Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Eli Lilly & Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial ratios exhibit distinct patterns over the analyzed periods, indicating fluctuations in market valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
-
The P/E ratio shows a general upward trend from around 28.77 in early 2021 to a peak exceeding 135 by the end of 2023. This marked increase suggests an elevated market expectation for future earnings growth or possibly an overvaluation relative to earnings during this peak period.
Following the peak, the P/E ratio demonstrates a declining trend through 2024 and into 2025, retreating to values in the 40s. This reduction may reflect market corrections, earnings growth catching up with price expectations, or other external factors influencing investor sentiment.
- Price to Operating Profit (P/OP) Ratio
-
The P/OP ratio initially increases from around 31 in early 2021 to a high above 109 by late 2023, closely mirroring the trajectory of the P/E ratio. The surge suggests rising market valuations relative to operating profitability during this timeframe.
Post-peak, the ratio declines through 2024 and into 2025, eventually reaching levels near 35 by mid-2025. This downward movement points toward improved operating profit performance or a moderation in market valuation multiples.
- Price to Sales (P/S) Ratio
-
The P/S ratio exhibits a steady rise from approximately 6.88 in early 2021 to a peak around 20.77 by the end of 2023. This trend indicates increasing market capitalization relative to sales revenue, possibly due to optimistic growth expectations or stronger revenue performance.
The ratio remains relatively elevated through 2024 but then experiences a notable decrease toward 11.39 in mid-2025 before a slight increase again. This pattern may suggest variable sales growth rates and evolving market valuation dynamics.
- Price to Book Value (P/BV) Ratio
-
The P/BV ratio fluctuates with an upward trajectory from roughly 25.41 in early 2021 to a maximum of about 65.8 at the close of 2023. This movement reflects increasing investor valuation relative to the company's net asset base.
Subsequently, the ratio declines gradually throughout 2024 and into 2025, settling in the lower 30s by mid-2025. The decline might be associated with asset base growth, valuation rebalancing, or market sentiment shifts.
Overall, the data reveals a period of substantial growth in valuation multiples across earnings, operating profit, sales, and book value ratios through the end of 2023, followed by a phase of correction and normalization through 2024 and mid-2025. These patterns may imply that the company experienced strong market optimism or profitability expansion leading up to late 2023, with subsequent adjustments aligning valuations more closely with fundamentals in later periods.
Price to Earnings (P/E)
Eli Lilly & Co., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Eli Lilly & Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from March 2021 to December 2024, increasing from approximately $183 to a peak near $867. This represents a substantial growth over this period. Notably, after reaching the peak, the price experienced a decline in early 2025, dropping to about $641 by mid-2025 before rising again towards $845 by the third quarter of 2025. This indicates some volatility in the share price in the most recent periods.
- Earnings Per Share (EPS) Trend
- EPS showed a pattern of steady growth over the analyzed period. Starting near $6.35 in early 2021, EPS fluctuated slightly but generally increased, with notable acceleration from late 2023 onward. By the third quarter of 2025, EPS had risen significantly to approximately $19.48, indicating robust earnings growth. This increase signals improving profitability per share over time.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio rose markedly from around 29 in March 2021 to a peak exceeding 135 in December 2023, reflecting a significant increase in the market's valuation relative to earnings. After this peak, the ratio declined steadily through 2024 and into 2025, dropping to approximately 43 by mid-2025, reaching levels closer to those seen at the beginning of the period. This decline suggests a correction or revaluation of the stock price considering the rising earnings.
- Overall Insights
- The simultaneous increase in share price and EPS over the periods analyzed demonstrates positive financial performance and market confidence. The marked rise and subsequent decline in the P/E ratio indicate a period of heightened market enthusiasm, followed by a normalization phase where price growth moderated relative to earnings improvement. The recent volatility in share price, alongside the strong earnings growth, could imply market adjustments as investors reassess valuation metrics in light of the company's strengthening earnings fundamentals.
Price to Operating Profit (P/OP)
Eli Lilly & Co., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Eli Lilly & Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a strong upward trend from the beginning of the period through the end of 2024, rising from approximately $183 to a peak of about $867 per share. This substantial appreciation reflects growing investor confidence or improved market perceptions. However, in early 2025, a noticeable volatility emerged, with the price dropping to around $641 in mid-2025 before rebounding to approximately $845 by the third quarter of 2025.
