Analysis of Investments
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Total Asset Turnover since 2005
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Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Eli Lilly & Co., adjustment to net income
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Reported Net Income
- The reported net income demonstrates a fluctuating trend over the observed period. Starting at 6,193,700 US$ thousands in 2020, there was a decline in 2021 to 5,581,700 US$ thousands. The net income recovered modestly in 2022 to 6,244,800 US$ thousands but fell again in 2023 to 5,240,400 US$ thousands. A significant increase occurred in 2024, with reported net income rising sharply to 10,590,000 US$ thousands, nearly doubling the preceding year.
- Adjusted Net Income
- The adjusted net income closely mirrors the trend of reported net income with minor variances in values. It started at 6,203,600 US$ thousands in 2020, decreased to 5,570,600 US$ thousands in 2021, and increased slightly to 6,204,000 US$ thousands in 2022. Similar to the reported figures, adjusted net income declined to 5,251,300 US$ thousands in 2023. In 2024, it exhibited a substantial increase to 10,584,500 US$ thousands, reflecting a notable improvement in profitability.
- Overall Observations
- Both reported and adjusted net income show correlated patterns with small differences, indicating consistent adjustments between the two measures. The general trend over the five-year span is characterized by volatility, with net income decreasing in the early years, stabilizing in the middle years, followed by a sharp upward spike in the latest year. The significant growth in 2024 suggests either improved operational performance, one-time gains, or changes in accounting adjustments that favorably impacted net income.
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Eli Lilly & Co., adjusted profitability ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the financial margins and returns over the five-year period reveals notable fluctuations with both reported and adjusted figures closely aligned, indicating consistent adjustments and minimal divergence between reported and adjusted data.
- Net Profit Margin
- The reported net profit margin experienced a decline from 25.24% in 2020 to 15.36% in 2023, followed by a significant recovery to 23.51% in 2024. The adjusted net profit margin followed a similar trend, decreasing from 25.28% in 2020 to 15.39% in 2023, and then rebounding to 23.50% in 2024. This pattern suggests a pressure on profitability through 2021 to 2023, with a strong improvement in the most recent year.
- Return on Equity (ROE)
- The reported ROE shows a sharp decline from an exceptionally high 109.79% in 2020 down to 48.65% in 2023, then recovering to 74.62% in 2024. The adjusted ROE mirrors this pattern closely, decreasing from 109.96% in 2020 to 48.75% in 2023 and rising to 74.58% in 2024. Although still robust in 2024, the ROE values remain below the peak observed in 2020, reflecting a more moderate return to equity than previously.
- Return on Assets (ROA)
- The reported ROA also declines over the period from 13.28% in 2020 to a low of 8.19% in 2023 before recovering to 13.45% in 2024. The adjusted ROA exhibits a virtually identical trend, with values of 13.3% in 2020, 8.20% in 2023, and 13.45% in 2024. The drop followed by recovery signals fluctuations in the efficiency of asset utilization to generate profits, with 2024 marking a return to the performance level seen in 2020.
Overall, the data reflects a period of declining profitability and efficiency from 2020 through 2023 across all key metrics, followed by a strong recovery in 2024. The margin and returns, while improved in 2024, have not fully returned to the extraordinarily high ROE levels of 2020 but show a renewed upward trajectory. The close alignment between reported and adjusted figures throughout the period indicates reliability and consistency in the reported data adjustments.
Eli Lilly & Co., Profitability Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × ÷ =
- Net Income Trends
- The reported net income exhibited a fluctuating pattern over the five-year period. Beginning at approximately 6.19 billion USD in 2020, it declined to around 5.58 billion USD in 2021. It then rebounded slightly to 6.24 billion USD in 2022, followed by a decrease to approximately 5.24 billion USD in 2023. A significant increase was observed in 2024, with reported net income reaching approximately 10.59 billion USD, nearly doubling the prior year's figure.
- Adjusted Net Income Trends
- Adjusted net income closely mirrored the reported net income trajectory, beginning at about 6.20 billion USD in 2020, decreasing to 5.57 billion USD in 2021, and slightly rebounding to 6.20 billion USD in 2022. It also declined in 2023 to approximately 5.25 billion USD before experiencing a substantial rise to approximately 10.58 billion USD in 2024. The minimal differences between reported and adjusted figures suggest consistency in adjustments applied.
- Net Profit Margin Analysis
- The reported net profit margin showed a notable decrease from 25.24% in 2020 to 19.71% in 2021. It slightly improved to 21.88% in 2022 but dropped significantly to 15.36% in 2023. In 2024, there was a marked recovery to 23.51%. The adjusted net profit margin exhibited a nearly identical pattern, starting at 25.28% in 2020, declining to 19.67% in 2021, increasing slightly to 21.74% in 2022, decreasing to 15.39% in 2023, and then recovering to 23.5% in 2024.
- Overall Observations
- The data indicates volatility in both net income and profit margins over the analyzed period, with a general downward trend from 2020 through 2023, followed by robust improvement in 2024. The close alignment between reported and adjusted figures throughout the period suggests that adjustments had minimal impact on the overall financial performance measures. The substantial increase in 2024’s net income and margins indicates a potential positive shift in operational or market conditions.
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROE = 100 × Net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × ÷ =
- Net Income Trends
- The reported net income exhibited a decline from 6,193,700 thousand USD in 2020 to 5,241,400 thousand USD in 2023, indicating a downward trend over this four-year period. However, a significant rebound occurred in 2024, with reported net income nearly doubling to 10,590,000 thousand USD. The adjusted net income follows a very similar pattern, decreasing from 6,203,600 thousand USD in 2020 to 5,251,300 thousand USD in 2023, then sharply increasing to 10,584,500 thousand USD in 2024. This consistency between the reported and adjusted figures suggests that the adjustments have minimal impact on income trends.
- Return on Equity (ROE) Analysis
- The reported ROE demonstrates a decreasing trajectory from 109.79% in 2020 down to 48.65% in 2023. Despite this decline, there is a marked increase in 2024, with ROE rising to 74.62%. Adjusted ROE values mirror this pattern closely, moving from 109.96% in 2020 to 48.75% in 2023, and then increasing to 74.58% in 2024. The high ROE percentages in 2020 suggest a period of exceptionally strong profitability relative to shareholder equity, which diminished over the subsequent years before partially recovering in the latest period.
- Comparison of Reported Versus Adjusted Data
- The reported and adjusted figures for both net income and ROE are nearly identical throughout the observed period. This close alignment implies that the adjustments made have minimal influence on the company's financial performance metrics, indicating consistency and reliability in the reported financial data.
- Overall Insights
- The data depicts a period of contraction in both net income and ROE from 2020 through 2023, signaling potential challenges or changing operational conditions during these years. The substantial recovery in 2024 in both profitability and efficiency metrics indicates a positive turnaround or impactful events enhancing financial performance. The stability between reported and adjusted results reinforces confidence in the underlying performance trends rather than one affected by extraordinary or non-recurring items.
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × ÷ =
- Net Income Trends
- The reported net income demonstrated a fluctuating pattern over the five-year period. It declined from approximately 6.19 billion USD in 2020 to 5.58 billion USD in 2021, followed by a modest increase to 6.24 billion USD in 2022. However, there was a notable decrease to 5.24 billion USD in 2023 before a substantial recovery to 10.59 billion USD in 2024. The adjusted net income closely mirrored this trend, showing near-identical values and movements, which suggests consistency between reported and adjusted results.
- Return on Assets (ROA) Trends
- Both reported and adjusted ROA exhibited similar patterns throughout the period. Initially, ROA decreased from 13.28% in 2020 to 11.44% in 2021, followed by a partial rebound to around 12.6% in 2022. In 2023, ROA sharply dropped to approximately 8.2%, indicating a diminished efficiency in asset utilization during that year. The ROA then significantly improved in 2024, reaching 13.45%, exceeding the levels observed at the start of the period. The consistency between reported and adjusted ROA values highlights alignment in operational performance assessments.
- Insights and Observations
- The data reveals a general volatility in both profitability and asset returns over the analyzed timeframe, with a pronounced dip in 2023 followed by a strong rebound in 2024. The substantial increase in net income and ROA in the final year suggests either significant operational improvements, favorable market conditions, or possibly one-time events enhancing financial performance. The close alignment between reported and adjusted metrics indicates that adjustments had minimal impact on the overall financial portrayal, emphasizing the reliability of the reported figures.