LLY
Eli Lilly and Company
LLY has the edge over ZLAB overall, supported by stronger fundamentals and lower modeled downside.
ZLAB
Zai Lab Limited
ZLAB'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.
ZLAB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Unavailable |
ZLAB's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
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.
ZLAB PE Valuation
ZLAB has no meaningful PE right now: it lost money over the past year.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
LLY has the edge over ZLAB on the outlook, with more favorable revenue expectations.
ZLAB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ZLAB's losses to shrink, with revenue holding steady. However, they disagree widely on these estimates.
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 ZLAB on earnings quality, reporting a profit while its opponent remains loss making.
ZLAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.19 | +$0.01 |
| Q2 2026 | -$0.18 | +$0.03 |
| Q1 2026 | -$0.17 | +$0.08 |
| Q4 2025 | -$0.16 | +$0.10 |
| Q3 2025 | -$0.20 | +$0.07 |
| Q2 2025 | -$0.21 | +$0.09 |
| Q1 2025 | -$0.25 | +$0.10 |
| Q4 2024 | -$0.26 | +$0.09 |
ZLAB is still losing money, but far less than before: $0.19 per share over the past year, against $0.46 at its worst in late 2022.
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 ZLAB 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 ZLAB on profitability, with a higher operating margin.
ZLAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $108.2M | -6.8% |
| Q2 2026 | $106.3M | -3.3% |
| Q1 2026 | $99.6M | -6.5% |
| Q4 2025 | $127.6M | +17% |
| Q3 2025 | $116.1M | +14% |
| Q2 2025 | $110M | +9.4% |
| Q1 2025 | $106.5M | +22% |
| Q4 2024 | $109.1M | +66% |
ZLAB's revenue has held roughly level: $108M last quarter, down 6.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -58% | -16 points |
| Q2 2026 | -72% | -22 points |
| Q1 2026 | -70% | -17 points |
| Q4 2025 | -54% | +7.9 points |
| Q3 2025 | -42% | +24 points |
| Q2 2025 | -50% | +26 points |
| Q1 2025 | -53% | +28 points |
| Q4 2024 | -62% | +126 points |
ZLAB's operating margin was −58% last quarter, down 16 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 ZLAB on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZLAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$58.8M | -$23.8M |
| Q2 2026 | -$64.7M | -$30.8M |
| Q1 2026 | -$13.1M | +$50.1M |
| Q4 2025 | -$26.7M | +$31.7M |
| Q3 2025 | -$35M | -$6.9M |
| Q2 2025 | -$33.9M | +$9M |
| Q1 2025 | -$63.2M | +$27.8M |
| Q4 2024 | -$58.4M | -$43.2M |
ZLAB has burned cash in almost every quarter: −$163M over the past year, against −$191M 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 ZLAB 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.
ZLAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +6.4M shares |
| 1 year | +1.9% | +21.3M shares |
| 3 years | +16% | +155M shares |
ZLAB has 1.1B diluted shares, up 1.9% 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.
ZLAB Net Leverage
ZLAB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ZLAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.3 | Neutral |
| Stochastic | 60.8 | Neutral |
ZLAB's weekly RSI is 58 (neutral) and its Stochastic is 61 (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.
ZLAB PE vs Healthcare Sector
ZLAB has no meaningful PE right now: it lost money over the past year.
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.
ZLAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.4 | 6.8% above |
| 20 week MA | $23.5 | 11% above |
| 50 week MA | $20.8 | 25% above |
| 100 week MA | $25.9 | 0.5% above |
| 200 week MA | $25.8 | 0.8% above |
ZLAB is in an uptrend: it's above all five of its weekly moving averages, and 0.8% 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 finished every year since 2020 higher, and it's up 32% so far in 2026.
ZLAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.3 | $133.8 | +232% |
| 2021 | $133.8 | $65.8 | -51% |
| 2022 | $65.8 | $30.8 | -53% |
| 2023 | $30.8 | $27.3 | -11% |
| 2024 | $27.3 | $26.6 | -2.6% |
| 2025 | $26.6 | $18.3 | -31% |
| 2026 YTD | $18.3 | $26.0 | +42% |
ZLAB has the edge over LLY on returns for 2026, with the stronger performance.