Stock Analysis on Net
Stock Analysis on Net
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Eli Lilly & Co. (NYSE:LLY)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

Eli Lilly & Co., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income (loss) 8,318,400  3,232,000  (204,100) 2,737,600  2,408,400 
Net noncash charges (1,794,600) 4,671,200  2,614,800  2,597,500  1,282,400 
Other changes in operating assets and liabilities, net of acquisitions and divestitures (1,687,200) (2,378,700) 3,204,900  (484,100) (918,000)
Net cash provided by operating activities 4,836,600  5,524,500  5,615,600  4,851,000  2,772,800 
Purchases of property and equipment (1,033,900) (1,210,600) (1,076,800) (1,037,000) (1,066,200)
Net change in short-term borrowings 995,400  (2,197,900) 1,397,500  1,293,200  (2,680,600)
Proceeds from issuance of long-term debt 6,556,400  2,477,700  2,232,000  1,206,600  4,454,700 
Repayments of long-term debt (2,866,400) (1,009,100) (630,600) (200) (1,955,700)
Free cash flow to equity (FCFE) 8,488,100  3,584,600  7,537,700  6,313,600  1,525,000 

Based on: 10-K (filing date: 2020-02-19), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-19).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Eli Lilly & Co.’s 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.’s FCFE decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 956,581,598
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 8,488,100 
FCFE per share 8.87
Current share price (P) 190.77
Valuation Ratio
P/FCFE 21.50
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 68.05
AbbVie Inc. 5.06
Amgen Inc. 35.57
Bristol-Myers Squibb Co. 6.04
Gilead Sciences Inc. 14.25
Illumina Inc. 188.18
Johnson & Johnson 24.77
Merck & Co. Inc. 18.81
Pfizer Inc. 10.87
Regeneron Pharmaceuticals Inc. 27.63
Vertex Pharmaceuticals Inc. 40.04
Zoetis Inc. 57.91
P/FCFE, Sector
Pharmaceuticals & Biotechnology 14.87
P/FCFE, Industry
Health Care 17.09

Based on: 10-K (filing date: 2020-02-19).

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

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 956,382,203 1,035,418,562 1,095,597,580 1,103,352,450 1,106,093,485
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 8,488,100  3,584,600  7,537,700  6,313,600  1,525,000 
FCFE per share3 8.88 3.46 6.88 5.72 1.38
Share price1, 4 140.83 122.13 77.55 80.36 72.61
Valuation Ratio
P/FCFE5 15.87 35.28 11.27 14.04 52.66
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 53.19 — 70.38 5.13 18.90
AbbVie Inc. 3.64 7.33 19.98 8.15 3.73
Amgen Inc. 33.32 12.46 11.98 9.37 11.59
Bristol-Myers Squibb Co. 5.80 18.62 20.01 52.51 —
Gilead Sciences Inc. 15.91 67.92 5.70 4.79 4.29
Illumina Inc. 149.01 27.24 57.76 65.66 85.02
Johnson & Johnson 23.06 24.90 14.21 14.18 16.84
Merck & Co. Inc. 18.08 22.76 43.01 24.26 9.61
Pfizer Inc. 10.09 18.96 16.06 12.30 12.81
Regeneron Pharmaceuticals Inc. 21.00 24.51 32.42 41.47 75.10
Vertex Pharmaceuticals Inc. 42.50 40.75 135.82 125.60 —
Zoetis Inc. 51.91 13.91 23.76 291.75 12.58
P/FCFE, Sector
Pharmaceuticals & Biotechnology 13.17 21.97 16.10 11.99 11.18
P/FCFE, Industry
Health Care 14.57 23.84 16.94 13.55 9.40

Based on: 10-K (filing date: 2020-02-19), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-19).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,488,100,000 ÷ 956,382,203 = 8.88

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

5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 140.83 ÷ 8.88 = 15.87

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.’s P/FCFE ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.