Eli Lilly and Company (LLY)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	28,527,100	29,045,400	23,730,400	24,559,900	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
Total stockholders’ equity	US$ in thousands	14,192,100	14,240,000	13,562,000	12,812,200	10,771,900	11,220,400	11,063,800	11,190,400	10,649,800	10,070,100	8,544,700	9,330,800	8,979,200	7,757,000	6,444,400	6,898,700	5,641,600	4,826,900	4,092,900	3,078,800
Debt-to-capital ratio		0.67	0.67	0.64	0.66	0.63	0.62	0.62	0.63	0.58	0.58	0.63	0.62	0.63	0.67	0.70	0.70	0.75	0.77	0.79	0.82

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 declining trend over the analyzed periods, decreasing from 0.82 in March 2020 to 0.67 by December 2024. This indicates that the company has been gradually reducing its reliance on debt to finance its operations and investment activities relative to its total capital. A lower debt-to-capital ratio suggests a lower financial risk and greater financial stability, as it indicates that a larger proportion of the company's capital structure is financed by equity rather than debt. Overall, the decreasing trend in Eli Lilly's debt-to-capital ratio can be viewed positively as it signifies a stronger financial position and potentially lower interest rate risk for the company.