Price to Book Value (P/BV)
since 2005
Calculation
Eli Lilly & Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Eli Lilly and Company shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 19, 2025 | 57.93 | = | 867.05 | ÷ | 14.97 | 14.97 | = | 14,192,100 | ÷ | 948,169,999 | |
| Feb 21, 2024 | 65.80 | = | 745.91 | ÷ | 11.34 | 11.34 | = | 10,771,900 | ÷ | 950,164,452 | |
| Feb 22, 2023 | 29.36 | = | 329.07 | ÷ | 11.21 | 11.21 | = | 10,649,800 | ÷ | 950,296,118 | |
| Feb 23, 2022 | 25.28 | = | 238.31 | ÷ | 9.43 | 9.43 | = | 8,979,200 | ÷ | 952,347,126 | |
| Feb 17, 2021 | 35.07 | = | 206.46 | ÷ | 5.89 | 5.89 | = | 5,641,600 | ÷ | 958,425,693 | |
| Feb 19, 2020 | 51.67 | = | 140.83 | ÷ | 2.73 | 2.73 | = | 2,606,900 | ÷ | 956,382,203 | |
| Feb 19, 2019 | 12.87 | = | 122.13 | ÷ | 9.49 | 9.49 | = | 9,828,700 | ÷ | 1,035,418,562 | |
| Feb 20, 2018 | 7.33 | = | 77.55 | ÷ | 10.58 | 10.58 | = | 11,592,200 | ÷ | 1,095,597,580 | |
| Feb 21, 2017 | 6.33 | = | 80.36 | ÷ | 12.70 | 12.70 | = | 14,007,700 | ÷ | 1,103,352,450 | |
| Feb 19, 2016 | 5.51 | = | 72.61 | ÷ | 13.17 | 13.17 | = | 14,571,300 | ÷ | 1,106,093,485 | |
| Feb 19, 2015 | 5.14 | = | 71.12 | ÷ | 13.84 | 13.84 | = | 15,373,200 | ÷ | 1,111,103,942 | |
| Feb 19, 2014 | 3.69 | = | 58.09 | ÷ | 15.75 | 15.75 | = | 17,631,400 | ÷ | 1,119,713,084 | |
| Feb 21, 2013 | 4.15 | = | 54.02 | ÷ | 13.02 | 13.02 | = | 14,765,200 | ÷ | 1,134,411,762 | |
| Feb 24, 2012 | 3.35 | = | 39.05 | ÷ | 11.67 | 11.67 | = | 13,541,700 | ÷ | 1,160,406,840 | |
| Feb 22, 2011 | 3.21 | = | 34.43 | ÷ | 10.73 | 10.73 | = | 12,420,300 | ÷ | 1,157,664,779 | |
| Feb 22, 2010 | 4.17 | = | 34.47 | ÷ | 8.26 | 8.26 | = | 9,523,700 | ÷ | 1,153,145,432 | |
| Feb 27, 2009 | 5.01 | = | 29.38 | ÷ | 5.86 | 5.86 | = | 6,735,300 | ÷ | 1,149,015,882 | |
| Feb 29, 2008 | 4.16 | = | 50.02 | ÷ | 12.02 | 12.02 | = | 13,664,400 | ÷ | 1,136,985,018 | |
| Feb 28, 2007 | 5.43 | = | 52.59 | ÷ | 9.68 | 9.68 | = | 10,980,700 | ÷ | 1,134,034,234 | |
| Mar 1, 2006 | 5.85 | = | 55.89 | ÷ | 9.55 | 9.55 | = | 10,791,900 | ÷ | 1,129,982,580 |
Based on: 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.
The data reveals several notable trends regarding the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over a span of near two decades.
- Share Price
- The share price experienced fluctuations in the early years, decreasing from $55.89 in 2006 to around $29.38 by 2009. From 2010 onwards, however, the share price showed a consistent upward trajectory, with some pronounced acceleration after 2018. By 2024 and 2025, the share price surged markedly to $745.91 and $867.05 respectively, representing a substantial increase compared to earlier years.
- Book Value Per Share (BVPS)
- BVPS showed moderate growth in the initial period up to 2008, rising from $9.55 to $12.02, but decreased sharply to $5.86 by 2009. Between 2010 and 2019, BVPS fluctuated without a clear upward or downward trend, reaching a low point of $2.73 in 2020. Following this nadir, there was a steady recovery with BVPS increasing to $14.97 by 2025, surpassing earlier levels.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio demonstrated considerable volatility across the years. Initially, it decreased from 5.85 in 2006 to a low near 3.21 by 2011, reflecting a relatively lower market valuation compared to book value. Subsequently, it rose gradually but experienced sharp increases from 2018 onwards, peaking at extremely elevated levels of 65.8 in 2024 and 57.93 in 2025. This sharp rise suggests the market price substantially outpaced the book value during those final years.
