Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Eli Lilly & Co., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Eli Lilly & Co. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Eli Lilly & Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Eli Lilly & Co. total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Eli Lilly & Co. equity turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Net Fixed Asset Turnover
Eli Lilly & Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | 34,124,100) | 28,541,400) | 28,318,400) | 24,539,800) | 22,319,500) | |
| Property and equipment, net | 12,913,600) | 10,144,000) | 8,985,100) | 8,681,900) | 7,872,900) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 2.64 | 2.81 | 3.15 | 2.83 | 2.83 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | 10.89 | 11.76 | 11.00 | 8.73 | 11.23 | |
| Amgen Inc. | 4.53 | 4.57 | 4.69 | 4.96 | 4.51 | |
| Bristol-Myers Squibb Co. | 6.77 | 7.38 | 7.67 | 7.22 | 4.18 | |
| Danaher Corp. | 5.25 | 7.96 | 7.77 | 6.83 | 7.78 | |
| Gilead Sciences Inc. | 5.07 | 4.93 | 5.27 | 4.90 | 4.91 | |
| Johnson & Johnson | 4.28 | 4.79 | 4.95 | 4.40 | 4.65 | |
| Merck & Co. Inc. | 2.61 | 2.77 | 2.53 | 2.67 | 3.11 | |
| Pfizer Inc. | 3.09 | 6.17 | 5.46 | 3.01 | 3.71 | |
| Regeneron Pharmaceuticals Inc. | 3.16 | 3.23 | 4.62 | 2.64 | 2.72 | |
| Thermo Fisher Scientific Inc. | 4.54 | 4.84 | 4.71 | 5.45 | 5.38 | |
| Zoetis Inc. | 2.66 | 2.93 | 3.21 | 3.03 | 3.23 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 4.03 | 4.89 | 4.91 | 4.25 | 4.28 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 10.07 | 10.50 | 10.29 | 9.54 | 9.64 | |
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
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 34,124,100 ÷ 12,913,600 = 2.64
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Eli Lilly & Co. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Eli Lilly & Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | 34,124,100) | 28,541,400) | 28,318,400) | 24,539,800) | 22,319,500) | |
| Property and equipment, net | 12,913,600) | 10,144,000) | 8,985,100) | 8,681,900) | 7,872,900) | |
| Operating lease right-of-use assets (presented in Other noncurrent assets) | 1,107,400) | 728,200) | 685,700) | 663,700) | 532,100) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 14,021,000) | 10,872,200) | 9,670,800) | 9,345,600) | 8,405,000) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.43 | 2.63 | 2.93 | 2.63 | 2.66 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| AbbVie Inc. | 9.47 | 10.24 | 9.57 | 7.46 | 10.06 | |
| Amgen Inc. | 4.08 | 4.13 | 4.23 | 4.58 | 4.11 | |
| Bristol-Myers Squibb Co. | 5.60 | 6.18 | 6.66 | 6.30 | 3.76 | |
| Danaher Corp. | 4.26 | 6.35 | 6.10 | 5.30 | 5.84 | |
| Gilead Sciences Inc. | 4.57 | 4.51 | 4.77 | 4.34 | 4.28 | |
| Johnson & Johnson | 4.07 | 4.54 | 4.72 | 4.18 | 4.41 | |
| Merck & Co. Inc. | 2.45 | 2.60 | 2.33 | 2.43 | 2.90 | |
| Pfizer Inc. | 2.68 | 5.20 | 4.59 | 2.74 | 3.39 | |
| Regeneron Pharmaceuticals Inc. | 3.11 | 3.17 | 4.52 | 2.58 | 2.66 | |
| Thermo Fisher Scientific Inc. | 3.89 | 4.13 | 3.98 | 4.82 | 4.69 | |
