Elanco Animal Health Financials

ELAN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 52/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Elanco Animal Health's revenue grew a modest 0.5% year-over-year to $4.4B. This slow but positive growth earns a score of 30/100.

Leverage

Elanco Animal Health carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.44, Elanco Animal Health holds $2.44 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.

Cash Flow

Elanco Animal Health has a free cash flow margin of 8.9%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Elanco Animal Health generates a 5.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100.

Piotroski F-Score Neutral

6/9

Elanco Animal Health passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.60x

For every $1 of reported earnings, Elanco Animal Health generates $1.60 in operating cash flow ($541.0M OCF vs $338.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Elanco Animal Health (ELAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$4.4B

YoY+0.5%

5Y CAGR+7.6%

Elanco Animal Health generated $4.4B in revenue in fiscal year 2024. This represents an increase of 0.5% from the prior year.

EBITDA

N/A

Free Cash Flow

$394.0M

YoY+200.8%

5Y CAGR+36.2%

Elanco Animal Health generated $394.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 200.8% from the prior year.

Net Income

$338.0M

YoY+127.5%

5Y CAGR+37.8%

Elanco Animal Health reported $338.0M in net income in fiscal year 2024. This represents an increase of 127.5% from the prior year.

EPS (Diluted)

$0.68

YoY+127.2%

5Y CAGR+30.5%

Elanco Animal Health earned $0.68 per diluted share (EPS) in fiscal year 2024. This represents an increase of 127.2% from the prior year.

Cash & Debt

$468.0M

YoY+33.0%

5Y CAGR+7.0%

Elanco Animal Health held $468.0M in cash against $4.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

494M

YoY+0.3%

5Y CAGR+5.8%

Elanco Animal Health had 494M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.

Gross Margin

54.9%

YoY-1.4pp

5Y CAGR+2.7pp

Elanco Animal Health's gross margin was 54.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

7.6%

YoY+35.5pp

5Y CAGR+5.4pp

Elanco Animal Health's net profit margin was 7.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 35.5 percentage points from the prior year.

Return on Equity

5.5%

5Y CAGR+4.3pp

Elanco Animal Health's ROE was 5.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$344.0M

YoY+5.2%

5Y CAGR+5.0%

Elanco Animal Health invested $344.0M in research and development in fiscal year 2024. This represents an increase of 5.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$147.0M

YoY+5.0%

5Y CAGR+1.0%

Elanco Animal Health invested $147.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 5.0% from the prior year.

ELAN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.4B+0.5%	$4.4B+0.1%	$4.4B-7.4%	$4.8B+45.6%	$3.3B+6.6%	$3.1B
Cost of Revenue	$2.0B+3.7%	$1.9B+0.9%	$1.9B-10.3%	$2.1B+27.9%	$1.7B+13.4%	$1.5B
Gross Profit	$2.4B-2.0%	$2.5B-0.5%	$2.5B-5.1%	$2.6B+63.9%	$1.6B+0.3%	$1.6B
R&D Expenses	$344.0M+5.2%	$327.0M+1.9%	$321.0M-13.0%	$369.0M+12.2%	$329.0M+21.9%	$270.0M
SG&A Expenses	$1.3B+2.3%	$1.3B+1.6%	$1.3B-9.8%	$1.4B+40.7%	$997.0M+31.2%	$760.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$235.0M-15.2%	$277.0M+14.9%	$241.0M+2.1%	$236.0M+57.3%	$150.0M+89.9%	$79.0M
Income Tax	$150.0M+316.7%	$36.0M+500.0%	$6.0M+106.8%	-$88.0M+14.6%	-$103.0M-1130.0%	$10.0M
Net Income	$338.0M+127.5%	-$1.2B-1478.2%	-$78.0M+83.9%	-$483.0M+15.9%	-$574.0M-944.1%	$68.0M
EPS (Diluted)	$0.68+127.2%	$-2.50-1462.5%	$-0.16+83.8%	$-0.99+23.8%	$-1.30-822.2%	$0.18

