Elanco Animal Health Incorporated
ELANHealthcare|Drug Manufacturers - Specialty & Generic|US
$25.74
+2.06 (+8.70%)
DCF Value
$4.60
Cash / Share
$0.93
Financials
Financial Snapshot
Market Cap
$12.86B
Enterprise Value
$16.10B
Revenue (TTM)
$5.15B
Net Income (TTM)
-$147.0M
Cash & Investments
$465.0M
Net Cash
-$3.24B
Free Cash Flow (TTM)
$408.0M
Operating CF (TTM)
$614.0M
Debt/Equity
0.56
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $258.8M | $323.4M | $474.8M | $334.0M | $495.0M | $638.0M | $345.0M | $352.0M | $468.0M | $545.0M | $465.0M | |
| Operating Cash Flow | $155.9M | $173.8M | $487.3M | $224.1M | -$41.0M | $483.0M | $452.0M | $271.0M | $541.0M | $560.0M | $614.0M | |
| Free Cash Flow | $45.6M | $75.2M | $352.8M | $26.7M | -$351.9M | $286.0M | $268.0M | $117.0M | $394.0M | $284.0M | $408.0M | |
| Capital Expenditure | -$110.3M | -$98.6M | -$134.5M | -$197.4M | -$310.9M | -$197.0M | -$184.0M | -$154.0M | -$147.0M | -$276.0M | -$206.0M | |
| Financing Cash Flow | -$149.6M | $847.5M | -$35.2M | -$304.8M | $4.95B | $210.0M | -$549.0M | -$83.0M | -$1.49B | -$275.0M | -$373.0M |
R&D Spending
R&D (TTM)
$381.0M
R&D Intensity
7.4%
R&D Growth vs Prior
+3.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.91B | $2.89B | $3.07B | $3.07B | $3.27B | $4.76B | $4.41B | $4.42B | $4.44B | $4.71B | $5.15B | |
| R&D Expense | $265.8M | $251.7M | $246.6M | $270.1M | $327.0M | $369.0M | $321.0M | $327.0M | $344.0M | $368.0M | $381.0M | |
| R&D % of Revenue | 9.1% | 8.7% | 8.0% | 8.8% | 10.0% | 7.7% | 7.3% | 7.4% | 7.7% | 7.8% | 7.4% | |
| SG&A | $784.8M | $779.8M | $735.2M | $760.2M | $996.6M | $1.40B | $1.26B | $1.28B | $1.31B | $1.43B | $1.56B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.91B | $2.89B | $3.07B | $3.07B | $3.27B | $4.76B | $4.41B | $4.42B | $4.44B | $4.71B | $5.15B | |
| Cost of Revenue | $1.58B | $1.72B | $1.77B | $1.67B | $2.03B | $2.69B | $2.44B | $2.48B | $2.53B | $2.67B | $2.40B | |
| Gross Profit | $1.33B | $1.17B | $1.30B | $1.40B | $1.25B | $2.08B | $1.97B | $1.94B | $1.91B | $2.05B | $2.75B | |
| R&D | $265.8M | $251.7M | $246.6M | $270.1M | $327.0M | $369.0M | $321.0M | $327.0M | $344.0M | $368.0M | $381.0M | |
| SG&A | $784.8M | $779.8M | $735.2M | $760.2M | $996.6M | $1.40B | $1.26B | $1.28B | $1.31B | $1.43B | $1.56B | |
| Operating Income | $283.2M | $142.4M | $313.8M | $370.0M | -$76.8M | $304.0M | $384.0M | $326.0M | $251.0M | $252.0M | $516.0M | |
| Interest Expense | $0.00 | $0.00 | $29.6M | $78.9M | $156.0M | $264.0M | $256.0M | $277.0M | $339.0M | $220.0M | $266.0M | |
| Pretax Income | -$22.4M | -$232.6M | $114.1M | $78.2M | -$672.0M | -$571.0M | -$72.0M | -$1.20B | $488.0M | -$224.0M | -$92.0M | |
| Net Income | -$47.9M | -$310.7M | $86.5M | $67.9M | -$560.1M | -$483.0M | -$78.0M | -$1.23B | $338.0M | -$232.0M | -$147.0M | |
| EPS (Diluted) | -0.13 | -0.87 | 0.28 | 0.18 | -1.27 | -0.97 | -0.15 | -2.50 | 0.68 | -0.47 | -0.29 | |
| EBITDA | $232.0M | $85.8M | $439.7M | $471.6M | $1.0M | $409.0M | $866.0M | -$224.0M | $1.49B | $676.0M | $679.0M | |
| Shares Out. (M) | 356.20 | 356.20 | 313.70 | 370.30 | 441.40 | 487.20 | 488.30 | 492.30 | 497.30 | 496.40 | 506.50 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $258.8M | $323.4M | $474.8M | $334.0M | $495.0M | $638.0M | $345.0M | $352.0M | $468.0M | $545.0M | $465.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $1.95B | $2.12B | $2.50B | $2.37B | $3.42B | $3.27B | $3.28B | $3.41B | $3.21B | $3.46B | $3.73B | |
| Total Assets | $8.10B | $8.94B | $8.96B | $8.99B | $17.69B | $16.48B | $15.49B | $14.36B | $12.61B | $13.36B | $13.34B | |
| Total Current Liabilities | $618.9M | $632.6M | $970.7M | $818.5M | $2.08B | $1.65B | $1.70B | $1.24B | $1.31B | $1.60B | $1.79B | |
| Long-Term Debt | $0.00 | $0.00 | $2.44B | $2.33B | $5.57B | $6.03B | $5.45B | $5.74B | $4.28B | $3.94B | $3.63B | |
| Total Liabilities | $1.07B | $1.15B | $3.76B | $3.44B | $9.22B | $8.97B | $8.20B | $8.14B | $6.52B | $6.81B | $6.71B | |
| Stockholders' Equity | $7.03B | $7.79B | $5.20B | $5.55B | $8.48B | $7.51B | $7.29B | $6.22B | $6.10B | $6.55B | $6.63B | |
| Retained Earnings | $0.00 | $0.00 | $16.4M | $84.3M | -$477.0M | -$979.0M | -$1.06B | -$2.29B | -$1.95B | -$2.18B | -$2.05B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $155.9M | $173.8M | $487.3M | $224.1M | -$41.0M | $483.0M | $452.0M | $271.0M | $541.0M | $560.0M | $614.0M | |
| Capital Expenditure | -$110.3M | -$98.6M | -$134.5M | -$197.4M | -$310.9M | -$197.0M | -$184.0M | -$154.0M | -$147.0M | -$276.0M | -$206.0M | |
| Free Cash Flow | $45.6M | $75.2M | $352.8M | $26.7M | -$351.9M | $286.0M | $268.0M | $117.0M | $394.0M | $284.0M | $408.0M | |
| Investing Cash Flow | -$182.1M | -$964.6M | -$127.0M | -$234.8M | -$4.78B | -$530.0M | -$179.0M | -$169.0M | $1.16B | -$279.0M | -$296.0M | |
| Financing Cash Flow | -$149.6M | $847.5M | -$35.2M | -$304.8M | $4.95B | $210.0M | -$549.0M | -$83.0M | -$1.49B | -$275.0M | -$373.0M | |
| Issuance of Stock | $0.00 | $0.00 | $1.66B | $0.00 | $1.22B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $2.49B | -$121.0M | $3.85B | $177.0M | -$517.0M | -$77.0M | -$1.48B | -$563.0M | $473.0M | |
| Stock Based Comp. | $20.4M | $25.0M | $26.0M | $49.4M | $47.0M | $66.0M | $59.0M | $46.0M | $55.0M | $68.0M | $77.0M | |
| Net Change in Cash | -$201.8M | $64.6M | $354.1M | -$332.4M | $160.3M | $132.0M | -$293.0M | $7.0M | $116.0M | $77.0M | -$40.0M |
Dilution Tracker
Shares Outstanding
500M
5-Year Share Growth
+12.5%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 356.20 | 356.20 | 313.70 | 370.30 | 441.40 | 487.20 | 488.30 | 492.30 | 497.30 | 496.40 | 506.50 | |
| Change vs Prior % | — | 0.0% | -11.9% | 18.0% | 19.2% | 10.4% | 0.2% | 0.8% | 1.0% | -0.2% | 2.0% | |
| Stock Issuance | $0.00 | $0.00 | $1.66B | $0.00 | $1.22B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $20.4M | $25.0M | $26.0M | $49.4M | $47.0M | $66.0M | $59.0M | $46.0M | $55.0M | $68.0M | $77.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 45.8% | 40.6% | 42.2% | 45.6% | 38.1% | 43.6% | 44.7% | 43.9% | 43.0% | 43.5% | 53.5% | |
| Operating Margin % | 9.7% | 4.9% | 10.2% | 12.0% | -2.3% | 6.4% | 8.7% | 7.4% | 5.7% | 5.3% | 10.0% | |
| Net Margin % | -1.6% | -10.8% | 2.8% | 2.2% | -17.1% | -10.1% | -1.8% | -27.9% | 7.6% | -4.9% | -2.9% | |
| EBITDA Margin % | 8.0% | 3.0% | 14.3% | 15.4% | 0.0% | 8.6% | 19.6% | -5.1% | 33.5% | 14.3% | 13.2% | |
| FCF Margin % | 1.6% | 2.6% | 11.5% | 0.9% | -10.8% | 6.0% | 6.1% | 2.6% | 8.9% | 6.0% | 7.9% | |
| ROE % | -0.7% | -4.0% | 1.7% | 1.2% | -6.6% | -6.4% | -1.1% | -19.8% | 5.5% | -3.5% | -2.2% | |
| ROA % | -0.6% | -3.5% | 1.0% | 0.8% | -3.2% | -2.9% | -0.5% | -8.6% | 2.7% | -1.7% | -1.1% | |
| ROIC % | 3.8% | 1.7% | 3.0% | 3.9% | -0.4% | 1.7% | 2.7% | 2.5% | 1.5% | 2.1% | 4.4% | |
| R&D / Revenue % | 9.1% | 8.7% | 8.0% | 8.8% | 10.0% | 7.7% | 7.3% | 7.4% | 7.7% | 7.8% | 7.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.2% | -0.8% | 6.2% | 0.1% | 6.6% | 45.5% | -7.4% | 0.1% | 0.5% | 6.2% | |
| Gross Profit | 10.0% | -12.0% | 10.4% | 8.1% | -11.0% | 66.5% | -5.1% | -1.6% | -1.5% | 7.4% | |
| Operating Income | 5144.4% | -49.7% | 120.4% | 17.9% | -120.8% | 495.8% | 26.3% | -15.1% | -23.0% | 0.4% | |
| Net Income | 77.3% | -548.6% | 127.8% | -21.5% | -924.9% | 13.8% | 83.9% | -1478.2% | 127.5% | -168.6% | |
| EPS (Diluted) | 78.0% | -569.2% | 132.2% | -35.7% | -805.6% | 23.6% | 84.5% | -1566.7% | 127.2% | -169.1% | |
| Operating Cash Flow | 2262.1% | 11.5% | 180.4% | -54.0% | -118.3% | 1278.0% | -6.4% | -40.0% | 99.6% | 3.5% | |
| Free Cash Flow | 148.8% | 64.9% | 369.1% | -92.4% | -1418.0% | 181.3% | -6.3% | -56.3% | 236.8% | -27.9% | |
| R&D Expense | -8.7% | -5.3% | -2.0% | 9.5% | 21.1% | 12.8% | -13.0% | 1.9% | 5.2% | 7.0% | |
| SG&A Expense | -14.3% | -0.6% | -5.7% | 3.4% | 31.1% | 40.8% | -9.8% | 1.6% | 2.3% | 8.8% | |
| Total Assets | 0.0% | 10.4% | 0.2% | 0.3% | 96.9% | -6.9% | -6.0% | -7.3% | -12.2% | 5.9% | |
| Book Value / Share | 0.0% | 10.9% | -24.2% | -9.3% | 27.7% | -19.7% | -3.1% | -15.3% | -2.4% | 6.9% | |
| Debt | 0.0% | 0.0% | 0.0% | -4.7% | 160.2% | 3.1% | -7.6% | -1.1% | -25.2% | -7.0% | |
| Diluted Shares | 0.0% | 0.0% | -11.9% | 18.0% | 19.2% | 10.4% | 0.2% | 0.8% | 1.0% | -0.2% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High17.81 / 112.61 / 163.61
P/S2.50
10Y Low / Med / High1.35 / 3.23 / 4.44
P/B1.94
10Y Low / Med / High0.82 / 1.72 / 1.96
EV/EBITDA23.71
10Y Low / Med / High6.61 / 27.33 / 19169.72
EV/Revenue3.13
10Y Low / Med / High2.22 / 4.09 / 5.86
P/FCF31.52
10Y Low / Med / High15.18 / 48.35 / 407.01
Intrinsic Value Models (per share)
DCF Value
$4.60
Cash / Share
$0.93
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -276.92 | -41.38 | 112.61 | 163.61 | -24.15 | -29.26 | -81.47 | -5.96 | 17.81 | -48.15 | -85.80 | |
| P/S Ratio | 4.40 | 4.44 | 3.23 | 3.54 | 4.14 | 2.90 | 1.35 | 1.66 | 1.35 | 2.38 | 2.50 | |
| P/B Ratio | 1.82 | 1.65 | 1.90 | 1.96 | 1.60 | 1.84 | 0.82 | 1.18 | 0.98 | 1.72 | 1.94 | |
| EV/EBITDA | 54.16 | 145.69 | 27.04 | 27.33 | 19169.72 | 47.70 | 13.23 | -56.95 | 6.61 | 21.75 | 23.71 | |
| EV/Revenue | 4.31 | 4.33 | 3.88 | 4.20 | 5.86 | 4.09 | 2.60 | 2.89 | 2.22 | 3.12 | 3.13 |
Analyst Estimates & Quality
Altman Z-Score
1.53
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $5.14B | $5.41B | $5.68B |
| Net Income | $559.4M | $654.8M | $741.8M |
| EPS | $1.13 | $1.27 | $1.43 |
| # Analysts (EPS) | 5 | 8 | 4 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Contract Manufacturing | $80.2M | $82.0M | $54.0M | $42.0M | $46.0M | $53.0M |
| Farm Animal Future Protein And Health | $734.1M | — | — | — | — | — |
| Farm Animal Ruminants And Swine | $1.10B | — | — | — | — | — |
| Pet Health Disease Prevention | $992.7M | — | — | — | — | — |
| Pet Health Therapeutics | $365.8M | — | — | — | — | — |
| Farm Animal | — | $2.33B | $2.22B | $2.27B | $2.25B | $2.36B |
| Pet Health | — | $2.35B | $2.14B | $2.10B | $2.14B | $2.30B |
| Cattle | — | — | $944.0M | $949.0M | $1.01B | $1.13B |
| Poultry | — | — | $716.0M | $765.0M | $796.0M | $858.0M |
| Swine | — | — | $384.0M | $382.0M | $366.0M | $379.0M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Non-US | $1.80B | $2.64B | $2.45B | $2.43B | $2.40B | $2.48B |
| UNITED STATES | $1.48B | $2.12B | $1.97B | $1.98B | $2.04B | $2.23B |