Common-Size Balance Sheet: Assets
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Eli Lilly & Co. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Eli Lilly & Co., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of assets at the company has undergone notable shifts between 2021 and 2025. A significant trend is the increasing proportion of current assets relative to total assets, while the share of noncurrent assets has decreased. Within current assets, inventories and prepaid expenses have experienced substantial growth, while other current assets have diminished considerably.
- Liquidity & Current Assets
- Current assets as a percentage of total assets increased from 37.81% in 2021 to 49.46% in 2025. This rise is primarily driven by increases in inventories and prepaid expenses. Cash and cash equivalents decreased significantly from 2021 to 2022, then showed modest increases before rising more substantially in 2025. Accounts receivable remained relatively stable as a percentage of total assets for the first three years, then increased notably in 2025. The decline in other current assets is a consistent trend throughout the period.
- Long-Term Investments & Intangibles
- Investments decreased steadily as a percentage of total assets, falling from 6.58% in 2021 to 2.49% in 2025. Goodwill also experienced a consistent, though less dramatic, decline, decreasing from 7.97% to 5.24% over the same period. Other intangibles, net, showed a more pronounced decrease, dropping from 15.76% in 2021 to 5.80% in 2025. This suggests a potential shift away from reliance on intangible assets or a write-down of their value.
- Noncurrent Assets – Property, Equipment & Taxes
- Property and equipment, net, remained relatively stable, fluctuating between 18.41% and 21.94% of total assets. Deferred tax assets increased significantly from 2021 to 2024, peaking at 10.16% before decreasing slightly in 2025. Other noncurrent assets exhibited a gradual decline throughout the period.
The overall trend indicates a move towards a more liquid asset base, with a greater proportion of resources tied up in short-term assets like inventory and receivables. The reduction in intangible assets and investments suggests a potential restructuring of the company’s asset portfolio. The increase in prepaid expenses warrants further investigation to understand the nature of these payments and their impact on future profitability.