LLY
Eli Lilly and Company
LLY has the edge over SPOK overall, supported by stronger fundamentals and stronger modeled upside.
SPOK
Spok Holdings, Inc.
SPOK offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
SPOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
SPOK's profitability, cash flow and balance sheet are currently healthy, and its revenue is 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.
SPOK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.6x | $7.56 | -35% |
| Current | 13x | $11.62 | — |
| Fair | 18x | $15.91 | +37% |
| Expensive | 22x | $19.16 | +65% |
Historical ranges are pointers, not guarantees.
SPOK 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 |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
SPOK Forward outlook
There aren't enough analyst estimates for SPOK to show an outlook.
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 SPOK on earnings, with more consistent year-over-year improvement.
SPOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.88 | +11% |
| Q2 2026 | $0.57 | -30% |
| Q1 2026 | $0.59 | -23% |
| Q4 2025 | $0.75 | +2.7% |
| Q3 2025 | $0.79 | +8.2% |
| Q2 2025 | $0.82 | +6.5% |
| Q1 2025 | $0.77 | -7.2% |
| Q4 2024 | $0.73 | -5.2% |
SPOK's earnings per share have fallen from their peak: $0.88 over the past year, against $1.81 in late 2023.
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 SPOK 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 has the edge over SPOK on profitability, with a higher operating margin.
SPOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $33M | -2.6% |
| Q2 2026 | $35M | -1.9% |
| Q1 2026 | $33.2M | -8.5% |
| Q4 2025 | $33.9M | -0.1% |
| Q3 2025 | $33.9M | -2.9% |
| Q2 2025 | $35.7M | +5% |
| Q1 2025 | $36.3M | +4% |
| Q4 2024 | $33.9M | -0.2% |
SPOK's revenue fell from its 2019 peak and has held roughly level since: $33M last quarter, down 2.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +4.2 points |
| Q2 2026 | 16% | +0.4 points |
| Q1 2026 | 7.4% | -9.2 points |
| Q4 2025 | 12% | -2 points |
| Q3 2025 | 13% | -1.4 points |
| Q2 2025 | 15% | +1.9 points |
| Q1 2025 | 17% | +2.6 points |
| Q4 2024 | 14% | +1.7 points |
SPOK's operating margin was 17% last quarter, up 4.2 points from the same quarter a year ago, near the top of its range since 2019.
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 SPOK on cash flow, with more consistent year-over-year improvement.
SPOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.2M | +62% |
| Q2 2026 | $5.9M | -2% |
| Q1 2026 | $1.8M | +22% |
| Q4 2025 | $10.1M | +34% |
| Q3 2025 | $7.6M | -26% |
| Q2 2025 | $6M | -12% |
| Q1 2025 | $1.5M | +34% |
| Q4 2024 | $7.5M | -30% |
SPOK generated $30M in free cash flow over the past year, up 33% from the year before.
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 SPOK 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.
SPOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +128K shares |
| 1 year | +0.9% | +184K shares |
| 3 years | +4.5% | +909K shares |
| 5 years | +9% | +1.7M shares |
| Available history | +11% | +2.1M shares |
SPOK has 21M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
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.
SPOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.4x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
SPOK 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).
SPOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.2 | Neutral |
| Stochastic | 76.0 | Neutral |
SPOK's weekly RSI is 55 (neutral) and its Stochastic is 76 (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.
SPOK PE vs Healthcare Sector
| Metric | SPOK | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 27 | 29 | 2 pts below |
SPOK 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 SPOK on trend strength, trading above more of its moving averages.
SPOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.0 | 5.3% above |
| 20 week MA | $10.8 | 7.3% above |
| 50 week MA | $11.5 | 0.9% above |
| 100 week MA | $13.9 | 17% below |
| 200 week MA | $14.1 | 17% below |
SPOK has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 17% below 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 SPOK on returns for 2026, with the stronger performance.
SPOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.1 | $11.0 | -9% |
| 2021 | $11.0 | $8.72 | -21% |
| 2022 | $8.72 | $8.24 | -5.5% |
| 2023 | $8.24 | $15.5 | +88% |
| 2024 | $15.5 | $16.2 | +4.8% |
| 2025 | $16.2 | $13.0 | -20% |
| 2026 YTD | $13.0 | $11.6 | -10% |
SPOK has finished lower in four of the last six years. It's down 10% so far in 2026.