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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the financial leverage and debt ratios over the observed periods reveals several noteworthy trends and shifts in the company’s capital structure management.
- Debt to Equity Ratio
- The debt to equity ratio experienced a decline from early 2021 through late 2021, indicating a reduction in reliance on debt relative to equity during this period. Starting at 2.35 in March 2021, it decreased to 1.52 by December 2021. However, beginning in 2022, the ratio showed an increase reaching a peak of 2.44 in mid-2025, followed by a decline towards the end of the period, settling at 1.79 by September 2025. This pattern suggests fluctuating debt levels with a tendency toward higher leverage in the mid-term, then a rebalancing or deleveraging trend in the most recent quarters.
- Debt to Capital Ratio
- This ratio mirrored the general trends seen in the debt to equity ratio but showed less volatility. It started at 0.70 in the first quarter of 2021, decreased gradually to a low of 0.60 by the end of 2021, then hovered between 0.63 and 0.71 through 2024 and early 2025. The ratio decreased again toward the last quarter observed, ending at 0.64. The relative steadiness with mild fluctuations demonstrates a consistent approach in balancing debt within the total capital framework.
- Debt to Assets Ratio
- The debt to assets ratio maintained a fairly stable range around 0.35 through 2021 and early 2022, with slight decreases observed mid-2022 reaching 0.33. From late 2022 onward, an upward trend is visible, peaking at 0.43 by mid-2025. This increase suggests a growing proportion of assets financed through debt, reflecting either asset growth funded by debt or accumulation of liabilities relative to asset base. The ratio trends slightly downward towards the final data points at 0.37, indicating some reduction in asset leverage.
- Financial Leverage Ratio
- Financial leverage demonstrated considerable variation across the analyzed periods. It decreased from 6.79 in March 2021 to a low of 4.65 by December 2021, indicating a reduction in total asset financing through equity. Subsequently, it increased steadily, reaching a peak of 5.94 in December 2023. The ratio displayed periodic fluctuations but trended downward in the final quarters, finishing at 4.83 by September 2025. Such fluctuations highlight active capital structure management with phases of increasing leverage followed by measured reductions.
In summary, the company’s leverage metrics indicate an overall strategy of managing debt levels with cyclical adjustments. The observed decrease in leverage ratios during 2021 points toward deleveraging efforts, followed by an increase throughout 2022 and mid-2025 suggesting renewed borrowing or capital expansion. The gradual decline towards the end of the period may reflect cautious financial management aimed at strengthening the balance sheet. The relatively moderate changes in debt to capital and debt to assets ratios convey balanced financing decisions, while financial leverage ratios confirm dynamic adjustments in asset financing and equity utilization.
Debt Ratios
Debt to Equity
Eli Lilly & Co., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 1,633,000) | 5,723,700) | 4,016,400) | 5,117,100) | 2,074,300) | 5,161,600) | 1,651,500) | 6,904,500) | 2,244,700) | 661,600) | 3,100) | 1,501,100) | 1,744,600) | 2,121,800) | 1,355,900) | 1,538,300) | 1,563,000) | 1,778,500) | 4,900) | ||||||
| Long-term debt, excluding current maturities | 40,873,600) | 34,180,100) | 34,499,500) | 28,527,100) | 29,045,400) | 23,730,400) | 24,559,900) | 18,320,800) | 17,923,600) | 18,158,400) | 18,880,500) | 14,737,500) | 14,143,800) | 14,692,000) | 15,152,900) | 15,346,400) | 15,522,400) | 14,736,600) | 16,199,600) | ||||||
