Return on Equity (ROE)
since 2005
Calculation
Eli Lilly & Co., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Total Eli Lilly and Company shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 77.78% | = | 100 | × | 20,640) | ÷ | 26,535) |
| Dec 31, 2024 | 74.62% | = | 100 | × | 10,590) | ÷ | 14,192) |
| Dec 31, 2023 | 48.65% | = | 100 | × | 5,240) | ÷ | 10,772) |
| Dec 31, 2022 | 58.64% | = | 100 | × | 6,245) | ÷ | 10,650) |
| Dec 31, 2021 | 62.16% | = | 100 | × | 5,582) | ÷ | 8,979) |
| Dec 31, 2020 | 109.79% | = | 100 | × | 6,194) | ÷ | 5,642) |
| Dec 31, 2019 | 319.09% | = | 100 | × | 8,318) | ÷ | 2,607) |
| Dec 31, 2018 | 32.88% | = | 100 | × | 3,232) | ÷ | 9,829) |
| Dec 31, 2017 | -1.76% | = | 100 | × | (204) | ÷ | 11,592) |
| Dec 31, 2016 | 19.54% | = | 100 | × | 2,738) | ÷ | 14,008) |
| Dec 31, 2015 | 16.53% | = | 100 | × | 2,408) | ÷ | 14,571) |
| Dec 31, 2014 | 15.55% | = | 100 | × | 2,391) | ÷ | 15,373) |
| Dec 31, 2013 | 26.57% | = | 100 | × | 4,685) | ÷ | 17,631) |
| Dec 31, 2012 | 27.69% | = | 100 | × | 4,089) | ÷ | 14,765) |
| Dec 31, 2011 | 32.11% | = | 100 | × | 4,348) | ÷ | 13,542) |
| Dec 31, 2010 | 40.82% | = | 100 | × | 5,070) | ÷ | 12,420) |
| Dec 31, 2009 | 45.45% | = | 100 | × | 4,329) | ÷ | 9,524) |
| Dec 31, 2008 | -30.76% | = | 100 | × | (2,072) | ÷ | 6,735) |
| Dec 31, 2007 | 21.61% | = | 100 | × | 2,953) | ÷ | 13,664) |
| Dec 31, 2006 | 24.25% | = | 100 | × | 2,663) | ÷ | 10,981) |
| Dec 31, 2005 | 18.34% | = | 100 | × | 1,980) | ÷ | 10,792) |
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 Return on Equity (ROE) for the period between 2005 and 2025 demonstrates significant fluctuations. Initially, the ROE exhibited a positive trend, peaking in 2009 before experiencing a substantial decline. Subsequent years show a period of recovery followed by another period of volatility, culminating in a marked increase in the most recent years.
- Initial Growth (2005-2009)
- From 2005 to 2009, the ROE generally increased, moving from 18.34% to a high of 45.45%. This period suggests improving profitability relative to shareholder equity. The increase in 2009 was particularly pronounced, indicating a substantial improvement in net income compared to the equity base.
- Significant Decline (2008-2009)
- A notable exception to the upward trend occurred in 2008, where the ROE plummeted to -30.76%. This was directly attributable to a net loss reported for that year, significantly impacting the return generated for shareholders. The subsequent recovery in 2009 highlights the temporary nature of this downturn.
- Moderate Fluctuations (2010-2017)
- Between 2010 and 2017, the ROE experienced moderate fluctuations, ranging from approximately 15.55% to 40.82%. While generally positive, the ROE exhibited a degree of instability, with a negative value recorded in 2017 (-1.76%) due to a net loss. This period suggests a more consistent, but not dramatically improving, performance.
- Dramatic Increase (2018-2025)
- From 2018 onwards, the ROE experienced a dramatic increase. The ROE surged to 319.09% in 2018 and 109.79% in 2019, before moderating to between 48.65% and 77.78% in the years 2020-2025. This substantial improvement is linked to significant increases in net income, particularly in 2018 and 2019, coupled with fluctuations in total shareholder equity. The most recent values indicate a consistently high ROE, suggesting a strong return on shareholder investment.
