Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Eli Lilly & Co., debt and solvency ratios (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Debt to equity
	Debt to capital

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Eli Lilly & Co.’s debt-to-equity ratio improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Eli Lilly & Co.’s debt-to-capital ratio improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.

Eli Lilly & Co., debt to equity calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ 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
	Ratio
	Debt to equity¹

Q4 2018 Calculations

¹ Debt to equity = Total debt ÷ Total Eli Lilly and Company shareholders’ equity
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Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Eli Lilly & Co.’s debt-to-equity ratio improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.

Eli Lilly & Co., debt to capital calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ 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
	Ratio
	Debt to capital¹

Q4 2018 Calculations

¹ Debt to capital = Total debt ÷ Total capital
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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.’s debt-to-capital ratio improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.

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Long-term Trends
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Financial Statements
Common-Size Financial Statements
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Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Eli Lilly & Co. (LLY)

Long-term Debt and Solvency Analysis
Quarterly Data