Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Eli Lilly & Co., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The solvency profile indicates a cyclical trend characterized by a period of increasing leverage from 2022 through early 2025, followed by a significant deleveraging phase and a subsequent stabilization period leading into mid-2026.
- Debt to Equity Ratio
- The ratio exhibited moderate volatility between 1.52 and 1.97 throughout 2022 before entering a sustained upward trajectory in 2023. This metric reached a peak of 2.44 by March 31, 2025, representing the highest level of debt relative to equity in the period. However, a sharp contraction followed, with the ratio descending to 1.39 by March 31, 2026, before moderating to 1.62 by June 30, 2026.
- Debt to Capital Ratio
- A stable but gradual increase is observed from March 31, 2022 (0.64), peaking at 0.71 on March 31, 2025. This indicates a consistent proportional increase in debt within the total capital structure over a three-year period. A downward correction occurred thereafter, with the ratio returning to 0.62 by June 30, 2026, aligning closely with the levels seen in late 2022.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively constrained, fluctuating within a narrow range between 0.33 and 0.43. A gradual climb is noted from 0.35 in early 2022 to a peak of 0.43 in December 2023 and again in March 2025. The final periods show a slight reduction and stabilization, ending at 0.39 on June 30, 2026, suggesting that asset growth largely kept pace with debt accumulation.
- Financial Leverage
- Financial leverage mirrored the movements of the debt to equity ratio, showing an overall increase from 5.03 in March 2022 to a peak of 5.94 in December 2023. After another high of 5.67 in March 2025, a pronounced decline occurred, reaching a period low of 3.74 by March 31, 2026. The period concludes with a slight uptick to 4.20 by June 30, 2026, indicating a reduction in the use of debt to finance assets compared to the 2023-2025 peak.
AI Ask an analyst for more
Debt Ratios
Debt to Equity
Eli Lilly & Co., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 7,050) | 4,000) | 1,635) | 1,633) | 5,724) | 4,016) | 5,117) | 2,074) | 5,162) | 1,652) | 6,905) | 2,245) | 662) | 3) | 1,501) | 1,745) | 2,122) | 1,356) | ||||||
| Long-term debt, excluding current maturities | 47,858) | 39,370) | 40,868) | 40,874) | 34,180) | 34,500) | 28,527) | 29,045) | 23,730) | 24,560) | 18,321) | 17,924) | 18,158) | 18,881) | 14,738) | 14,144) | 14,692) | 15,153) | ||||||
| Total debt | 54,908) | 43,370) | 42,503) | 42,507) | 39,904) | 38,516) | 33,644) | 31,120) | 28,892) | 26,211) | 25,225) | 20,168) | 18,820) | 18,884) | 16,239) | 15,888) | 16,814) | 16,509) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 33,879) | 31,198) | 26,535) | 23,793) | 18,273) | 15,765) | 14,192) | 14,240) | 13,562) | 12,812) | 10,772) | 11,220) | 11,064) | 11,190) | 10,650) | 10,070) | 8,545) | 9,331) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 1.62 | 1.39 | 1.60 | 1.79 | 2.18 | 2.44 | 2.37 | 2.19 | 2.13 | 2.05 | 2.34 | 1.80 | 1.70 | 1.69 | 1.52 | 1.58 | 1.97 | 1.77 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 49.22 | 20.19 | 11.78 | 10.42 | 9.24 | 5.73 | 5.02 | 4.74 | 4.68 | 3.67 | 4.35 | 4.98 | 4.51 | ||||||
| Amgen Inc. | 4.90 | 6.24 | 6.31 | 5.67 | 7.57 | 9.24 | 10.23 | 8.02 | 10.57 | 12.75 | 10.37 | 7.90 | 9.08 | 11.52 | 10.64 | 10.60 | 15.10 | 40.23 | ||||||
| Bristol-Myers Squibb Co. | 1.93 | 2.22 | 2.44 | 2.64 | 2.82 | 2.86 | 3.04 | 2.90 | 3.08 | 3.38 | 1.35 | 1.30 | 1.18 | 1.19 | 1.27 | 1.20 | 1.29 | 1.42 | ||||||
| Danaher Corp. | 0.51 | 0.35 | 0.35 | 0.33 | 0.33 | 0.32 | 0.32 | 0.34 | 0.34 | 0.34 | 0.34 | 0.42 | 0.38 | 0.39 | 0.39 | 0.41 | 0.43 | 0.47 | ||||||
| Gilead Sciences Inc. | 2.22 | 0.94 | 1.10 | 1.16 | 1.27 | 1.30 | 1.38 | 1.26 | 1.28 | 1.44 | 1.09 | 1.12 | 1.19 | 1.20 | 1.19 | 1.20 | 1.30 | 1.32 | ||||||
| Johnson & Johnson | 0.58 | 0.68 | 0.59 | 0.58 | 0.65 | 0.67 | 0.51 | 0.51 | 0.58 | 0.48 | 0.43 | 0.42 | 0.61 | 0.75 | 0.52 | 0.43 | 0.43 | 0.44 | ||||||
| Merck & Co. Inc. | 1.29 | 1.07 | 0.94 | 0.80 | 0.72 | 0.72 | 0.80 | 0.86 | 0.87 | 0.85 | 0.93 | 0.85 | 0.95 | 0.66 | 0.67 | 0.68 | 0.73 | 0.78 | ||||||
| Pfizer Inc. | 0.74 | 0.72 | 0.75 | 0.66 | 0.70 | 0.69 | 0.73 | 0.73 | 0.79 | 0.75 | 0.81 | 0.66 | 0.66 | 0.36 | 0.37 | 0.40 | 0.46 | 0.44 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | ||||||
| Thermo Fisher Scientific Inc. | 0.81 | 0.83 | 0.74 | 0.70 | 0.70 | 0.69 | 0.63 | 0.72 | 0.75 | 0.78 | 0.75 | 0.78 | 0.78 | 0.83 | 0.78 | 0.67 | 0.72 | 0.81 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Total Eli Lilly and Company shareholders’ equity
= 54,908 ÷ 33,879 = 1.62
2 Click competitor name to see calculations.
An analysis of solvency indicates a period of significant expansion in total liabilities coupled with a steady increase in equity. While total debt grew more aggressively than equity for several quarters, a corrective trend in the debt-to-equity ratio emerged toward the end of the observed period, reflecting a shifting balance between borrowed capital and shareholder funding.
- Total Debt Accumulation
- Total debt increased substantially from 16,509 million USD in March 2022 to 54,908 million USD by June 2026. The growth remained relatively steady until December 2023, after which a sharp acceleration in borrowing was observed, particularly between March 2026 and June 2026, where debt rose by over 11,000 million USD in a single quarter.
- Shareholders' Equity Growth
- Total shareholders' equity grew from 9,331 million USD in March 2022 to 33,879 million USD by June 2026. This growth was characterized by moderate fluctuations through 2023, followed by a period of rapid expansion starting in March 2024, which served to offset the risks associated with the rising debt levels.
- Debt to Equity Ratio Trends
- The debt to equity ratio exhibited a non-linear trajectory characterized by three distinct phases. An initial phase of volatility occurred between March 2022 and December 2022, with the ratio fluctuating between 1.52 and 1.97. A second phase of increasing leverage began in 2023, peaking at 2.34 in December 2023 and remaining elevated above 2.00 through March 2025. A final phase of deleveraging is evident throughout 2025, during which the ratio declined steadily to a low of 1.60 by December 31, 2025, before ending the period at 1.62 in June 2026.
