Eli Lilly & Co., current enterprise value calculation

Current share price (P)	$762.73
No. shares of common stock outstanding	947,735,651
US$ in thousands
Common equity (market value)¹	722,866,413)
Add: Noncontrolling interests (per books)	79,500)
Total equity	722,945,913)
Add: Short-term borrowings and current maturities of long-term debt (per books)	5,117,100)
Add: Long-term debt, excluding current maturities (per books)	28,527,100)
Total equity and debt	756,590,113)
Less: Cash and cash equivalents	3,268,400)
Less: Short-term investments	154,800)
Enterprise value (EV)	753,166,913)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 762.73 × 947,735,651

Eli Lilly & Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$867.05	$745.91	$329.07	$238.31	$206.46
No. shares of common stock outstanding¹	948,169,999	950,164,452	950,296,118	952,347,126	958,425,693
US$ in thousands
Common equity (market value)³	822,110,798)	708,737,166)	312,713,944)	226,953,844)	197,876,569)
Add: Noncontrolling interests (book value)	79,500)	91,800)	125,600)	175,600)	183,600)
Total equity	822,190,298)	708,828,966)	312,839,544)	227,129,444)	198,060,169)
Add: Short-term borrowings and current maturities of long-term debt (book value)	5,117,100)	6,904,500)	1,501,100)	1,538,300)	8,700)
Add: Long-term debt, excluding current maturities (book value)	28,527,100)	18,320,800)	14,737,500)	15,346,400)	16,586,600)
Total equity and debt	855,834,498)	734,054,266)	329,078,144)	244,014,144)	214,655,469)
Less: Cash and cash equivalents	3,268,400)	2,818,600)	2,067,000)	3,818,500)	3,657,100)
Less: Short-term investments	154,800)	109,100)	144,800)	90,100)	24,200)
Enterprise value (EV)	852,411,298)	731,126,566)	326,866,344)	240,105,544)	210,974,169)

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
= 867.05 × 948,169,999

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.

Download chart

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)