LLY vs. WAT: Eli Lilly vs. Waters Stock Comparison

November 11, 2026

How do Eli Lilly (LLY) and Waters (WAT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Eli Lilly (LLY) and Waters (WAT) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but LLY is classified in Pharmaceuticals while WAT is classified in Life Sciences Tools & Services.

Company profile comparison for Eli Lilly (LLY) and Waters (WAT)
Profile Item	LLY	WAT
Name	Eli Lilly and Company	Waters Corporation
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Pharmaceuticals	Life Sciences Tools & Services
GICS Sub-Industry	Pharmaceuticals	Life Sciences Tools & Services
Market Capitalization	1,206.07 billion USD	44.93 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 1, 1972	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LLY

WAT

GSPC

Eli Lilly (LLY) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Eli Lilly (LLY) and Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Eli Lilly (LLY) and Waters (WAT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Total Return (1Y)	52.36%	27.70%
Total Return (3Y, Annualized)	34.18%	23.32%
Total Return (5Y, Annualized)	41.08%	6.27%

Risk Profile

Drawdown History

LLY

WAT

GSPC

Eli Lilly (LLY) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Eli Lilly (LLY) and Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Volatility (1Y, Annualized)	35.34%	35.45%
Beta (5Y)	0.40	1.13
Max Drawdown (5Y)	-34.48%	-36.47%
Avg. Volume (3M)	2.52M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

LLY and WAT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Sharpe Ratio (1Y)	1.36	0.66
Sortino Ratio (1Y)	2.29	0.98

Profitability

ROE (TTM)

Eli Lilly (LLY) at 86.02% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for LLY.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

86.02%

Max: 109.18%
LLY: 86.02%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.12%

Max: 109.18%
Q3: 6.23%
WAT: 1.12%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Eli Lilly (LLY) at 31.90% converts revenue to bottom-line profit above its industry’s benchmark range, while Waters (WAT) at 1.76% keeps roughly the typical share for its industry.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

31.90%

LLY: 31.90%
Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.76%

Max: 18.05%
Q3: 4.78%
WAT: 1.76%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Eli Lilly (LLY) at 53.66% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

53.66%

Max: 83.12%
LLY: 53.66%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.38%

Max: 83.12%
Q3: 14.77%
WAT: 11.38%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
ROE (TTM)	86.02%	1.12%
ROA (TTM)	21.06%	2.36%
Net Margin (TTM)	31.90%	1.76%
Operating Margin (TTM)	53.66%	11.38%
Gross Margin (TTM)	83.63%	49.83%

Growth

Revenue Growth

Both Eli Lilly (LLY) at 44.70% and Waters (WAT) at 6.99% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Eli Lilly (LLY) at 95.99% sits in the top EPS growth quartile, while Waters (WAT) at 0.47% is closer to the peer norm — faster per-share earnings growth for LLY.

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Revenue Growth (YoY)	44.70%	6.99%
Revenue Growth (3Y CAGR)	31.69%	2.12%
EPS Growth (YoY)	95.99%	0.47%
EPS Growth (3Y CAGR)	51.71%	-2.84%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Eli Lilly (LLY) shows current ratio of 1.39 against its industry benchmark, while Waters (WAT) has no reading this period.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.39

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
LLY: 1.39
Min: 0.10

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
Min: 0.10
WAT: --

Eli Lilly (LLY) vs. Waters (WAT): WAT does not report current ratio, so it has no value marker; LLY is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Debt / Equity (MRQ)

Waters (WAT) at 0.34 carries an industry-typical debt-to-equity mix, while Eli Lilly (LLY) at 1.23 uses more debt funding than most peers.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.23

Max: 1.42
LLY: 1.23
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.34

Max: 1.42
Q3: 0.65
WAT: 0.34
Median: 0.15
Q1: 0.02
Min: 0.00

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Current Ratio (MRQ)	1.39	--
Debt / Equity (MRQ)	1.23	0.34
Net Debt / EBITDA	0.96	3.23

Dividends

Dividend Yield (TTM)

Waters (WAT) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Eli Lilly (LLY) reports a yield of 0.49%, ranking against industry peers normally.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.49%

LLY: 0.49%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Waters (WAT) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Eli Lilly (LLY) reports a payout of 21.71%, ranking against industry peers normally.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

21.71%

LLY: 21.71%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
Dividend Yield (TTM)	0.49%	0.00%
Dividend Payout Ratio (TTM)	21.71%	0.00%

Valuation

P/E Ratio (TTM)

Both look expensive on trailing earnings: Eli Lilly (LLY) at 43.95 sits in the richer P/E ratio quartile, and Waters (WAT) at 191.46 is richer still, above its industry range.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

43.95

Max: 85.34
LLY: 43.95
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

191.46

WAT: 191.46
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Eli Lilly (LLY) at 13.95 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.95

Max: 58.18
Q3: 25.77
LLY: 13.95
Median: 7.30
Q1: 3.01
Min: 0.01

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.01

Max: 58.18
Q3: 25.77
WAT: 8.01
Median: 7.30
Q1: 3.01
Min: 0.01

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

Waters (WAT) at 2.94 sits near its industry’s typical P/B ratio, while Eli Lilly (LLY) at 29.96 prices above its benchmark range — LLY looks rich relative to book.

LLY

Pharmaceuticals, Biotechnology & Life Sciences industry group

29.96

LLY: 29.96
Max: 13.53
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.94

Max: 13.53
Q3: 6.54
Median: 3.25
WAT: 2.94
Q1: 1.69
Min: -5.59

Eli Lilly (LLY) vs. Waters (WAT): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Eli Lilly (LLY) and Waters (WAT)
Metric	LLY	WAT
P/E Ratio (TTM)	43.95	191.46
P/S Ratio (TTM)	13.95	8.01
P/B Ratio (MRQ)	29.96	2.94
Free Cash Flow Yield (TTM)	0.77%	--