| Total debt | 42,506,600) | 39,903,800) | 38,515,900) | 33,644,200) | 31,119,700) | 28,892,000) | 26,211,400) | 25,225,300) | 20,168,300) | 18,820,000) | 18,883,600) | 16,238,600) | 15,888,400) | 16,813,800) | 16,508,800) | 16,884,700) | 17,085,400) | 16,515,100) | 16,204,500) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 23,793,300) | 18,272,900) | 15,764,800) | 14,192,100) | 14,240,000) | 13,562,000) | 12,812,200) | 10,771,900) | 11,220,400) | 11,063,800) | 11,190,400) | 10,649,800) | 10,070,100) | 8,544,700) | 9,330,800) | 8,979,200) | 7,757,000) | 6,444,400) | 6,898,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 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 | 1.88 | 2.20 | 2.56 | 2.35 | ||||||
| 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 | 4.98 | 5.96 | 6.53 | 6.24 | ||||||
| Amgen Inc. | 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 | 4.97 | 4.57 | 3.98 | 3.50 | ||||||
| Bristol-Myers Squibb Co. | 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 | 1.24 | 1.20 | 1.23 | 1.23 | ||||||
| Danaher Corp. | 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 | 0.49 | 0.54 | 0.48 | 0.50 | ||||||
| Gilead Sciences Inc. | 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 | 1.27 | 1.29 | 1.53 | 1.59 | ||||||
| Johnson & Johnson | 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 | 0.46 | 0.48 | 0.48 | 0.51 | ||||||
| Merck & Co. Inc. | 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 | 0.87 | 0.74 | 0.80 | 1.16 | ||||||
| Pfizer Inc. | 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 | 0.50 | 0.53 | 0.56 | 0.58 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | 0.14 | 0.16 | 0.18 | 0.23 | ||||||
| Thermo Fisher Scientific Inc. | 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 | 0.85 | 0.56 | 0.51 | 0.53 | ||||||
| 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 | 0.00 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Total Eli Lilly and Company shareholders’ equity
= 42,506,600 ÷ 23,793,300 = 1.79
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits an overall upward trend over the analyzed periods. Beginning at approximately 16.2 billion US dollars in early 2021, the figure shows moderate fluctuations throughout 2021 and 2022, generally staying within a band of 15.9 to 16.8 billion. From early 2023 onward, there is a noticeable acceleration in debt accumulation, escalating sharply to over 42.5 billion by the third quarter of 2025. This indicates a substantial increase in leverage in the most recent periods.
- Total Shareholders’ Equity
- Shareholders’ equity demonstrates moderate growth over the timeline, starting at around 6.9 billion US dollars in the first quarter of 2021. It experienced some variability, decreasing at mid-2021 before rebounding towards the end of 2021 and maintaining a generally upward trajectory throughout 2022 and 2023. Growth becomes more pronounced from early 2024 onward, culminating in an increase to nearly 23.8 billion US dollars by the third quarter of 2025. The rising equity base suggests the company has been enhancing its net asset position over time, albeit at a slower rate compared to debt.
- Debt to Equity Ratio
- The debt to equity ratio fluctuates significantly across periods. Starting at 2.35 in early 2021, the ratio peaks at 2.56 in mid-2021 before trending downward to a low of approximately 1.52 by the end of 2022. This indicates a relative improvement in the financial leverage situation during this period. However, beginning in early 2023, the ratio climbs again, reaching a high of 2.44 by the second quarter of 2025, which corresponds with the rapid increase in total debt. By the third quarter of 2025, there is a sharp decline to 1.79, likely influenced by the simultaneous growth in shareholders’ equity at that time.
- Summary Insights
- Overall, the data suggests a strategic increase in leverage with total debt more than doubling from early 2021 to late 2025. The company appears to be financing growth or operations increasingly through debt, while equity growth, although positive, is less aggressive. The fluctuating debt to equity ratio reflects periods of balance improvement followed by increased leverage, indicating dynamic capital structure management. The sharp debt rise in 2023 and beyond may warrant close monitoring for impact on financial stability and risk profile, but the concurrent increase in equity toward the latter stages suggests efforts to strengthen the balance sheet.
Debt to Capital
Eli Lilly & Co., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 1,633,000) | 5,723,700) | 4,016,400) | 5,117,100) | 2,074,300) | 5,161,600) | 1,651,500) | 6,904,500) | 2,244,700) | 661,600) | 3,100) | 1,501,100) | 1,744,600) | 2,121,800) | 1,355,900) | 1,538,300) | 1,563,000) | 1,778,500) | 4,900) | ||||||
| Long-term debt, excluding current maturities | 40,873,600) | 34,180,100) | 34,499,500) | 28,527,100) | 29,045,400) | 23,730,400) | 24,559,900) | 18,320,800) | 17,923,600) | 18,158,400) | 18,880,500) | 14,737,500) | 14,143,800) | 14,692,000) | 15,152,900) | 15,346,400) | 15,522,400) | 14,736,600) | 16,199,600) | ||||||
| Total debt | 42,506,600) | 39,903,800) | 38,515,900) | 33,644,200) | 31,119,700) | 28,892,000) | 26,211,400) | 25,225,300) | 20,168,300) | 18,820,000) | 18,883,600) | 16,238,600) | 15,888,400) | 16,813,800) | 16,508,800) | 16,884,700) | 17,085,400) | 16,515,100) | 16,204,500) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 23,793,300) | 18,272,900) | 15,764,800) | 14,192,100) | 14,240,000) | 13,562,000) | 12,812,200) | 10,771,900) | 11,220,400) | 11,063,800) | 11,190,400) | 10,649,800) | 10,070,100) | 8,544,700) | 9,330,800) | 8,979,200) | 7,757,000) | 6,444,400) | 6,898,700) | ||||||
| Total capital | 66,299,900) | 58,176,700) | 54,280,700) | 47,836,300) | 45,359,700) | 42,454,000) | 39,023,600) | 35,997,200) | 31,388,700) | 29,883,800) | 30,074,000) | 26,888,400) | 25,958,500) | 25,358,500) | 25,839,600) | 25,863,900) | 24,842,400) | 22,959,500) | 23,103,200) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 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 | 0.65 | 0.69 | 0.72 | 0.70 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 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 | 0.83 | 0.86 | 0.87 | 0.86 | ||||||
| Amgen Inc. | 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 | 0.83 | 0.82 | 0.80 | 0.78 | ||||||
| Bristol-Myers Squibb Co. | 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 | 0.55 | 0.55 | 0.55 | 0.55 | ||||||
| Danaher Corp. | 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 | 0.33 | 0.35 | 0.32 | 0.33 | ||||||
| Gilead Sciences Inc. | 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 | 0.56 | 0.56 | 0.60 | 0.61 | ||||||
| Johnson & Johnson | 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 | 0.31 | 0.33 | 0.32 | 0.34 | ||||||
| Merck & Co. Inc. | 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 | 0.46 | 0.42 | 0.44 | 0.54 | ||||||
| Pfizer Inc. | 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 | 0.33 | 0.35 | 0.36 | 0.37 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | 0.13 | 0.14 | 0.15 | 0.18 | ||||||
| Thermo Fisher Scientific Inc. | 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 | 0.46 | 0.36 | 0.34 | 0.35 | ||||||
| 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 | 0.00 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 42,506,600 ÷ 66,299,900 = 0.64
2 Click competitor name to see calculations.
The analysis of the financial data over the indicated periods reveals several key trends in the company's capital structure, particularly focusing on total debt, total capital, and the debt-to-capital ratio.
- Total Debt
- The total debt shows a generally increasing trend across the entire timeline. Starting at approximately $16.2 billion in the first quarter of 2021, the amount fluctuated slightly through 2021 and 2022 but remained roughly within the $16 billion to $17 billion range initially. From early 2023 onward, there is a marked upward trajectory, with total debt rising significantly to reach $42.5 billion by the third quarter of 2025. This increase suggests a substantial expansion in the company's leveraging activities or financing requirements during the latter periods.
- Total Capital
- Total capital also exhibits a consistent growth trend throughout the periods. Beginning at about $23.1 billion in the first quarter of 2021, total capital steadily increased with minor fluctuations, reaching approximately $26.9 billion by the end of 2022. Afterward, there is a pronounced acceleration in capital growth, with figures rising to nearly $66.3 billion by the third quarter of 2025. This growth indicates the company may be increasing its equity base or combined financing sources to support expansion or investments.
- Debt to Capital Ratio
- The debt-to-capital ratio displays relative stability within a moderate range over the observed periods. Initially, the ratio starts at 0.70 in early 2021, fluctuates slightly between 0.60 and 0.72 through 2021 and 2022, suggesting balanced adjustments between debt and capital. In 2023, the ratio rises to around 0.70, reflecting a higher reliance on debt in the capital structure. Towards the later period in 2025, there is a slight decrease to 0.64, indicating a moderate reduction in relative debt financing despite the nominal increases in total debt. Overall, the ratio remains consistent, implying the company maintains a roughly stable mix of debt and equity financing despite significant absolute growth in both metrics.
In summary, the data reflects a significant expansion in both total debt and total capital over the nearly five-year time frame, with a consistent debt-to-capital ratio suggesting proportional increases in financing sources. This indicates strategic financial management aimed at growth while maintaining leverage within a controlled range.
