Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Eli Lilly & Co., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Total Eli Lilly and Company shareholders’ equity1
Dec 31, 2025 = ÷
Dec 31, 2024 = ÷
Dec 31, 2023 = ÷
Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
Dec 31, 2019 = ÷
Dec 31, 2018 = ÷
Dec 31, 2017 = ÷
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Dec 31, 2015 = ÷
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Dec 31, 2005 = ÷

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt-to-equity ratio for the period between 2005 and 2025 exhibits considerable fluctuation. Initially, the ratio demonstrated a decreasing trend, followed by periods of increase and substantial volatility, particularly in the later years of the observed timeframe.

Initial Decreasing Trend (2005-2006)
From 2005 to 2006, the debt-to-equity ratio decreased from 0.60 to 0.34. This indicates a reduction in the company’s reliance on debt financing relative to equity during this period. The decrease suggests improved financial leverage or a strengthening of the equity base.
Volatility and Increase (2006-2008)
Following the initial decrease, the ratio experienced some volatility, increasing to 0.37 in 2007 before rising sharply to 1.55 in 2008. This substantial increase in 2008 suggests a significant increase in debt levels, potentially due to financing activities or acquisitions, or a decrease in shareholder equity.
Moderation and Fluctuations (2009-2014)
The ratio moderated somewhat between 2009 and 2014, fluctuating between 0.52 and 0.74. While there were variations, the ratio remained generally within a more contained range compared to the spike observed in 2008. This period suggests a more balanced approach to debt and equity financing.
Increasing Leverage (2015-2019)
From 2015, the debt-to-equity ratio began a more pronounced upward trend, reaching 5.88 in 2019. This represents a substantial increase in financial leverage, indicating a greater reliance on debt to finance operations and growth. The significant jump in 2019 is particularly noteworthy.
Recent Trends (2020-2025)
After the peak in 2019, the ratio decreased to 2.94 in 2020 and continued to decline to 1.60 in 2025, although it remained elevated compared to the earlier years of the period. This suggests a recent effort to reduce debt or increase equity, potentially through profitability or capital raising activities. However, the ratio remains considerably higher than levels seen before 2015.

Overall, the debt-to-equity ratio demonstrates a shift from a relatively conservative financial structure in the earlier part of the period to a more leveraged position, particularly between 2015 and 2019, followed by a partial reduction in leverage in the most recent years observed.

Comparison to Competitors

Eli Lilly & Co., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Eli Lilly & Co. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
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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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Eli Lilly & Co., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Eli Lilly & Co. Pharmaceuticals, Biotechnology & Life Sciences
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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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Eli Lilly & Co., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Eli Lilly & Co. Health Care
Dec 31, 2025
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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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).