Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Eli Lilly & Co., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Add: Income tax expense	2,090,400)	1,314,200)	561,600)	573,800)	1,036,200)
Earnings before tax (EBT)	12,680,400)	6,554,600)	6,806,400)	6,155,500)	7,229,900)
Add: Interest expense	780,600)	485,900)	331,600)	339,800)	359,600)
Earnings before interest and tax (EBIT)	13,461,000)	7,040,500)	7,138,000)	6,495,300)	7,589,500)
Add: Depreciation and amortization	1,766,600)	1,527,300)	1,522,500)	1,547,600)	1,323,900)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,227,600)	8,567,800)	8,660,500)	8,042,900)	8,913,400)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Eli Lilly & Co. EBITDA decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Enterprise Value to EBITDA Ratio, Current

Eli Lilly & Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	869,620,595)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,227,600)
Valuation Ratio
EV/EBITDA	57.11
Benchmarks
EV/EBITDA, Competitors¹
AbbVie Inc.	27.05
Amgen Inc.	15.21
Bristol-Myers Squibb Co.	43.88
Danaher Corp.	21.48
Gilead Sciences Inc.	33.02
Johnson & Johnson	15.63
Merck & Co. Inc.	9.24
Pfizer Inc.	9.87
Regeneron Pharmaceuticals Inc.	10.36
Thermo Fisher Scientific Inc.	16.27
Vertex Pharmaceuticals Inc.	253.54
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences	21.39
EV/EBITDA, Industry
Health Care	19.58

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Eli Lilly & Co., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	852,411,298)	731,126,566)	326,866,344)	240,105,544)	210,974,169)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	15,227,600)	8,567,800)	8,660,500)	8,042,900)	8,913,400)
Valuation Ratio
EV/EBITDA³	55.98	85.33	37.74	29.85	23.67
Benchmarks
EV/EBITDA, Competitors⁴
AbbVie Inc.	26.97	20.79	13.31	13.44	21.34
Amgen Inc.	15.31	14.13	12.97	13.22	12.24
Bristol-Myers Squibb Co.	48.23	6.51	9.46	8.65	34.35
Danaher Corp.	22.34	26.41	18.42	21.05	26.68
Gilead Sciences Inc.	35.86	10.41	13.89	8.57	24.90
Johnson & Johnson	15.77	16.45	14.78	14.47	18.20
Merck & Co. Inc.	9.90	51.30	13.91	12.18	16.05
Pfizer Inc.	10.60	22.50	6.12	8.64	15.78
Regeneron Pharmaceuticals Inc.	13.55	20.16	15.27	6.68	12.70
Thermo Fisher Scientific Inc.	19.89	21.83	20.25	20.21	18.72
Vertex Pharmaceuticals Inc.	231.93	21.57	14.91	18.92	14.81
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences	22.07	22.59	13.58	13.16	18.90
EV/EBITDA, Industry
Health Care	20.34	19.28	13.93	14.07	17.33

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 852,411,298 ÷ 15,227,600 = 55.98

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Eli Lilly & Co. EV/EBITDA ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical