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Held by 4,500 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | $1.04T | 50.8× | — | 16.0× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,500 |
| JNJ | $599.1B | 22.5× | 19.1× | 6.4× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 4,554 |
| ABBV | $484.8B | 116.3× | 34.5× | 7.9× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 4,062 |
| MRK | $350.3B | 19.5× | — | 5.4× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,683 |
| ABT | $177.6B | 27.6× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 2,876 |
| PFE | $161.7B | 20.9× | — | 2.6× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,748 |
| VRTX | $123.0B | 31.7× | 26.9× | 10.3× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 1,689 |
| BMY | $115.8B | 16.4× | — | 2.4× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,451 |
| REGN | $77.5B | 18.2× | 18.5× | 5.4× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 1,291 |
| TEVA | $48.1B | 34.1× | 18.0× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 658 |
| ONC | $39.7B | — | 61.4× | 7.4× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 269 |
| ZTS | $30.7B | 12.3× | 9.8× | 3.2× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 1,363 |
| ALNY | $29.9B | 96.1× | 50.9× | 8.1× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 760 |
| RPRX | $25.2B | 31.8× | 21.4× | 10.6× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 621 |
| UTHR | $23.3B | 19.5× | 13.8× | 7.3× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 843 |
| INSM | $21.1B | — | — | 34.9× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 644 |
| CORT | $12.7B | 143.7× | — | 16.7× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 416 |
Peers = companies sharing LLY's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 30%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.27B covers the $780.9M due within a year 4.2× over. Scheduled principal only (excludes interest & revolver draws). As of 2024-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~2.1% on $42.50B of debt.
Cash of $7.27B fully covers short-term debt of $1.64B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 60% of free cash flow, leaving room to grow it and fund buybacks. Last year: $5.38B dividends + $4.11B buybacks = $9.49B returned on $8.97B FCF.
9 consecutive years of dividend increases · 13%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.18B 100.0% | $45.04B 100.0% | $34.12B 100.0% | $28.54B 100.0% | $28.32B 100.0% | $24.54B 100.0% | $22.32B 100.0% | $21.49B 100.0% | $19.97B 100.0% | $18.31B 100.0% |
| Cost of Revenue | $11.05B 17.0% | $8.42B 18.7% | $7.08B 20.8% | $6.63B 23.2% | $7.31B 25.8% | $5.48B 22.3% | $4.72B 21.2% | $4.68B 21.8% | $4.45B 22.3% | $4.16B 22.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $6.07B 30.4% | $5.65B 30.9% |
| Research & Development | — | — | — | $7.19B 25.2% | $6.93B 24.5% | $5.98B 24.4% | $5.59B 25.1% | $5.05B 23.5% | $5.10B 25.5% | $5.04B 27.5% |
| Selling, General & Admin | $11.09B 17.0% | $8.59B 19.1% | $7.40B 21.7% | $6.44B 22.6% | $6.43B 22.7% | $6.12B 24.9% | $6.21B 27.8% | $5.98B 27.8% | $5.98B 30.0% | $5.84B 31.9% |
| Interest Expense | $895.0M 1.4% | $781.0M 1.7% | $485.9M 1.4% | $331.6M 1.2% | $339.8M 1.2% | $359.6M 1.5% | $400.6M 1.8% | $242.5M 1.1% | $225.0M 1.1% | $185.2M 1.0% |
| Interest & Investment Income | — | $175.2M 0.4% | $173.6M 0.5% | $62.8M 0.2% | $25.4M 0.1% | $33.0M 0.1% | $80.4M 0.4% | $159.3M 0.7% | $166.4M 0.8% | $107.9M 0.6% |
| Other Income (Expense), net | -$571.0M -0.9% | -$219.0M -0.5% | $97.0M 0.3% | -$320.9M -1.1% | -$201.6M -0.7% | $1.17B 4.8% | $291.6M 1.3% | $145.6M 0.7% | $301.5M 1.5% | $108.8M 0.6% |
| Pretax Income | $25.73B 39.5% | $12.68B 28.2% | $6.55B 19.2% | $6.81B 23.8% | $6.16B 21.7% | $7.23B 29.5% | $5.27B 23.6% | $3.68B 17.1% | $2.30B 11.5% | $3.28B 17.9% |
| Income Tax Expense | $5.09B 7.8% | $2.09B 4.6% | $1.31B 3.9% | $561.6M 2.0% | $573.8M 2.0% | $1.04B 4.2% | $628.0M 2.8% | $529.5M 2.5% | $2.39B 12.0% | $551.4M 3.0% |
| Net Income | $20.64B 31.7% | $10.59B 23.5% | $5.24B 15.4% | $6.24B 21.9% | $5.58B 19.7% | $6.19B 25.2% | $8.32B 37.3% | $3.23B 15.0% | -$204.1M -1.0% | $2.74B 14.9% |
| Per Share | ||||||||||
| EPS (Basic) | $23.00 | $11.76 | $5.82 | $6.93 | $6.15 | $6.82 | $8.93 | $3.14 | -$0.19 | $2.59 |
| EPS (Diluted) | $22.95 | $11.71 | $5.80 | $6.90 | $6.12 | $6.79 | $8.89 | $3.13 | -$0.19 | $2.58 |
| Weighted Avg Shares (Basic) | 897.3M | 900.6M | 900.2M | 901.7M | 907.0M | 907.6M | 931.1M | 1.03B | 1.05B | 1.06B |
| Weighted Avg Shares (Diluted) | 899.3M | 904.1M | 903.3M | 904.6M | 911.7M | 912.5M | 935.7M | 1.03B | 1.05B | 1.06B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1208.74 today, the market must believe free cash flow compounds 37.3%/yr for a decade (off $4.51B on the 3-yr avg basis).
On the basis ($3.87B) the requirement is 39.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 37.3% is more optimistic than its 9-yr track record.
Default is 8.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.89B shares (market data) · net debt $35.23B
mean 53.0% · volatility σ 134% · implied rate exceeded in 2/9 yrs
Central path = implied 37.3%/yr growth; shaded band = ±1σ (134%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.1% | not reported | 12.9% |
| FY2017 | 77.7% | not reported | -1.0% |
| FY2018 | 78.2% | not reported | 15.0% |
| FY2019 | 78.8% | not reported | 37.3% |
| FY2020 | 77.7% | not reported | 25.2% |
| FY2021 | 74.2% | not reported | 19.7% |
| FY2022 | 76.8% | not reported | 21.9% |
| FY2023 | 79.2% | not reported | 15.4% |
| FY2024 | 81.3% | not reported | 23.5% |
| FY2025 | 83.0% | not reported | 31.7% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Where each multiple sits in its own 14-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 78% against ROIC 30% — 48% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 101.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 21.8 | 21.2 | 22.3 | 25.8 | 23.2 | 20.8 | 18.7 | 17.0 |
| R&D | 23.5 | 25.1 | 24.4 | 24.5 | 25.2 | — | — | — |
| SG&A | 27.8 | 27.8 | 24.9 | 22.7 | 22.6 | 21.7 | 19.1 | 17.0 |
| Income Tax | 2.5 | 2.8 | 4.2 | 2.0 | 2.0 | 3.9 | 4.6 | 7.8 |
| Net Income | 15.0 | 37.3 | 25.2 | 19.7 | 21.9 | 15.4 | 23.5 | 31.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LLY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 48 points of the 78% return on equity in FY2025. The business earns 30% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $20.64B | $20.64B |
| Share-based comp | $626M | $21.27B |
| Other non-cash & working capital | −$4.45B | $16.81B |
| Operating cash flow | $16.81B | $16.81B |
| Capex | −$7.84B | $8.97B |
| Free cash flow | $8.97B | $8.97B |
| FCF after SBC | $8.35B | $8.35B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 9.9% | 29.2% | 19.3 points |
| FY2021 | 15.4% | 13.6% | -1.8 points |
| FY2022 | 0.8% | 3.3% | 2.5 points |
| FY2023 | 19.6% | 31.8% | 12.3 points |
| FY2024 | 32.0% | 21.1% | -10.9 points |
| FY2025 | 44.7% | 61.4% | 16.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 74.4 days | 246.7 days | 108.6 days | 212.4 days |
| FY2020 | 87.4 days | 265 days | 107 days | 245.4 days |
| FY2021 | 86 days | 194 days | 83.4 days | 196.6 days |
| FY2022 | 88.2 days | 237.3 days | 106.3 days | 219.2 days |
| FY2023 | 97.2 days | 297.5 days | 133.9 days | 260.8 days |
| FY2024 | 89.2 days | 329.1 days | 140 days | 278.2 days |
| FY2025 | 99.5 days | 453.9 days | 177.6 days | 375.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 8.9 percent |
| FY2020 | -0.7 percent |
| FY2021 | -3.7 percent |
| FY2022 | -2.7 percent |
| FY2023 | 1.6 percent |
| FY2024 | 2.3 percent |
| FY2025 | 3.4 percent |
Accruals are positive and DSO is up +11 days over 3 years. Either alone is explainable; together they are revenue recognised ahead of collection.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2024-12-31, 653 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2024-12-31 (10-K); cash from the 2024-12-31 balance sheet; FCF from FY2024.
Balance sheet at 2024-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $1166.51, free cash flow must compound 36.87%/yr for 10 years. It has done 15.38%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 34.4% | 36.9% |
| FY2021 | 18.5% | 36.9% |
| FY2022 | −5.4% | 36.9% |
| FY2023 | −86.2% | 36.9% |
| FY2024 | 374.7% | 36.9% |
| FY2025 | 138.6% | 36.9% |
The implied rate has been matched or beaten in 2 of the last 6 years.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.