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Lilly (Eli) (LLY) stock

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NYSE: LLY NYSE Pharmaceuticals Next results ~February 3, 2027

B+ Fundamentals grade

Lilly (Eli) 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

~$410

Cash-flow model

Base case. Range ~$300–$560 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 71% below it.

Price used: $1410.99, November 2, 2026

Lilly (Eli) 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.

Value diary

Our note on each quarter Lilly (Eli) files

10-Q filed October 29: Lilly (Eli)

Model value +20.9%

Eli Lilly's revenue for the twelve months to September 2026 reached $86.5bn, up 45.5% on a year earlier. That pace has eased from 49.6% growth a quarter earlier, though it still ranks 6 of 46 among the pharmaceuticals companies we cover. Free-cash-flow margin climbed to 22.7%, from 15.6% a year earlier. Our model value has risen from $343 to $414 a share, well below the current share price of $1,418. We keep the rating at Sell. At that price, the market appears to be pricing in cash-flow growth of about 35.2% a year for five years, faster than the 25.0% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 5: Lilly (Eli)

Eli Lilly's revenue reached $86.5bn in the twelve months to June 2026, a 45.5% rise on the year before, though this marks a slowdown from the 49.6% growth recorded a quarter earlier. Among the 34 pharmaceuticals companies we cover, that growth rate ranks second. Profitability has improved too: free-cash-flow margin climbed to 22.7%, up from 15.6% a year earlier. Despite this, our model value is little changed at $343 a share, far below the current price of $1,288. We keep the rating at Sell. At that share price, the market appears to be pricing in cash-flow growth of about 38.7% a year for five years, well ahead of the 25.0% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Lilly (Eli) stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $79.7bn, up 49.6% on a year earlier, faster than 47.4% a quarter earlier. Free-cash-flow margin rose to 22.8% from 9.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $299 a share, against a share price of $1,295.

10-Q on SEC EDGAR

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 ~February 3, 2027 (estimated)

Lilly (Eli)'s trailing-twelve-month revenue grew 45.5% year on year, with a free-cash-flow margin of 22.7%. Where it stands out: gross margin of 83.6% ranks 6 of 59 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$410 per share in the base case (~$300–$560 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 112.1% while net income grew 49.8%: a 62pp divergence.

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

  • Fast growth. Revenue grew 45.5% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Strong cash generation. 22.7% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.
  • 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 8.9% over 90 days.

Things to watch

  • Priced above our value. The share price of $1,410.99 is 71% above our value per share of $410.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 5 insiders sold $78,128M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Growth easing. The growth rate is 4.1 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$7.48 against an average estimate of $6.35: beat by 17.9%
Revenue
$24.40bn, up 38.6% on a year earlier
Share reaction
+10.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $85bn to $87bn (full-year 2026); performance Margin 49% to 50.5% (full-year 2026)
Next report
October 29, 2026; average EPS estimate $11.12

Lilly (Eli)'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.5%
  • 1 week+10.3%
  • 1 month+23.5%
  • This year+31.9%
  • 1 year+64.6%
  • 5 years+454.5%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$86.5B
Net margin
31.9%
EPS (TTM, diluted)
$30.81

Growth

Revenue growth
+45.5%
Change in growth rate
−4.1 pts
Share count change
−0.6%

Cash

Free cash flow (TTM)
$19.7B
FCF margin
22.7%
Stock pay % of revenue
0.8%

Earnings

Last results
October 29, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 1, 2026

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

  1. Results

    Lilly reports third-quarter results

    Lilly (Eli) said it released its financial results for the quarter ended September 30, 2026. The company filed an 8-K with the SEC on October 29, 2026. The filing includes a press release detailing the period's performance.

    SEC 8-KRead source ↗
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Results
  6. 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

Lilly (Eli) valuation models and calculator

What the price is pricing in

The share price implies about 35.5% a year of cash-flow growth for five years.That is faster than the 25.0% a year revenue growth Lilly (Eli) has delivered.