- Operating Profit Per Share Trend
- Operating profit per share showed a generally increasing trajectory over the observed periods. Starting at $5.86 in early 2021, it fluctuated moderately but maintained an upward path, reaching $13.60 by the last quarter of 2024. The upward momentum further accelerated in 2025, climbing to a peak near $24.41 in the third quarter. This indicates improving operational efficiency or profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited a rising pattern from early 2021 to the end of 2023, increasing from about 31 to a peak near 110. This suggests that share prices were rising faster than operating profit per share during this phase, potentially indicating higher market expectations or valuation premiums. From 2024 onwards, the ratio declined significantly, falling to around 34 by the third quarter of 2025. This reduction points to a shift toward valuation more closely aligned with operating profits, possibly reflecting a market correction or reassessment of growth prospects.
- Overall Analysis
- Over the analyzed timeframe, the company experienced considerable growth in both share price and operating profit per share, highlighting strong operational performance and positive investor sentiment. The changing P/OP ratio suggests initial optimism with elevated valuations, followed by a market adjustment toward more sustainable valuation levels. The share price volatility in 2025 may indicate external pressures or changing investor perceptions, requiring further monitoring to understand underlying causes and potential impacts on the company's financial outlook.
Price to Sales (P/S)
Eli Lilly & Co., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Eli Lilly & Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a notable upward trend from March 2021 through December 2024, rising from $182.77 to a peak of $867.05. During this period, the price experienced steady growth with some fluctuations, notably an increase from approximately $390 in March 2023 to $867 in December 2024. However, from December 2024 onward, a downward correction occurred, leading to a decline to $640.86 by June 2025, before rebounding to $844.5 in September 2025.
- Sales per Share Development
- Sales per share consistently increased throughout the entire period. Starting from $26.57 in March 2021, sales per share grew steadily, reaching $62.85 by September 2025. This reflects a strong growth rate in sales underpinning the company's earnings capacity and suggests an improving revenue base on a per-share basis over the long term.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio displayed a rising trend from March 2021 to December 2023, increasing from 6.88 to a high of 20.77, indicating that the market was valuing the company more richly relative to its sales over time. From December 2023 onward, the P/S ratio showed some volatility and a downward trend, decreasing to 11.39 by June 2025, before a slight recovery to 13.44 in September 2025. The decline in P/S during this later period suggests the share price correction was outpacing the growth in sales per share, indicating a potential recalibration of market expectations regarding growth or profitability.
- Overall Financial Insights
- The data reveal strong sales growth accompanied by a significant appreciation in share price until late 2024, reflecting positive investor sentiment and robust operational performance. Nonetheless, the subsequent price and valuation correction imply a shift, either due to market conditions or reassessment of future growth prospects. Despite these fluctuations, the steady increase in sales per share demonstrates underlying business strength and consistent revenue expansion.
Price to Book Value (P/BV)
Eli Lilly & Co., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Eli Lilly and Company shareholders’ equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Total Eli Lilly and Company shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Eli Lilly & Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trajectory over the observed periods, rising from $182.77 at the start to a peak of $867.05 towards the end. There were notable increases particularly from March 2023 ($390.35) through December 2023 ($745.91), with the highest value recorded at December 2024 ($867.05). Some fluctuations occurred in the final periods, including a decline to $640.86 in June 2025, followed by a recovery to $844.5 in September 2025.
- Book Value Per Share (BVPS) Development
- BVPS showed a steady and consistent increase throughout the timeframe, beginning at $7.19 and ending at $25.17. The growth was gradual with minor fluctuations, reflecting ongoing asset accumulation or retained earnings contribution to shareholders' equity per share. The BVPS nearly tripled over the total period, indicating strong balance sheet growth.
- Price to Book Value (P/BV) Ratio Behavior
- The P/BV ratio demonstrated considerable volatility, initially climbing from 25.41 to a peak of 38, then fluctuating between approximately 25 and 34 through 2021 and 2022. Starting in 2023, the ratio increased significantly, reaching a high of 65.8 in December 2023, suggesting that the market price substantially outpaced book value during this time. Following this peak, the ratio decreased gradually but remained elevated, ending near 33.55 by the latest period. This pattern may indicate periods of high market optimism or premium assigned to the company's shares relative to its book value, followed by some market correction or normalization.
- Overall Analysis
- The data indicates strong market performance, with share price growth outpacing the increase in book value per share. The pronounced increase in the P/BV ratio around late 2023 suggests heightened investor confidence or market speculation during that period, although some adjustment occurred thereafter. The consistent rise in BVPS supports a fundamental improvement in shareholder equity, while the fluctuating P/BV ratio reflects changing market sentiment. The share price's partial retracement in mid-2025 points to potential market volatility or reassessment of the company's valuation.