1.6%
FY23 Q4 3.0%
FY24 Q1 6.4%
FY24 Q2 9.5%
FY24 Q3 8.5%
FY24 Q4 8.9%
FY25 Q1 7.8%
FY25 Q2 8.1%
FY25 Q3 8.0%
FY25 Q4 6.0%
FY26 Q1 6.4%
FY26 Q2 7.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,914 2,889 3,067 3,071 3,273 4,764 4,411 4,417 4,439 4,715 5,020
Gross profit 1,505 1,395 1,493 1,601 1,606 2,632 2,498 2,486 2,436 2,593 2,779
Net income −48 −311 87 68 −574 −483 −78 −1,231 338 −232 −199
Diluted EPS −$0.16 −$1.06 $0.28 $0.18 −$1.30 −$0.99 −$0.16 −$2.50 $0.68 −$0.47 −$0.40
Growth (year on year)
Revenue — −0.8% +6.2% +0.1% +6.6% +45.6% −7.4% +0.1% +0.5% +6.2% +12.0%
Net income — — — −21.4% −944.1% — — — — −168.6% −145.9%
Diluted EPS — — — −35.7% −822.2% — — — — −169.1% −145.9%
Margins
Gross margin 51.6% 48.3% 48.7% 52.1% 49.1% 55.2% 56.6% 56.3% 54.9% 55.0% 55.4%
Net margin −1.6% −10.8% 2.8% 2.2% −17.5% −10.1% −1.8% −27.9% 7.6% −4.9% −4.0%
Free-cash-flow margin 1.6% 2.6% 11.5% 2.7% −5.4% 6.8% 6.4% 3.0% 8.9% 6.0% 7.5%
Cash flow
Cash from operations 156 174 487 224 −41 483 452 271 541 560 617
Capital spending 110 99 135 140 135 159 171 140 147 276 238
Free cash flow 46 75 353 84 −176 324 281 131 394 284 379
Stock-based pay 20 25 26 49 47 66 59 46 55 68 72
Free cash flow after stock pay 25 50 327 35 −223 258 222 85 339 216 307
Balance sheet
Cash 259 323 475 334 495 638 345 352 468 545 530
Total debt 0 0 2,472 2,355 6,224 6,401 5,900 5,824 4,349 4,017 3,918
Net debt (negative = net cash) −259 −323 1,998 2,021 5,729 5,763 5,555 5,472 3,881 3,472 3,388
Diluted shares 293m 293m 314m 370m 441m 487m 488m 492m 497m 496m 500m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $13.6bn
Short-term assets $3.8bnLonger-term assets $9.8bn
What it owes, and who funded it · $13.6bn
Short-term liabilities $1.9bnLonger-term liabilities $5.1bnShareholders' equity $6.6bn
  • Short-term assets cover short-term liabilities $3.8bn of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.8bn short-term assets against $5.1bn of longer-dated liabilities.
  • More cash than debt $530m of cash against $3.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 80% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt $617m of operating cash flow against $3.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Elanco Animal Health Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.0%
year over year
R&D spending
7.4%
of revenue
Sales & admin spending
30.3%
of revenue
Days sales outstanding
78 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ELAN JAZZ OGN AMRX ZTS RPRX Median
Revenue, last 12 months $5.0bn $4.7bn $6.1bn $3.1bn $9.5bn $2.5bn $276m
Revenue growth, last 12 months 12.0% 13.5% −3.2% 9.3% 1.5% 10.0% 9.9%
Revenue growth, 3-year average 5.1% 7.5% −0.3% 10.5% 5.0% 2.4% 5.5%
Revenue growth, latest quarter 10.2% 10.4% −1.7% 9.9% −0.2% 16.5% 6.5%
Gross margin 55.4% 93.0% 53.1% 39.3% 71.5% — 62.0%
Operating margin — 9.0% — 14.6% — 59.6% −5.9%
Operating margin, 3-year average — 4.5% — 11.5% — 60.8% −7.4%
Net margin −4.0% 4.4% 3.5% 5.0% 27.5% 32.1% −7.3%
Cash from operations / revenue 12.3% 35.9% 13.8% 6.4% 29.8% 117.4% 10.2%
Free-cash-flow margin 7.5% 34.4% 11.1% 4.1% 24.3% 117.2% 8.6%
Free-cash-flow margin, 3-year average 8.4% 31.6% 11.7% 7.4% 24.0% — 7.4%
Stock pay / revenue 1.4% 6.3% 1.2% 1.1% 1.0% 16.9% 3.6%
Change in share count 0.0% 3.1% 2.4% 4.3% −4.2% −3.9% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 12.0% 10.0% 32 of 74
Change in growth rate Growth +1.4pp -0.3pp 29 of 74
Gross margin Profitability 55.4% 59.8% 34 of 59
Net margin Profitability -4.0% -7.3% 34 of 75
Free-cash-flow margin Cash generation 7.5% 10.1% 39 of 74
Stock pay as % of revenue Cash generation 1.4% 3.6% 22 of 69
Long-term debt as % of assets Balance sheet 27.0% 23.8% 29 of 53
Change in share count Balance sheet 0.0% 1.5% 22 of 62
Days sales outstanding Balance sheet 78 days 72 days 35 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Farm Animal $2.4B 50.0% ▲ 5.0%
Pet Health $2.3B 97.4% ▲ 7.3%
Contract Manufacturing $53M 2.2% ▲ 15.2%
Cattle $1.1B 23.8% ▲ 11.7%
Poultry $858M 18.2% ▲ 7.8%
Swine $379M 8.0% ▲ 3.6%
Aqua $0 0.0% ▼ 100.0%
Geography
Region Revenue Share YoY
Outside the US $2.5B 52.6% ▲ 3.2%
United States $2.2B 47.4% ▲ 9.7%