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.1B-8.4%	$1.2B+4.0%	$1.2B+17.0%	$1.0B-13.9%	$1.2B-1.7%	$1.2B+16.4%	$1.0B-3.1%	$1.1B
Cost of Revenue	$530.0M+0.4%	$528.0M+3.7%	$509.0M+1.6%	$501.0M+1.2%	$495.0M-3.9%	$515.0M-0.2%	$516.0M+6.0%	$487.0M
Gross Profit	$607.0M-14.9%	$713.0M+4.2%	$684.0M+31.8%	$519.0M-24.7%	$689.0M-0.1%	$690.0M+32.9%	$519.0M-10.7%	$581.0M
R&D Expenses	$89.0M-3.3%	$92.0M-2.1%	$94.0M+16.0%	$81.0M-9.0%	$89.0M+2.3%	$87.0M+10.1%	$79.0M-8.1%	$86.0M
SG&A Expenses	$351.0M-12.3%	$400.0M+17.3%	$341.0M+13.7%	$300.0M-15.3%	$354.0M+5.0%	$337.0M+15.4%	$292.0M-6.7%	$313.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$52.0M+8.3%	$48.0M+20.0%	$40.0M-13.0%	$46.0M-29.2%	$65.0M-1.5%	$66.0M-1.5%	$67.0M-6.9%	$72.0M
Income Tax	-$16.0M-214.3%	$14.0M+300.0%	-$7.0M+83.7%	-$43.0M-338.9%	$18.0M+190.0%	-$20.0M-242.9%	$14.0M+1500.0%	-$1.0M
Net Income	-$34.0M-409.1%	$11.0M-83.6%	$67.0M+937.5%	-$8.0M+84.0%	-$50.0M-256.3%	$32.0M+122.7%	-$141.0M+87.1%	-$1.1B
EPS (Diluted)	$-0.07-450.0%	$0.02-84.6%	$0.13+1400.0%	$-0.01+90.0%	$-0.10-266.7%	$0.06+120.7%	$-0.29+86.9%	$-2.22

ELAN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$12.6B-12.2%	$14.4B-7.3%	$15.5B-6.0%	$16.5B-6.9%	$17.7B+96.9%	$9.0B
Current Assets	$3.2B-5.6%	$3.4B+3.9%	$3.3B+0.2%	$3.3B-4.2%	$3.4B+44.0%	$2.4B
Cash & Equivalents	$468.0M+33.0%	$352.0M+2.0%	$345.0M-45.9%	$638.0M+28.9%	$495.0M+48.2%	$334.0M
Inventory	$1.6B-9.3%	$1.7B+12.8%	$1.5B+12.2%	$1.4B-13.1%	$1.6B+50.2%	$1.1B
Accounts Receivable	$805.0M-4.4%	$842.0M+5.6%	$797.0M-4.3%	$833.0M-4.5%	$872.0M+6.7%	$816.9M
Goodwill	$4.4B-13.3%	$5.1B-15.0%	$6.0B-2.9%	$6.2B-0.9%	$6.2B+108.2%	$3.0B
Total Liabilities	$6.5B-19.9%	$8.1B-0.8%	$8.2B-8.6%	$9.0B-2.7%	$9.2B+168.0%	$3.4B
Current Liabilities	$1.3B+6.0%	$1.2B-27.1%	$1.7B+3.3%	$1.6B-20.7%	$2.1B+153.8%	$818.5M
Long-Term Debt	$4.3B-25.4%	$5.7B+5.3%	$5.4B-9.6%	$6.0B+8.1%	$5.6B+139.1%	$2.3B
Total Equity	$6.1B-2.0%	$6.2B-14.6%	$7.3B-2.9%	$7.5B-11.2%	$8.5B+52.6%	$5.5B
Retained Earnings	-$1.9B+14.8%	-$2.3B-116.5%	-$1.1B-8.0%	-$979.0M-105.2%	-$477.0M-665.8%	$84.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$13.6B-1.4%	$13.7B+6.2%	$12.9B+2.6%	$12.6B-8.4%	$13.8B-1.8%	$14.0B-2.4%	$14.4B+0.1%	$14.3B
Current Assets	$3.5B-3.3%	$3.6B+5.1%	$3.4B+7.0%	$3.2B-19.8%	$4.0B-1.0%	$4.0B+18.9%	$3.4B-4.4%	$3.6B
Cash & Equivalents	$505.0M-6.3%	$539.0M+10.7%	$487.0M+4.1%	$468.0M+12.5%	$416.0M+20.6%	$345.0M-2.0%	$352.0M-4.6%	$369.0M
Inventory	$1.7B+2.3%	$1.7B+4.9%	$1.6B+1.1%	$1.6B-2.3%	$1.6B-1.6%	$1.6B-5.6%	$1.7B+2.7%	$1.7B
Accounts Receivable	$894.0M-9.6%	$989.0M+2.0%	$970.0M+20.5%	$805.0M-19.4%	$999.0M+1.1%	$988.0M+17.3%	$842.0M-7.6%	$911.0M
Goodwill	$4.8B+0.1%	$4.8B+5.5%	$4.5B+2.1%	$4.4B-1.5%	$4.5B0.0%	$4.5B-12.1%	$5.1B+3.9%	$4.9B
Total Liabilities	$6.8B-2.4%	$7.0B+5.8%	$6.6B+1.1%	$6.5B-16.7%	$7.8B-1.8%	$8.0B-2.2%	$8.1B-0.9%	$8.2B
Current Liabilities	$1.5B+4.5%	$1.4B+9.7%	$1.3B-3.5%	$1.3B-4.0%	$1.4B+11.2%	$1.2B-0.7%	$1.2B-1.9%	$1.3B
Long-Term Debt	$3.8B-4.7%	$4.0B-9.1%	$4.4B+1.7%	$4.3B-21.7%	$5.5B-4.6%	$5.7B-0.2%	$5.7B-2.3%	$5.9B
Total Equity	$6.7B-0.4%	$6.8B+6.6%	$6.4B+4.2%	$6.1B+2.6%	$5.9B-1.9%	$6.1B-2.7%	$6.2B+1.5%	$6.1B
Retained Earnings	-$1.9B-1.8%	-$1.9B+0.6%	-$1.9B+3.4%	-$1.9B+15.4%	-$2.3B-2.2%	-$2.3B+1.4%	-$2.3B-6.6%	-$2.1B

