Eli Lilly and Company (LLY)

Debt-to-equity 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 stockholders’ equity	US$ in thousands	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	2,606,900	3,382,500	2,780,500	2,480,300
Debt-to-equity ratio		1.70	1.60	1.64	1.69	1.38	1.40	1.72	1.62	1.71	2.00	2.29	2.35	2.94	3.38	3.68	4.54	5.30	4.04	4.93	5.49

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $18,320,800K ÷ $10,771,900K
= 1.70

The trend of Lilly(Eli) & Co's debt-to-equity ratio over the past eight quarters indicates fluctuations in the company's capital structure. The ratio has generally been increasing from 1.52 in Q4 2022 to 2.34 in Q4 2023, signaling a higher level of debt relative to equity during this period.

While the ratio dipped in Q3 2023 compared to the previous quarter, it remained above the levels seen in earlier quarters, indicating continued reliance on debt financing. The ratio peaked in Q4 2023, reaching its highest point in the period under review.

Overall, the increasing trend in Lilly(Eli) & Co's debt-to-equity ratio suggests a potential shift towards more debt in the company's capital structure, which could impact its financial risk and leverage levels. Further analysis of the company's financial health and debt management strategies would be beneficial to assess the implications of this trend.