Debt to Assets
Eli Lilly & Co., debt to assets calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 1,633,000) | 5,723,700) | 4,016,400) | 5,117,100) | 2,074,300) | 5,161,600) | 1,651,500) | 6,904,500) | 2,244,700) | 661,600) | 3,100) | 1,501,100) | 1,744,600) | 2,121,800) | 1,355,900) | 1,538,300) | 1,563,000) | 1,778,500) | 4,900) | ||||||
| Long-term debt, excluding current maturities | 40,873,600) | 34,180,100) | 34,499,500) | 28,527,100) | 29,045,400) | 23,730,400) | 24,559,900) | 18,320,800) | 17,923,600) | 18,158,400) | 18,880,500) | 14,737,500) | 14,143,800) | 14,692,000) | 15,152,900) | 15,346,400) | 15,522,400) | 14,736,600) | 16,199,600) | ||||||
| Total debt | 42,506,600) | 39,903,800) | 38,515,900) | 33,644,200) | 31,119,700) | 28,892,000) | 26,211,400) | 25,225,300) | 20,168,300) | 18,820,000) | 18,883,600) | 16,238,600) | 15,888,400) | 16,813,800) | 16,508,800) | 16,884,700) | 17,085,400) | 16,515,100) | 16,204,500) | ||||||
| Total assets | 114,935,400) | 100,922,600) | 89,388,800) | 78,714,900) | 75,606,900) | 71,874,800) | 63,943,500) | 64,006,300) | 57,915,500) | 54,814,000) | 53,163,000) | 49,489,800) | 47,461,500) | 47,063,600) | 46,919,300) | 48,806,000) | 48,187,000) | 47,809,000) | 46,838,300) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.35 | 0.35 | 0.35 | 0.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 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 | 0.52 | 0.54 | 0.56 | 0.57 | ||||||
| Amgen Inc. | 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 | 0.54 | 0.58 | 0.55 | 0.52 | ||||||
| Bristol-Myers Squibb Co. | 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 | 0.41 | 0.40 | 0.41 | 0.41 | ||||||
| Danaher Corp. | 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 | 0.27 | 0.29 | 0.26 | 0.27 | ||||||
| Gilead Sciences Inc. | 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 | 0.39 | 0.41 | 0.44 | 0.45 | ||||||
| Johnson & Johnson | 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 | 0.19 | 0.19 | 0.19 | 0.19 | ||||||
| Merck & Co. Inc. | 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 | 0.31 | 0.28 | 0.29 | 0.34 | ||||||
| Pfizer Inc. | 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 | 0.21 | 0.22 | 0.23 | 0.25 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | 0.11 | 0.11 | 0.13 | 0.15 | ||||||
| Thermo Fisher Scientific Inc. | 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 | 0.37 | 0.29 | 0.28 | 0.28 | ||||||
| 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 | 0.00 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 42,506,600 ÷ 114,935,400 = 0.37
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits an overall increasing trend from March 2021 through September 2025. Initially, the debt remains relatively stable with minor fluctuations until the end of 2022. Starting in 2023, a notable rise is observed, with debt escalating significantly, especially in the fourth quarter of 2023 and continuing through 2025. By the third quarter of 2025, total debt reaches its highest recorded value, indicating a substantial increase in the company's financial obligations over this period.
- Total Assets
- Total assets show a consistent upward trajectory throughout the entire period under review. Beginning at approximately 46.8 billion USD in early 2021, the asset base expands steadily with occasional moderate accelerations. From 2023 onward, asset growth accelerates appreciably, exceeding 114 billion USD by the third quarter of 2025. This growth suggests ongoing asset accumulation or revaluation, potentially reflective of company expansion or investment activities.
- Debt to Assets Ratio
- The debt to assets ratio fluctuates within a band roughly between 0.33 and 0.43 over the analyzed time frame. Initially stable at around 0.35 through 2021 and into early 2022, the ratio slightly decreases in mid-2022 before beginning a rising trend from 2023. The ratio peaks at 0.43 during mid-2025, indicating that debt is growing somewhat faster than assets in this timeframe. However, by late 2025, there is a slight decline to 0.37, implying a modest improvement in financial leverage or asset base relative to debt.
- Summary Insights
- The financial data demonstrates that the company has increased both its total debt and total assets substantially over the nearly five-year period. The growing debt levels suggest increased borrowing or financial leverage, which is somewhat balanced by a parallel expansion in asset base, preserving debt to asset ratios within a moderate range. The peak in the debt to assets ratio during mid-2025 indicates a period of relatively higher leverage, though this is followed by a small reduction, possibly reflecting efforts to manage or optimize the company’s capital structure. In conclusion, the financial posture shows active capital management with increased scale but also elevated financial risk during parts of the period.