ELAN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$541.0M+99.6%	$271.0M-40.0%	$452.0M-6.4%	$483.0M+1278.0%	-$41.0M-118.3%	$224.0M
Capital Expenditures	$147.0M+5.0%	$140.0M-18.1%	$171.0M+7.5%	$159.0M+17.8%	$135.0M-3.6%	$140.0M
Free Cash Flow	$394.0M+200.8%	$131.0M-53.4%	$281.0M-13.3%	$324.0M+284.1%	-$176.0M-309.5%	$84.0M
Investing Cash Flow	$1.2B+785.2%	-$169.0M+5.6%	-$179.0M+66.2%	-$530.0M+88.9%	-$4.8B-1933.6%	-$235.0M
Financing Cash Flow	-$1.5B-1697.6%	-$83.0M+84.9%	-$549.0M-361.4%	$210.0M-95.8%	$5.0B+1724.3%	-$305.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$219.0M-7.6%	$237.0M+6025.0%	-$4.0M-102.3%	$177.0M-11.5%	$200.0M+9900.0%	$2.0M-98.7%	$157.0M-20.7%	$198.0M
Capital Expenditures	$92.0M+61.4%	$57.0M-12.3%	$65.0M+38.3%	$47.0M+38.2%	$34.0M+41.7%	$24.0M-41.5%	$41.0M+24.2%	$33.0M
Free Cash Flow	$127.0M-29.4%	$180.0M+360.9%	-$69.0M-153.1%	$130.0M-21.7%	$166.0M+854.5%	-$22.0M-119.0%	$116.0M-29.7%	$165.0M
Investing Cash Flow	-$101.0M-80.4%	-$56.0M+3.4%	-$58.0M+35.6%	-$90.0M-172.7%	-$33.0M-189.2%	$37.0M+205.7%	-$35.0M+2.8%	-$36.0M
Financing Cash Flow	-$153.0M+1.9%	-$156.0M-400.0%	$52.0M+262.5%	-$32.0M+65.6%	-$93.0M-244.4%	-$27.0M+80.6%	-$139.0M+11.5%	-$157.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ELAN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	54.9%-1.4pp	56.3%-0.4pp	56.6%+1.4pp	55.3%+6.2pp	49.1%-3.1pp	52.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	7.6%+35.5pp	-27.9%-26.1pp	-1.8%+8.4pp	-10.1%+7.4pp	-17.5%-19.8pp	2.2%
Return on Equity	5.5%	N/A	N/A	N/A	N/A	1.2%
Return on Assets	2.7%+11.3pp	-8.6%-8.1pp	-0.5%+2.4pp	-2.9%+0.3pp	-3.2%-4.0pp	0.8%
Current Ratio	2.44-0.3	2.75+0.8	1.93-0.1	1.99+0.3	1.65-1.3	2.90
Debt-to-Equity	0.70-0.2	0.92+0.2	0.75-0.1	0.80+0.1	0.66+0.2	0.42
FCF Margin	8.9%+5.9pp	3.0%-3.4pp	6.4%-0.4pp	6.8%+12.2pp	-5.4%-8.1pp	2.7%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	53.4%-4.1pp	57.5%+0.1pp	57.3%+6.5pp	50.9%-7.3pp	58.2%+0.9pp	57.3%+7.1pp	50.1%-4.3pp	54.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-3.0%-3.9pp	0.9%-4.7pp	5.6%+6.4pp	-0.8%+3.4pp	-4.2%-6.9pp	2.7%+16.3pp	-13.6%+89.0pp	-102.6%
Return on Equity	N/A	0.2%-0.9pp	1.1%-4.5pp	5.6%	N/A	0.5%	N/A	N/A
Return on Assets	-0.3%-0.3pp	0.1%-0.4pp	0.5%+0.6pp	-0.1%+0.3pp	-0.4%-0.6pp	0.2%+1.2pp	-1.0%+6.7pp	-7.6%
Current Ratio	2.40-0.2	2.60-0.1	2.71+0.3	2.44-0.5	2.93-0.4	3.29+0.5	2.75-0.1	2.82
Debt-to-Equity	0.56-0.0	0.58-0.1	0.68-0.0	0.70-0.2	0.92-0.0	0.95+0.0	0.92-0.0	0.96
FCF Margin	11.2%-3.3pp	14.5%+20.3pp	-5.8%-18.5pp	12.8%-1.3pp	14.0%+15.8pp	-1.8%-13.0pp	11.2%-4.2pp	15.4%

