Lilly (Eli)

Balance sheet is sound for a company in an aggressive build‑out phase. As of September 30, 2025: cash and equivalents 9.8 billion dollars, total debt 42.5 billion dollars, implying net debt near 32.7 billion dollars.

Trailing nine‑month operating cash flow is 13.6 billion dollars and TTM free cash flow is ~9.27 billion dollars after 6.79 billion dollars of capital expenditures, which comfortably services debt, dividends, and selective buybacks. Credit facilities are ample and the firm retains capital markets access.

Key watch items: sustained capex for capacity, acquired IPR&D outflows, and stock repurchases against investment needs.