Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Eli Lilly & Co., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in thousands
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
Less: Short-term investments
Enterprise value (EV)

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Eli Lilly & Co., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in thousands
Common equity (market value)3
Add: Noncontrolling interests (book value)
Total equity
Add: Short-term borrowings and current maturities of long-term debt (book value)
Add: Long-term debt, excluding current maturities (book value)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

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 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Eli Lilly & Co. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


The data indicates a significant upward trend across all presented financial items over the five-year period.

Common equity (market value)
This metric shows continuous strong growth, increasing from approximately 198 billion US dollars in 2020 to over 822 billion US dollars by the end of 2024. The most substantial jump occurs between 2022 and 2023, where the value more than doubles, suggesting a significant appreciation in market valuation or company performance.
Total equity
Total equity follows a similar pattern to common equity, starting at about 198 billion US dollars in 2020 and reaching above 822 billion US dollars in 2024. This parallel trend indicates that the company’s book equity and market valuation are closely aligned, with both reflecting robust growth and financial strengthening over the period analyzed.
Total equity and debt
Total equity and debt increase steadily from roughly 215 billion US dollars in 2020 to nearly 856 billion US dollars by 2024. The rise mirrors the increase in equity, and the magnitude of the increase suggests that debt levels have also scaled up, though proportionally less dramatically than equity. The consistent growth in this aggregate figure points to expansion financed through a combination of equity and borrowed funds.
Enterprise value (EV)
Enterprise value progresses closely with total equity and debt, moving from about 211 billion US dollars in 2020 to over 852 billion US dollars in 2024. The near parity between enterprise value and total equity plus debt indicates stability in the valuation approach, with EV reflecting the comprehensive market value of the company including debt obligations. The sharp increases in EV align with those seen in other financial measures, reinforcing the overall trend of growth and increased company scale.

Overall, the data illustrates a consistent and substantial growth trajectory in both market value and book value measures. The alignment across common equity, total equity, total equity plus debt, and enterprise value indicates a coherent financial growth pattern with scaled leverage, supporting a narrative of expanding company value and strengthened capital structure over the observed period.