Price to Earnings (P/E)
since 2005
Calculation
Eli Lilly & Co., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2026 | 47.45 | = | 1,038.27 | ÷ | 21.88 | 21.88 | = | 20,640 | ÷ | 943,357,420 | |
| Feb 19, 2025 | 77.63 | = | 867.05 | ÷ | 11.17 | 11.17 | = | 10,590 | ÷ | 948,169,999 | |
| Feb 21, 2024 | 135.24 | = | 745.91 | ÷ | 5.52 | 5.52 | = | 5,240 | ÷ | 950,164,452 | |
| Feb 22, 2023 | 50.08 | = | 329.07 | ÷ | 6.57 | 6.57 | = | 6,245 | ÷ | 950,296,118 | |
| Feb 23, 2022 | 40.66 | = | 238.31 | ÷ | 5.86 | 5.86 | = | 5,582 | ÷ | 952,347,126 | |
| Feb 17, 2021 | 31.95 | = | 206.46 | ÷ | 6.46 | 6.46 | = | 6,194 | ÷ | 958,425,693 | |
| Feb 19, 2020 | 16.19 | = | 140.83 | ÷ | 8.70 | 8.70 | = | 8,318 | ÷ | 956,382,203 | |
| Feb 19, 2019 | 39.13 | = | 122.13 | ÷ | 3.12 | 3.12 | = | 3,232 | ÷ | 1,035,418,562 | |
| Feb 20, 2018 | — | = | 77.55 | ÷ | -0.19 | -0.19 | = | -204 | ÷ | 1,095,597,580 | |
| Feb 21, 2017 | 32.39 | = | 80.36 | ÷ | 2.48 | 2.48 | = | 2,738 | ÷ | 1,103,352,450 | |
| Feb 19, 2016 | 33.35 | = | 72.61 | ÷ | 2.18 | 2.18 | = | 2,408 | ÷ | 1,106,093,485 | |
| Feb 19, 2015 | 33.06 | = | 71.12 | ÷ | 2.15 | 2.15 | = | 2,391 | ÷ | 1,111,103,942 | |
| Feb 19, 2014 | 13.88 | = | 58.09 | ÷ | 4.18 | 4.18 | = | 4,685 | ÷ | 1,119,713,084 | |
| Feb 21, 2013 | 14.99 | = | 54.02 | ÷ | 3.60 | 3.60 | = | 4,089 | ÷ | 1,134,411,762 | |
| Feb 24, 2012 | 10.42 | = | 39.05 | ÷ | 3.75 | 3.75 | = | 4,348 | ÷ | 1,160,406,840 | |
| Feb 22, 2011 | 7.86 | = | 34.43 | ÷ | 4.38 | 4.38 | = | 5,070 | ÷ | 1,157,664,779 | |
| Feb 22, 2010 | 9.18 | = | 34.47 | ÷ | 3.75 | 3.75 | = | 4,329 | ÷ | 1,153,145,432 | |
| Feb 27, 2009 | — | = | 29.38 | ÷ | -1.80 | -1.80 | = | -2,072 | ÷ | 1,149,015,882 | |
| Feb 29, 2008 | 19.26 | = | 50.02 | ÷ | 2.60 | 2.60 | = | 2,953 | ÷ | 1,136,985,018 | |
| Feb 28, 2007 | 22.40 | = | 52.59 | ÷ | 2.35 | 2.35 | = | 2,663 | ÷ | 1,134,034,234 | |
| Mar 1, 2006 | 31.90 | = | 55.89 | ÷ | 1.75 | 1.75 | = | 1,980 | ÷ | 1,129,982,580 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.
The price-to-earnings (P/E) ratio, calculated from share price and earnings per share, exhibits considerable fluctuation over the observed period. Initial values indicate a relatively high valuation, followed by a period of decline and subsequent volatility before a significant increase in recent years.
- Early Period (2006-2009)
- From 2006 to 2008, the P/E ratio decreased from 31.90 to 19.26, suggesting a declining premium investors were willing to pay for each dollar of earnings. A value for 2009 is absent, likely due to negative earnings per share during that year. The absence of a P/E ratio when earnings are negative is standard practice.
