Elanco Animal Health Incorporated

Pharmaceutical Preparations

ELANMixed3 of 9 basics passed

$22.92

+1.69%

Market cap $11.4B

$22.92

+1.69%

Market cap $11.4B

Elanco Animal Health is an animal health company that is engaged in developing, manufacturing, and marketing pharma products for companion and food animals.

It is a $11.4B healthcare company. Revenue grew 12.0% over the last year, it currently loses money, and its net debt equals ~9.2 years of free cash flow.

Website: elanco.com
Location: Indianapolis, IN
Employees: 9 900
Sector: Healthcare

Share price · 3 years

$10.03 → $22.92+128.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $5.02B
Loss: spends more than it earns; -$199M
Free cash flow: cash left after running the business; $379M
Net debt: debt minus cash on hand; $3.47B
Shares: up 34% since 2019 — dilution; 496.4M
Volatility: beta vs the market — under 1 swings less; 1.75

Revenue, last 8 years

52-week range

Low $19.76$22.92High $26.84

Today's price is 45% of the way from the year's low to its high.

P/E vs its history1y

323.2×median 29.3×

Higher than 86% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

323.2×

14%

P/S

2.3×

30%

EV/EBITDA

44.6×

20%

P/B

1.7×

19%

FCF yield

3.3%

30%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

+$1.03Mnet buying

Purchases$1.03M

Sales$0

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$11.4Btop 76%
Revenue growth+2%top 75%
Net margin-4%top 77%
Return on equity-3%top 78%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability and Moat lag behind.

Valuation37

P/E vs own history86th pct · 0/25
FCF yield3.3% · 12/25
P/S2.3x · 20/25
EV/EBITDA38.1x · 5/25

Growth0

Revenue CAGR-0.3% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-2.3% · 0/25
ROE-3.0% · 0/25
Net margin-4.0% · 0/25
Operating margin-3.3% · 0/25

Health50

Altman Z1.23 · 3/25
Current ratio2.05 · 25/25
Interest coverage3.1x · 10/25
Net cash / debtD/A 26% · 12/25

Quality52

Piotroski F6/9 · 15/25
Beneish M-2.68 · 25/25
FCF conversion-190% · 0/25
Margin stabilityσ 9.1% · 12/25

Moat38

ROIC >12% years0/8 yrs · 0/25
Median gross margin54.9% · 20/25
FCF-positive years7/8 yrs · 18/25
Worst-year net marginworst -27.9% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
2 open-market insider purchases
~44K shares bought by insiders
FY2024Financial
Best year on record
$338M net income
2024Product
Elanco launched what it termed its "next generation" of potential blockbusters, including Zenrelia, a…
FY2021Financial
Positive free cash flow every year since
5-year streak
2021Acquisition
Elanco announced it had closed its acquisition of Kindred Biosciences
2019Product
The divestiture was completed and Elanco launched on the New York Stock Exchange
FY2018Financial
First recorded profitable year
$86.5M net income
FY2018Financial
Revenue already above $1B
$3.07B in first reported year
2018IPO
Lilly announced plans to separate its Elanco Animal Health unit from the rest of the business via an…
2014Acquisition
The business acquired Lohmann SE and Lohmann Animal Health for an undisclosed sum and Novartis Animal…
2012Acquisition
The business acquired ChemGen Corp
2010Acquisition
The business acquired the European rights to a portfolio of Pfizer Animal Health treatments and an Irish…
2009Product
The business launched its data analytics business, Elanco Knowledge Solutions
2007Acquisition
The business acquired Ivy Animal Health and launched its companion animal business
1953Product
The company traces its roots back to 1953 when Eli Lilly introduced their first antibiotic aimed at veterinary usage

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$7 059 today — price return only

$4.7B revenue in FY2025

Revenue up 12.0% year over year

Positive free cash flow 5 years in a row

9 900 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (55.4%)
Revenue growing 12.0% year over year

Watch-outs

Not profitable — 4.0% net margin
Altman Z-Score 1.23 — elevated financial-distress risk
Net debt would take ~9.8 years of free cash flow to repay
Loss-making in 5 of the recent years
Net debt equals ~9.2 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

3 of 9 checks passed

Revenue growing — the company sells more than a year ago+12.0% YoY
Profitable — makes more than it spends-$199M TTM
Profit growing — earnings are higher than last year-168.6% YoY
Generates cash — cash left after running and investing$379M TTM
Debt under control — could handle its obligations~9.2y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.4B market cap
Not printing shares — share count not ballooning — you keep your slice+12.5% shares over ~5y
Proven track record — years of profitability behind it3/8 profitable years
Financially stable — balance sheet not near distressAltman Z 1.2 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonElanco Animal Health Incorporated vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ELAN this company	$11.4B	—	+12.0%	-4.0%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: ELAN vs LLY · ELAN vs JNJ · ELAN vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 10Buy 11Hold 2

Appendix · Financial records

The full statements behind this CV, FY2018–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.02B · net income -$199M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$5.02B

YoY 12.0%

Net income (TTM)

-$199M

Margin -4.0%

Gross margin

55.4%

Operating margin

-3.3%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.3	4.8	4.4	4.4	4.4	4.7
Gross profit	1.6	2.6	2.5	2.5	2.4	2.6
Operating income (EBIT)	-0.7	0.4	0.4	0.3	0.3	0.3
Net income	-0.6	-0.5	-0.1	-1.2	0.3	-0.2
EPS (diluted)	-1.27	-0.97	-0.16	-2.50	0.68	-0.47

Cash flowFree cash flow $379M · operating cash flow $617M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$379M

Margin 7.5%

Operating cash flow (TTM)

$617M

FCF margin

7.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.0	0.5	0.5	0.3	0.5	0.6
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.3
Free cash flow	-0.2	0.4	0.3	0.1	0.4	0.3
FCF margin	-5.4%	7.5%	7.1%	3.0%	8.9%	6.0%

Balance sheetAssets $13.4B · net debt $3.47B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.4B of assets is financed

51%

49%

Liabilities $6.81B — borrowed moneyEquity $6.55B — owners' stake

Cash vs debt

Total debt $4.02B − cash $545M = net debt $3.47B

Cash on hand covers 14% of debt.

Altman Z-Score

1.23

Distress zone

Debt repayment

9.8 yrs

Years of free cash flow to clear net debt

Interest coverage

3.1x

EBIT ÷ interest expense

ROE

-3.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.6	0.3	0.4	0.5	0.5
Total assets	17.7	16.5	15.5	14.4	12.6	13.4
Total liabilities	9.2	8.9	8.2	8.1	6.5	6.8
Total debt	5.6	6.0	5.4	5.7	4.3	4.0
Equity	8.5	7.5	7.3	6.2	6.1	6.5
Net debt	5.1	5.4	5.1	5.4	3.8	3.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ELAN on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $22.92 · market cap $11.4B.