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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Eli Lilly and Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was CHF-52.00.
The industry rank for Eli Lilly and Co's Net-Net Working Capital or its related term are showing as below:
XSWX:LLY's Price-to-Net-Net-Working-Capital is not ranked *
in the Drug Manufacturers industry.
Industry Median: 7.9 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Eli Lilly and Co (XSWX:LLY) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Eli Lilly and Co Net-Net Working Capital Related Terms
Eli Lilly and Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Eli Lilly and Co's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:LLY vs JNJ, ABBV, MRK: Net-Net Working Capital Comparison
For the Drug Manufacturers - General subindustry, Eli Lilly and Co's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Eli Lilly and Co Price-to-Net-Net-Working-Capital vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Eli Lilly and Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Eli Lilly and Co's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of CHF-52.00 mean?
Eli Lilly and Co (XSWX:LLY) has a Net-Net Working Capital of CHF-52.00 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Eli Lilly and Co According to the industry distribution chart, Eli Lilly and Co ranks #999999 out of 416 companies in the Drug Manufacturers industry.
Is Eli Lilly and Co's Net-Net Working Capital too high?
Eli Lilly and Co's current Net-Net Working Capital is CHF-52.00. Based on the distribution chart, Eli Lilly and Co ranks #999999 out of 416 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Eli Lilly and Co has a GF Score™ of 100/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Eli Lilly and Co's Net-Net Working Capital compare to JNJ and ABBV?
According to the Drug Manufacturers industry distribution chart, Eli Lilly and Co ranks #999999 out of 416 companies for Net-Net Working Capital. This places Eli Lilly and Co in the lower half of its industry. The industry median Net-Net Working Capital is 7.90. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Drug Manufacturers company?
The median Net-Net Working Capital among Drug Manufacturers companies is 7.90, based on 416 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Eli Lilly and Co For the Drug Manufacturers industry, the median Net-Net Working Capital is 7.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Eli Lilly and Co's current Net-Net Working Capital is CHF-52.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eli Lilly and Co stock overvalued right now?
Based on GuruFocus' analysis, Eli Lilly and Co (XSWX:LLY) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF1,163.88, compared to a current price of CHF965.00 — trading 17.1% below its estimated fair value. The current Net-Net Working Capital is CHF-52.00. Eli Lilly and Co's overall GF Score™ is 100/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Eli Lilly and Co (XSWX:LLY), the current Net-Net Working Capital is CHF-52.00 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Eli Lilly and Co (XSWX:LLY) Overvalued in 2026?
Based on GuruFocus' analysis, Eli Lilly and Co stock appears to be undervalued.
The current stock price of CHF965.00 is trading 17.1% below its estimated GF Value™ of CHF1,163.88.
GuruFocus considers Eli Lilly and Co to be Modestly Undervalued.
Key valuation signals for XSWX:LLY:
Net-Net Working Capital: CHF-52.00
GF Value™: CHF1,163.88 vs. price of CHF965.00 (17.1% below fair value)
No single metric tells the full story. See the XSWX:LLY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio and Jaypirca for cancer; Mounjaro, Zepbound, Foundayo, Jardiance, Trulicity, Humalog, and Humulin for cardiometabolic; and Taltz and Olumiant for immunology.
100GF Score
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