LLY
Eli Lilly and Company
LLY has the edge over ZTS overall, supported by stronger fundamentals and stronger modeled upside.
ZTS
Zoetis Inc.
ZTS 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.
ZTS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ZTS's profitability and cash flow are currently healthy, and its revenue and balance sheet 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.
ZTS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $82.96 | — |
| Current | 14x | $82.96 | — |
| Cheap | 25x | $149 | +79% |
| Fair | 37x | $219 | +164% |
| Expensive | 47x | $275 | +232% |
Historical ranges are pointers, not guarantees.
ZTS 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 ZTS on the outlook, with more favorable valuation and earnings expectations.
ZTS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect ZTS's earnings, revenue and profitability to hold roughly 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 ZTS on earnings, with more consistent year-over-year improvement.
ZTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.18 | +5.2% |
| Q3 2026 | $5.88 | -1% |
| Q2 2026 | $6.07 | +4.5% |
| Q1 2026 | $6.03 | +8.3% |
| Q4 2025 | $6.02 | +10% |
| Q3 2025 | $5.94 | +12% |
| Q2 2025 | $5.81 | +14% |
| Q1 2025 | $5.57 | +7.3% |
| Q4 2024 | $5.47 | +7.9% |
ZTS earned $5.88 per share over the past year, down 1% from 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 ZTS 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 ZTS on profitability, with a higher operating margin.
ZTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | -0.4% |
| Q2 2026 | $2.5B | +0.3% |
| Q1 2026 | $2.3B | +1.9% |
| Q4 2025 | $2.4B | +3% |
| Q3 2025 | $2.4B | +0.5% |
| Q2 2025 | $2.5B | +4.2% |
| Q1 2025 | $2.2B | +1.4% |
| Q4 2024 | $2.3B | +4.7% |
ZTS's revenue grew through 2024 and has held roughly level since: $2.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -6.5 points |
| Q2 2026 | 35% | -1.6 points |
| Q1 2026 | 34% | -3 points |
| Q4 2025 | 32% | +0.3 points |
| Q3 2025 | 37% | +0.4 points |
| Q2 2025 | 37% | +3.6 points |
| Q1 2025 | 36% | +2.4 points |
| Q4 2024 | 32% | +2.2 points |
ZTS's operating margin was 30% last quarter, down 6.5 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 ZTS on cash flow, with more consistent year-over-year improvement.
ZTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $717M | -11% |
| Q2 2026 | $538M | +75% |
| Q1 2026 | $291M | -34% |
| Q4 2025 | $732M | +6.2% |
| Q3 2025 | $805M | +2.7% |
| Q2 2025 | $308M | -17% |
| Q1 2025 | $438M | -3.7% |
| Q4 2024 | $689M | -1.4% |
ZTS's free cash flow has been positive every quarter for seven years: $2.3B over the past year, up 1.7% 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.
ZTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -6.1M shares |
| 1 year | -7.1% | -31.6M shares |
| 3 years | -11% | -49.8M shares |
| 5 years | -14% | -64.7M shares |
| Available history | -15% | -70.2M shares |
ZTS has the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $584M |
| Q1 2026 | $606M |
| Q4 2025 | $2.1B |
| Q3 2025 | $394M |
| Q2 2025 | $338M |
| Q1 2025 | $443M |
| Q4 2024 | $553M |
ZTS spent $3.8B buying back its own shares over the past year, up 117% 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 ZTS on leverage, with a lower net debt burden relative to earnings.
ZTS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.3x | Healthy |
ZTS's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.3 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).
ZTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 67.3 | Neutral |
ZTS's weekly RSI is 50 (neutral) and its Stochastic is 67 (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.
ZTS PE vs Healthcare Sector
| Metric | ZTS | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 45% below |
| PE % | 7 | 29 | 22 pts below |
ZTS 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 ZTS on trend strength, trading above more of its moving averages.
ZTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.3 | 7.4% above |
| 20 week MA | $76.0 | 9.2% above |
| 50 week MA | $96.6 | 14% below |
| 100 week MA | $125.5 | 34% below |
| 200 week MA | $151.4 | 45% below |
ZTS has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 45% 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 ZTS on returns for 2026, with the stronger performance.
ZTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $133.3 | $160.7 | +21% |
| 2021 | $160.7 | $242.5 | +51% |
| 2022 | $242.5 | $145.8 | -40% |
| 2023 | $145.8 | $197.4 | +35% |
| 2024 | $197.4 | $164.6 | -17% |
| 2025 | $164.6 | $126.2 | -23% |
| 2026 YTD | $126.2 | $83.0 | -34% |
ZTS has finished lower in three of the last six years. It's down 34% so far in 2026.