Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Eli Lilly & Co., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 5,240,400 6,244,800 5,581,700 6,193,700 8,318,400
Net noncash charges 2,054,700 854,100 2,701,600 1,053,300 (1,794,600)
Other changes in operating assets and liabilities, net of acquisitions and divestitures (3,055,000) (14,500) (1,022,600) (747,400) (1,687,200)
Net cash provided by operating activities 4,240,100 7,084,400 7,260,700 6,499,600 4,836,600
Purchases of property and equipment (3,447,600) (1,854,300) (1,309,800) (1,387,900) (1,033,900)
Net change in short-term borrowings 4,691,400 1,498,000 (4,000) (1,494,200) 995,400
Proceeds from issuance of long-term debt 3,958,500 — 2,410,800 2,062,300 6,556,400
Repayments of long-term debt — (1,560,000) (1,905,400) (276,500) (2,866,400)
Free cash flow to equity (FCFE) 9,442,400 5,168,100 6,452,300 5,403,300 8,488,100

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Eli Lilly & Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Eli Lilly & Co. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Eli Lilly & Co., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 950,164,452
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 9,442,400
FCFE per share 9.94
Current share price (P) 731.33
Valuation Ratio
P/FCFE 73.59
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 16.59
Amgen Inc. 4.41
Bristol-Myers Squibb Co. 7.58
Danaher Corp. 50.06
Gilead Sciences Inc. 11.66
Johnson & Johnson 23.15
Merck & Co. Inc. 24.12
Pfizer Inc. 3.64
Regeneron Pharmaceuticals Inc. 25.49
Thermo Fisher Scientific Inc. 30.49
Zoetis Inc. 244.99
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 16.38
P/FCFE, Industry
Health Care 16.28

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Eli Lilly & Co., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 950,164,452 950,296,118 952,347,126 958,425,693 956,382,203
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 9,442,400 5,168,100 6,452,300 5,403,300 8,488,100
FCFE per share3 9.94 5.44 6.78 5.64 8.88
Share price1, 4 745.91 329.07 238.31 206.46 140.83
Valuation Ratio
P/FCFE5 75.06 60.51 35.17 36.62 15.87
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 17.37 22.66 18.76 13.16 3.64
Amgen Inc. 4.71 8.32 13.52 11.06 33.32
Bristol-Myers Squibb Co. 7.52 22.85 16.17 7.80 5.80
Danaher Corp. 53.08 32.04 20.75 44.62 6.88
Gilead Sciences Inc. 12.81 15.22 12.70 5.98 15.91
Johnson & Johnson 24.31 16.73 23.28 15.60 23.06
Merck & Co. Inc. 24.48 22.40 18.72 17.85 18.08
Pfizer Inc. 3.82 10.56 8.88 — 9.87
Regeneron Pharmaceuticals Inc. 26.52 19.29 10.35 13.30 21.00
Thermo Fisher Scientific Inc. 31.16 27.98 13.44 18.58 46.04
Zoetis Inc. 308.88 29.88 82.45 32.86 51.91
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 17.06 19.49 16.88 17.38 11.72
P/FCFE, Industry
Health Care 16.86 18.40 17.97 17.17 13.58

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 9,442,400,000 ÷ 950,164,452 = 9.94

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 745.91 ÷ 9.94 = 75.06

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Eli Lilly & Co. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.