ELAN vs VTRS: Elanco Animal Health and Viatris compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Viatris is the larger company, worth $19.0B, about 1.8 times Elanco Animal Health.
- Elanco Animal Health grew revenue faster over the last year (+10.2% vs +5.0%).
- Elanco Animal Health's price assumes faster free cash flow growth: about 13% a year, against -4% for Viatris (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ELAN | VTRS |
|---|---|---|
| Market cap | $10.4B | $19.0B |
| Share price | $22.92 | $17.49 |
| Revenue (last fiscal year) | $4.7B | $14.3B |
| Free cash flow (last fiscal year) | $284M | $1.9B |
| Revenue growth, last year | +10.2% | +5.0% |
| Revenue growth per year, last 5 fiscal years | -0.3% | -5.4% |
| Operating margin | — | -0.59% |
| Net margin | -4.0% | — |
| Return on equity | -3.0% | — |
| P/E (trailing) | — | — |
| Price / free cash flow | 36.6x | 9.79x |
| EV / EBITDA | 26.6x | 11.9x |
| FCF growth the price implies | 12.9% | -4.5% |
| Dividend yield | — | 2.9% |
| Debt / equity | 1.06x | 1.46x |
| Fundamental grade | D | C |
| Superinvestors holding it | 8 | 6 |
| Insider purchases, last 12 months | 4 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Elanco Animal Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | $324M | -12.0% |
| 2022 | $4.4B | $281M | -1.6% |
| 2023 | $4.4B | $131M | -27.1% |
| 2024 | $4.4B | $394M | 11.0% |
| 2025 | $4.7B | $284M | — |
Viatris
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $2.6B | -0.19% |
| 2022 | $16.2B | $2.6B | 10.0% |
| 2023 | $15.4B | $2.5B | 5.0% |
| 2024 | $14.7B | $2.0B | 0.07% |
| 2025 | $14.3B | $1.9B | -18.7% |
Where the revenue comes from
Elanco Animal Health · by products, 2025
Pet Health$2.3B49%
Cattle$1.1B24%
Poultry$858M18%
Swine$379M8%
Contract Manufacturing and Other$53M1%
Viatris · by segments, 2025
Developed Markets$8.5B60%
Greater China$2.3B16%
Emerging Markets$2.2B16%
JANZ$1.2B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ELAN in InvestinglyQuestions
Which is bigger, Elanco Animal Health or Viatris?
Viatris (VTRS), at $19.0B against $10.4B.
Which grows faster, ELAN or VTRS?
Elanco Animal Health: revenue grew +10.2% over the last year, against +5.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.