Financial Leverage
Eli Lilly & Co., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Total assets | 114,935,400) | 100,922,600) | 89,388,800) | 78,714,900) | 75,606,900) | 71,874,800) | 63,943,500) | 64,006,300) | 57,915,500) | 54,814,000) | 53,163,000) | 49,489,800) | 47,461,500) | 47,063,600) | 46,919,300) | 48,806,000) | 48,187,000) | 47,809,000) | 46,838,300) | ||||||
| Total Eli Lilly and Company shareholders’ equity | 23,793,300) | 18,272,900) | 15,764,800) | 14,192,100) | 14,240,000) | 13,562,000) | 12,812,200) | 10,771,900) | 11,220,400) | 11,063,800) | 11,190,400) | 10,649,800) | 10,070,100) | 8,544,700) | 9,330,800) | 8,979,200) | 7,757,000) | 6,444,400) | 6,898,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 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 | 5.44 | 6.21 | 7.42 | 6.79 | ||||||
| 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 | 9.51 | 10.99 | 11.77 | 10.98 | ||||||
| Amgen Inc. | 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 | 9.13 | 7.91 | 7.25 | 6.70 | ||||||
| Bristol-Myers Squibb Co. | 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 | 3.04 | 2.98 | 3.01 | 2.99 | ||||||
| Danaher Corp. | 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 | 1.84 | 1.90 | 1.82 | 1.87 | ||||||
| Gilead Sciences Inc. | 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 | 3.23 | 3.13 | 3.45 | 3.56 | ||||||
| Johnson & Johnson | 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 | 2.46 | 2.55 | 2.54 | 2.62 | ||||||
| Merck & Co. Inc. | 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 | 2.77 | 2.61 | 2.72 | 3.37 | ||||||
| Pfizer Inc. | 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 | 2.35 | 2.37 | 2.43 | 2.31 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | 1.36 | 1.37 | 1.42 | 1.48 | ||||||
| Thermo Fisher Scientific Inc. | 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 | 2.33 | 1.90 | 1.84 | 1.88 | ||||||
| Vertex Pharmaceuticals Inc. | 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 | 1.33 | 1.32 | 1.33 | 1.35 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Total Eli Lilly and Company shareholders’ equity
= 114,935,400 ÷ 23,793,300 = 4.83
2 Click competitor name to see calculations.
- Total Assets
-
Total assets exhibit an overall increasing trend across the examined quarters. Starting at approximately 46.8 billion US dollars in the first quarter of 2021, there is a steady rise observed especially from the first quarter of 2023 onward, reaching around 114.9 billion US dollars by the third quarter of 2025. This indicates significant growth, with particularly notable acceleration in asset accumulation after March 2023.
- Total Shareholders’ Equity
-
Shareholders’ equity shows moderate growth with some fluctuations over the period. Values start near 6.9 billion US dollars in the first quarter of 2021 and rise to approximately 23.8 billion US dollars by the third quarter of 2025. There are periods of decline or stabilization, such as a decrease from March to June 2021, and a minor drop in the last quarter of 2023. However, the general trend is upward, reflecting strengthening equity positions over time.
- Financial Leverage
-
Financial leverage, defined as the ratio of total assets to total equity, shows variability but tends to maintain a range generally between about 4.6 and 7.4. Initially high in mid-2021 at 7.42, it declines to a low near 4.65 by the end of 2022. Subsequently, leverage rises again, peaking around 5.94 in the fourth quarter of 2023 before progressively moderating to about 4.83 by the third quarter of 2025. This trend suggests periods of fluctuation in the company’s use of debt relative to equity, with a tendency toward reduced leverage in the most recent data points.
- Summary and Insights
-
The data indicates robust asset growth driven possibly by strategic investments or expansions, as assets more than double over the nearly five-year span. Equity growth accompanies this asset increase but at a more tempered pace, implying reliance on external financing. The financial leverage ratio trends reflect this balance, with leverage decreasing overall from earlier peaks, signaling a gradual movement towards a stronger equity base relative to debt. This could reflect intentional efforts to improve financial stability or respond to external economic conditions. The fluctuations seen in leverage also suggest responsive adjustments in capital structure to ongoing operational or market developments.