Health Care · Pharmaceuticals · US stock · price as of 16 Oct 2026
Key indicators
Price
$1,257.03
52-week range
$778.94 – $1,292.65
Market cap
$1.12T
P/E (trailing)
42.2×
EV / EBITDA
32.4×
Free-cash-flow yield
2.5%
Dividend yield
0.5%
Revenue (last 12 months)
$79.7B
Revenue growth (3y a year)
31.7%
Operating margin
42.7%
Return on invested capital
33.9%
Net debt / EBITDA
1.3×
Fair value
Blended fair value$865.10 range $587 – $877
Versus priceOvervalued−31% to fair value
Peer multiples
$542.96
Fundamentals-adjusted multiple
$631.31
10-year DCF (market-scaled)
$1,421.04
Earnings power value (floor, not blended)
$170.52
Model uncertainty
High
X-Ray Score
61/ 100 · Medium confidence · ahead of 73% of sector peers
Valuation30
Growth90
Profitability62
Financial health69
Dividends63
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Eli Lilly is a pharmaceutical company that discovers, develops and sells medicines. Its portfolio covers diabetes and obesity, cancer, immunology and neuroscience, and it markets products in many countries through its own sales organization and distribution partners. Revenue comes from prescription drug sales, which depend on patent protection, regulatory approvals and insurance reimbursement. The company spends heavily on research, and results reflect the success of its development pipeline.
Revenue has grown 31.7% a year over three years, leaving the last twelve months at $79.7 billion. Operating margin is 42.7%. Return on invested capital comes to 34%. On leverage, net debt to EBITDA is 1.3 times. A dividend is paid, with a yield of 0.5%.
StocksXray gives ELI LILLY & Co an X-Ray Score of 61 out of 100 (medium confidence), ahead of 73% of the S&P 500 stocks in its sector. Its strongest lens is growth (90) and its weakest is valuation (30).
Our fair value blend is $865.10 (range $587.14 to $877.02). At $1,257.03 the stock trades 45% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
ELI LILLY & Co (LLY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$264.85
$355.54
$572.09
$762.60
$1,069.51
$1,257.03
Market cap
$241.5B
$321.6B
$516.8B
$689.5B
$961.8B
$1.12T
P/E
43.3×
51.5×
98.6×
65.1×
46.6×
42.2×
EV / revenue
9.0×
11.8×
16.0×
16.1×
15.3×
14.7×
EV / EBITDA
31.7×
38.9×
63.7×
47.6×
34.8×
32.4×
Price / free cash flow
32.8×
42.4×
121.9×
78.2×
57.2×
40.0×
Free-cash-flow yield
3.1%
2.4%
0.8%
1.3%
1.7%
2.5%
Price / book
26.9×
30.2×
48.0×
48.3×
36.2×
33.2×
Dividend yield
1.33%
1.14%
0.82%
0.71%
0.58%
0.53%
Fundamentals checklist ● 9 Good · ● 2 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.0%Bad
Risk models
Altman Z score3.4×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)49.3%Good
Revenue growth (3y)31.7%Good
Growth consistency100%Good
Balance sheet
Current ratio1.4×Average
Net debt / EBITDA1.3×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield2.9%Bad
Profitability
Return on invested capital33.9%Good
Operating margin42.7%Good
Gross profitability46.7%Good
XStocksXray
ELI LILLY & Co (LLY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
28,318
28,541
34,124
45,043
65,179
79,666
Gross profit
21,006
21,912
27,042
36,625
54,127
66,441
Operating income
6,495
7,138
7,040
13,461
26,626
33,998
Net income
5,582
6,245
5,240
10,590
20,640
26,711
Diluted EPS ($)
6.12
6.90
5.80
11.71
22.95
29.78
Free cash flow
7,366
7,586
4,240
8,818
16,813
28,083
Gross margin
74.2%
76.8%
79.2%
81.3%
83.0%
83.4%
Operating margin
22.9%
25.0%
20.6%
29.9%
40.9%
42.7%
Net margin
19.7%
21.9%
15.4%
23.5%
31.7%
33.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
48,806
49,490
64,006
78,715
112,476
142,283
Cash
3,819
2,067
2,819
3,268
7,268
8,950
Total debt
16,885
17,737
31,415
37,982
42,503
54,908
Equity
8,979
10,650
10,772
14,272
26,535
33,879
Dividend per share ($)
3.53
4.07
4.69
5.40
6.23
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.