- Shareholder Equity Trends
- Total shareholder equity generally increased over the period, although it experienced a significant decrease in 2008 and a period of relative stagnation between 2015 and 2017. The substantial increase in shareholder equity in 2024 and 2025 likely contributed to the stabilization of the ROE after the exceptionally high values in 2018 and 2019.
In summary, the ROE demonstrates a complex pattern of growth, decline, and recovery. The recent period is characterized by exceptionally high returns, suggesting a significant improvement in the company’s ability to generate profits from shareholder investments. However, the historical volatility underscores the importance of considering the broader economic and industry context when evaluating the company’s financial performance.
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Comparison to Competitors
Eli Lilly & Co., ROE, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 77.78% | — | 89.06% | 38.19% | 6.88% | 37.48% | 32.87% | 34.70% | 8.99% | 14.41% | 12.55% | 21.18% |
| Dec 31, 2024 | 74.62% | 128.66% | 69.59% | -54.78% | 7.87% | 2.48% | 19.68% | 36.96% | 9.11% | 15.03% | 12.78% | -3.26% |
| Dec 31, 2023 | 48.65% | 46.94% | 107.78% | 27.27% | 8.91% | 24.81% | 51.11% | 0.97% | 2.38% | 15.22% | 12.83% | 20.59% |
| Dec 31, 2022 | 58.64% | 68.60% | 178.97% | 20.37% | 14.39% | 21.62% | 23.36% | 31.57% | 32.79% | 19.14% | 15.80% | 23.88% |
| Dec 31, 2021 | 62.16% | 74.91% | 87.96% | 19.46% | 14.24% | 29.55% | 28.20% | 34.17% | 28.47% | 43.03% | 18.94% | 23.19% |
| Dec 31, 2020 | 109.79% | 35.30% | 77.20% | -23.84% | 9.17% | 0.68% | 23.25% | 27.91% | 15.21% | 31.86% | 18.47% | 31.22% |
| Dec 31, 2019 | 319.09% | — | 81.07% | 6.66% | 9.94% | 23.91% | 25.42% | 37.99% | 25.77% | 19.08% | 12.45% | 19.34% |
| Dec 31, 2018 | 32.88% | — | 67.15% | 35.07% | 9.40% | 25.51% | 25.60% | 23.30% | 17.59% | 27.91% | 10.65% | 47.28% |
| Dec 31, 2017 | -1.76% | 104.16% | 7.84% | 8.58% | 9.45% | 22.64% | 2.16% | 6.97% | 29.47% | 19.51% | 8.76% | 12.99% |
| Dec 31, 2016 | 19.54% | 128.41% | 25.85% | 27.55% | 11.10% | 71.48% | 23.49% | 9.78% | 12.12% | 20.13% | 9.39% | -9.69% |
| Dec 31, 2015 | 16.53% | 130.39% | 24.71% | 10.97% | 14.17% | 97.70% | 21.66% | 9.94% | 10.75% | 17.40% | 9.25% | -59.19% |
| Dec 31, 2014 | 15.55% | 101.84% | 20.01% | 13.49% | 11.11% | 78.45% | 23.40% | 24.50% | 12.81% | 13.69% | 9.22% | -68.70% |
| Dec 31, 2013 | 26.57% | 91.90% | 23.00% | 16.91% | 12.04% | 27.05% | 18.68% | 8.85% | 28.83% | 21.74% | 7.55% | -32.81% |
| Dec 31, 2012 | 27.69% | 156.85% | 22.80% | 14.39% | 12.58% | 27.84% | 16.74% | 11.63% | 17.93% | 60.24% | 7.62% | -10.71% |
