Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Common Stock Valuation Ratios (Price Multiples) 

Microsoft Excel

Current Valuation Ratios

Eli Lilly & Co., current price multiples

Microsoft Excel
Eli Lilly & Co. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Moderna Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Pharmaceuticals, Biotechnology & Life Sciences Health Care
Selected Financial Data
Current share price (P) $753.41
No. shares of common stock outstanding 949,315,694
Growth rate (g) 48.00%
 
Earnings per share (EPS) $5.52
Next year expected EPS $8.17
Operating profit per share $6.80
Sales per share $35.95
Book value per share (BVPS) $11.35
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 136.48 60.96 23.04 14.63 35.50 19.50 10.49 675.31 66.70 20.66 32.72 33.42 29.56
Price to next year expected earnings 92.22 75.98 15.91 14.26 32.39 9.27 60.83 16.55 28.55 30.47 26.81
Price-earnings-growth (PEG) 2.84 0.51 5.65 3.70 0.80 6.91 0.83 2.24 3.45 2.87
Price to operating profit (P/OP) 110.75 23.24 19.59 16.12 32.36 14.52 17.38 104.67 636.64 20.18 28.60 33.63 25.09
Price to sales (P/S) 20.96 5.46 5.75 2.61 7.05 4.10 4.33 4.10 2.13 2.42 6.23 4.58 5.47 2.26
Price to book value (P/BV) 66.40 28.62 24.83 3.99 3.15 4.84 5.36 6.56 1.03 1.59 3.15 4.20 6.29 5.04

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

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Eli Lilly & Co., historical price multiples

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Price to earnings (P/E) 135.24 50.08 40.66 31.95 16.19
Price to operating profit (P/OP) 109.75 43.88 35.70 32.66 27.08
Price to sales (P/S) 20.77 10.96 8.01 8.06 6.03
Price to book value (P/BV) 65.80 29.36 25.28 35.07 51.67

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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Eli Lilly & Co. P/E ratio increased from 2021 to 2022 and from 2022 to 2023.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Eli Lilly & Co. P/OP ratio increased from 2021 to 2022 and from 2022 to 2023.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Eli Lilly & Co. P/S ratio increased from 2021 to 2022 and from 2022 to 2023.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Eli Lilly & Co. P/BV ratio increased from 2021 to 2022 and from 2022 to 2023.

Price to Earnings (P/E)

Eli Lilly & Co., historical P/E calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 950,164,452 950,296,118 952,347,126 958,425,693 956,382,203
Selected Financial Data (US$)
Net income (in thousands) 5,240,400 6,244,800 5,581,700 6,193,700 8,318,400
Earnings per share (EPS)2 5.52 6.57 5.86 6.46 8.70
Share price1, 3 745.91 329.07 238.31 206.46 140.83
Valuation Ratio
P/E ratio4 135.24 50.08 40.66 31.95 16.19
Benchmarks
P/E Ratio, Competitors5
AbbVie Inc. 63.84 22.62 22.07 40.17 17.82
Amgen Inc. 23.14 19.56 21.05 18.82 17.07
Bristol-Myers Squibb Co. 12.27 23.97 20.92 41.99
Danaher Corp. 39.09 25.65 29.94 44.49 38.34
Gilead Sciences Inc. 16.17 22.68 12.36 641.48 16.45
Johnson & Johnson 10.73 22.97 20.93 28.92 25.99
Merck & Co. Inc. 893.99 19.21 14.78 26.72 20.60
Moderna Inc. 6.43 5.00
Pfizer Inc. 73.42 7.58 11.76 19.62 11.63
Regeneron Pharmaceuticals Inc. 25.99 19.68 8.37 15.09 19.86
Thermo Fisher Scientific Inc. 35.65 30.55 27.35 27.89 33.36
P/E Ratio, Sector
Pharmaceuticals, Biotechnology & Life Sciences 35.36 19.24 17.76 37.29 20.82
P/E Ratio, Industry
Health Care 30.09 20.36 19.87 29.50 21.10

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 Data adjusted for splits and stock dividends.

2 2023 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 5,240,400,000 ÷ 950,164,452 = 5.52

3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.

4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 745.91 ÷ 5.52 = 135.24

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Eli Lilly & Co. P/E ratio increased from 2021 to 2022 and from 2022 to 2023.

Price to Operating Profit (P/OP)

Eli Lilly & Co., historical P/OP calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 950,164,452 950,296,118 952,347,126 958,425,693 956,382,203
Selected Financial Data (US$)
Operating income (in thousands) 6,457,900 7,127,300 6,357,100 6,058,000 4,974,300
Operating profit per share2 6.80 7.50 6.68 6.32 5.20
Share price1, 3 745.91 329.07 238.31 206.46 140.83
Valuation Ratio
P/OP ratio4 109.75 43.88 35.70 32.66 27.08
Benchmarks
P/OP Ratio, Competitors5
AbbVie Inc. 24.34 14.78 14.21 16.32 10.82
Amgen Inc. 19.69 13.40 16.24 14.96 13.84
Bristol-Myers Squibb Co. 13.53 18.29 19.84 24.42
Danaher Corp. 35.64 20.97 25.14 36.91 34.47
Gilead Sciences Inc. 12.05 14.21 7.76 19.38 20.66
Johnson & Johnson 17.78 17.62 18.68 21.84 19.83
Merck & Co. Inc. 138.56 15.55 15.39 23.89 17.47
Moderna Inc. 5.71 4.59
Pfizer Inc. 700.76 6.80 13.30 23.12 14.36
Regeneron Pharmaceuticals Inc. 25.39 18.01 7.55 14.82 19.01
Thermo Fisher Scientific Inc. 31.16 25.30 21.07 22.81 26.84
P/OP Ratio, Sector
Pharmaceuticals, Biotechnology & Life Sciences 35.58 15.37 15.55 27.63 18.65
P/OP Ratio, Industry
Health Care 25.54 15.88 16.54 21.85 17.29

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 Data adjusted for splits and stock dividends.

