Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
Eli Lilly & Co., FCFE calculation
US$ in millions
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).
The financial information reveals notable fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. A general upward trend in FCFE is apparent, though not consistent year-over-year.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$7,261 million in 2021 to US$7,084 million in 2022, representing a modest decline. A more substantial decrease was observed in 2023, falling to US$4,240 million. However, a significant recovery occurred in 2024, with operating cash flow increasing to US$8,818 million, and continued to rise sharply in 2025, reaching US$16,813 million. This indicates improving operational efficiency and cash generation in the later years of the observed period.
- Free Cash Flow to Equity (FCFE)
- FCFE followed a similar pattern to net cash from operations. It decreased from US$6,452 million in 2021 to US$5,168 million in 2022. A considerable increase was then recorded in 2023, reaching US$9,442 million. This upward momentum continued into 2024, with FCFE rising to US$12,661 million, and further increasing to US$17,023 million in 2025. The substantial growth in FCFE in 2024 and 2025 suggests a strengthening ability to generate cash available to equity holders.
The correlation between net cash from operating activities and FCFE is strong, suggesting that changes in operational cash flow are a primary driver of changes in FCFE. The significant increases observed in both metrics in 2024 and 2025 warrant further investigation to understand the underlying factors contributing to this positive trend.
Price to FCFE Ratio, Current
Eli Lilly & Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-12-31).
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
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Eli Lilly & Co. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits a fluctuating pattern over the observed period. Initially, the ratio increased significantly before stabilizing and then decreasing slightly. The share price demonstrates a consistent upward trend, while Free Cash Flow to Equity per share also generally increases, though not at a constant rate.
- Share Price
- The share price experienced substantial growth from 2021 to 2025, increasing from US$238.31 to US$1,038.27. The most significant increase occurred between 2022 and 2023. Growth rates decelerated in the later years, but remained positive.
- FCFE per Share
- Free Cash Flow to Equity per share showed an initial decline from US$6.78 in 2021 to US$5.44 in 2022. However, it then increased steadily through 2025, reaching US$18.05. The rate of increase in FCFE per share accelerated from 2023 onwards.
- P/FCFE Ratio
- The P/FCFE ratio rose from 35.17 in 2021 to a peak of 75.06 in 2023. Subsequently, the ratio decreased to 64.93 in 2024 and further to 57.54 in 2025. This suggests that while the share price and FCFE per share both increased, the share price grew at a faster rate than FCFE per share until 2023, and then the growth in FCFE per share began to outpace share price growth.
The initial increase in the P/FCFE ratio indicates investors were willing to pay a higher premium for each dollar of FCFE. The subsequent decline suggests that the market’s valuation relative to FCFE moderated as FCFE per share increased, potentially indicating a more reasonable valuation or a shift in investor expectations. The overall trend suggests a dynamic relationship between market perception, share price, and the underlying cash flow generation of the equity.