Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Eli Lilly & Co., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio begins reporting from the period ending March 31, 2020, with a value of 2.83. From that point, there is a general upward trend until the period ending June 30, 2022, where it peaks at approximately 3.22. Following this peak, the ratio declines gradually, with some minor fluctuations, reaching a low point of 2.53 by December 31, 2024. A slight recovery is observed subsequently, culminating in a value of 2.65 by March 31, 2025. This pattern indicates an initial increase in efficiency with respect to the use of fixed assets to generate sales, followed by a period of decreasing turnover, which may suggest lower efficiency or increased asset base without proportionate sales growth in the more recent periods.
- Total Asset Turnover
- Total asset turnover is initially recorded at 0.53 for March 31, 2020, and experiences a steady increase to a high of 0.62 between June 30, 2021, and December 31, 2021. After this peak interval, the turnover remains relatively stable with slight variability, fluctuating mostly between 0.52 and 0.58. In the final periods ending March 31, 2025, the ratio remains near 0.55, suggesting consistent but moderate efficiency in generating revenue from total assets over time. There is no strong upwards or downwards trend but rather a period of stabilization at a moderate level.
- Equity Turnover
- Equity turnover begins at 4.35 for March 31, 2020, then shows notable volatility through subsequent periods. The ratio decreases significantly to a low of 2.9 by December 31, 2021, indicating reduced sales generated per unit of equity. Following this trough, the ratio further declines slightly before beginning a recovery phase starting around the period ending December 31, 2022. This recovery extends through the subsequent periods with some fluctuations, reaching approximately 3.17 by March 31, 2025. The observed pattern suggests periods of varying efficiency in utilizing equity to generate sales, with an initial sharp decline followed by gradual improvement.
Net Fixed Asset Turnover
Eli Lilly & Co., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Property and equipment, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibits noticeable fluctuations over the analyzed periods. It begins with a decline from approximately 5.86 billion USD in March 2020 to around 5.50 billion USD in June 2020, followed by a moderate recovery in the subsequent quarters of 2020, reaching nearly 7.44 billion USD by December 2020. In 2021, revenue remains somewhat stable with minor variations, staying mostly in the range of 6.7 to 8.0 billion USD. However, the quarters of 2022 display instability, with a decrease in mid-year revenue and a recovery toward the year's end. From early 2023 onwards, a marked upward trend in revenue is evident, culminating in a peak of around 13.53 billion USD by September 2024, before slightly declining to approximately 12.73 billion USD in March 2025. This suggests a general growth trajectory in recent years with intermittent short-term volatility.
- Property and Equipment (Net of Accumulated Depreciation)
- The net value of property and equipment shows a steady and consistent increase throughout the entire period analyzed. Starting at approximately 7.90 billion USD at the beginning of 2020, it grows each quarter without regression, reaching nearly 18.47 billion USD by March 2025. This steady accumulation indicates ongoing investment in fixed assets, reflecting possibly expansion, upgrades, or increased capital expenditure. There are no periods of asset reduction, suggesting durability in fixed asset holdings.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of net fixed assets, displays some variability with an overall slight declining tendency over time. The ratio begins above 2.8 in early periods, rising modestly to just above 3.2 by mid-2021, which implies a more efficient use of fixed assets during that time. Subsequently, the ratio decreases gradually below 2.7 in 2023 and remains relatively stable near 2.6 towards the end of the observed timeline. This decline occurs despite rising total revenues and expanding fixed assets, suggesting a proportional increase in fixed assets outpacing revenue growth, or a shift towards less intensive utilization of these assets.
- Summary Insights
- The data reflects a company experiencing growth in revenue and substantial expansion in its fixed asset base over the five-year period. While revenue growth accelerates particularly from 2023 onward, the increasing investment in property and equipment implies strategic company expansion or modernization initiatives. The net fixed asset turnover ratio’s plateau and slight decline hint that asset growth may be outstripping revenue generation efficiency, which could warrant closer monitoring for asset utilization optimization. Overall, the financial patterns suggest robust capital investment aligned with revenue expansion, but with potential opportunities for improving asset productivity.
