Eli Lilly and Company (LLY)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	18,320,800	17,923,600	18,158,400	18,880,500	14,737,500	14,143,800	14,692,000	15,152,900	15,346,400	15,522,400	14,736,600	16,199,600	16,586,600	16,334,600	15,064,400	13,982,300	13,817,900	13,662,200	13,717,600	13,610,200
Total assets	US$ in thousands	64,006,300	57,915,500	54,814,000	53,163,000	49,489,800	47,461,500	47,063,600	46,919,300	48,806,000	48,187,000	47,809,000	46,838,300	46,633,100	43,946,000	41,967,000	41,102,800	39,286,100	37,893,100	38,666,400	38,006,800
Debt-to-assets ratio		0.29	0.31	0.33	0.36	0.30	0.30	0.31	0.32	0.31	0.32	0.31	0.35	0.36	0.37	0.36	0.34	0.35	0.36	0.35	0.36

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $18,320,800K ÷ $64,006,300K
= 0.29

The debt-to-assets ratio of Lilly(Eli) & Co has been relatively stable over the past eight quarters, ranging from 0.33 to 0.39. This indicates that, on average, approximately 33% to 39% of the company's total assets are financed by debt.

A higher debt-to-assets ratio suggests that the company relies more on debt to finance its operations and investments, which can increase financial risk. On the other hand, a lower ratio indicates a stronger financial position with less reliance on debt.

Overall, the trend of the debt-to-assets ratio for Lilly(Eli) & Co suggests a moderate level of leverage, balanced with a significant portion of the company's assets being financed through equity. It would be important for the company to monitor and manage its debt levels to ensure sustainable financial health.