Eli Lilly and Company (LLY)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	28,527,100	18,320,800	14,737,500	15,346,400	16,586,600
Total stockholders’ equity	US$ in thousands	14,192,100	10,771,900	10,649,800	8,979,200	5,641,600
Debt-to-capital ratio		0.67	0.63	0.58	0.63	0.75

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $28,527,100K ÷ ($28,527,100K + $14,192,100K)
= 0.67

The debt-to-capital ratio of Eli Lilly and Company has shown a decreasing trend over the past five years. It decreased from 0.75 as of December 31, 2020, to 0.63 by the end of 2021, further dropping to 0.58 by the end of 2022. However, there was a slight increase to 0.63 as of December 31, 2023, followed by a subsequent rise to 0.67 by the end of 2024. Overall, the decreasing trend in the earlier years indicates a reduction in the company's reliance on debt financing relative to its total capital structure, although the recent uptick in the ratio suggests a potential reevaluation of the company's capital structure or increased debt usage. It would be prudent to monitor future developments closely to assess the impact of these changes on Eli Lilly's financial health and risk profile.