Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

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Analysis of Solvency Ratios

Microsoft Excel

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Solvency Ratios (Summary)

Eli Lilly & Co., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Eli Lilly & Co. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Eli Lilly & Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Eli Lilly & Co. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Eli Lilly & Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Eli Lilly & Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Eli Lilly & Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Eli Lilly & Co. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Eli Lilly & Co. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Eli Lilly & Co. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Equity

Eli Lilly & Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
 
Total Eli Lilly and Company shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Equity, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Equity, Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Eli Lilly and Company shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Eli Lilly & Co. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Eli Lilly & Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
Current portions of operating lease liabilities (included in Other current liabilities)
Long-term portions of operating lease liabilities (included in Other noncurrent liabilities)
Total debt (including operating lease liability)
 
Total Eli Lilly and Company shareholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Equity (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Equity (including Operating Lease Liability), Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Eli Lilly and Company shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Eli Lilly & Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Capital

Eli Lilly & Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
Total Eli Lilly and Company shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Capital, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Capital, Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Eli Lilly & Co. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Eli Lilly & Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
Current portions of operating lease liabilities (included in Other current liabilities)
Long-term portions of operating lease liabilities (included in Other noncurrent liabilities)
Total debt (including operating lease liability)
Total Eli Lilly and Company shareholders’ equity
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Capital (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Capital (including Operating Lease Liability), Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Eli Lilly & Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Assets

Eli Lilly & Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Assets, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Assets, Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Eli Lilly & Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Eli Lilly & Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings and current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt
Current portions of operating lease liabilities (included in Other current liabilities)
Long-term portions of operating lease liabilities (included in Other noncurrent liabilities)
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Debt to Assets (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences
Debt to Assets (including Operating Lease Liability), Industry
Health Care

Based on: 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).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Eli Lilly & Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Financial Leverage

Eli Lilly & Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Total assets
Total Eli Lilly and Company shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Financial Leverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Financial Leverage, Industry
Health Care

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Eli Lilly and Company shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Eli Lilly & Co. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Interest Coverage

Eli Lilly & Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net income
Less: Net income from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Interest Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Interest Coverage, Industry
Health Care

Based on: 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).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Eli Lilly & Co. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Fixed Charge Coverage

Eli Lilly & Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net income
Less: Net income from discontinued operations
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Lease expense for operating lease assets
Earnings before fixed charges and tax
 
Interest expense
Lease expense for operating lease assets
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
AbbVie Inc.
Amgen Inc.
Bristol-Myers Squibb Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
Thermo Fisher Scientific Inc.
Vertex Pharmaceuticals Inc.
Fixed Charge Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences
Fixed Charge Coverage, Industry
Health Care

Based on: 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).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Eli Lilly & Co. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.