Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Common-Size Balance Sheet: Assets 
Quarterly Data

Eli Lilly & Co., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 4.53 6.46 8.52 3.35 3.46 4.15 4.46 4.49 3.85 4.40 4.11 4.92 6.67 4.18 5.51 5.57 5.24 7.82 7.86 6.74 6.41
Accounts receivable 15.81 15.79 14.01 14.04 13.47 13.98 13.62 15.34 12.33 14.20 14.10 13.71 14.16 13.93 14.15 13.52 13.48 13.67 12.27 12.19 11.94
Other receivables 2.36 2.13 2.91 3.01 2.20 2.88 2.32 2.85 3.33 3.51 3.79 3.02 2.81 3.36 3.39 2.78 3.16 2.98 2.30 2.25 2.28
Inventories 12.46 12.22 10.60 10.91 10.42 9.64 9.87 9.02 9.54 9.02 8.46 8.75 8.55 8.71 8.07 8.29 8.30 7.96 8.11 8.00 7.82
Prepaid expenses 11.69 12.73 17.62 17.86 16.39 10.60 10.91 9.93 9.93 8.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 0.18 0.13 0.34 0.24 0.22 0.34 0.38 0.39 0.41 0.40 9.26 8.51 6.96 6.26 6.04 6.21 5.98 5.37 6.41 7.00 7.01
Current assets 47.04% 49.46% 54.01% 49.40% 46.16% 41.59% 41.55% 42.02% 39.39% 40.19% 39.73% 38.92% 39.15% 36.44% 37.17% 36.37% 36.16% 37.81% 36.96% 36.18% 35.45%
Investments 2.67 2.49 2.44 3.18 3.61 4.09 4.23 4.00 4.83 4.77 4.65 5.01 5.17 5.86 5.42 5.50 5.81 6.58 6.95 7.27 6.90
Goodwill 5.26 5.24 5.13 5.72 6.46 7.33 7.63 8.03 7.72 7.72 7.05 7.44 7.66 8.23 8.20 8.27 8.30 7.97 8.06 8.12 8.28
Other intangibles, net 6.33 5.80 5.61 5.85 6.73 7.83 8.65 9.23 10.58 10.79 11.71 12.59 13.33 14.56 15.01 15.93 15.95 15.76 16.37 16.70 17.27
Deferred tax assets 9.74 8.85 7.80 9.34 9.59 10.16 9.78 9.26 8.81 8.56 7.90 6.94 6.41 5.64 5.02 5.04 5.25 5.10 5.45 5.59 5.66
Property and equipment, net 22.77 21.94 19.42 20.34 20.67 21.73 21.39 20.63 21.31 20.18 20.48 20.57 19.84 20.50 19.62 19.40 19.40 18.41 18.51 18.52 18.43
Other noncurrent assets 6.20 6.22 5.60 6.17 6.80 7.27 6.77 6.82 7.36 7.80 8.48 8.52 8.44 8.76 9.56 9.50 9.13 8.37 7.70 7.61 8.02
Noncurrent assets 52.96% 50.54% 45.99% 50.60% 53.84% 58.41% 58.45% 57.98% 60.61% 59.81% 60.27% 61.08% 60.85% 63.56% 62.83% 63.63% 63.84% 62.19% 63.04% 63.82% 64.55%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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