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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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 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, net of allowances 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 2.13 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 12.22 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 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 0.13 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 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 2.49 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 5.24 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 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 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 of accumulated depreciation 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 6.22 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 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%

Based on: 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).

The composition of assets for the analyzed entity exhibits several notable trends over the period from March 31, 2021, to December 31, 2025. Current assets initially represent a significant portion of the total, fluctuating around 36-40% before increasing substantially in late 2024 and early 2025. Conversely, noncurrent assets, which initially comprise the majority of the asset base, demonstrate a gradual decline, particularly pronounced in the latter half of the observed period.

Liquidity and Current Assets
Current assets, as a percentage of total assets, generally increased from 35.45% in March 2021 to a peak of 54.01% in September 2025. This increase is primarily driven by significant growth in inventories and prepaid expenses in late 2024 and early 2025. Accounts receivable also shows a consistent increase, rising from 11.94% to 15.79% over the period. Cash and cash equivalents, however, demonstrate more volatility, decreasing from 6.41% to 3.46% before rising again to 8.52% in September 2025. The substantial rise in prepaid expenses, beginning in March 2024, warrants further investigation.
Long-Term Investments and Intangibles
Investments show a steady decline as a percentage of total assets, decreasing from 6.90% in March 2021 to 2.44% in September 2025. Goodwill also exhibits a downward trend, falling from 8.28% to 5.13% over the same period. Other intangibles, net, demonstrate a more substantial decrease, declining from 17.27% to 5.80%. These declines suggest a potential shift in asset allocation away from these categories.
Fixed Assets and Deferred Tax Assets
Property and equipment, net of accumulated depreciation, remains a relatively stable component of total assets, fluctuating between approximately 18% and 22%. Deferred tax assets show an increasing trend, rising from 5.66% in March 2021 to 8.85% in September 2025, indicating a potential increase in future tax benefits. The increase in property and equipment suggests continued investment in operational capacity.
Overall Asset Composition
The shift in asset composition towards current assets, particularly inventories and prepaid expenses, coupled with the decline in long-term investments and intangibles, suggests a potential change in the entity’s strategic focus. The increase in current assets could indicate preparation for increased sales or a shift towards a more short-term oriented business model. The decrease in intangible assets may reflect amortization or impairment charges. The significant increase in prepaid expenses in the latter part of the period requires further scrutiny to determine its underlying cause and potential impact on future financial performance.

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