  • Priced in35.5%
  • Last 12 months45.5%
  • 3 years a year39.2%
  • 5 years a year25.0%

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 ($1433.66, 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
~$410
Price used
$1433.66close November 3, 2026
Implied change
▼ 71%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lilly (Eli)'s free cash flow after stock-based pay with after-tax interest added back ($13.1B, FY2026 Q3 TTM), growing 14.6% and 13.4% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$300–~$560 ; that spread sets a 25% 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 Lilly (Eli)'s free cash flow after stock-based pay ( $13.1B, FY2026 Q3 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 Lilly (Eli) as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 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. ~$410 ~$300–$560 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$120–$240 Left out: out of range vs price (0.13x)
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. ~$430 ~$450–$830 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$250 ~$210–$310 Left out: out of range vs price (0.18x)
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. ~$420 ~$410–$430 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lilly (Eli) 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 ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +49%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $162$238$339$471$644$867
8.5% $113$168$240$335$458$617
10% $82$125$181$253$347$467

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$70.63$63.31$74.60$104.77$121.68$159.46$264.82$355.54$572.09$762.60$1069.51$1410.99
Market value$75.3bn$67.2bn$78.5bn$108.3bn$113.9bn$145.5bn$241.4bn$321.6bn$516.8bn$689.5bn$961.8bn$1.26tn
+ Net debt (− = net cash)$4.3bn$5.7bn$7.1bn$3.0bn$13.0bn$12.9bn$13.1bn$14.2bn$22.5bn$30.5bn$35.2bn$44.6bn
Enterprise value$79.6bn$72.9bn$85.6bn$111.3bn$126.8bn$158.4bn$254.5bn$335.9bn$539.2bn$720.0bn$997.0bn$1.31tn
Multiples
Price / sales 3.8x3.2x3.9x5.0x5.1x5.9x8.5x11.3x15.1x15.3x14.8x14.6x
Price / earnings 31.3x24.6x—33.5x13.7x23.5x43.3x51.5x98.6x65.1x46.6x45.8x
Price / free cash flow 39.6x17.6x17.3x25.1x29.9x28.5x39.9x56.1xn/m183.4x107.2x64.2x
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

78 /100

Strong moat

How hard Lilly (Eli)'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.9% of total assets over 9 years.

  • Pricing power 19 / 20

    Gross margin has been a median 78.7%, moving by 2.9 percentage points (standard deviation) across 9 years.

  • Durability 8 / 20

    Net margin has been a median 21.1%; its worst year was 2.0%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 8 of 8 years, at a median 17.6% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.9% 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 (83 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $35.08 +45% $91.3bn +40%
Next $49.09 +40% $104.1bn +14%

Next year's EPS estimate has moved +8.9% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.6% on 90 days ago. In the last 30 days, 5 analysts raised Lilly (Eli)'s forecast and 8 cut it.

Consensus EPS forecast Lilly (Eli), last 90 days
$30.00 $35.00 $40.00 $45.00 $50.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $34.54 Current fiscal year, 60 days ago: $36.71 Current fiscal year, 30 days ago: $36.93 Current fiscal year, 7 days ago: $34.59 Current fiscal year, Now: $35.08 $35.08 Next fiscal year, 90 days ago: $45.08 Next fiscal year, 60 days ago: $47.23 Next fiscal year, 30 days ago: $47.51 Next fiscal year, 7 days ago: $47.22 Next fiscal year, Now: $49.09 $49.09

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $34.54$45.08
60 days ago $36.71$47.23
30 days ago $36.93$47.51
7 days ago $34.59$47.22
Now $35.08$49.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.35 $7.48 +17.9%
Jun 2026 $6.58 $8.38 +27.3%
Mar 2026 $6.79 $8.55 +25.9%
Dec 2025 $6.91 $7.54 +9.1%

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

Management guidance

Earnings release, August 5, 2026
  • Revenue full-year 2026 $85bn to $87bn GAAP Raised
    “Revenue $82 to $85 billion $85 to $87 billion” source
  • Earnings per Share full-year 2026 $35.50 to $36.50 Non-GAAP Raised
    “Earnings per Share (1)(3)(4) $35.50 to $37.00 $35.50 to $36.50” source
  • Performance Margin full-year 2026 49% to 50.5% Non-GAAP Raised
    “Performance Margin (1)(2) 47.0% to 48.5% 49.0% to 50.5%” source
  • Tax Rate full-year 2026 18% to 19% Non-GAAP Maintained
    “Tax Rate (1)(3) 18% to 19% unchanged” 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 Lilly (Eli)'s revenue by +14.6% next year and +13.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+16.8%, weight 56%) , management guidance (+10.0%, weight 19%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

