LLY
Eli Lilly and Company
LLY has the edge over ZBH overall, supported by stronger fundamentals and stronger modeled upside.
ZBH
Zimmer Biomet Holdings, Inc.
ZBH's outlook is improving, though it still trails on the overall score.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ZBH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
ZBH's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
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.
ZBH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $105 | — |
| Cheap | 22x | $87.95 | -16% |
| Current | 26x | $105 | — |
| Fair | 31x | $123 | +18% |
| Expensive | 94x | $371 | +255% |
Historical ranges are pointers, not guarantees.
ZBH 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 ZBH on the outlook, with more favorable revenue expectations.
ZBH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Moderate | |
| High |
Analysts expect ZBH's earnings to grow and its profitability to improve, with its revenue holding steady.
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 ZBH on earnings, with more consistent year-over-year improvement.
ZBH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.82 | +123% |
| Q3 2026 | $3.96 | -1.5% |
| Q2 2026 | $4.12 | +0.7% |
| Q1 2026 | $3.86 | -14% |
| Q4 2025 | $3.55 | -20% |
| Q3 2025 | $4.02 | -23% |
| Q2 2025 | $4.09 | -15% |
| Q1 2025 | $4.50 | -2.4% |
| Q4 2024 | $4.43 | -9.2% |
ZBH's earnings per share have fallen from their peak: $3.96 over the past year, against $5.31 in late 2019.
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 ZBH on sales, with stronger typical year-over-year growth.
| 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 ZBH on profitability, with a higher operating margin.
ZBH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +3.1% |
| Q2 2026 | $2.2B | +4.8% |
| Q1 2026 | $2.1B | +9.3% |
| Q4 2025 | $2.2B | +11% |
| Q3 2025 | $2B | +9.7% |
| Q2 2025 | $2.1B | +7% |
| Q1 2025 | $1.9B | +1.1% |
| Q4 2024 | $2B | +4.3% |
ZBH's revenue has grown year over year for 15 quarters in a row: $2.1B last quarter, up 3.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -2.6 points |
| Q2 2026 | 15% | +0.5 points |
| Q1 2026 | 18% | +2.6 points |
| Q4 2025 | 6.9% | -12 points |
| Q3 2025 | 18% | +2.2 points |
| Q2 2025 | 14% | -3.7 points |
| Q1 2025 | 15% | +1.2 points |
| Q4 2024 | 19% | +1 points |
ZBH's operating margin was 15% last quarter, down 2.6 points from the same quarter a year ago.
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 ZBH on cash flow, with more consistent year-over-year improvement.
ZBH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $484.2M | +33% |
| Q2 2026 | $393.6M | +20% |
| Q1 2026 | $323.1M | -4.5% |
| Q4 2025 | $442.6M | -2.7% |
| Q3 2025 | $363.7M | +3.6% |
| Q2 2025 | $328.1M | +3.6% |
| Q1 2025 | $338.2M | +96% |
| Q4 2024 | $454.8M | -13% |
ZBH generated $1.6B in free cash flow over the past year, up 11% 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 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.
ZBH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -1.4M shares |
| 1 year | -3.7% | -7.4M shares |
| 3 years | -8.9% | -18.6M shares |
| 5 years | -12% | -25.5M shares |
| Available history | -10% | -21.5M shares |
ZBH has the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $78.5M |
| Q2 2026 | $250.7M |
| Q1 2026 | $250.1M |
| Q4 2025 | $250M |
| Q3 2025 | — |
| Q2 2025 | $7.2M |
| Q1 2025 | $229.8M |
| Q4 2024 | $72.2M |
ZBH spent $829M buying back its own shares over the past year, up 168% from the year before.
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 has the edge over ZBH on leverage, with a lower net debt burden relative to earnings.
ZBH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.5x | Moderate |
ZBH's net debt is about 3.1 years of its operating earnings (EBITDA), up from 2.8 years a year ago.
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).
ZBH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.1 | Neutral |
| Stochastic | 62.8 | Neutral |
ZBH's weekly RSI is 61 (neutral) and its Stochastic is 63 (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.
ZBH PE vs Healthcare Sector
| Metric | ZBH | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | 2.1% above |
| PE % | 45 | 29 | 16 pts above |
ZBH 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 ZBH on trend strength, trading above more of its moving averages.
ZBH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $95.8 | 9.1% above |
| 20 week MA | $95.4 | 9.6% above |
| 50 week MA | $92.2 | 13% above |
| 100 week MA | $96.3 | 8.6% above |
| 200 week MA | $108.2 | 3.4% below |
ZBH has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 3.4% 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 ZBH on returns for 2026, with the stronger performance.
ZBH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $145.5 | $144.8 | -0.5% |
| 2021 | $144.8 | $123.2 | -15% |
| 2022 | $123.2 | $126.7 | +2.8% |
| 2023 | $126.7 | $121.7 | -3.9% |
| 2024 | $121.7 | $106.9 | -12% |
| 2025 | $106.9 | $90.8 | -15% |
| 2026 YTD | $90.8 | $104.6 | +15% |
ZBH has finished three years in a row lower, and it's up 15% so far in 2026.