From Elanco Animal Health Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.9B
Institutions reporting
516
Shares held vs prior quarter
▲ 3.9%
Positions opened / closed
69 / 70

Top buyers and sellers, Q2 2026: 232 institutions bought and 280 sold ; the biggest buyer was FMR LLC (+6.0M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $1.7B 67.4M 11.9% ▼ 2.2%
FMR LLC $1.4B 56.9M 10.1% ▲ 11.8%
Blackrock, Inc. $1.2B 48.8M 8.6% ▲ 2.6%
Primecap Management Co $1.1B 45.4M 8.0% ▼ 0.9%
T. Rowe Price Investment Management, Inc. $708M 28.8M 5.1% ▼ 17.0%
Dimensional Fund Advisors LP $626M 25.4M 4.5% ▲ 3.6%
Vanguard Portfolio Management LLC $558M 22.7M 4.0% ▲ 0.2%
Vanguard Capital Management LLC $556M 22.6M 4.0% ▲ 1.2%
State Street Corp $395M 16.1M 2.8% ▲ 4.7%
Winslow Capital Management, LLC $333M 13.5M 2.4% ▼ 0.8%
Black Creek Investment Management Inc. $321M 13.0M 2.3% ▲ 24.3%
Geode Capital Management, LLC $278M 11.3M 2.0% ▲ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Elanco Animal Health Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.6M 11 trades by 7 insiders, last 12 months Insider sales History → $100,050 1 trade by 1 insider · 100% under pre-set plans
Net ▲ $2.5M net buying
Insider Date Trade Shares Price Value
Bettington Timothy J SEE REMARKS October 15, 2026 Sell pre-set plan 4,350 $23.00 $100,050
Kurzius Lawrence Erik Director August 20, 2026 Buy 40,000 $23.40 $936,000
O'Neill Shiv GC AND CORP SEC August 18, 2026 Buy 3,998 $23.58 $94,273
Harrington Michael J Director August 12, 2026 Buy 5,000 $21.82 $109,100
Herendeen Paul Director August 7, 2026 Buy 10,000 $23.69 $236,900
Vanhimbergen Robert M EVP and CFO August 7, 2026 Buy 4,200 $23.08 $96,936
Simmons Jeffrey N PRESIDENT, CEO AND DIRECTOR May 15, 2026 Buy 4,971 $20.09 $99,867
Modi Rajeev A. SEE REMARKS May 15, 2026 Buy 4,911 $20.35 $99,939
Kurzius Lawrence Erik Director December 12, 2025 Buy 10,000 $21.30 $213,000
Simmons Jeffrey N PRESIDENT, CEO AND DIRECTOR December 11, 2025 Buy 22,000 $21.75 $478,500
Vanhimbergen Robert M EVP and CFO December 11, 2025 Buy 6,950 $21.64 $150,398
Modi Rajeev A. SEE REMARKS December 11, 2025 Buy 4,500 $21.33 $95,985

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

No trades in Elanco Animal Health Inc disclosed in the last 12 months; 21 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded November 30, 2022, filed December 29, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 24, 2026
  • November 5, 2025
  • August 7, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Elanco Animal Health Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Elanco Animal Health Inc in brief

What does Elanco Animal Health Inc do?
Elanco Animal Health Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Elanco Animal Health Inc's stock ticker?
Elanco Animal Health Inc trades under the ticker ELAN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Elanco Animal Health Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Elanco Animal Health Inc reported revenue of $5B, 12.0% higher than a year earlier, according to its SEC filings.
What is Elanco Animal Health Inc's free cash flow?
Elanco Animal Health Inc's free-cash-flow margin is 7.5% of revenue over the trailing twelve months, ranking 39 of the 74 pharmaceuticals companies we cover.
What is Elanco Animal Health Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Elanco Animal Health Inc's free cash flow after stock-based pay gives ~$9.2 per share in the base case, and ~$5.2–$14 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Elanco Animal Health Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, FMR LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Elanco Animal Health Inc's market cap?
On November 2, 2026, Elanco Animal Health Inc's market capitalisation was about $12B and net debt of $3.4B. Market figures come from third-party market data and may be delayed.
How much debt does Elanco Animal Health Inc have?
Elanco Animal Health Inc's debt-to-equity ratio is 55.6%, from its latest balance sheet (80.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Elanco Animal Health Inc's competitors?
In our Pharmaceuticals peer group, the companies closest to Elanco Animal Health Inc are Jazz Pharmaceuticals plc, Organon & Co., Amneal Pharmaceuticals, Inc., Zoetis and Royalty Pharma plc. The side-by-side comparison below sets their revenue, margins and growth against Elanco Animal Health Inc's.
Are insiders buying or selling Elanco Animal Health Inc stock?
Over the last 12 months, Elanco Animal Health Inc's directors and officers reported 11 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Elanco Animal Health Inc's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Elanco Animal Health Inc announces its own schedule.