Elanco Animal Health Incorporated (ELAN) 10-Year Financial Performance & Capital Metrics

ELAN • • Industrial / General

HealthcareSpecialty & Generic PharmaAnimal Health ProductsCompanion Animal Health

AboutElanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands. The company sells its products to third-party distributors; veterinarians; and farm animal producers, including beef and dairy farmers, as well as pork, poultry, and aquaculture operations. Elanco Animal Health Incorporated was founded in 1954 and is headquartered in Greenfield, Indiana.Show more

Revenue $4.44B +0.5%
EBITDA $913M -10.5%
Net Income $338M +127.5%
EPS (Diluted) 0.68 +127.2%
Gross Margin 43.01% -2.0%
EBITDA Margin 20.57% -10.9%
Operating Margin 5.65% -23.4%
Net Margin 7.61% +127.3%
ROE 5.49% +130.1%
ROIC 1.74% -12.9%
Debt/Equity 0.71 -23.6%
Interest Coverage 0.74 -37.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.9%
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y7.65%

3Y-2.33%

TTM3.08%

Profit (Net Income) CAGR

10Y-

5Y37.85%

3Y-

TTM-82.44%

EPS CAGR

10Y-

5Y30.45%

3Y-

TTM-83.68%

ROCE

10Y Avg2.5%

5Y Avg1.7%

3Y Avg2.39%

Latest2.06%

Peer Comparison

Companion Animal Health

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELANElanco Animal Health Incorporated	12.15B	24.45	35.96	0.5%	0.78%	0.53%	3.24%	0.71
ZTSZoetis Inc.	54.92B	124.62	22.78	8.33%	28.21%	49.11%	4.18%	1.41

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.91B	2.89B	3.07B	3.07B	3.27B	4.76B	4.41B	4.42B	4.44B
Revenue Growth %	-	-0.01%	0.06%	0%	0.07%	0.46%	-0.07%	0%	0%
Cost of Goods Sold+	1.58B	1.72B	1.77B	1.67B	2.03B	2.69B	2.44B	2.48B	2.53B
COGS % of Revenue	0.54%	0.59%	0.58%	0.54%	0.62%	0.56%	0.55%	0.56%	0.57%
Gross Profit+	1.33B	1.17B	1.3B	1.4B	1.25B	2.08B	1.97B	1.94B	1.91B
Gross Margin %	0.46%	0.41%	0.42%	0.46%	0.38%	0.44%	0.45%	0.44%	0.43%
Gross Profit Growth %	-	-0.12%	0.1%	0.08%	-0.11%	0.67%	-0.05%	-0.02%	-0.01%
Operating Expenses+	1.05B	1.03B	981.8M	1.03B	1.32B	1.77B	1.59B	1.61B	1.66B
OpEx % of Revenue	0.36%	0.36%	0.32%	0.34%	0.4%	0.37%	0.36%	0.36%	0.37%
Selling, General & Admin	784.8M	779.8M	735.2M	760.2M	996.6M	1.4B	1.26B	1.28B	1.31B
SG&A % of Revenue	0.27%	0.27%	0.24%	0.25%	0.3%	0.29%	0.29%	0.29%	0.3%
Research & Development	265.8M	251.7M	246.6M	270.1M	327M	369M	321M	327M	344M
R&D % of Revenue	0.09%	0.09%	0.08%	0.09%	0.1%	0.08%	0.07%	0.07%	0.08%
Other Operating Expenses	0	0	0	0	0	0	0	0	0
Operating Income+	283.2M	142.4M	313.8M	370M	-76.8M	304M	384M	326M	251M
Operating Margin %	0.1%	0.05%	0.1%	0.12%	-0.02%	0.06%	0.09%	0.07%	0.06%
Operating Income Growth %	-	-0.5%	1.2%	0.18%	-1.21%	4.96%	0.26%	-0.15%	-0.23%
EBITDA+	537.6M	460.8M	609.8M	684.5M	440.1M	1.02B	1.07B	1.02B	913M
EBITDA Margin %	0.18%	0.16%	0.2%	0.22%	0.13%	0.21%	0.24%	0.23%	0.21%
EBITDA Growth %	-	-0.14%	0.32%	0.12%	-0.36%	1.32%	0.05%	-0.04%	-0.1%
D&A (Non-Cash Add-back)	254.4M	318.4M	296M	314.5M	516.9M	716M	682M	694M	662M
EBIT	-22.4M	-232.6M	143.7M	157.1M	-516M	-307M	184M	-918M	827M
Net Interest Income+	0	0	-29.6M	-78.9M	-156M	-264M	-256M	-277M	-339M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	29.6M	78.9M	156M	264M	256M	277M	339M
Other Income/Expense	-305.6M	-375M	-199.7M	-291.8M	-595.2M	-875M	-456M	-1.52B	237M
Pretax Income+	-22.4M	-232.6M	114.1M	78.2M	-672M	-571M	-72M	-1.2B	488M
Pretax Margin %	-0.01%	-0.08%	0.04%	0.03%	-0.21%	-0.12%	-0.02%	-0.27%	0.11%
Income Tax+	25.5M	78.1M	27.6M	10.3M	-111.9M	-88M	6M	36M	150M
Effective Tax Rate %	2.14%	1.34%	0.76%	0.87%	0.83%	0.85%	1.08%	1.03%	0.69%
Net Income+	-47.9M	-310.7M	86.5M	67.9M	-560.1M	-483M	-78M	-1.23B	338M
Net Margin %	-0.02%	-0.11%	0.03%	0.02%	-0.17%	-0.1%	-0.02%	-0.28%	0.08%
Net Income Growth %	-	-5.49%	1.28%	-0.22%	-9.25%	0.14%	0.84%	-14.78%	1.27%
Net Income (Continuing)	-47.9M	-310.7M	86.5M	67.9M	-560.1M	-483M	-78M	-1.23B	338M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.50	0.68
EPS Growth %	-	-5.69%	1.32%	-0.36%	-8.06%	0.24%	0.85%	-15.67%	1.27%
EPS (Basic)	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.50	0.68
Diluted Shares Outstanding	356.2M	356.2M	313.7M	370.3M	441.4M	487.2M	488.3M	492.3M	497.3M
Basic Shares Outstanding	356.2M	356.2M	313.7M	369M	441.4M	487.2M	488.3M	492.3M	494M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.95B	2.12B	2.5B	2.37B	3.42B	3.27B	3.28B	3.41B	3.21B
Cash & Short-Term Investments	258.8M	323.4M	474.8M	334M	495M	638M	345M	352M	468M
Cash Only	258.8M	323.4M	474.8M	334M	495M	638M	345M	352M	468M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	630.7M	601.9M	709.4M	889.9M	1.08B	1.03B	1B	1.01B	886M
Days Sales Outstanding	79.01	76.04	84.43	105.77	120.09	78.76	82.91	83.46	72.85
Inventory	875.6M	1.06B	1B	1.05B	1.58B	1.37B	1.54B	1.74B	1.57B
Days Inventory Outstanding	202.31	226.07	206.92	229.55	284.22	186.17	229.98	255.46	227.08
Other Current Assets	0	0	202.7M	11.1M	11M	0	394M	310M	287M
Total Non-Current Assets+	6.15B	6.82B	6.45B	6.61B	14.28B	13.2B	12.21B	10.96B	9.4B
Property, Plant & Equipment	741.8M	920.3M	922.4M	955.3M	1.32B	1.05B	999M	1.03B	993M
Fixed Asset Turnover	3.93x	3.14x	3.32x	3.21x	2.49x	4.52x	4.42x	4.31x	4.47x
Goodwill	2.58B	2.97B	2.96B	2.99B	6.22B	6.17B	5.99B	5.09B	4.41B
Intangible Assets	2.62B	2.67B	2.45B	2.48B	6.39B	5.59B	4.84B	4.49B	3.68B
Long-Term Investments	9M	12.3M	15.3M	0	0	0	0	0	0
Other Non-Current Assets	204M	242M	103.1M	185M	348M	390M	378M	341M	311M
Total Assets+	8.1B	8.94B	8.96B	8.99B	17.69B	16.48B	15.49B	14.36B	12.61B
Asset Turnover	0.36x	0.32x	0.34x	0.34x	0.19x	0.29x	0.28x	0.31x	0.35x
Asset Growth %	-	0.1%	0%	0%	0.97%	-0.07%	-0.06%	-0.07%	-0.12%
Total Current Liabilities+	618.9M	632.6M	970.7M	818.5M	2.08B	1.65B	1.7B	1.24B	1.31B
Accounts Payable	228.2M	203.8M	205.2M	222.6M	501M	416M	390M	270M	296M
Days Payables Outstanding	52.73	43.37	42.29	48.63	90.24	56.49	58.32	39.75	42.7
Short-Term Debt	0	0	29M	24.5M	555M	294M	388M	38M	44M
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	0	0
Other Current Liabilities	307.5M	169.2M	736.5M	555M	1.02B	937M	924M	933M	975M
Current Ratio	3.15x	3.36x	2.58x	2.90x	1.65x	1.99x	1.93x	2.75x	2.44x
Quick Ratio	1.73x	1.68x	1.55x	1.62x	0.89x	1.16x	1.02x	1.35x	1.25x
Cash Conversion Cycle	228.6	258.75	249.06	286.68	314.08	208.44	254.57	299.16	257.23
Total Non-Current Liabilities+	452.9M	516.9M	2.79B	2.62B	7.14B	7.32B	6.5B	6.9B	5.2B
Long-Term Debt	0	0	2.44B	2.33B	5.57B	6.03B	5.45B	5.74B	4.28B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	227.5M	251.9M	114.6M	100.8M	900M	765M	662M	567M	449M
Other Non-Current Liabilities	225.4M	265M	230.6M	189.1M	668M	533M	390M	595M	477M
Total Liabilities	1.07B	1.15B	3.76B	3.44B	9.22B	8.97B	8.2B	8.14B	6.52B
Total Debt+	0	0	2.47B	2.35B	6.13B	6.32B	5.84B	5.77B	4.32B
Net Debt	-258.8M	-323.4M	2B	2.02B	5.63B	5.68B	5.49B	5.42B	3.85B
Debt / Equity	-	-	0.48x	0.42x	0.72x	0.84x	0.80x	0.93x	0.71x
Debt / EBITDA	-	-	4.05x	3.44x	13.92x	6.20x	5.47x	5.66x	4.73x
Net Debt / EBITDA	-0.48x	-0.70x	3.28x	2.95x	12.80x	5.57x	5.15x	5.32x	4.22x
Interest Coverage	-	-	10.60x	4.69x	-0.49x	1.15x	1.50x	1.18x	0.74x
Total Equity+	7.03B	7.79B	5.2B	5.55B	8.48B	7.51B	7.29B	6.22B	6.1B
Equity Growth %	-	0.11%	-0.33%	0.07%	0.53%	-0.11%	-0.03%	-0.15%	-0.02%
Book Value per Share	19.73	21.87	16.57	14.98	19.20	15.41	14.93	12.64	12.26
Total Shareholders' Equity	7.03B	7.79B	5.2B	5.55B	8.48B	7.51B	7.29B	6.22B	6.1B
Common Stock	7.48B	8.05B	0	0	0	0	0	0	0
Retained Earnings	0	0	16.4M	84.3M	-477M	-979M	-1.06B	-2.29B	-1.95B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-456.9M	-256.6M	-222.2M	-173.7M	303M	-209M	-392M	-266M	-771M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	155.9M	173.8M	487.3M	224.1M	-41M	483M	452M	271M	541M
Operating CF Margin %	0.05%	0.06%	0.16%	0.07%	-0.01%	0.1%	0.1%	0.06%	0.12%
Operating CF Growth %	-	0.11%	1.8%	-0.54%	-1.18%	12.78%	-0.06%	-0.4%	1%
Net Income	-47.9M	-310.7M	86.5M	67.9M	-574M	-472M	-78M	-1.23B	338M
Depreciation & Amortization	254.4M	318.4M	296M	314.5M	517M	716M	682M	694M	662M
Stock-Based Compensation	20.4M	25M	26M	49.4M	47M	66M	59M	46M	55M
Deferred Taxes	-5.9M	-13.4M	-60.7M	100K	-114M	-154M	-57M	-80M	-112M
Other Non-Cash Items	104.3M	101M	168.7M	19.9M	-86M	414M	308M	1.14B	-551M
Working Capital Changes	-169.4M	53.5M	-29.2M	-227.7M	169M	-87M	-462M	-300M	149M
Change in Receivables	-80.7M	48.4M	-122M	-172.4M	24M	-3M	14M	-40M	12M
Change in Inventory	-89.1M	-39M	-20.1M	-33.1M	-95M	27M	-269M	-160M	44M
Change in Payables	37.1M	-8.4M	116.1M	-29.2M	362M	-120M	-98M	-94M	82M
Cash from Investing+	-182.1M	-964.6M	-127M	-234.8M	-4.78B	-530M	-179M	-169M	1.16B
Capital Expenditures	-110.3M	-98.6M	-134.5M	-197.4M	-310.9M	-197M	-184M	-140M	-147M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.06%	0.09%	0.04%	0.04%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-26.8M	16.1M	-1.9M	-4.6M	169.2M	9M	-8M	-10M	-14M
Cash from Financing+	-149.6M	847.5M	-35.2M	-304.8M	4.95B	210M	-549M	-83M	-1.49B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-149.6M	847.5M	-4.19B	-183.8M	-118.1M	33M	-32M	-6M	-17M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.6M	75.2M	352.8M	26.7M	-351.9M	286M	268M	117M	394M
FCF Margin %	0.02%	0.03%	0.12%	0.01%	-0.11%	0.06%	0.06%	0.03%	0.09%
FCF Growth %	-	0.65%	3.69%	-0.92%	-14.18%	1.81%	-0.06%	-0.56%	2.37%
FCF per Share	0.13	0.21	1.12	0.07	-0.80	0.59	0.55	0.24	0.79
FCF Conversion (FCF/Net Income)	-3.25x	-0.56x	5.63x	3.30x	0.07x	-1.00x	-5.79x	-0.22x	1.60x
Interest Paid	0	0	0	0	0	0	0	379M	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.68%	-4.19%	1.33%	1.26%	-7.99%	-6.04%	-1.05%	-18.22%	5.49%
Return on Invested Capital (ROIC)	3.14%	1.5%	3.21%	3.76%	-0.53%	1.67%	2.22%	2%	1.74%
Gross Margin	45.78%	40.63%	42.25%	45.6%	38.09%	43.58%	44.66%	43.88%	43.01%
Net Margin	-1.64%	-10.75%	2.82%	2.21%	-17.11%	-10.14%	-1.77%	-27.87%	7.61%
Debt / Equity	-	-	0.48x	0.42x	0.72x	0.84x	0.80x	0.93x	0.71x
Interest Coverage	-	-	10.60x	4.69x	-0.49x	1.15x	1.50x	1.18x	0.74x
FCF Conversion	-3.25x	-0.56x	5.63x	3.30x	0.07x	-1.00x	-5.79x	-0.22x	1.60x
Revenue Growth	-	-0.84%	6.15%	0.14%	6.59%	45.54%	-7.41%	0.14%	0.5%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Farm Animal	-	-	-	2.33B	2.22B	2.27B	2.25B
Farm Animal Growth	-	-	-	-	-4.85%	2.34%	-0.92%
Pet Health	-	-	-	2.35B	2.14B	2.1B	2.14B
Pet Health Growth	-	-	-	-	-9.06%	-1.59%	1.85%
Cattle	-	-	-	-	944M	949M	1.01B
Cattle Growth	-	-	-	-	-	0.53%	6.11%
Poultry	-	-	-	-	716M	765M	796M
Poultry Growth	-	-	-	-	-	6.84%	4.05%
Swine	-	-	-	-	384M	382M	366M
Swine Growth	-	-	-	-	-	-0.52%	-4.19%
Contract Manufacturing	-	-	80.2M	82M	54M	42M	46M
Contract Manufacturing Growth	-	-	-	2.24%	-34.15%	-22.22%	9.52%
Farm Animal Ruminants And Swine	-	-	1.1B	-	-	-	-
Farm Animal Ruminants And Swine Growth	-	-	-	-	-	-	-
Pet Health Disease Prevention	-	-	992.7M	-	-	-	-
Pet Health Disease Prevention Growth	-	-	-	-	-	-	-
Farm Animal Future Protein And Health	-	-	734.1M	-	-	-	-
Farm Animal Future Protein And Health Growth	-	-	-	-	-	-	-
Pet Health Therapeutics	-	-	365.8M	-	-	-	-
Pet Health Therapeutics Growth	-	-	-	-	-	-	-
Food Animal Ruminants And Swine	1.17B	1.11B	-	-	-	-	-
Food Animal Ruminants And Swine Growth	-	-5.43%	-	-	-	-	-
Companion Animal Disease Prevention	804.6M	787.9M	-	-	-	-	-
Companion Animal Disease Prevention Growth	-	-2.08%	-	-	-	-	-
Food Animal Future Protein And Health	711.2M	745.1M	-	-	-	-	-
Food Animal Future Protein And Health Growth	-	4.77%	-	-	-	-	-
Companion Animal Therapeutics	283.1M	348M	-	-	-	-	-
Companion Animal Therapeutics Growth	-	22.92%	-	-	-	-	-
Product Category Strategic Exits	-	79.7M	-	-	-	-	-
Product Category Strategic Exits Growth	-	-	-	-	-	-	-
Companion Animal Other	93.9M	-	-	-	-	-	-
Companion Animal Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Non-US	1.58B	1.55B	1.8B	2.64B	2.45B	2.43B	2.4B
Non-US Growth	-	-2.36%	16.26%	46.91%	-7.38%	-0.49%	-1.27%
UNITED STATES	1.48B	1.52B	1.48B	2.12B	1.97B	1.98B	2.04B
UNITED STATES Growth	-	2.80%	-3.22%	43.94%	-7.49%	0.92%	2.67%

Frequently Asked Questions

Valuation & Price

Elanco Animal Health Incorporated (ELAN) has a price-to-earnings (P/E) ratio of 36.0x. This suggests investors expect higher future growth.

Growth & Financials

Elanco Animal Health Incorporated (ELAN) reported $4.59B in revenue for fiscal year 2024. This represents a 58% increase from $2.91B in 2016.

Elanco Animal Health Incorporated (ELAN) grew revenue by 0.5% over the past year. Growth has been modest.

Yes, Elanco Animal Health Incorporated (ELAN) is profitable, generating $36.0M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Elanco Animal Health Incorporated (ELAN) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Elanco Animal Health Incorporated (ELAN) generated $362.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Elanco Animal Health Incorporated (ELAN) 10-Year Financial Performance & Capital Metrics

ELAN • • Industrial / General

HealthcareSpecialty & Generic PharmaAnimal Health ProductsCompanion Animal Health

Revenue $4.44B +0.5%
EBITDA $913M -10.5%
Net Income $338M +127.5%
EPS (Diluted) 0.68 +127.2%
Gross Margin 43.01% -2.0%
EBITDA Margin 20.57% -10.9%
Operating Margin 5.65% -23.4%
Net Margin 7.61% +127.3%
ROE 5.49% +130.1%
ROIC 1.74% -12.9%
Debt/Equity 0.71 -23.6%
Interest Coverage 0.74 -37.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 37.9%
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y7.65%

3Y-2.33%

TTM3.08%

Profit (Net Income) CAGR

10Y-

5Y37.85%

3Y-

TTM-82.44%

EPS CAGR

10Y-

5Y30.45%

3Y-

TTM-83.68%

ROCE

10Y Avg2.5%

5Y Avg1.7%

3Y Avg2.39%

Latest2.06%

Peer Comparison

Companion Animal Health

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELANElanco Animal Health Incorporated	12.15B	24.45	35.96	0.5%	0.78%	0.53%	3.24%	0.71
ZTSZoetis Inc.	54.92B	124.62	22.78	8.33%	28.21%	49.11%	4.18%	1.41

