Enterprise Value (EV)
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Eli Lilly & Co. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Enterprise Value (EV)
Eli Lilly & Co., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings and current maturities of long-term debt (per books) | |
| Add: Long-term debt, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Eli Lilly & Co., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Eli Lilly & Co. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a consistent upward trend in all reported financial metrics between December 31, 2021, and December 31, 2025. Specifically, common equity market value, total equity, total equity and debt, and enterprise value all demonstrate substantial growth over the five-year period.
- Common Equity (Market Value)
- Common equity (market value) increased significantly from US$226,954 million in 2021 to US$979,460 million in 2025. The largest year-over-year increase occurred between 2022 and 2023, suggesting a period of heightened investor confidence or positive market reaction to company performance. Growth rates decelerated slightly in subsequent years, but remained positive.
- Total Equity
- Total equity mirrors the trend in common equity, rising from US$227,129 million in 2021 to US$979,460 million in 2025. The values for total equity and common equity are nearly identical across all periods, indicating that a relatively small portion of equity is comprised of items other than common stock.
- Total Equity and Debt
- Total equity and debt also exhibits a consistent increase, moving from US$244,014 million in 2021 to US$1,021,963 million in 2025. The growth in this metric is slightly higher than the growth in total equity, indicating an increasing reliance on debt financing over the period. However, the overall leverage appears manageable given the substantial growth in equity.
- Enterprise Value (EV)
- Enterprise value demonstrates a similar upward trajectory, increasing from US$240,196 million in 2021 to US$1,014,695 million in 2025. The EV closely tracks the trend in total equity and debt, as expected. The difference between total equity and debt and enterprise value remains relatively small across all periods, suggesting that net non-operating assets (or liabilities) have a limited impact on the overall valuation.
In summary, the observed trends indicate a period of strong financial growth and increasing market capitalization. The consistent increases in enterprise value suggest that the market has positively assessed the company’s performance and future prospects. The increasing, but still proportional, use of debt warrants continued monitoring, but does not appear to be a significant concern based on this limited information.