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The latest data point for LLY's EV/EBITDA ratio in Q1'26 stands at 93.63, marking a substantial increase from the previous quarter's value of 36.60 in Q4'25 and indicating heightened market valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an initial upward trend, rising sharply from 58.45 in Q2'23 to a peak of 90.47 in Q4'23, before entering a prolonged decline to a low of 34.06 in Q3'25, reflecting potential market corrections or improved operational efficiency. This downward trajectory persisted with minor fluctuations, such as a slight rebound to 36.60 in Q4'25, until the abrupt surge in Q1'26, suggesting renewed investor optimism or sector-specific catalysts in the pharmaceutical industry. Overall, the area chart highlights a volatile pattern with a net recovery in the most recent quarter, warranting close monitoring for sustainability.