AI Ask an analyst for more
Debt to Capital
Eli Lilly & Co., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 7,050) | 4,000) | 1,635) | 1,633) | 5,724) | 4,016) | 5,117) | 2,074) | 5,162) | 1,652) | 6,905) | 2,245) | 662) | 3) | 1,501) | 1,745) | 2,122) | 1,356) | ||||||
| Long-term debt, excluding current maturities | 47,858) | 39,370) | 40,868) | 40,874) | 34,180) | 34,500) | 28,527) | 29,045) | 23,730) | 24,560) | 18,321) | 17,924) | 18,158) | 18,881) | 14,738) | 14,144) | 14,692) | 15,153) | ||||||
| Total debt | 54,908) | 43,370) | 42,503) | 42,507) | 39,904) | 38,516) | 33,644) | 31,120) | 28,892) | 26,211) | 25,225) | 20,168) | 18,820) | 18,884) | 16,239) | 15,888) | 16,814) | 16,509) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 33,879) | 31,198) | 26,535) | 23,793) | 18,273) | 15,765) | 14,192) | 14,240) | 13,562) | 12,812) | 10,772) | 11,220) | 11,064) | 11,190) | 10,650) | 10,070) | 8,545) | 9,331) | ||||||
| Total capital | 88,787) | 74,568) | 69,038) | 66,300) | 58,177) | 54,281) | 47,836) | 45,360) | 42,454) | 39,024) | 35,997) | 31,389) | 29,884) | 30,074) | 26,888) | 25,959) | 25,359) | 25,840) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.62 | 0.58 | 0.62 | 0.64 | 0.69 | 0.71 | 0.70 | 0.69 | 0.68 | 0.67 | 0.70 | 0.64 | 0.63 | 0.63 | 0.60 | 0.61 | 0.66 | 0.64 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 1.09 | 1.10 | 1.05 | 1.04 | 1.00 | 0.98 | 0.95 | 0.92 | 0.91 | 0.90 | 0.85 | 0.83 | 0.83 | 0.82 | 0.79 | 0.81 | 0.83 | 0.82 | ||||||
| Amgen Inc. | 0.83 | 0.86 | 0.86 | 0.85 | 0.88 | 0.90 | 0.91 | 0.89 | 0.91 | 0.93 | 0.91 | 0.89 | 0.90 | 0.92 | 0.91 | 0.91 | 0.94 | 0.98 | ||||||
| Bristol-Myers Squibb Co. | 0.66 | 0.69 | 0.71 | 0.73 | 0.74 | 0.74 | 0.75 | 0.74 | 0.75 | 0.77 | 0.57 | 0.56 | 0.54 | 0.54 | 0.56 | 0.54 | 0.56 | 0.59 | ||||||
| Danaher Corp. | 0.34 | 0.26 | 0.26 | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.30 | 0.28 | 0.28 | 0.28 | 0.29 | 0.30 | 0.32 | ||||||
| Gilead Sciences Inc. | 0.69 | 0.49 | 0.52 | 0.54 | 0.56 | 0.57 | 0.58 | 0.56 | 0.56 | 0.59 | 0.52 | 0.53 | 0.54 | 0.55 | 0.54 | 0.54 | 0.56 | 0.57 | ||||||
| Johnson & Johnson | 0.37 | 0.40 | 0.37 | 0.37 | 0.39 | 0.40 | 0.34 | 0.34 | 0.37 | 0.32 | 0.30 | 0.30 | 0.38 | 0.43 | 0.34 | 0.30 | 0.30 | 0.31 | ||||||
| Merck & Co. Inc. | 0.56 | 0.52 | 0.48 | 0.44 | 0.42 | 0.42 | 0.44 | 0.46 | 0.46 | 0.46 | 0.48 | 0.46 | 0.49 | 0.40 | 0.40 | 0.41 | 0.42 | 0.44 | ||||||
| Pfizer Inc. | 0.43 | 0.42 | 0.43 | 0.40 | 0.41 | 0.41 | 0.42 | 0.42 | 0.44 | 0.43 | 0.45 | 0.40 | 0.40 | 0.26 | 0.27 | 0.28 | 0.32 | 0.31 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.12 | ||||||
| Thermo Fisher Scientific Inc. | 0.45 | 0.45 | 0.42 | 0.41 | 0.41 | 0.41 | 0.39 | 0.42 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.45 | 0.44 | 0.40 | 0.42 | 0.45 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 54,908 ÷ 88,787 = 0.62
2 Click competitor name to see calculations.
The solvency profile exhibits a significant expansion in both nominal debt and total capital over the analyzed period, indicating a substantial increase in the scale of the balance sheet. While total debt obligations grew considerably, the debt-to-capital ratio remained within a defined corridor, suggesting that the increase in leverage was largely balanced by a corresponding growth in total capital.
- Total Debt Trajectory
- A consistent upward trend is observed in total debt, which rose from 16,509 million USD in March 2022 to 54,908 million USD by June 2026. The growth was relatively gradual until late 2023, after which a period of accelerated borrowing occurred, culminating in a sharp increase between March 2026 and June 2026.
- Total Capital Expansion
- Total capital demonstrated steady growth, increasing from 25,840 million USD in March 2022 to 88,787 million USD in June 2026. This expansion provides the necessary foundation to support the increased debt levels, ensuring that the overall financial structure remains stable despite the higher nominal liabilities.
- Debt to Capital Ratio Dynamics
- The debt-to-capital ratio fluctuated between a minimum of 0.58 in March 2026 and a maximum of 0.71 in March 2025. A period of increasing leverage is evident from December 2023 through March 2025, where the ratio climbed from 0.70 to 0.71. This was followed by a deleveraging phase throughout 2025 and early 2026, where the ratio declined to its period low of 0.58, before returning to 0.62 in the final quarter.
Overall, the data indicates a strategy of aggressive balance sheet expansion. The periodic fluctuations in the debt-to-capital ratio suggest active management of the capital structure, balancing new debt issuance with capital growth to maintain solvency within a range of 0.58 to 0.71.
AI Ask an analyst for more
Debt to Assets
Eli Lilly & Co., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 7,050) | 4,000) | 1,635) | 1,633) | 5,724) | 4,016) | 5,117) | 2,074) | 5,162) | 1,652) | 6,905) | 2,245) | 662) | 3) | 1,501) | 1,745) | 2,122) | 1,356) | ||||||
| Long-term debt, excluding current maturities | 47,858) | 39,370) | 40,868) | 40,874) | 34,180) | 34,500) | 28,527) | 29,045) | 23,730) | 24,560) | 18,321) | 17,924) | 18,158) | 18,881) | 14,738) | 14,144) | 14,692) | 15,153) | ||||||
| Total debt | 54,908) | 43,370) | 42,503) | 42,507) | 39,904) | 38,516) | 33,644) | 31,120) | 28,892) | 26,211) | 25,225) | 20,168) | 18,820) | 18,884) | 16,239) | 15,888) | 16,814) | 16,509) | ||||||
| Total assets | 142,283) | 116,576) | 112,476) | 114,935) | 100,923) | 89,389) | 78,715) | 75,607) | 71,875) | 63,944) | 64,006) | 57,916) | 54,814) | 53,163) | 49,490) | 47,462) | 47,064) | 46,919) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.39 | 0.37 | 0.38 | 0.37 | 0.40 | 0.43 | 0.43 | 0.41 | 0.40 | 0.41 | 0.39 | 0.35 | 0.34 | 0.36 | 0.33 | 0.33 | 0.36 | 0.35 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.52 | 0.53 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.50 | 0.50 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.49 | 0.51 | 0.51 | ||||||
| Amgen Inc. | 0.60 | 0.62 | 0.60 | 0.61 | 0.64 | 0.64 | 0.65 | 0.66 | 0.69 | 0.69 | 0.67 | 0.67 | 0.68 | 0.69 | 0.60 | 0.61 | 0.62 | 0.62 | ||||||
| Bristol-Myers Squibb Co. | 0.49 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.55 | 0.56 | 0.42 | 0.41 | 0.40 | 0.40 | 0.41 | 0.40 | 0.42 | 0.44 | ||||||
| Danaher Corp. | 0.29 | 0.22 | 0.22 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.22 | 0.22 | 0.25 | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 | 0.26 | ||||||
| Gilead Sciences Inc. | 0.53 | 0.39 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.43 | 0.44 | 0.45 | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.42 | ||||||
| Johnson & Johnson | 0.24 | 0.27 | 0.24 | 0.24 | 0.26 | 0.27 | 0.20 | 0.20 | 0.23 | 0.20 | 0.18 | 0.18 | 0.24 | 0.27 | 0.21 | 0.18 | 0.18 | 0.19 | ||||||
| Merck & Co. Inc. | 0.42 | 0.38 | 0.36 | 0.32 | 0.30 | 0.30 | 0.32 | 0.32 | 0.34 | 0.32 | 0.33 | 0.33 | 0.35 | 0.29 | 0.28 | 0.28 | 0.30 | 0.30 | ||||||
| Pfizer Inc. | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.32 | 0.31 | 0.32 | 0.30 | 0.30 | 0.18 | 0.18 | 0.19 | 0.21 | 0.20 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | ||||||
| Thermo Fisher Scientific Inc. | 0.38 | 0.38 | 0.36 | 0.35 | 0.35 | 0.35 | 0.32 | 0.35 | 0.36 | 0.37 | 0.35 | 0.36 | 0.36 | 0.37 | 0.35 | 0.32 | 0.33 | 0.36 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 54,908 ÷ 142,283 = 0.39
