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Elanco Animal Health Inc key statistics and ratios

In fiscal 2025, Elanco Animal Health Inc had return on equity of -3.7%, a net margin of -4.9%, debt equal to 61.4% of equity and a current ratio of 2.17. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin51.6%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 margin1.6%2.6%11.5%2.7%−5.4%6.8%6.4%3.0%8.9%6.0%7.5%
Return on equity−0.7%−4.2%1.3%1.3%−8.2%−6.1%−1.1%−18.2%5.5%−3.7%−3.0%
Return on assets—−3.5%1.0%0.8%−4.3%−2.8%−0.5%−8.2%2.5%−1.8%−1.5%
Asset turnover—0.320.340.340.250.280.280.300.330.360.37
Current ratio—3.302.582.901.651.991.932.752.442.172.05
Debt to equity0.0%0.0%47.6%42.5%73.6%85.3%80.9%93.6%71.3%61.4%59.5%
Effective tax rate——24.2%12.8%————30.7%——
R&D as % of revenue9.1%8.7%8.0%8.8%10.1%7.7%7.3%7.4%7.7%7.8%7.4%
SG&A as % of revenue26.9%27.0%24.0%24.7%30.5%29.4%28.7%29.1%29.6%30.3%30.3%
Capital spending as % of revenue3.8%3.4%4.4%4.6%4.1%3.3%3.9%3.2%3.3%5.9%4.7%
Free cash flow ÷ net income——407.9%123.5%————116.6%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ELAN vs JAZZELAN vs OGNAMRX vs ELAN

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Elanco Animal Health Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Elanco Animal Health Inc.