Lilly (Eli) key statistics and ratios

In fiscal 2025, Lilly (Eli) had return on equity of 101.2%, a net margin of 31.7%, debt equal to 160.2% of equity and a current ratio of 1.58. 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.

Lilly (Eli): financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	45.4%	46.2%	33.5%	28.9%	28.9%	14.5%	16.1%	19.2%	−1.6%	30.2%	133.8%	150.2%	76.4%	63.6%	48.9%	84.6%	101.2%	82.6%
Return on assets	15.8%	17.3%	13.4%	12.0%	13.5%	6.7%	6.7%	7.4%	−0.5%	7.3%	20.0%	14.4%	11.7%	12.7%	9.2%	14.8%	21.6%	21.2%
Asset turnover	0.80	0.79	0.75	0.66	0.66	0.55	0.56	0.57	0.48	0.48	0.54	0.57	0.59	0.58	0.60	0.63	0.68	0.66
Current ratio	1.90	2.14	1.60	1.55	1.47	1.22	1.53	1.37	1.32	1.73	1.16	1.40	1.23	1.05	0.94	1.15	1.58	1.39
Debt to equity	70.2%	55.9%	62.8%	37.5%	35.3%	52.2%	54.8%	73.6%	117.7%	104.8%	587.6%	294.2%	188.0%	153.2%	234.8%	236.9%	160.2%	122.9%
Effective tax rate	19.2%	21.5%	16.3%	26.9%	20.5%	20.3%	13.7%	18.9%	—	14.4%	11.9%	14.3%	9.3%	8.3%	20.0%	16.5%	19.8%	20.7%
R&D as % of revenue	19.8%	21.2%	20.7%	23.4%	23.9%	24.1%	24.0%	25.0%	25.5%	23.5%	25.1%	24.4%	24.5%	25.2%	27.3%	24.4%	20.5%	17.8%
SG&A as % of revenue	31.6%	30.6%	32.4%	33.2%	30.8%	33.8%	32.7%	30.8%	30.0%	27.8%	27.8%	24.9%	22.7%	22.6%	21.7%	19.1%	17.0%	14.6%
Capital spending as % of revenue	3.5%	3.0%	2.8%	4.0%	4.4%	5.9%	5.3%	4.9%	5.4%	5.6%	4.6%	5.7%	4.6%	6.5%	10.1%	11.2%	12.0%	12.7%
Free cash flow ÷ net income	82.5%	121.6%	150.9%	107.6%	100.8%	137.9%	78.8%	139.3%	—	133.5%	45.7%	82.5%	108.5%	91.8%	15.1%	35.5%	43.5%	71.3%
Dividends ÷ net income	49.7%	42.7%	50.1%	53.5%	45.3%	87.9%	88.3%	78.8%	—	71.5%	29.0%	43.4%	55.3%	56.6%	77.7%	44.2%	26.1%	21.7%
Dividends and buybacks ÷ free cash flow	60.3%	35.1%	33.2%	66.1%	80.9%	88.0%	151.5%	72.3%	54.9%	149.8%	179.1%	62.3%	71.6%	87.9%	608.5%	191.0%	105.8%	60.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Lilly (Eli): financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	82.2%	82.5%	84.3%	82.9%	82.5%	81.9%	85.8%	83.9%
Net margin	32.6%	21.7%	36.4%	31.7%	34.4%	37.4%	30.9%	26.4%
Free-cash-flow margin	7.2%	1.2%	8.9%	38.3%	3.5%	15.2%	33.8%	33.7%
Current ratio	1.15	1.37	1.28	1.55	1.58	1.50	1.35	1.39
Debt to equity	235.7%	244.3%	218.4%	178.6%	160.2%	139.0%	162.1%	122.9%
R&D as % of revenue	22.3%	21.5%	21.4%	19.7%	19.7%	17.7%	16.6%	17.4%
SG&A as % of revenue	17.9%	19.4%	17.7%	15.6%	16.2%	14.8%	14.9%	12.8%

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

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.

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.

Compare with peers

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Figures from Lilly (Eli)'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lilly (Eli).