2 Click competitor name to see calculations.
An analysis of the solvency profile between March 31, 2022, and June 30, 2026, reveals a period of significant balance sheet expansion characterized by simultaneous increases in both total debt and total assets. While absolute leverage has grown substantially, the proportion of assets financed through debt has remained relatively stable, indicating a disciplined approach to capital structure during a phase of rapid growth.
- Total Asset Growth
- A consistent and accelerating upward trend in total assets is observed, rising from 46,919 million USD in March 2022 to 142,283 million USD by June 2026. The most pronounced expansion occurred between December 2024 and June 2026, where assets grew from 78,715 million USD to over 142 billion USD, suggesting aggressive investment or acquisition activity.
- Debt Accumulation Patterns
- Total debt followed a similar upward trajectory, increasing from 16,509 million USD in March 2022 to 54,908 million USD in June 2026. Significant increments in borrowing are noted particularly in the period between September 2023 and December 2024, as well as a sharp increase in the final quarter ending June 30, 2026.
- Debt to Assets Ratio Dynamics
- The debt to assets ratio exhibited moderate volatility, fluctuating within a range of 0.33 to 0.43. The ratio reached its lowest point of 0.33 in late 2022 before trending upward to a peak of 0.43 in December 2024. Following this peak, the ratio experienced a slight correction, stabilizing between 0.37 and 0.39 throughout 2025 and early 2026. This suggests that while the company increased its leverage to fund growth, the growth in the asset base largely offset the increase in liabilities, maintaining a consistent solvency level.
The correlation between the rapid scaling of assets and the increase in debt indicates a strategic use of leverage to fuel expansion. The fact that the debt to assets ratio did not climb proportionally with the total debt suggests that the company successfully converted borrowed capital into a larger volume of assets, effectively capping the solvency risk despite the higher absolute debt load.
AI Ask an analyst for more
Financial Leverage
Eli Lilly & Co., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | 142,283) | 116,576) | 112,476) | 114,935) | 100,923) | 89,389) | 78,715) | 75,607) | 71,875) | 63,944) | 64,006) | 57,916) | 54,814) | 53,163) | 49,490) | 47,462) | 47,064) | 46,919) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 33,879) | 31,198) | 26,535) | 23,793) | 18,273) | 15,765) | 14,192) | 14,240) | 13,562) | 12,812) | 10,772) | 11,220) | 11,064) | 11,190) | 10,650) | 10,070) | 8,545) | 9,331) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 4.20 | 3.74 | 4.24 | 4.83 | 5.52 | 5.67 | 5.55 | 5.31 | 5.30 | 4.99 | 5.94 | 5.16 | 4.95 | 4.75 | 4.65 | 4.71 | 5.51 | 5.03 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 95.89 | 40.65 | 23.78 | 20.94 | 18.59 | 13.00 | 11.26 | 10.52 | 10.14 | 8.04 | 8.84 | 9.77 | 8.80 | ||||||
| Amgen Inc. | 8.18 | 10.07 | 10.46 | 9.37 | 11.83 | 14.40 | 15.63 | 12.07 | 15.34 | 18.51 | 15.59 | 11.83 | 13.31 | 16.59 | 17.79 | 17.44 | 24.51 | 64.62 | ||||||
| Bristol-Myers Squibb Co. | 3.93 | 4.31 | 4.87 | 5.22 | 5.43 | 5.32 | 5.67 | 5.46 | 5.56 | 6.01 | 3.23 | 3.15 | 2.92 | 2.96 | 3.12 | 3.01 | 3.08 | 3.26 | ||||||
| Danaher Corp. | 1.76 | 1.58 | 1.59 | 1.56 | 1.56 | 1.56 | 1.57 | 1.57 | 1.57 | 1.56 | 1.58 | 1.67 | 1.64 | 1.65 | 1.68 | 1.72 | 1.76 | 1.80 | ||||||
