Eli Lilly & Co. (LLY) intrinsic value & 10-year financials
Eli Lilly & Co. (LLY) has a Graham intrinsic value of $762.30 per share. At $1,257.03 on Oct 17, 2026, the stock trades 65% above that value. Over the last 10 fiscal years revenue grew 13.3% a year to $65.2B, with an average return on invested capital of 26.5%.
- Graham intrinsic value
- $762.30
- Share price (Oct 17, 2026)
- $1,257.03
- Price vs Graham value
- 65% above
- Market cap
- $1.1T
- Revenue (FY2025)
- $65.2B
- Revenue growth (10-yr CAGR)
- 13.3%
- ROIC (10-yr avg)
- 26.5%
- Free cash flow (FY2025)
- —
LLY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $65.2B | $20.6B | $22.95 | — | — | 38.9% |
| FY2024 | $45.0B | $10.6B | $11.71 | — | — | 27.1% |
| FY2023 | $34.1B | $5.2B | $5.80 | — | — | 18.0% |
| FY2022 | $28.5B | $6.2B | $6.90 | — | — | 27.6% |
| FY2021 | $28.3B | $5.6B | $6.12 | — | — | 28.6% |
| FY2020 | $24.5B | $6.2B | $6.79 | — | — | 35.8% |
| FY2019 | $22.3B | $8.3B | $8.89 | — | — | 55.4% |
| FY2018 | $24.6B | $3.2B | $3.13 | — | — | 20.4% |
| FY2017 | $22.9B | -$204.1M | -$0.19 | — | — | -1.1% |
| FY2016 | $21.2B | $2.7B | $2.58 | — | — | 14.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lilly (Eli) is a consistent compounder, expanding top-line revenue at 13.3% annually over the past decade.
Lilly (Eli) has earned high returns on invested capital, averaging 26.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lilly (Eli) shows that management has aggressively returned capital to shareholders by retiring 15.3% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lilly (Eli) is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $762.30 per share.