Eli Lilly and Company (LLY)
Eli Lilly is a pharmaceutical company whose GLP-1 diabetes and obesity treatments have become blockbuster franchises. It also develops therapies in oncology, immunology, and neuroscience.
LLY vs ZTS: how the two businesses compare
- Bigger business: LLY, with $65.2B of yearly revenue, about 6.9× ZTS's $9.5B.
- More profitable: LLY keeps 32 cents of each sales dollar as profit, against 28 cents at ZTS.
- More cash from each sale: ZTS turns 31 cents of each sales dollar into operating cash flow, against 26 cents at LLY.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Eli Lilly and (LLY) is the larger business by reported revenue: $65.2B in its fiscal year ended Dec 2025, about 6.9× ZTS's $9.5B (fiscal year ended Dec 2025). LLY's net margin was 31.7% and ZTS's 28.2%. Both file with the SEC under the same industry code, SIC 2834 (Pharmaceutical Preparations).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Pharmaceutical Preparations
- Same classification
- December 31
- Same calendar
- Feb 12, 2026
LLY vs ZTS: quick comparison
| Company fact | LLY | ZTS |
|---|---|---|
| Company | Eli Lilly and Company | Zoetis Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Indianapolis, Indiana | — |
| Founded | 1876 | — |
| SEC industry | Pharmaceutical Preparations | Pharmaceutical Preparations |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-12 | 10-K · 2026-02-12 |
LLY vs ZTS: audited financials
- Scale: LLY's $65.2B of revenue is about 6.9× ZTS's $9.5B.
- Net margin: LLY kept 31.7% of revenue as net income versus 28.2% at ZTS.
- Cash conversion: operating cash flow equalled LLY 25.8% of revenue, or 0.81× net income; ZTS 30.7% of revenue, or 1.09× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | LLY | ZTS |
|---|---|---|
| Revenue | $65.2B2025-01-01 to 2025-12-31 · SEC filing | $9.5B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $20.6B2025-01-01 to 2025-12-31 · SEC filing | $2.7B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $16.8B2025-01-01 to 2025-12-31 · SEC filing | $2.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $22.952025-01-01 to 2025-12-31 · SEC filing | $6.022025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 31.7%2025-01-01 to 2025-12-31 · SEC filing | 28.2%2025-01-01 to 2025-12-31 · SEC filing |
LLY: FY ending 2025-12-31 · ZTS: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LLY and ZTS overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2834, Pharmaceutical Preparations.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Only ZTS maps to International markets.
- Scale: LLY reported about 6.9× the annual revenue of ZTS.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Zoetis Inc. (ZTS)
Zoetis develops medicines and vaccines for livestock and companion animals.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves LLY
- Mounjaro and Zepbound volume, realized pricing, and payer coverage
- Orforglipron and other pipeline approvals
- Manufacturing capacity expansion across new U.S. and European sites
- U.S. drug-pricing agreements, Medicare negotiation, and compounded tirzepatide
What moves ZTS
We have not yet published a company-specific driver list for ZTS. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
The investment question
You now know LLY reports about 6.9× ZTS's revenue, and LLY keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the pharmaceutical preparations cycle, including “Mounjaro and Zepbound volume, realized pricing, and payer coverage” at LLY, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 66 matched transaction rows for LLY and 25 matched transaction rows for ZTS. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
LLY primary filings
ZTS primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving LLY or ZTS
LLY vs ZTS FAQs
Are LLY and ZTS direct competitors?
Eli Lilly and and Zoetis share the SEC industry classification “Pharmaceutical Preparations.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is LLY or ZTS the bigger company by revenue?
Eli Lilly and (LLY) is the larger business by reported revenue: $65.2B in its fiscal year ended Dec 2025, about 6.9× ZTS's $9.5B (fiscal year ended Dec 2025). LLY's net margin was 31.7% and ZTS's 28.2%. Both file with the SEC under the same industry code, SIC 2834 (Pharmaceutical Preparations). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, LLY or ZTS?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this LLY vs ZTS comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Eli Lilly and Company and Zoetis Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-13. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-13. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LLY vs ZTS compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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