LLY
Eli Lilly and Company
LLY offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVST
Envista Holdings Corp
NVST has a slight edge over LLY overall, supported by stronger valuation and stronger modeled upside.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVST Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Stable | |
| Strong |
NVST's profitability and balance sheet are currently strong, and its revenue and cash flow are stable.
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.
NVST PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 6.4x | $24.66 | — |
| Forward | 15x | $24.66 | — |
| Cheap | 21x | $81.70 | +231% |
| Fair | 28x | $108 | +339% |
| Expensive | 95x | $368 | +1394% |
Historical ranges are pointers, not guarantees.
NVST has the edge over LLY in the historical PE scenario, which offers more potential upside but is not a forecast.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
LLY has the edge over NVST on the outlook, with more favorable valuation expectations.
NVST Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for NVST, with profitability improving.
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 NVST on earnings, with more consistent year-over-year improvement.
NVST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.62 | -58% |
| Q3 2026 | $3.87 | +4738% |
| Q2 2026 | $0.58 | +87% |
| Q1 2026 | $0.41 | +$6.95 |
| Q4 2025 | $0.28 | +$6.78 |
| Q3 2025 | $0.08 | +$7.84 |
| Q2 2025 | $0.31 | +$8.00 |
| Q1 2025 | -$6.54 | -$5.83 |
| Q4 2024 | -$6.50 | -$5.90 |
NVST's earnings per share have jumped to their highest in seven years: $3.87 over the past year, up from $0.08 the year before.
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 has the edge over NVST on sales, with more consistent year-over-year improvement.
| 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.
NVST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $691.5M | +3.2% |
| Q2 2026 | $730.5M | +7.1% |
| Q1 2026 | $705.5M | +14% |
| Q4 2025 | $750.6M | +15% |
| Q3 2025 | $669.9M | +11% |
| Q2 2025 | $682.1M | +7.7% |
| Q1 2025 | $616.9M | -1.1% |
| Q4 2024 | $652.9M | +1.1% |
NVST's revenue has grown year over year for six quarters in a row: $692M last quarter, up 3.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 75% | +66 points |
| Q2 2026 | 11% | +4.2 points |
| Q1 2026 | 8.9% | +2.5 points |
| Q4 2025 | 9.8% | +2.7 points |
| Q3 2025 | 8.6% | +5.1 points |
| Q2 2025 | 6.8% | +189 points |
| Q1 2025 | 6.3% | -1.4 points |
| Q4 2024 | 7.1% | +39 points |
NVST has the edge over LLY on profitability, with a higher operating margin.
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 NVST on cash flow, with more consistent year-over-year improvement.
NVST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.8M | -9% |
| Q2 2026 | $104.3M | +37% |
| Q1 2026 | -$15.8M | -$10.2M |
| Q4 2025 | $91.7M | -26% |
| Q3 2025 | $67.9M | +7.3% |
| Q2 2025 | $76.4M | -11% |
| Q1 2025 | -$5.6M | -119% |
| Q4 2024 | $123.8M | +32% |
NVST still generates free cash flow, though less than at its 2020 peak: $242M over the past year.
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 893M diluted shares, down 0.6% from a year ago.
| 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.
NVST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -700K shares |
| 1 year | -1.6% | -2.7M shares |
| 3 years | -6.7% | -11.8M shares |
| 5 years | -8.3% | -14.7M shares |
| Available history | +20% | +27M shares |
NVST has the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2026 | $60.3M |
| Q1 2026 | $42.7M |
| Q4 2025 | $24.3M |
| Q3 2025 | $42M |
| Q2 2025 | $85.7M |
| Q1 2025 | $14.6M |
NVST spent $137M buying back its own shares over the past year.
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.
NVST Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.3x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2024 | 12.5x | High |
| Q4 2023 | 8.5x | High |
NVST has the edge over LLY on leverage, with a lower net debt burden relative to earnings.
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).
NVST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.8 | Neutral |
| Stochastic | 33.0 | Neutral |
NVST's weekly RSI is 49 (neutral) and its Stochastic is 33 (neutral).
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.
NVST PE vs Healthcare Sector
| Metric | NVST | Sector median | Relative |
|---|---|---|---|
| PE | 6.4x | 26x | 75% below |
| PE % | 0 | 29 | 29 pts below |
NVST has the edge over LLY on valuation relative to its sector.
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 has the edge over NVST on trend strength, trading above more of its moving averages.
NVST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 3.7% above |
| 20 week MA | $25.5 | 3.4% below |
| 50 week MA | $25.2 | 2.2% below |
| 100 week MA | $22.3 | 11% above |
| 200 week MA | $24.1 | 2.3% above |
NVST's trend is mixed: it's above three of its five weekly moving averages, and 2.3% above its 200-week average.
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 the edge over NVST on returns for 2026, with the stronger performance.
NVST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.0 | $32.4 | +8.1% |
| 2021 | $32.4 | $45.7 | +41% |
| 2022 | $45.7 | $33.1 | -28% |
| 2023 | $33.1 | $24.1 | -27% |
| 2024 | $24.1 | $19.2 | -20% |
| 2025 | $19.2 | $22.0 | +14% |
| 2026 YTD | $22.0 | $24.7 | +12% |
NVST has finished lower in three of the last six years. It's up 12% so far in 2026.