Total Asset Turnover
Eli Lilly & Co., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibits a generally increasing trajectory over the examined periods, with some fluctuations. Initially, a decline is observed in the second quarter of 2020, followed by a recovery in subsequent quarters. The fourth quarter of each year consistently shows higher revenue figures, peaking notably in December 2024 at over 13 billion USD. Despite some quarters showing decreases compared to the preceding quarter (notably Q1 2022 and Q1 2023), the overall pattern indicates growth across the four-year span.
- Total Assets Trends
- Total assets steadily increase throughout the periods, moving from approximately 41.1 billion USD in March 2020 to nearly 89.4 billion USD by March 2025. Growth is consistent with minor quarterly variations and a notable acceleration from mid-2022 onward, suggesting ongoing asset accumulation or investment. The upward trend signals an expanding asset base over time.
- Total Asset Turnover Ratio
- The total asset turnover ratio, calculated for the quarters from September 2020 onward, fluctuates within a narrow band between 0.52 and 0.62. During 2020 and 2021, the ratio ranges mostly between 0.53 and 0.62, showing moderate operational efficiency in using assets to generate revenue. From 2022 to 2025, the ratio maintains stability near the mid-0.5 range, implying steady asset utilization effectiveness despite substantial asset growth.
- Insights and Observations
- The increasing revenue alongside a growing asset base reflects expansion, possibly through reinvestment or acquisition. The relatively stable asset turnover ratio indicates that growth in assets is proportionally reflected in revenue generation, maintaining operational efficiency. Some seasonal patterns may be inferred from stronger performance in fourth quarters. The notable revenue surge in late 2024 precedes the highest total asset values, potentially indicating strategic scaling or market opportunities.
Equity Turnover
Eli Lilly & Co., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||
| Total Eli Lilly and Company shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Total Eli Lilly and Company shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue shows notable variability across the quarters from March 2020 to March 2025. Beginning at approximately 5.86 billion USD in March 2020, revenue experienced a decline through mid-2020, reaching around 5.50 billion USD in June 2020. Thereafter, revenue tended to increase, peaking at 7.99 billion USD in December 2021. A slight dip followed in early 2022, with revenues fluctuating between 6.48 billion and 7.30 billion USD for the first three quarters. After March 2023, revenue demonstrated a strong upward trajectory, reaching a peak of 13.53 billion USD in September 2024 before slightly declining to 12.73 billion USD by March 2025. Overall, the trend indicates growth acceleration in the later years, particularly from 2023 onward.
- Shareholders’ Equity
- Shareholders' equity showed a general upward trend over the entire period. Starting from approximately 3.08 billion USD in March 2020, equity increased consistently through 2021, reaching about 8.98 billion USD by December 2021. While minor decreases occurred intermittently, equity rebounded quickly. From early 2022 onwards, equity continued its ascent, with values surpassing 15.76 billion USD in March 2025. This increase in equity signifies strengthening financial position and retained earnings accumulation over time.
- Equity Turnover Ratio
- The equity turnover ratio indicates how efficiently equity capital is being used to generate revenue. Data is available from December 2020 onwards, starting at 4.35 and showing a downward trend until mid-2023 where the ratio reaches a low of approximately 2.47. From this point, there is a moderate recovery with the ratio fluctuating between 2.8 and 3.17 toward the end of the period. Despite the recovery, the overall trend suggests a decrease in asset efficiency relative to shareholders' equity over time, potentially as equity grew faster than revenue.
- Summary and Insights
- In summary, revenue displays an overall increasing trend with some volatility, especially marked by robust growth from 2023 onwards. Shareholders' equity consistently rises, reflecting increasing net assets and strengthening capitalization. The equity turnover ratio, however, shows a declining trend initially, indicating decreasing efficiency in generating revenue from equity, followed by a slight resurgence, which could be attributed to improved operational performance or management strategies in recent quarters. The divergence between equity growth and equity turnover suggests an increased equity base which is not yet matched proportionally by revenue growth, highlighting potential areas for efficiency improvement.