| Gilead Sciences Inc. | 4.17 | 2.39 | 2.60 | 2.72 | 2.83 | 2.95 | 3.05 | 2.95 | 2.93 | 3.21 | 2.72 | 2.80 | 2.95 | 2.95 | 2.97 | 2.97 | 3.11 | 3.17 | ||||||
| Johnson & Johnson | 2.37 | 2.47 | 2.44 | 2.43 | 2.46 | 2.48 | 2.52 | 2.54 | 2.53 | 2.46 | 2.44 | 2.33 | 2.55 | 2.77 | 2.44 | 2.35 | 2.33 | 2.39 | ||||||
| Merck & Co. Inc. | 3.10 | 2.80 | 2.60 | 2.50 | 2.40 | 2.38 | 2.53 | 2.64 | 2.58 | 2.62 | 2.84 | 2.59 | 2.70 | 2.30 | 2.37 | 2.41 | 2.48 | 2.61 | ||||||
| Pfizer Inc. | 2.36 | 2.30 | 2.41 | 2.25 | 2.32 | 2.30 | 2.42 | 2.38 | 2.47 | 2.40 | 2.54 | 2.22 | 2.22 | 1.94 | 2.06 | 2.10 | 2.24 | 2.23 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.32 | 1.30 | 1.30 | 1.30 | 1.28 | 1.28 | 1.29 | 1.28 | 1.28 | 1.27 | 1.27 | 1.29 | 1.28 | 1.28 | 1.29 | 1.29 | 1.32 | 1.32 | ||||||
| Thermo Fisher Scientific Inc. | 2.15 | 2.18 | 2.07 | 2.02 | 2.00 | 2.01 | 1.96 | 2.05 | 2.08 | 2.13 | 2.11 | 2.14 | 2.15 | 2.24 | 2.21 | 2.08 | 2.14 | 2.26 | ||||||
| Vertex Pharmaceuticals Inc. | 1.35 | 1.37 | 1.37 | 1.44 | 1.40 | 1.39 | 1.37 | 1.42 | 1.36 | 1.29 | 1.29 | 1.32 | 1.32 | 1.31 | 1.30 | 1.28 | 1.31 | 1.31 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Total Eli Lilly and Company shareholders’ equity
= 142,283 ÷ 33,879 = 4.20
2 Click competitor name to see calculations.
A substantial expansion in the balance sheet is evident between March 2022 and June 2026, characterized by an aggressive increase in total assets and a corresponding, though lagged, growth in shareholders' equity. While financial leverage remained elevated for the first three years of the period, a significant trend toward deleveraging emerged throughout 2025 and early 2026.
- Asset Expansion
- Total assets exhibited a consistent upward trajectory, rising from 46,919 million US dollars in March 2022 to 142,283 million US dollars by June 2026. The growth accelerated notably after December 2023, with a sharp increase observed between March 2025 and June 2026, indicating a period of rapid capital investment or acquisition.
- Equity Growth Trends
- Shareholders' equity remained relatively stable between 2022 and 2023, fluctuating between 8,545 million and 11,220 million US dollars. However, a period of accelerated equity accumulation began in 2024 and intensified throughout 2025, culminating in a peak of 33,879 million US dollars by June 2026. This suggests a strategic shift toward strengthening the internal capital base.
- Financial Leverage Volatility and Deleveraging
- The financial leverage ratio experienced a period of instability between March 2022 and December 2023, reaching a peak of 5.94 in December 2023. This peak indicates a period where asset growth significantly outpaced equity growth, increasing the company's reliance on debt or other liabilities. Following this peak, a sustained downward trend was observed throughout 2025, with the ratio dropping to a period low of 3.74 by March 2026. A slight reversal occurred in June 2026, with the ratio adjusting to 4.20.
- Solvency Correlation
- The correlation between the surge in shareholders' equity and the reduction in the financial leverage ratio during 2025 indicates a deliberate improvement in the solvency profile. The reduction in the leverage ratio from 5.94 to 3.74 reflects a lower proportion of assets financed by liabilities relative to equity, thereby reducing the financial risk profile of the organization over the observed timeframe.
AI Ask an analyst for more