31 analysts, Oct 2026
Buy2684%
Hold310%
Sell26%

Monthly trend

  1. Oct 2026620331
  2. Sep 2026619330
  3. Aug 2026618430
  4. Jul 2026517428

Counts of recommendations published by analysts covering Lilly (Eli), 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
0.8%
of tradable shares
Days to cover
3
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.2%
of shares
Employees
50,000
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 +64.6%

$857.45 on October 31, 2025 to $1410.99

ThenNowEffect
Revenue (last 12 months) $53.3bn $79.7bn +49.6%
Net margin 25.9% 33.5% +29.4%
P/E multiple 56.1x 47.4x −15.5%
Share count 902m 897m +0.6%

Biggest factor: revenue.

Last 3 years +153.7%

$556.23 on November 3, 2023 to $1410.99

ThenNowEffect
Revenue (last 12 months) $29.5bn $79.7bn +169.9%
Net margin 22.0% 33.5% +52.3%
P/E multiple 77.4x 47.4x −38.8%
Share count 904m 897m +0.8%

Biggest factor: revenue.

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
LLY+66%+34%+61%+33%+40%+32%
Industry peers (median)−20%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LLY58%75%58%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LLY−19%−15%−15%−24%−33%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 35% from August 30, 2024 to August 8, 2025. Getting back needed a 53% gain, reached on November 10, 2025, 94 days after the low.

Price behaviour

52-week range
$848.53 – $1417.54
From 52-week high
−0.5%
vs 50-day average
+17.6%
vs 200-day average
+29.3%
Volatility (1 year)
35%
Beta vs S&P 500
0.21

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
8 up, 4 down
typical move ±8.5%
After a week
7 up, 4 down
typical move ±10.4%
After a month
6 up, 5 down
typical move ±11.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +10.0% −2.1% — —
August 5, 2026 +6.8% −0.4% +9.4% +4.1%
April 30, 2026 +13.2% +1.3% +14.5% +27.4%
February 4, 2026 +1.7% −1.7% +1.2% −1.1%
October 30, 2025 +6.1% −0.8% +15.2% +30.2%
August 7, 2025 −16.2% +0.7% −8.3% −0.8%
May 1, 2025 −8.4% +2.2% −16.4% −16.7%
February 6, 2025 +4.3% −0.6% +3.5% −1.3%
January 14, 2025 −6.4% +2.0% −5.5% +9.3%
October 30, 2024 −8.2% −2.3% −14.1% −11.8%
August 8, 2024 +15.5% +2.8% +20.8% +17.8%
April 30, 2024 +5.4% −1.9% +5.5% +10.8%

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 Lilly (Eli)’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.25× the last 60 days’ realised volatility , richer than 64% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

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.

LLY Lilly (Eli) Grade B+ $1,412.71

Own 100 shares, sell the $1,440 call expiring December 11, 2026 (39 days) for $49.00 a share — $4,900 per contract.

Previous session · Bid $49.00, ask $61.35, quoted Mon 2 Nov, 17:28 New York time with LLY at $1,412.71. Option prices move with the shares: check the live chain at your broker before trading.

  • If LLY ends below $1,440: you keep your shares and the $4,900 — 3.5% extra on the position, 32.5% a year at that pace.
  • If it ends above $1,440: your shares are sold at $1,440, a total return of 5.4% including the premium — at or above our value of ~$410.
$7.6k $0 −$27.3k Break-even $1,363.71 Price $1,412.71 ← Our value ~$410
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$4,900
Annualised
32.5%
Break-even
$1,363.71
Max gain
$7,629.5
Chance of selling
~48%

Collar

Own the shares, buy the $1,300 put and sell the $1,440 call, both expiring November 27, 2026 (25 days).

  • Net credit of $22.20 a share ($2,220 per contract of 100 shares).
  • Worst case at expiry: -6.4%, if the shares fall below $1,300 (-8.0% from today).
  • Best case at expiry: +3.5%, if the shares rise above $1,440 (+1.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $410: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

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.

