ETON
Eton Pharmaceuticals, Inc.
ETON offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
LLY
Eli Lilly and Company
LLY has a slight edge over ETON overall, supported by lower modeled downside and stronger valuation.
ETON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
ETON's revenue, profitability, cash flow and balance sheet are all currently healthy.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ETON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $61.45 | — |
| Current | 41x | $61.45 | — |
| Cheap | 79x | $121 | +97% |
| Fair | 85x | $130 | +111% |
| Expensive | 149x | $227 | +269% |
Historical ranges are pointers, not guarantees.
ETON has the edge over LLY in the historical PE scenario, which offers more potential upside but is not a forecast.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
ETON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for ETON, with profitability improving.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
ETON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.51 | +65% |
| Q3 2026 | $1.52 | +$1.77 |
| Q2 2026 | $0.39 | +$0.55 |
| Q1 2026 | -$0.06 | +$0.12 |
| Q4 2025 | -$0.17 | -$0.02 |
| Q3 2025 | -$0.25 | -$0.03 |
| Q2 2025 | -$0.16 | +$0.10 |
| Q1 2025 | -$0.18 | -550% |
| Q4 2022 | -$0.35 | -$0.27 |
ETON has returned to profit: it earned $1.52 per share over the past year, after losing money the year before.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over ETON on earnings, with more consistent year-over-year improvement.
ETON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $57.9M | +158% |
| Q2 2026 | $37.6M | +99% |
| Q1 2026 | $24.3M | +40% |
| Q4 2025 | $21.3M | +83% |
| Q3 2025 | $22.5M | +118% |
| Q2 2025 | $18.9M | +109% |
| Q1 2025 | $17.3M | +117% |
| Q4 2024 | $11.6M | +59% |
ETON has the edge over LLY on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +46 points |
| Q2 2026 | 34% | +42 points |
| Q1 2026 | 10% | +13 points |
| Q4 2025 | 12% | +6.2 points |
| Q3 2025 | -6.1% | -11 points |
| Q2 2025 | -7.8% | +25 points |
| Q1 2025 | -2.7% | +7.3 points |
| Q4 2024 | 5.4% | +33 points |
ETON has the edge over LLY on profitability, with a higher operating margin.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY's revenue has grown year over year for 14 quarters in a row: $24.4B last quarter, up 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY's operating margin was 34% last quarter, down 6.6 points from the same quarter a year ago.
ETON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $35.2M | +200% |
| Q2 2026 | $7.3M | -8.8% |
| Q1 2026 | $7.3M | +251% |
| Q4 2025 | -$11.6M | -$10.8M |
| Q3 2025 | $11.7M | +298% |
| Q2 2025 | $8M | +534% |
| Q1 2025 | $2.1M | +$4.6M |
| Q4 2024 | -$777K | -301% |
ETON generated $38M in free cash flow over the past year, up 82% from the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over ETON on cash flow, with more consistent year-over-year improvement.
ETON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +477K shares |
| 1 year | +24% | +6.4M shares |
| 3 years | +32% | +8.1M shares |
| 5 years | +58% | +12.2M shares |
ETON has 33M diluted shares, up 24% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over ETON on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
ETON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | -9.6x | Net Cash |
| Q2 2025 | 2.6x | Moderate |
| Q1 2024 | -7.9x | Net Cash |
| Q3 2023 | -7.1x | Net Cash |
ETON has the edge over LLY on leverage, with a lower net debt burden relative to earnings.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
ETON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.9 | Neutral |
| Stochastic | 58.6 | Neutral |
ETON's weekly RSI is 70 (neutral) and its Stochastic is 59 (neutral).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
ETON PE vs Healthcare Sector
| Metric | ETON | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 26x | 57% above |
| PE % | 4 | 29 | 25 pts below |
ETON has the edge over LLY on valuation relative to its sector.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
ETON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $54.8 | 12% above |
| 20 week MA | $52.1 | 18% above |
| 50 week MA | $34.3 | 79% above |
| 100 week MA | $25.2 | 144% above |
| 200 week MA | $14.9 | 313% above |
ETON is in an uptrend: it's above all five of its weekly moving averages, and 313% above its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY is in an uptrend: it's above all five of its weekly moving averages, and 79% above its 200-week average.
ETON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.02 | $8.78 | +25% |
| 2021 | $8.78 | $4.26 | -51% |
| 2022 | $4.26 | $3.05 | -28% |
| 2023 | $3.05 | $4.38 | +44% |
| 2024 | $4.38 | $13.1 | +198% |
| 2025 | $13.1 | $16.8 | +29% |
| 2026 YTD | $16.8 | $61.5 | +265% |
ETON has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.