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.91B	2.89B	3.07B	3.07B	3.27B	4.76B	4.41B	4.42B	4.44B
Revenue Growth %	-	-0.01%	0.06%	0%	0.07%	0.46%	-0.07%	0%	0%
Cost of Goods Sold+	1.58B	1.72B	1.77B	1.67B	2.03B	2.69B	2.44B	2.48B	2.53B
COGS % of Revenue	0.54%	0.59%	0.58%	0.54%	0.62%	0.56%	0.55%	0.56%	0.57%
Gross Profit+	1.33B	1.17B	1.3B	1.4B	1.25B	2.08B	1.97B	1.94B	1.91B
Gross Margin %	0.46%	0.41%	0.42%	0.46%	0.38%	0.44%	0.45%	0.44%	0.43%
Gross Profit Growth %	-	-0.12%	0.1%	0.08%	-0.11%	0.67%	-0.05%	-0.02%	-0.01%
Operating Expenses+	1.05B	1.03B	981.8M	1.03B	1.32B	1.77B	1.59B	1.61B	1.66B
OpEx % of Revenue	0.36%	0.36%	0.32%	0.34%	0.4%	0.37%	0.36%	0.36%	0.37%
Selling, General & Admin	784.8M	779.8M	735.2M	760.2M	996.6M	1.4B	1.26B	1.28B	1.31B
SG&A % of Revenue	0.27%	0.27%	0.24%	0.25%	0.3%	0.29%	0.29%	0.29%	0.3%
Research & Development	265.8M	251.7M	246.6M	270.1M	327M	369M	321M	327M	344M
R&D % of Revenue	0.09%	0.09%	0.08%	0.09%	0.1%	0.08%	0.07%	0.07%	0.08%
Other Operating Expenses	0	0	0	0	0	0	0	0	0
Operating Income+	283.2M	142.4M	313.8M	370M	-76.8M	304M	384M	326M	251M
Operating Margin %	0.1%	0.05%	0.1%	0.12%	-0.02%	0.06%	0.09%	0.07%	0.06%
Operating Income Growth %	-	-0.5%	1.2%	0.18%	-1.21%	4.96%	0.26%	-0.15%	-0.23%
EBITDA+	537.6M	460.8M	609.8M	684.5M	440.1M	1.02B	1.07B	1.02B	913M
EBITDA Margin %	0.18%	0.16%	0.2%	0.22%	0.13%	0.21%	0.24%	0.23%	0.21%
EBITDA Growth %	-	-0.14%	0.32%	0.12%	-0.36%	1.32%	0.05%	-0.04%	-0.1%
D&A (Non-Cash Add-back)	254.4M	318.4M	296M	314.5M	516.9M	716M	682M	694M	662M
EBIT	-22.4M	-232.6M	143.7M	157.1M	-516M	-307M	184M	-918M	827M
Net Interest Income+	0	0	-29.6M	-78.9M	-156M	-264M	-256M	-277M	-339M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	29.6M	78.9M	156M	264M	256M	277M	339M
Other Income/Expense	-305.6M	-375M	-199.7M	-291.8M	-595.2M	-875M	-456M	-1.52B	237M
Pretax Income+	-22.4M	-232.6M	114.1M	78.2M	-672M	-571M	-72M	-1.2B	488M
Pretax Margin %	-0.01%	-0.08%	0.04%	0.03%	-0.21%	-0.12%	-0.02%	-0.27%	0.11%
Income Tax+	25.5M	78.1M	27.6M	10.3M	-111.9M	-88M	6M	36M	150M
Effective Tax Rate %	2.14%	1.34%	0.76%	0.87%	0.83%	0.85%	1.08%	1.03%	0.69%
Net Income+	-47.9M	-310.7M	86.5M	67.9M	-560.1M	-483M	-78M	-1.23B	338M
Net Margin %	-0.02%	-0.11%	0.03%	0.02%	-0.17%	-0.1%	-0.02%	-0.28%	0.08%
Net Income Growth %	-	-5.49%	1.28%	-0.22%	-9.25%	0.14%	0.84%	-14.78%	1.27%
Net Income (Continuing)	-47.9M	-310.7M	86.5M	67.9M	-560.1M	-483M	-78M	-1.23B	338M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.50	0.68
EPS Growth %	-	-5.69%	1.32%	-0.36%	-8.06%	0.24%	0.85%	-15.67%	1.27%
EPS (Basic)	-0.13	-0.87	0.28	0.18	-1.27	-0.97	-0.15	-2.50	0.68
Diluted Shares Outstanding	356.2M	356.2M	313.7M	370.3M	441.4M	487.2M	488.3M	492.3M	497.3M
Basic Shares Outstanding	356.2M	356.2M	313.7M	369M	441.4M	487.2M	488.3M	492.3M	494M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.95B	2.12B	2.5B	2.37B	3.42B	3.27B	3.28B	3.41B	3.21B
Cash & Short-Term Investments	258.8M	323.4M	474.8M	334M	495M	638M	345M	352M	468M
Cash Only	258.8M	323.4M	474.8M	334M	495M	638M	345M	352M	468M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	630.7M	601.9M	709.4M	889.9M	1.08B	1.03B	1B	1.01B	886M
Days Sales Outstanding	79.01	76.04	84.43	105.77	120.09	78.76	82.91	83.46	72.85
Inventory	875.6M	1.06B	1B	1.05B	1.58B	1.37B	1.54B	1.74B	1.57B
Days Inventory Outstanding	202.31	226.07	206.92	229.55	284.22	186.17	229.98	255.46	227.08
Other Current Assets	0	0	202.7M	11.1M	11M	0	394M	310M	287M
Total Non-Current Assets+	6.15B	6.82B	6.45B	6.61B	14.28B	13.2B	12.21B	10.96B	9.4B
Property, Plant & Equipment	741.8M	920.3M	922.4M	955.3M	1.32B	1.05B	999M	1.03B	993M
Fixed Asset Turnover	3.93x	3.14x	3.32x	3.21x	2.49x	4.52x	4.42x	4.31x	4.47x
Goodwill	2.58B	2.97B	2.96B	2.99B	6.22B	6.17B	5.99B	5.09B	4.41B