- Recovery and Moderate Valuation (2010-2013)
- The P/E ratio recovered to 9.18 in 2010, reflecting improved earnings. It then experienced moderate fluctuations, ranging from 7.86 to 14.99 between 2011 and 2013. This period suggests a stabilization in valuation as earnings recovered.
- Volatility and Increasing Valuation (2014-2017)
- A substantial increase to 33.06 occurred in 2014, followed by a similar value in 2015. A value for 2016 is absent, likely due to negative earnings per share during that year. The P/E ratio then decreased in 2017, but remained elevated compared to the earlier period. This indicates increased investor optimism or potentially speculative behavior.
- Recent Surge (2018-2025)
- From 2018 through 2025, the P/E ratio demonstrates a significant upward trend, culminating in a value of 47.45. The ratio peaked at 135.24 in 2023, representing a substantial increase in investor valuation. This surge correlates with a substantial increase in both share price and earnings per share, particularly in 2023 and 2024. The recent decline from the 2023 peak suggests a potential correction or a shift in investor sentiment.
Overall, the P/E ratio has experienced a dramatic increase in recent years, indicating a substantial shift in market perception of the company’s future earnings potential. The earlier period showed a more moderate and fluctuating valuation, while the latter period is characterized by a pronounced upward trajectory and recent stabilization.
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Comparison to Competitors
Eli Lilly & Co., P/E, 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 12, 2026 | 47.45 | 94.06 | 25.81 | 17.30 | 40.93 | 21.54 | 21.66 | 16.79 | 19.83 | 18.19 | 28.82 | 31.58 |
| Feb 19, 2025 | 77.63 | 79.59 | 38.24 | — | 38.12 | 296.57 | 26.92 | 13.49 | 18.42 | 17.76 | 32.03 | — |
| Feb 21, 2024 | 135.24 | 63.84 | 23.14 | 12.27 | 39.09 | 16.17 | 10.73 | 893.99 | 73.42 | 25.99 | 35.65 | 30.42 |
| Feb 22, 2023 | 50.08 | 22.62 | 19.56 | 23.97 | 25.65 | 22.68 | 22.97 | 19.21 | 7.58 | 19.68 | 30.55 | 23.02 |
| Feb 23, 2022 | 40.66 | 22.07 | 21.05 | 20.92 | 29.94 | 12.36 | 20.93 | 14.78 | 11.76 | 8.37 | 27.35 | 26.55 |
| Feb 17, 2021 | 31.95 | 40.17 | 18.82 | — | 44.49 | 641.48 | 28.92 | 26.72 | 19.62 | 15.09 | 27.89 | 20.18 |
| Feb 19, 2020 | 16.19 | 17.82 | 17.07 | 41.99 | 38.34 | 16.45 | 25.99 | 20.60 | 11.63 | 19.86 | 33.36 | 52.90 |
| Feb 19, 2019 | 39.13 | 20.60 | 14.01 | 16.81 | 29.77 | 15.26 | 23.74 | 33.46 | 21.58 | 18.17 | 35.19 | 22.59 |
| Feb 20, 2018 | — | 35.47 | 64.06 | 103.55 | 27.25 | 22.75 | 268.10 | 61.63 | 9.99 | 28.99 | 37.66 | 155.08 |
| Feb 21, 2017 | 32.39 | 16.54 | 16.03 | 20.56 | 23.02 | 6.83 | 20.08 | 46.14 | 28.10 | 42.64 | 30.45 | — |
| Feb 19, 2016 | 33.35 | 17.01 | 15.95 | 64.22 | 17.85 | 6.75 | 18.80 | 31.64 | 26.37 | 60.50 | 26.19 | — |