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Frequently Asked Questions

What is Elanco Animal Health's annual revenue?

Elanco Animal Health (ELAN) reported $4.4B in total revenue for fiscal year 2024. This represents a 0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Elanco Animal Health's revenue growing?

Elanco Animal Health (ELAN) revenue grew by 0.5% year-over-year, from $4.4B to $4.4B in fiscal year 2024.

Is Elanco Animal Health profitable?

Yes, Elanco Animal Health (ELAN) reported a net income of $338.0M in fiscal year 2024, with a net profit margin of 7.6%.

What is Elanco Animal Health's earnings per share (EPS)?

Elanco Animal Health (ELAN) reported diluted earnings per share of $0.68 for fiscal year 2024. This represents a 127.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Elanco Animal Health have?

As of fiscal year 2024, Elanco Animal Health (ELAN) had $468.0M in cash and equivalents against $4.3B in long-term debt.

What is Elanco Animal Health's gross margin?

Elanco Animal Health (ELAN) had a gross margin of 54.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Elanco Animal Health's net profit margin?

Elanco Animal Health (ELAN) had a net profit margin of 7.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Elanco Animal Health's return on equity (ROE)?

Elanco Animal Health (ELAN) has a return on equity of 5.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Elanco Animal Health's free cash flow?

Elanco Animal Health (ELAN) generated $394.0M in free cash flow during fiscal year 2024. This represents a 200.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Elanco Animal Health's operating cash flow?

Elanco Animal Health (ELAN) generated $541.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Elanco Animal Health's total assets?

Elanco Animal Health (ELAN) had $12.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Elanco Animal Health's capital expenditures?

Elanco Animal Health (ELAN) invested $147.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Elanco Animal Health spend on research and development?

Elanco Animal Health (ELAN) invested $344.0M in research and development during fiscal year 2024.

How many shares does Elanco Animal Health have outstanding?

Elanco Animal Health (ELAN) had 494M shares outstanding as of fiscal year 2024.

What is Elanco Animal Health's current ratio?

Elanco Animal Health (ELAN) had a current ratio of 2.44 as of fiscal year 2024, which is generally considered healthy.

What is Elanco Animal Health's debt-to-equity ratio?

Elanco Animal Health (ELAN) had a debt-to-equity ratio of 0.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Elanco Animal Health's return on assets (ROA)?

Elanco Animal Health (ELAN) had a return on assets of 2.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Elanco Animal Health's Piotroski F-Score?

Elanco Animal Health (ELAN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Elanco Animal Health's earnings high quality?

Elanco Animal Health (ELAN) has an earnings quality ratio of 1.60x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Elanco Animal Health?

Elanco Animal Health (ELAN) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.