Common-Size Balance Sheet: Assets
Quarterly Data
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Eli Lilly & Co., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
A significant structural shift in the asset composition is observed between March 2021 and March 2026, characterized by a transition from a predominantly noncurrent asset base toward increased liquidity and current asset concentration. Current assets as a percentage of total assets rose from 35.45% in March 2021 to a peak of 54.01% in September 2025, before settling at 47.04% by March 2026. Conversely, noncurrent assets declined from 64.55% to 52.96% over the same period.
- Current Asset Composition and Working Capital
- Accounts receivable demonstrated a steady upward trajectory, increasing from 11.94% to 15.81%, suggesting a growth in credit sales or changes in collection cycles. Inventories followed a similar growth pattern, rising from 7.82% to 12.46%, which may indicate scaling production to meet higher demand. A notable volatility is observed in prepaid expenses, which appeared in the records in December 2023 at 8.66%, surged to 17.86% by September 2025, and subsequently declined to 11.69% by March 2026. Cash and cash equivalents remained relatively stable but showed a general downward trend from the 6-8% range in 2021 to approximately 3-4% in the later periods, despite a temporary spike to 8.52% in September 2025.
- Intangible Assets and Goodwill
- A pronounced reduction in the proportion of intangible assets is evident. Other intangibles, net, declined sharply from 17.27% in March 2021 to 6.33% in March 2026. Goodwill also saw a gradual decrease from 8.28% to 5.26%. This combined reduction suggests significant amortization of intangible assets or a relative dilution as other asset categories grew faster than these non-physical assets.
- Fixed Assets and Long-term Investments
- Investment in physical infrastructure is reflected in the gradual increase of property and equipment, net, which rose from 18.43% to 22.77% of total assets, indicating a sustained expansion of productive capacity. In contrast, the proportion of long-term investments declined consistently from 6.90% in March 2021 to 2.67% in March 2026, signaling a reallocation of capital away from financial investments toward operational assets.
- Deferred Tax and Other Noncurrent Assets
- Deferred tax assets showed a general increase, rising from 5.66% in March 2021 to 9.74% in March 2026. Other noncurrent assets remained relatively stable, though they trended slightly lower from 8.02% to 6.20% over the analyzed timeframe.
Overall, the analysis reveals a company that is becoming more asset-light in terms of intangibles and financial investments, while simultaneously increasing its investment in physical plant and equipment and expanding its working capital base through higher inventory and receivable levels.