Lilly (Eli) in five measures

Fundamentals grade B+
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) Lilly (Eli)
$20B $40B $60B $80B $100B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $34.1B Revenue (TTM), FY24 Q1: $35.9B Revenue (TTM), FY24 Q2: $38.9B Revenue (TTM), FY24 Q3: $40.9B Revenue (TTM), FY24 Q4: $45B Revenue (TTM), FY25 Q1: $49B Revenue (TTM), FY25 Q2: $53.3B Revenue (TTM), FY25 Q3: $59.4B Revenue (TTM), FY25 Q4: $65.2B Revenue (TTM), FY26 Q1: $72.3B Revenue (TTM), FY26 Q2: $79.7B Revenue (TTM), FY26 Q3: $86.5B $86.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $34.1B
FY24 Q1 $35.9B
FY24 Q2 $38.9B
FY24 Q3 $40.9B
FY24 Q4 $45B
FY25 Q1 $49B
FY25 Q2 $53.3B
FY25 Q3 $59.4B
FY25 Q4 $65.2B
FY26 Q1 $72.3B
FY26 Q2 $79.7B
FY26 Q3 $86.5B
Revenue growth, TTM YoY Lilly (Eli)
10% 20% 30% 40% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.6% Revenue growth, TTM YoY, FY24 Q1: 29.8% Revenue growth, TTM YoY, FY24 Q2: 31.9% Revenue growth, TTM YoY, FY24 Q3: 27.4% Revenue growth, TTM YoY, FY24 Q4: 32.0% Revenue growth, TTM YoY, FY25 Q1: 36.4% Revenue growth, TTM YoY, FY25 Q2: 36.8% Revenue growth, TTM YoY, FY25 Q3: 45.4% Revenue growth, TTM YoY, FY25 Q4: 44.7% Revenue growth, TTM YoY, FY26 Q1: 47.4% Revenue growth, TTM YoY, FY26 Q2: 49.6% Revenue growth, TTM YoY, FY26 Q3: 45.5% 45.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.6%
FY24 Q1 29.8%
FY24 Q2 31.9%
FY24 Q3 27.4%
FY24 Q4 32.0%
FY25 Q1 36.4%
FY25 Q2 36.8%
FY25 Q3 45.4%
FY25 Q4 44.7%
FY26 Q1 47.4%
FY26 Q2 49.6%
FY26 Q3 45.5%
FCF margin (TTM) Lilly (Eli)
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.3% FCF margin (TTM), FY24 Q1: -0.3% FCF margin (TTM), FY24 Q2: 0.7% FCF margin (TTM), FY24 Q3: 3.4% FCF margin (TTM), FY24 Q4: 8.3% FCF margin (TTM), FY25 Q1: 7.6% FCF margin (TTM), FY25 Q2: 9.2% FCF margin (TTM), FY25 Q3: 15.6% FCF margin (TTM), FY25 Q4: 13.8% FCF margin (TTM), FY26 Q1: 16.4% FCF margin (TTM), FY26 Q2: 22.8% FCF margin (TTM), FY26 Q3: 22.7% 22.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.3%
FY24 Q1 -0.3%
FY24 Q2 0.7%
FY24 Q3 3.4%
FY24 Q4 8.3%
FY25 Q1 7.6%
FY25 Q2 9.2%
FY25 Q3 15.6%
FY25 Q4 13.8%
FY26 Q1 16.4%
FY26 Q2 22.8%
FY26 Q3 22.7%