Intangible Assets	2.62B	2.67B	2.45B	2.48B	6.39B	5.59B	4.84B	4.49B	3.68B
Long-Term Investments	9M	12.3M	15.3M	0	0	0	0	0	0
Other Non-Current Assets	204M	242M	103.1M	185M	348M	390M	378M	341M	311M
Total Assets+	8.1B	8.94B	8.96B	8.99B	17.69B	16.48B	15.49B	14.36B	12.61B
Asset Turnover	0.36x	0.32x	0.34x	0.34x	0.19x	0.29x	0.28x	0.31x	0.35x
Asset Growth %	-	0.1%	0%	0%	0.97%	-0.07%	-0.06%	-0.07%	-0.12%
Total Current Liabilities+	618.9M	632.6M	970.7M	818.5M	2.08B	1.65B	1.7B	1.24B	1.31B
Accounts Payable	228.2M	203.8M	205.2M	222.6M	501M	416M	390M	270M	296M
Days Payables Outstanding	52.73	43.37	42.29	48.63	90.24	56.49	58.32	39.75	42.7
Short-Term Debt	0	0	29M	24.5M	555M	294M	388M	38M	44M
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	0	0
Other Current Liabilities	307.5M	169.2M	736.5M	555M	1.02B	937M	924M	933M	975M
Current Ratio	3.15x	3.36x	2.58x	2.90x	1.65x	1.99x	1.93x	2.75x	2.44x
Quick Ratio	1.73x	1.68x	1.55x	1.62x	0.89x	1.16x	1.02x	1.35x	1.25x
Cash Conversion Cycle	228.6	258.75	249.06	286.68	314.08	208.44	254.57	299.16	257.23
Total Non-Current Liabilities+	452.9M	516.9M	2.79B	2.62B	7.14B	7.32B	6.5B	6.9B	5.2B
Long-Term Debt	0	0	2.44B	2.33B	5.57B	6.03B	5.45B	5.74B	4.28B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	227.5M	251.9M	114.6M	100.8M	900M	765M	662M	567M	449M
Other Non-Current Liabilities	225.4M	265M	230.6M	189.1M	668M	533M	390M	595M	477M
Total Liabilities	1.07B	1.15B	3.76B	3.44B	9.22B	8.97B	8.2B	8.14B	6.52B
Total Debt+	0	0	2.47B	2.35B	6.13B	6.32B	5.84B	5.77B	4.32B
Net Debt	-258.8M	-323.4M	2B	2.02B	5.63B	5.68B	5.49B	5.42B	3.85B
Debt / Equity	-	-	0.48x	0.42x	0.72x	0.84x	0.80x	0.93x	0.71x
Debt / EBITDA	-	-	4.05x	3.44x	13.92x	6.20x	5.47x	5.66x	4.73x
Net Debt / EBITDA	-0.48x	-0.70x	3.28x	2.95x	12.80x	5.57x	5.15x	5.32x	4.22x
Interest Coverage	-	-	10.60x	4.69x	-0.49x	1.15x	1.50x	1.18x	0.74x
Total Equity+	7.03B	7.79B	5.2B	5.55B	8.48B	7.51B	7.29B	6.22B	6.1B
Equity Growth %	-	0.11%	-0.33%	0.07%	0.53%	-0.11%	-0.03%	-0.15%	-0.02%
Book Value per Share	19.73	21.87	16.57	14.98	19.20	15.41	14.93	12.64	12.26
Total Shareholders' Equity	7.03B	7.79B	5.2B	5.55B	8.48B	7.51B	7.29B	6.22B	6.1B
Common Stock	7.48B	8.05B	0	0	0	0	0	0	0
Retained Earnings	0	0	16.4M	84.3M	-477M	-979M	-1.06B	-2.29B	-1.95B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-456.9M	-256.6M	-222.2M	-173.7M	303M	-209M	-392M	-266M	-771M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	155.9M	173.8M	487.3M	224.1M	-41M	483M	452M	271M	541M
Operating CF Margin %	0.05%	0.06%	0.16%	0.07%	-0.01%	0.1%	0.1%	0.06%	0.12%
Operating CF Growth %	-	0.11%	1.8%	-0.54%	-1.18%	12.78%	-0.06%	-0.4%	1%
Net Income	-47.9M	-310.7M	86.5M	67.9M	-574M	-472M	-78M	-1.23B	338M
Depreciation & Amortization	254.4M	318.4M	296M	314.5M	517M	716M	682M	694M	662M
Stock-Based Compensation	20.4M	25M	26M	49.4M	47M	66M	59M	46M	55M
Deferred Taxes	-5.9M	-13.4M	-60.7M	100K	-114M	-154M	-57M	-80M	-112M
Other Non-Cash Items	104.3M	101M	168.7M	19.9M	-86M	414M	308M	1.14B	-551M
Working Capital Changes	-169.4M	53.5M	-29.2M	-227.7M	169M	-87M	-462M	-300M	149M
Change in Receivables	-80.7M	48.4M	-122M	-172.4M	24M	-3M	14M	-40M	12M
Change in Inventory	-89.1M	-39M	-20.1M	-33.1M	-95M	27M	-269M	-160M	44M
Change in Payables	37.1M	-8.4M	116.1M	-29.2M	362M	-120M	-98M	-94M	82M
Cash from Investing+	-182.1M	-964.6M	-127M	-234.8M	-4.78B	-530M	-179M	-169M	1.16B
Capital Expenditures	-110.3M	-98.6M	-134.5M	-197.4M	-310.9M	-197M	-184M	-140M	-147M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.06%	0.09%	0.04%	0.04%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-26.8M	16.1M	-1.9M	-4.6M	169.2M	9M	-8M	-10M	-14M
Cash from Financing+	-149.6M	847.5M	-35.2M	-304.8M	4.95B	210M	-549M	-83M	-1.49B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-149.6M	847.5M	-4.19B	-183.8M	-118.1M	33M	-32M	-6M	-17M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.6M	75.2M	352.8M	26.7M	-351.9M	286M	268M	117M	394M