| Zoetis Inc. | 2.48 | 2.72 | 2.99 | 2.79 | 2.94 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 3.64 | 4.41 | 4.40 | 3.86 | 3.92 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 8.24 | 8.48 | 8.17 | 7.50 | 7.58 | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 34,124,100 ÷ 14,021,000 = 2.43
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Eli Lilly & Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
Eli Lilly & Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | 34,124,100) | 28,541,400) | 28,318,400) | 24,539,800) | 22,319,500) | |
| Total assets | 64,006,300) | 49,489,800) | 48,806,000) | 46,633,100) | 39,286,100) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.53 | 0.58 | 0.58 | 0.53 | 0.57 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | 0.40 | 0.42 | 0.38 | 0.30 | 0.37 | |
| Amgen Inc. | 0.28 | 0.38 | 0.40 | 0.39 | 0.37 | |
| Bristol-Myers Squibb Co. | 0.47 | 0.48 | 0.42 | 0.36 | 0.20 | |
| Danaher Corp. | 0.28 | 0.37 | 0.35 | 0.29 | 0.29 | |
| Gilead Sciences Inc. | 0.43 | 0.43 | 0.40 | 0.36 | 0.36 | |
| Johnson & Johnson | 0.51 | 0.51 | 0.52 | 0.47 | 0.52 | |
| Merck & Co. Inc. | 0.56 | 0.54 | 0.46 | 0.52 | 0.55 | |
| Pfizer Inc. | 0.26 | 0.51 | 0.45 | 0.27 | 0.31 | |
| Regeneron Pharmaceuticals Inc. | 0.40 | 0.42 | 0.63 | 0.50 | 0.53 | |
| Thermo Fisher Scientific Inc. | 0.43 | 0.46 | 0.41 | 0.47 | 0.44 | |
| Zoetis Inc. | 0.60 | 0.54 | 0.56 | 0.49 | 0.54 | |
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.40 | 0.47 | 0.44 | 0.39 | 0.39 | |
| Total Asset Turnover, Industry | ||||||
| Health Care | 0.80 | 0.81 | 0.76 | 0.70 | 0.71 | |
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
Total asset turnover = Revenue ÷ Total assets
= 34,124,100 ÷ 64,006,300 = 0.53
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Eli Lilly & Co. total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Equity Turnover
Eli Lilly & Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | 34,124,100) | 28,541,400) | 28,318,400) | 24,539,800) | 22,319,500) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 3.17 | 2.68 | 3.15 | 4.35 | 8.56 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| AbbVie Inc. | 5.24 | 3.36 | 3.65 | 3.50 | — | |
| Amgen Inc. | 4.32 | 6.77 | 3.63 | 2.58 | 2.30 | |
| Bristol-Myers Squibb Co. | 1.53 | 1.49 | 1.29 | 1.12 | 0.51 | |
| Danaher Corp. | 0.45 | 0.63 | 0.65 | 0.56 | 0.59 | |
| Gilead Sciences Inc. | 1.18 | 1.27 | 1.28 | 1.34 | 0.98 | |
| Johnson & Johnson | 1.24 | 1.24 | 1.27 | 1.31 | 1.38 | |
| Merck & Co. Inc. | 1.60 | 1.29 | 1.28 | 1.90 | 1.81 | |
| Pfizer Inc. | 0.66 | 1.05 | 1.05 | 0.66 | 0.82 | |
| Regeneron Pharmaceuticals Inc. | 0.51 | 0.54 | 0.86 | 0.77 | 0.71 | |
| Thermo Fisher Scientific Inc. | 0.92 | 1.02 | 0.96 | 0.93 | 0.86 | |
| Zoetis Inc. | 1.71 | 1.83 | 1.71 | 1.77 | 2.31 | |
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 1.18 | 1.27 | 1.29 | 1.24 | 1.21 | |
| Equity Turnover, Industry | ||||||
| Health Care | 2.25 | 2.19 | 2.11 | 2.08 | 2.08 | |
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
Equity turnover = Revenue ÷ Total Eli Lilly and Company shareholders’ equity
= 34,124,100 ÷ 10,771,900 = 3.17
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Eli Lilly & Co. equity turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |