Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

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

Eli Lilly & Co., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Add: Income tax expense	2,090,400)	1,314,200)	561,600)	573,800)	1,036,200)
Earnings before tax (EBT)	12,680,400)	6,554,600)	6,806,400)	6,155,500)	7,229,900)
Add: Interest expense	780,600)	485,900)	331,600)	339,800)	359,600)
Earnings before interest and tax (EBIT)	13,461,000)	7,040,500)	7,138,000)	6,495,300)	7,589,500)
Add: Depreciation and amortization	1,766,600)	1,527,300)	1,522,500)	1,547,600)	1,323,900)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,227,600)	8,567,800)	8,660,500)	8,042,900)	8,913,400)

Based on: 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), 10-K (reporting date: 2020-12-31).

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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 decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Enterprise Value to EBITDA Ratio, Current

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	858,166,685)
Earnings before interest, tax, depreciation and amortization (EBITDA)	15,227,600)
Valuation Ratio
EV/EBITDA	56.36
Benchmarks
EV/EBITDA, Competitors¹
AbbVie Inc.	27.92
Amgen Inc.	15.59
Bristol-Myers Squibb Co.	7.27
Danaher Corp.	21.71
Gilead Sciences Inc.	14.75
Johnson & Johnson	16.00
Merck & Co. Inc.	36.17
Pfizer Inc.	21.58
Regeneron Pharmaceuticals Inc.	13.12
Thermo Fisher Scientific Inc.	21.10
Vertex Pharmaceuticals Inc.	24.52
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.07
EV/EBITDA, Industry
Health Care	19.51

Based on: 10-K (reporting date: 2024-12-31).

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

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	852,411,298)	731,126,566)	326,866,344)	240,105,544)	210,974,169)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	15,227,600)	8,567,800)	8,660,500)	8,042,900)	8,913,400)
Valuation Ratio
EV/EBITDA³	55.98	85.33	37.74	29.85	23.67
Benchmarks
EV/EBITDA, Competitors⁴
AbbVie Inc.	26.97	20.79	13.31	13.44	21.34
Amgen Inc.	15.31	14.13	12.97	13.22	12.24
Bristol-Myers Squibb Co.	—	6.51	9.46	8.65	34.35
Danaher Corp.	—	26.41	18.42	21.05	26.68
Gilead Sciences Inc.	—	10.41	13.89	8.57	24.90
Johnson & Johnson	15.77	16.45	14.78	14.47	18.20
Merck & Co. Inc.	—	51.30	13.91	12.18	16.05
Pfizer Inc.	—	22.50	6.12	8.64	15.78
Regeneron Pharmaceuticals Inc.	13.55	20.16	15.27	6.68	12.70
Thermo Fisher Scientific Inc.	—	21.83	20.25	20.21	18.72
Vertex Pharmaceuticals Inc.	—	21.57	14.91	18.92	14.81
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences	—	22.59	13.58	13.16	18.90
EV/EBITDA, Industry
Health Care	—	18.98	13.71	13.87	16.50

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 852,411,298 ÷ 15,227,600 = 55.98

⁴ Click competitor name to see calculations.

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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 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value to EBITDA (EV/EBITDA)

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

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical