Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Eli Lilly & Co., EBITDA 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
Less: Net income from discontinued operations — — — — 3,680,500
Add: Income tax expense 1,314,200 561,600 573,800 1,036,200 628,000
Earnings before tax (EBT) 6,554,600 6,806,400 6,155,500 7,229,900 5,265,900
Add: Interest expense 485,900 331,600 339,800 359,600 400,600
Earnings before interest and tax (EBIT) 7,040,500 7,138,000 6,495,300 7,589,500 5,666,500
Add: Depreciation and amortization 1,527,300 1,522,500 1,547,600 1,323,900 1,232,600
Earnings before interest, tax, depreciation and amortization (EBITDA) 8,567,800 8,660,500 8,042,900 8,913,400 6,899,100

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
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Eli Lilly & Co. EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Eli Lilly & Co., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 711,326,758
Earnings before interest, tax, depreciation and amortization (EBITDA) 8,567,800
Valuation Ratio
EV/EBITDA 83.02
Benchmarks
EV/EBITDA, Competitors1
AbbVie Inc. 20.37
Amgen Inc. 13.51
Bristol-Myers Squibb Co. 7.32
Danaher Corp. 24.64
Gilead Sciences Inc. 12.59
Johnson & Johnson 15.45
Merck & Co. Inc. 39.92
Pfizer Inc. 21.82
Regeneron Pharmaceuticals Inc. 14.22
Thermo Fisher Scientific Inc. 21.86
Vertex Pharmaceuticals Inc. 21.26
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences 21.52
EV/EBITDA, Industry
Health Care 18.37

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

1 Click competitor name to see calculations.

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

Enterprise Value to EBITDA Ratio, Historical

Eli Lilly & Co., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 731,126,566 326,866,344 240,105,544 210,974,169 147,658,206
Earnings before interest, tax, depreciation and amortization (EBITDA)2 8,567,800 8,660,500 8,042,900 8,913,400 6,899,100
Valuation Ratio
EV/EBITDA3 85.33 37.74 29.85 23.67 21.40
Benchmarks
EV/EBITDA, Competitors4
AbbVie Inc. 20.79 13.31 13.44 21.34 13.68
Amgen Inc. 14.13 12.97 13.22 12.24 12.26
Bristol-Myers Squibb Co. 6.51 9.46 8.65 34.35 23.84
Danaher Corp. 26.41 18.42 21.05 26.68 25.23
Gilead Sciences Inc. 10.41 13.89 8.57 24.90 11.77
Johnson & Johnson 16.45 14.78 14.47 18.20 16.28
Merck & Co. Inc. 51.30 13.91 12.18 16.05 13.66
Pfizer Inc. 22.50 6.12 8.64 15.78 9.17
Regeneron Pharmaceuticals Inc. 20.16 15.27 6.68 12.70 14.80
Thermo Fisher Scientific Inc. 21.83 20.25 20.21 18.72 19.74
Vertex Pharmaceuticals Inc. 21.57 14.91 18.92 14.81 37.82
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences 22.59 13.58 13.16 18.90 15.10
EV/EBITDA, Industry
Health Care 18.98 13.71 13.87 16.50 14.37

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 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 731,126,566 ÷ 8,567,800 = 85.33

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Eli Lilly & Co. EV/EBITDA ratio increased from 2021 to 2022 and from 2022 to 2023.