| Dec 31, 2011 | 32.11% | — | 19.35% | 23.25% | 12.85% | 41.60% | 16.94% | 11.50% | 12.18% | -45.65% | 8.84% | 3.76% |
| Dec 31, 2010 | 40.82% | — | 19.32% | 19.74% | 13.08% | 49.48% | 23.57% | 1.58% | 9.40% | -19.79% | 6.74% | -149.74% |
| Dec 31, 2009 | 45.45% | — | 20.32% | 71.49% | 9.90% | 41.40% | 24.25% | 21.85% | 9.59% | -17.10% | 5.51% | -58.57% |
| Dec 31, 2008 | -30.76% | — | 20.58% | 42.86% | 13.43% | 48.43% | 30.46% | 41.63% | 14.08% | -19.75% | 6.66% | -192.51% |
| Dec 31, 2007 | 21.61% | — | 17.72% | 20.50% | 15.08% | 46.69% | 24.41% | 18.01% | 12.53% | -22.94% | 5.25% | -144.23% |
| Dec 31, 2006 | 24.25% | — | 15.56% | 15.86% | 16.89% | -65.54% | 28.11% | 25.25% | 27.10% | -47.24% | 1.21% | -40.89% |
| Dec 31, 2005 | 18.34% | — | 17.96% | 26.77% | 17.67% | 26.88% | 27.49% | 25.85% | 12.32% | -83.72% | 7.99% | -85.05% |
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., ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Eli Lilly & Co. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | 77.78% | 26.63% |
| Dec 31, 2024 | 74.62% | 15.57% |
| Dec 31, 2023 | 48.65% | 20.65% |
| Dec 31, 2022 | 58.64% | 27.99% |
| Dec 31, 2021 | 62.16% | 29.75% |
| Dec 31, 2020 | 109.79% | 17.22% |
| Dec 31, 2019 | 319.09% | 27.68% |
| Dec 31, 2018 | 32.88% | 26.29% |
| Dec 31, 2017 | -1.76% | 14.59% |
| Dec 31, 2016 | 19.54% | 22.19% |
| Dec 31, 2015 | 16.53% | 21.44% |
| Dec 31, 2014 | 15.55% | 20.91% |
| Dec 31, 2013 | 26.57% | 20.33% |
| Dec 31, 2012 | 27.69% | 18.27% |
| Dec 31, 2011 | 32.11% | 15.52% |
| Dec 31, 2010 | 40.82% | 13.99% |
| Dec 31, 2009 | 45.45% | 20.34% |
| Dec 31, 2008 | -30.76% | 21.31% |
| Dec 31, 2007 | 21.61% | 17.07% |
| Dec 31, 2006 | 24.25% | 21.86% |
| Dec 31, 2005 | 18.34% | 19.08% |
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., ROE, long-term trends, comparison to industry (health care)
| Eli Lilly & Co. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 77.78% | 21.47% |
| Dec 31, 2024 | 74.62% | 15.74% |
| Dec 31, 2023 | 48.65% | 19.40% |
| Dec 31, 2022 | 58.64% | 24.82% |
| Dec 31, 2021 | 62.16% | 25.44% |
| Dec 31, 2020 | 109.79% | 16.70% |
| Dec 31, 2019 | 319.09% | 23.30% |
| Dec 31, 2018 | 32.88% | 21.27% |
| Dec 31, 2017 | -1.76% | 13.77% |
| Dec 31, 2016 | 19.54% | 18.53% |
| Dec 31, 2015 | 16.53% | 18.52% |
| Dec 31, 2014 | 15.55% | 19.17% |
| Dec 31, 2013 | 26.57% | 18.81% |
| Dec 31, 2012 | 27.69% | 18.20% |
| Dec 31, 2011 | 32.11% | 15.90% |
| Dec 31, 2010 | 40.82% | 14.85% |
| Dec 31, 2009 | 45.45% | 20.14% |
| Dec 31, 2008 | -30.76% | 20.29% |
| Dec 31, 2007 | 21.61% | 17.87% |
| Dec 31, 2006 | 24.25% | 20.49% |
| Dec 31, 2005 | 18.34% | 18.28% |
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).