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

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 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 Sept 2026
Income
Revenue 21.8 23.1 24.3 22.6 23.1 19.6 20.0 21.2 20.0 21.5 22.3 24.5 28.3 28.5 34.1 45.0 65.2 86.5
Gross profit — — — — — — — 15.5 15.5 16.8 17.6 19.1 21.0 21.9 27.0 36.6 54.1 72.3
Net income 4.3 5.1 4.3 4.1 4.7 2.4 2.4 2.7 −0.2 3.2 8.3 6.2 5.6 6.2 5.2 10.6 20.6 27.6
Diluted EPS $3.94 $4.58 $3.90 $3.66 $4.32 $2.23 $2.26 $2.58 −$0.19 $3.13 $8.89 $6.79 $6.12 $6.90 $5.80 $11.71 $22.95 $30.81
Growth (year on year)
Revenue +7.2% +5.7% +5.2% −6.9% +2.3% −15.1% +1.7% +6.3% −5.9% +7.6% +3.8% +9.9% +15.4% +0.8% +19.6% +32.0% +44.7% +45.5%
Net income — +17.1% −14.2% −6.0% +14.6% −49.0% +0.7% +13.7% −107.5% — +157.4% −25.5% −9.9% +11.9% −16.1% +102.1% +94.9% +49.8%
Diluted EPS — +16.2% −14.8% −6.2% +18.0% −48.4% +1.3% +14.2% −107.4% — +184.0% −23.6% −9.9% +12.7% −15.9% +101.9% +96.0% +50.7%
Margins
Gross margin — — — — — — — 73.1% 77.7% 78.2% 78.8% 77.7% 74.2% 76.8% 79.2% 81.3% 83.0% 83.6%
Net margin 19.8% 22.0% 17.9% 18.1% 20.3% 12.2% 12.1% 12.9% −1.0% 15.0% 37.3% 25.2% 19.7% 21.9% 15.4% 23.5% 31.7% 31.9%
Free-cash-flow margin 16.4% 26.7% 27.0% 19.5% 20.4% 16.8% 9.5% 18.0% 22.7% 20.1% 17.0% 20.8% 21.4% 20.1% 2.3% 8.3% 13.8% 22.7%
Cash flow
Cash from operations 4.3 6.9 7.2 5.3 5.7 4.5 3.0 4.9 5.6 5.5 4.8 6.5 7.4 7.6 4.2 8.8 16.8 30.6
Capital spending 0.8 0.7 0.7 0.9 1.0 1.2 1.1 1.0 1.1 1.2 1.0 1.4 1.3 1.9 3.4 5.1 7.8 11.0
Free cash flow 3.6 6.2 6.6 4.4 4.7 3.3 1.9 3.8 4.5 4.3 3.8 5.1 6.1 5.7 0.8 3.8 9.0 19.7
Stock-based pay 0.4 0.2 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.6 0.6 0.6 0.7
Free cash flow after stock pay 3.2 5.9 6.4 4.3 4.6 3.1 1.7 3.6 4.3 4.0 3.5 4.8 5.7 5.4 0.2 3.1 8.3 19.0
Balance sheet
Cash 4.5 6.0 5.9 4.0 3.8 3.9 3.7 4.6 6.5 7.3 2.3 3.7 3.8 2.1 2.8 3.3 7.3 4.9
Total debt 6.7 6.9 8.5 5.5 6.2 8.0 8.0 10.3 13.6 10.3 15.3 16.6 16.9 16.3 25.3 33.8 42.5 49.5
Net debt (negative = net cash) 2.2 1.0 2.6 1.5 2.4 4.1 4.3 5.7 7.1 3.0 13.0 12.9 13.1 14.2 22.5 30.5 35.2 44.6
Diluted shares 1,098m 1,106m 1,114m 1,117m 1,085m 1,074m 1,066m 1,062m 1,052m 1,034m 936m 913m 912m 905m 903m 904m 899m 895m
Returned to shareholders
Dividends 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.2 2.2 2.3 2.4 2.7 3.1 3.5 4.1 4.7 5.4 6.0
Buybacks — 0.0 0.0 0.7 1.7 0.8 0.7 0.6 0.3 4.2 4.4 0.5 1.3 1.5 0.8 2.5 4.1 5.8
Total returned 2.2 2.2 2.2 2.9 3.8 2.9 2.9 2.8 2.5 6.5 6.8 3.2 4.3 5.0 4.8 7.2 9.5 11.8

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

3 of 5 checks passed · September 30, 2026
What it owns · $148.1bn
Short-term assets $65.3bnLonger-term assets $82.8bn
What it owes, and who funded it · $87.3bn
Short-term liabilities $47.0bnShareholders' equity $40.3bn
  • Short-term assets cover short-term liabilities $65.3bn of assets due within a year against $47.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.9bn of cash against $49.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 123% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 162% to 123% over five years.
  • A year's operating cash flow covers at least 20% of debt $30.6bn of operating cash flow against $49.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lilly (Eli)'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