| Feb 19, 2015 | 33.06 | 55.08 | 22.96 | 49.80 | 23.69 | 12.85 | 17.15 | 13.94 | 23.03 | 118.44 | 27.26 | — |
| Feb 19, 2014 | 13.88 | 19.64 | 18.69 | 35.01 | 19.74 | 42.00 | 18.72 | 37.83 | 9.32 | 77.00 | 38.43 | — |
| Feb 21, 2013 | 14.99 | 11.51 | 15.68 | 30.56 | 17.73 | 25.20 | 19.64 | 20.94 | 13.51 | 21.42 | 22.54 | — |
| Feb 24, 2012 | 10.42 | — | 14.61 | 15.07 | 16.92 | 12.20 | 18.48 | 18.63 | 15.99 | — | 15.58 | 267.42 |
| Feb 22, 2011 | 7.86 | — | 10.53 | 13.99 | 18.29 | 10.68 | 12.23 | 116.63 | 18.63 | — | 20.87 | — |
| Feb 22, 2010 | 9.18 | — | 12.10 | 4.03 | 20.93 | 16.29 | 14.22 | 9.00 | 16.41 | — | 23.49 | — |
| Feb 27, 2009 | — | — | 12.06 | 7.68 | 12.56 | 20.29 | 11.67 | 6.53 | 10.25 | — | 15.25 | — |
| Feb 29, 2008 | 19.26 | — | 15.64 | 20.60 | 17.35 | 25.19 | 17.07 | 29.88 | 18.51 | — | 30.76 | — |
| Feb 28, 2007 | 22.40 | — | 25.43 | 34.64 | 19.65 | — | 17.02 | 21.57 | 9.18 | — | 113.28 | — |
| Mar 1, 2006 | 31.90 | — | 23.70 | 14.96 | 21.38 | 34.15 | 16.95 | 16.62 | 23.92 | — | 25.36 | — |
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., P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Eli Lilly & Co. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 12, 2026 | 47.45 | 28.98 |
| Feb 19, 2025 | 77.63 | 45.15 |
| Feb 21, 2024 | 135.24 | 32.80 |
| Feb 22, 2023 | 50.08 | 20.23 |
| Feb 23, 2022 | 40.66 | 19.27 |
| Feb 17, 2021 | 31.95 | 34.89 |
| Feb 19, 2020 | 16.19 | 21.03 |
| Feb 19, 2019 | 39.13 | 22.89 |
| Feb 20, 2018 | — | 35.21 |
| Feb 21, 2017 | 32.39 | 20.62 |
| Feb 19, 2016 | 33.35 | 19.37 |
| Feb 19, 2015 | 33.06 | 21.40 |
| Feb 19, 2014 | 13.88 | 19.54 |
| Feb 21, 2013 | 14.99 | 17.56 |
| Feb 24, 2012 | 10.42 | 16.42 |
| Feb 22, 2011 | 7.86 | 16.11 |
| Feb 22, 2010 | 9.18 | 11.66 |
| Feb 27, 2009 | — | 12.21 |
| Feb 29, 2008 | 19.26 | 20.04 |
| Feb 28, 2007 | 22.40 | 17.46 |
| Mar 1, 2006 | 31.90 | 20.94 |
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., P/E, long-term trends, comparison to industry (health care)
| Eli Lilly & Co. | Health Care | |
|---|---|---|
| Feb 12, 2026 | 47.45 | 28.31 |
| Feb 19, 2025 | 77.63 | 38.03 |
| Feb 21, 2024 | 135.24 | 30.62 |
| Feb 22, 2023 | 50.08 | 351,256.81 |
| Feb 23, 2022 | 40.66 | 21.55 |
| Feb 17, 2021 | 31.95 | 32.22 |
| Feb 19, 2020 | 16.19 | 22.09 |
| Feb 19, 2019 | 39.13 | 24.32 |
| Feb 20, 2018 | — | 33.04 |
| Feb 21, 2017 | 32.39 | 21.90 |
| Feb 19, 2016 | 33.35 | 19.53 |
| Feb 19, 2015 | 33.06 | 21.38 |
| Feb 19, 2014 | 13.88 | 18.67 |
| Feb 21, 2013 | 14.99 | 15.77 |
| Feb 24, 2012 | 10.42 | 15.79 |
| Feb 22, 2011 | 7.86 | 15.12 |
| Feb 22, 2010 | 9.18 | 11.71 |
| Feb 27, 2009 | — | 13.07 |
| Feb 29, 2008 | 19.26 | 19.29 |
| Feb 28, 2007 | 22.40 | 18.61 |
| Mar 1, 2006 | 31.90 | 21.71 |
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).