FCF Margin %	0.02%	0.03%	0.12%	0.01%	-0.11%	0.06%	0.06%	0.03%	0.09%
FCF Growth %	-	0.65%	3.69%	-0.92%	-14.18%	1.81%	-0.06%	-0.56%	2.37%
FCF per Share	0.13	0.21	1.12	0.07	-0.80	0.59	0.55	0.24	0.79
FCF Conversion (FCF/Net Income)	-3.25x	-0.56x	5.63x	3.30x	0.07x	-1.00x	-5.79x	-0.22x	1.60x
Interest Paid	0	0	0	0	0	0	0	379M	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.68%	-4.19%	1.33%	1.26%	-7.99%	-6.04%	-1.05%	-18.22%	5.49%
Return on Invested Capital (ROIC)	3.14%	1.5%	3.21%	3.76%	-0.53%	1.67%	2.22%	2%	1.74%
Gross Margin	45.78%	40.63%	42.25%	45.6%	38.09%	43.58%	44.66%	43.88%	43.01%
Net Margin	-1.64%	-10.75%	2.82%	2.21%	-17.11%	-10.14%	-1.77%	-27.87%	7.61%
Debt / Equity	-	-	0.48x	0.42x	0.72x	0.84x	0.80x	0.93x	0.71x
Interest Coverage	-	-	10.60x	4.69x	-0.49x	1.15x	1.50x	1.18x	0.74x
FCF Conversion	-3.25x	-0.56x	5.63x	3.30x	0.07x	-1.00x	-5.79x	-0.22x	1.60x
Revenue Growth	-	-0.84%	6.15%	0.14%	6.59%	45.54%	-7.41%	0.14%	0.5%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Farm Animal	-	-	-	2.33B	2.22B	2.27B	2.25B
Farm Animal Growth	-	-	-	-	-4.85%	2.34%	-0.92%
Pet Health	-	-	-	2.35B	2.14B	2.1B	2.14B
Pet Health Growth	-	-	-	-	-9.06%	-1.59%	1.85%
Cattle	-	-	-	-	944M	949M	1.01B
Cattle Growth	-	-	-	-	-	0.53%	6.11%
Poultry	-	-	-	-	716M	765M	796M
Poultry Growth	-	-	-	-	-	6.84%	4.05%
Swine	-	-	-	-	384M	382M	366M
Swine Growth	-	-	-	-	-	-0.52%	-4.19%
Contract Manufacturing	-	-	80.2M	82M	54M	42M	46M
Contract Manufacturing Growth	-	-	-	2.24%	-34.15%	-22.22%	9.52%
Farm Animal Ruminants And Swine	-	-	1.1B	-	-	-	-
Farm Animal Ruminants And Swine Growth	-	-	-	-	-	-	-
Pet Health Disease Prevention	-	-	992.7M	-	-	-	-
Pet Health Disease Prevention Growth	-	-	-	-	-	-	-
Farm Animal Future Protein And Health	-	-	734.1M	-	-	-	-
Farm Animal Future Protein And Health Growth	-	-	-	-	-	-	-
Pet Health Therapeutics	-	-	365.8M	-	-	-	-
Pet Health Therapeutics Growth	-	-	-	-	-	-	-
Food Animal Ruminants And Swine	1.17B	1.11B	-	-	-	-	-
Food Animal Ruminants And Swine Growth	-	-5.43%	-	-	-	-	-
Companion Animal Disease Prevention	804.6M	787.9M	-	-	-	-	-
Companion Animal Disease Prevention Growth	-	-2.08%	-	-	-	-	-
Food Animal Future Protein And Health	711.2M	745.1M	-	-	-	-	-
Food Animal Future Protein And Health Growth	-	4.77%	-	-	-	-	-
Companion Animal Therapeutics	283.1M	348M	-	-	-	-	-
Companion Animal Therapeutics Growth	-	22.92%	-	-	-	-	-
Product Category Strategic Exits	-	79.7M	-	-	-	-	-
Product Category Strategic Exits Growth	-	-	-	-	-	-	-
Companion Animal Other	93.9M	-	-	-	-	-	-
Companion Animal Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Non-US	1.58B	1.55B	1.8B	2.64B	2.45B	2.43B	2.4B
Non-US Growth	-	-2.36%	16.26%	46.91%	-7.38%	-0.49%	-1.27%
UNITED STATES	1.48B	1.52B	1.48B	2.12B	1.97B	1.98B	2.04B
UNITED STATES Growth	-	2.80%	-3.22%	43.94%	-7.49%	0.92%	2.67%

Frequently Asked Questions

Valuation & Price

Elanco Animal Health Incorporated (ELAN) has a price-to-earnings (P/E) ratio of 36.0x. This suggests investors expect higher future growth.

Growth & Financials

Elanco Animal Health Incorporated (ELAN) reported $4.59B in revenue for fiscal year 2024. This represents a 58% increase from $2.91B in 2016.

Elanco Animal Health Incorporated (ELAN) grew revenue by 0.5% over the past year. Growth has been modest.

Yes, Elanco Animal Health Incorporated (ELAN) is profitable, generating $36.0M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Elanco Animal Health Incorporated (ELAN) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Elanco Animal Health Incorporated (ELAN) generated $362.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.