FY2026 Q3 TTM
Buybacks (TTM)
$5.8B
Dividends (TTM)
$6B
Returned to shareholders
60%
of free cash flow
Buybacks, last 3 fiscal years
$7.4B
Diluted share count
−0.6%
year over year
Total shareholder yield
0.9%
dividends 0.5% + buybacks 0.5% of market value
Dividend payout ratio
22%
of net income paid out
R&D spending
17.8%
of revenue
Sales & admin spending
14.6%
of revenue
Days sales outstanding
93 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated LLY JNJ MRK PFE AZN BMY Median
Revenue, last 12 months $86.5bn $99.3bn $66.6bn $63.7bn $58.7bn $50.0bn $276m
Revenue growth, last 12 months 45.5% 7.8% 4.6% −0.2% 8.6% 4.2% 9.9%
Revenue growth, 3-year average 39.2% 5.9% 4.5% −7.0% — 3.6% 5.5%
Revenue growth, latest quarter 38.6% 5.9% 5.1% 2.6% — 6.9% 6.5%
Gross margin 83.6% 67.6% 73.0% 73.2% 81.9% 69.2% 62.0%
Operating margin — 29.6% — — 23.4% — −5.9%
Operating margin, 3-year average — 25.0% — — 14.2% — −7.4%
Net margin 31.9% 16.2% 4.8% 6.8% 17.4% 18.5% −7.3%
Cash from operations / revenue 35.4% 26.3% 30.0% 21.0% 24.8% 21.3% 10.2%
Free-cash-flow margin 22.7% 20.7% 24.1% 17.2% 20.0% 18.6% 8.6%
Free-cash-flow margin, 3-year average 13.9% 21.9% 22.8% 15.1% 14.4% 26.5% 7.4%
Stock pay / revenue 0.8% 1.4% 1.3% 1.5% 1.2% 1.1% 3.6%
Change in share count −0.6% 0.7% −1.9% 0.2% −0.1% 0.6% 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 45.5% 10.0% 12 of 74
Change in growth rate Growth -4.1pp -0.3pp 50 of 74
Gross margin Profitability 83.6% 59.8% 6 of 59
Net margin Profitability 31.9% -7.3% 8 of 75
Free-cash-flow margin Cash generation 22.7% 10.1% 15 of 74
Stock pay as % of revenue Cash generation 0.8% 3.6% 8 of 69
Long-term debt as % of assets Balance sheet 31.7% 23.8% 32 of 53
Change in share count Balance sheet -0.6% 1.5% 17 of 62
Days sales outstanding Balance sheet 93 days 72 days 42 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 YoY
Products $61B ▲ 49.6%
Collaboration and Other Revenue $4.2B ▼ 1.7%
Jardiance $3.4B ▲ 2.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
United States $43.5B ▲ 43.1%
Outside the US $21.7B ▲ 47.9%
Europe $11.6B ▲ 67.0%
Rest of World $6.1B ▲ 41.8%
Japan $2.1B ▲ 17.5%
China $2B ▲ 17.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Lilly (Eli)'s 10-K filed February 12, 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
$943B
Institutions reporting
4,610
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
344 / 106

Top buyers and sellers, Q2 2026: 2,546 institutions bought and 1,577 sold ; the biggest buyer was FMR LLC (+2.1M shares) and the biggest seller Capital Research Global Investors (−3.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Lilly Endowment Inc $108B 90.4M 11.5% ▼ 1.7%
Blackrock, Inc. $81B 67.5M 8.6% ▲ 1.7%
Vanguard Capital Management LLC $64.2B 53.5M 6.8% ▲ 0.3%
PNC Financial Services Group, Inc. $61.6B 51.3M 6.5% 0.0%
State Street Corp $43.4B 36.2M 4.6% ▲ 1.7%
FMR LLC $34.1B 28.5M 3.6% ▲ 8.1%
Capital Research Global Investors $25B 20.9M 2.7% ▼ 15.3%
Vanguard Portfolio Management LLC $25B 20.9M 2.7% ▼ 0.6%
Geode Capital Management, LLC $24.3B 20.3M 2.6% ▲ 0.6%
Morgan Stanley $19.5B 16.2M 2.1% ▲ 5.1%
Capital World Investors $19.1B 15.9M 2.0% ▲ 1.8%
Price T Rowe Associates Inc $16.7B 13.9M 1.8% ▼ 0.6%