2 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 6,457,900,000 ÷ 950,164,452 = 6.80

3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.

4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 745.91 ÷ 6.80 = 109.75

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Eli Lilly & Co. P/OP ratio increased from 2021 to 2022 and from 2022 to 2023.

Price to Sales (P/S)

Eli Lilly & Co., historical P/S calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 950,164,452 950,296,118 952,347,126 958,425,693 956,382,203
Selected Financial Data (US$)
Revenue (in thousands) 34,124,100 28,541,400 28,318,400 24,539,800 22,319,500
Sales per share2 35.91 30.03 29.74 25.60 23.34
Share price1, 3 745.91 329.07 238.31 206.46 140.83
Valuation Ratio
P/S ratio4 20.77 10.96 8.01 8.06 6.03
Benchmarks
P/S Ratio, Competitors5
AbbVie Inc. 5.72 4.61 4.53 4.05 4.22
Amgen Inc. 5.78 5.17 5.10 5.64 6.03
Bristol-Myers Squibb Co. 2.19 3.29 3.16 3.16 5.52
Danaher Corp. 7.76 5.79 6.37 7.01 6.29
Gilead Sciences Inc. 3.40 3.86 2.85 3.24 4.00
Johnson & Johnson 4.43 4.34 4.66 5.15 4.79
Merck & Co. Inc. 5.43 4.71 3.96 3.93 4.33
Moderna Inc. 5.52 2.92 3.45 309.64
Pfizer Inc. 2.66 2.37 3.18 4.50 3.66
Regeneron Pharmaceuticals Inc. 7.84 7.01 4.20 6.24 5.34
Thermo Fisher Scientific Inc. 4.99 4.73 5.39 5.52 4.83
P/S Ratio, Sector
Pharmaceuticals, Biotechnology & Life Sciences 5.78 4.44 4.42 5.00 4.79
P/S Ratio, Industry
Health Care 2.30 2.15 2.28 2.25 2.13

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 Data adjusted for splits and stock dividends.

2 2023 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 34,124,100,000 ÷ 950,164,452 = 35.91

3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.

4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 745.91 ÷ 35.91 = 20.77

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Eli Lilly & Co. P/S ratio increased from 2021 to 2022 and from 2022 to 2023.

Price to Book Value (P/BV)

Eli Lilly & Co., historical P/BV calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 950,164,452 950,296,118 952,347,126 958,425,693 956,382,203
Selected Financial Data (US$)
Total Eli Lilly and Company shareholders’ equity (in thousands) 10,771,900 10,649,800 8,979,200 5,641,600 2,606,900
Book value per share (BVPS)2 11.34 11.21 9.43 5.89 2.73
Share price1, 3 745.91 329.07 238.31 206.46 140.83
Valuation Ratio
P/BV ratio4 65.80 29.36 25.28 35.07 51.67
Benchmarks
P/BV Ratio, Competitors5
AbbVie Inc. 29.97 15.52 16.53 14.18
Amgen Inc. 24.94 35.01 18.51 14.53 13.84
Bristol-Myers Squibb Co. 3.35 4.88 4.07 3.55 2.80
Danaher Corp. 3.47 3.64 4.16 3.93 3.72
Gilead Sciences Inc. 4.01 4.90 3.65 4.33 3.93
Johnson & Johnson 5.48 5.37 5.90 6.72 6.61
Merck & Co. Inc. 8.68 6.07 5.05 7.46 7.83
Moderna Inc. 2.66 2.81 4.31 24.16 8.21
Pfizer Inc. 1.75 2.48 3.35 2.98 3.00
Regeneron Pharmaceuticals Inc. 3.96 3.77 3.60 4.81 3.79
Thermo Fisher Scientific Inc. 4.57 4.83 5.18 5.15 4.16
P/BV Ratio, Sector
Pharmaceuticals, Biotechnology & Life Sciences 6.66 5.54 5.66 6.13 5.74
P/BV Ratio, Industry
Health Care 5.13 4.66 4.78 4.66 4.41

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 Data adjusted for splits and stock dividends.

2 2023 Calculation
BVPS = Total Eli Lilly and Company shareholders’ equity ÷ No. shares of common stock outstanding
= 10,771,900,000 ÷ 950,164,452 = 11.34

3 Closing price as at the filing date of Eli Lilly & Co. Annual Report.

4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 745.91 ÷ 11.34 = 65.80

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Eli Lilly & Co. P/BV ratio increased from 2021 to 2022 and from 2022 to 2023.