• Eli Lilly average debt/equity ratio for 2023 was 1.65, a 8.55% increase from 2022.
• Eli Lilly average debt/equity ratio for 2022 was 1.52, a 25.12% increase from 2021.
• Eli Lilly average debt/equity ratio for 2021 was 2.03, a 42.17% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.