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 Lilly (Eli)'s complete shareholder register. Values are as reported by the filers ; 15 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $78.1B 240 trades by 5 insiders · 0% under pre-set plans
Net ▼ $78.1B net selling
Insider Date Trade Shares Price Value
Jonsson Patrik EVP & President, LLY Int'l August 17, 2026 Sell pre-set plan 6,500 $1175.10 $7.6M
Zakrowski Donald A SVP, Finance, & CAO August 10, 2026 Sell pre-set plan 2,000 $1185.01 $2.4M
Hakim Anat EVP, GC & Secretary August 7, 2026 Sell pre-set plan 5,000 $1190.00 $6M
Yuffa Ilya EVP&Pres, LLY USA&Global Capab June 10, 2026 Sell pre-set plan 2,500 $1150.77 $2.9M
Lilly Endowment Inc 10% owner May 6, 2026 Sell 2,208 $996.18 $2.2M
Lilly Endowment Inc 10% owner May 6, 2026 Sell 13,620 $995.23 $13.6M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 2,737 $1116.69 $3.1M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 2,210 $1115.76 $2.5M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 4,342 $1114.37 $4.8M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 9,053 $1113.77 $10.1M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 4,652 $1112.43 $5.2M
Lilly Endowment Inc 10% owner January 7, 2026 Sell 2,085 $1111.21 $2.3M

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 153 trades and filings

In the last 12 months, 7 members of Congress disclosed 7 purchases and 10 sales of Lilly (Eli) shares.

  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Michael A. Rulli(R-OH 6):Sale (full), $1,001 - $15,000, traded July 1, 2026, filed August 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $50,001 - $100,000, traded June 10, 2026, filed July 2, 2026

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

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 5, 2026
  • April 30, 2026
  • February 4, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Lilly (Eli) 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.

Lilly (Eli) in brief

What does Lilly (Eli) do?
Lilly (Eli) is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Lilly (Eli)'s stock ticker?
Lilly (Eli) trades under the ticker LLY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lilly (Eli)'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lilly (Eli) reported revenue of $86.5B, 45.5% higher than a year earlier, according to its SEC filings.
What is Lilly (Eli)'s free cash flow?
Lilly (Eli)'s free-cash-flow margin is 22.7% of revenue over the trailing twelve months, ranking 15 of the 74 pharmaceuticals companies we cover.
What is Lilly (Eli)'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lilly (Eli)'s free cash flow after stock-based pay gives ~$410 per share in the base case, and ~$300–$560 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lilly (Eli)'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Lilly Endowment Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lilly (Eli) buying back stock, and does it pay a dividend?
Lilly (Eli) spent $5.8B on share repurchases over the trailing twelve months, and its diluted share count fell 0.6% over the year.
What is Lilly (Eli)'s market cap?
On November 2, 2026, Lilly (Eli)'s market capitalisation was about $1.3T, with a price-to-earnings ratio of 45.8 and net debt of $44.6B. Market figures come from third-party market data and may be delayed.
Does Lilly (Eli) pay a dividend?
Yes: Lilly (Eli) paid $6B in dividends over the trailing twelve months, a dividend yield of 0.47% and a payout ratio of 21.7%.
How much debt does Lilly (Eli) have?
Lilly (Eli)'s debt-to-equity ratio is 122.9%, from its latest balance sheet (162.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Lilly (Eli)'s competitors?
In our Pharmaceuticals peer group, the companies closest to Lilly (Eli) are Johnson & Johnson, Merck & Co., Pfizer, Astrazeneca PLC and Bristol Myers Squibb. The side-by-side comparison below sets their revenue, margins and growth against Lilly (Eli)'s.
Are insiders buying or selling Lilly (Eli) stock?
Over the last 12 months, Lilly (Eli)'s directors and officers reported 0 open-market purchases and 240 sales on Form 4. The insider trading page charts every trade.
When is Lilly (Eli)'s next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lilly (Eli) announces its own schedule.