Overall, the financial data indicates that the company experienced early volatility in both market valuation and book value metrics. From around 2010, a positive trend in share price emerged, particularly accentuated in the recent years. Despite the earlier low BVPS values, the company's book value showed recovery later, though not as dramatically as the share price. The soaring P/BV ratio in recent years points to growing investor optimism and a heightened market premium relative to the company's book value per share.
Comparison to Competitors
Eli Lilly & Co., P/BV, long-term trends, comparison to competitors
| 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 19, 2025 | 57.93 | 102.40 | 26.61 | 6.98 | 3.00 | 7.36 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 21, 2024 | 65.80 | 29.97 | 24.94 | 3.35 | 3.47 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 22, 2023 | 29.36 | 15.52 | 35.01 | 4.88 | 3.64 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 23, 2022 | 25.28 | 16.53 | 18.51 | 4.07 | 4.16 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 17, 2021 | 35.07 | 14.18 | 14.53 | 3.55 | 3.93 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 19, 2020 | 51.67 | — | 13.84 | 2.80 | 3.72 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 19, 2019 | 12.87 | — | 9.41 | 5.89 | 2.80 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 20, 2018 | 7.33 | 36.95 | 5.02 | 8.88 | 2.58 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 21, 2017 | 6.33 | 21.24 | 4.14 | 5.66 | 2.56 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 19, 2016 | 5.51 | 22.17 | 3.94 | 7.04 | 2.53 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 19, 2015 | 5.14 | 56.09 | 4.59 | 6.72 | 2.63 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 19, 2014 | 3.69 | 18.05 | 4.30 | 5.92 | 2.38 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 21, 2013 | 4.15 | 18.06 | 3.57 | 4.40 | 2.23 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 24, 2012 | 3.35 | — | 2.83 | 3.50 | 2.17 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 22, 2011 | 3.21 | — | 2.04 | 2.76 | 2.39 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Feb 22, 2010 | 4.17 | — | 2.46 | 2.88 | 2.07 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 27, 2009 | 5.01 | — | 2.48 | 3.29 | 1.69 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 29, 2008 | 4.16 | — | 2.77 | 4.22 | 2.62 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 28, 2007 | 5.43 | — | 3.96 | 5.50 | 3.32 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 1, 2006 | 5.85 | — | 4.26 | 4.00 | 3.78 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
Based on: 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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Eli Lilly & Co. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 19, 2025 | 57.93 | 7.03 |
| Feb 21, 2024 | 65.80 | 6.77 |
| Feb 22, 2023 | 29.36 | 5.66 |
| Feb 23, 2022 | 25.28 | 5.72 |
| Feb 17, 2021 | 35.07 | 5.99 |
| Feb 19, 2020 | 51.67 | 5.82 |
| Feb 19, 2019 | 12.87 | 6.02 |
| Feb 20, 2018 | 7.33 | 5.14 |
| Feb 21, 2017 | 6.33 | 4.58 |
| Feb 19, 2016 | 5.51 | 4.15 |
| Feb 19, 2015 | 5.14 | 4.47 |
| Feb 19, 2014 | 3.69 | 3.97 |
| Feb 21, 2013 | 4.15 | 3.21 |
| Feb 24, 2012 | 3.35 | 2.55 |
| Feb 22, 2011 | 3.21 | 2.25 |
| Feb 22, 2010 | 4.17 | 2.37 |
| Feb 27, 2009 | 5.01 | 2.60 |
| Feb 29, 2008 | 4.16 | 3.42 |
| Feb 28, 2007 | 5.43 | 3.82 |
| Mar 1, 2006 | 5.85 | 4.00 |
Based on: 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., P/BV, long-term trends, comparison to industry (health care)
| Eli Lilly & Co. | Health Care | |
|---|---|---|
| Feb 19, 2025 | 57.93 | 5.48 |
| Feb 21, 2024 | 65.80 | 5.44 |
| Feb 22, 2023 | 29.36 | 78,500.89 |
| Feb 23, 2022 | 25.28 | 5.07 |
| Feb 17, 2021 | 35.07 | 4.90 |
| Feb 19, 2020 | 51.67 | 4.71 |
| Feb 19, 2019 | 12.87 | 4.72 |
| Feb 20, 2018 | 7.33 | 4.35 |
| Feb 21, 2017 | 6.33 | 3.91 |
| Feb 19, 2016 | 5.51 | 3.54 |
| Feb 19, 2015 | 5.14 | 4.01 |
| Feb 19, 2014 | 3.69 | 3.40 |
| Feb 21, 2013 | 4.15 | 2.77 |
| Feb 24, 2012 | 3.35 | 2.42 |
| Feb 22, 2011 | 3.21 | 2.15 |
| Feb 22, 2010 | 4.17 | 2.26 |
| Feb 27, 2009 | 5.01 | 2.47 |
| Feb 29, 2008 | 4.16 | 3.28 |
| Feb 28, 2007 | 5.43 | 3.77 |
| Mar 1, 2006 | 5.85 | 3.94 |
Based on: 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).