GILD
Gilead Sciences · Health Care · Biotechnology
$146.74
52w 108.46 – 157.29
20y monthly, adjusted
Mkt cap
$182.0B
P/E
21.5
P/FCF
19.4
FCF yield
5.2%
ROE
37.5%
Shldr yield
3.2%
div 2.2% + bb 1.1%
What today's price assumes
At $182.0B, the market is pricing in 7.3% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew -7.4% per year — the price asks for acceleration beyond the historical record.
Simple DCF per-share range: $52 · $52 · $64 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 9.2× across 19 years, GILD would trade near $75/share (25th–75th percentile: $57–$100); it trades at 18.2× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+2.6%
Rev 5y
+3.6%
Rev 10y
−1.0%
EPS 5y
+132.4%
EPS 10y
−5.5%
FCF 5y
+4.7%
FCF 10y
−7.4%
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $7.8B | +10.2% | −$10.5B | −635.5% | -8.45 | $3.6B |
| Q1'26 | $7.0B | +4.4% | $2.0B | +53.7% | 1.61 | $2.5B |
| Q4'25 * | $7.9B | +4.7% | $2.2B | +22.4% | 1.75 | $3.3B |
| Q3'25 | $7.8B | +3.0% | $3.1B | +143.6% | 2.43 | $4.1B |
| Q2'25 | $7.1B | +1.8% | $2.0B | +21.4% | 1.56 | $827.0M |
| Q1'25 | $6.7B | −0.3% | $1.3B | — | 1.04 | $1.8B |
| Q4'24 * | $7.6B | +6.4% | $1.8B | +24.7% | 1.43 | $3.0B |
| Q3'24 | $7.5B | +7.0% | $1.3B | −42.5% | 1.00 | $4.3B |
| Q2'24 | $7.0B | +5.4% | $1.6B | +54.4% | 1.29 | $1.3B |
| Q1'24 | $6.7B | +5.3% | −$4.2B | −512.9% | -3.34 | $2.2B |
| Q4'23 * | $7.1B | −3.7% | $1.4B | −12.8% | 1.14 | $2.2B |
| Q3'23 | $7.1B | +0.1% | $2.2B | +21.9% | 1.73 | $1.8B |
| Q2'23 | $6.6B | +5.4% | $1.0B | −8.7% | 0.83 | $2.3B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +2.6% | +3.6% | −1.0% | +9.1% |
| Operating cash flow | +3.4% | +4.2% | −7.2% | +8.8% |
| Free cash flow | +4.3% | +4.7% | −7.4% | +8.5% |
| EPS (diluted) | +23.0% | +132.4% | −5.5% | +9.8% |
| Equity | +2.2% | +4.5% | +2.0% | +9.4% |
| LT debt | −1.2% | −5.0% | +0.5% | — |
| Diluted shares | −0.2% | −0.1% | −1.9% | −2.2% |
| Stock price | +28.4% | +19.3% | +10.3% | +17.1% |
$100, 3 years ago
$212vs $176 in SPY
28.4% vs 20.7%/yr
$100, 5 years ago
$242vs $181 in SPY
19.3% vs 12.6%/yr
$100, 10 years ago
$267vs $412 in SPY
10.3% vs 15.2%/yr
$100, 15 years ago
$1,072vs $813 in SPY
17.1% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$16.87
$108.4B created / $6.4B retained
Last 10 years
$4.27
$88.3B created / $20.7B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
22.3%
OCF ÷ (equity + debt)
OCF / EV yield
5.1%
MC vs 10× OCF
1.83
≤1 = priced under 10× OCF
Debt / FCF
2.3y
SBC / FCF
9.5%
Owner earnings
$8.6B
OCF − capex − SBC
OE yield
4.7%
Share count 5y
−2.0%
per year; negative = buybacks
Capital intensity
19.0%
net PP&E ÷ revenue
Sales efficiency
$0.13
new PP&E per $1 new revenue, 5y
Checklist
21 of 26 checks pass · 81%. Checks with structurally missing inputs are excluded.
Growth & Consistency
4/7
- fail
Revenue growth
3.6% · 5y CAGR ≥ 5%
- pass
EPS growth
132.4% · 5y CAGR ≥ 5%
- fail
FCF growth
4.7% · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
5 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
4.2% vs 3.6% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
6/6
- pass
Net margin
28.9% · ≥ 8%
- pass
Operating margin
34.0% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
37.5% · ≥ 12%
- pass
Cash ROIC
22.3% · ≥ 12%
- pass
FCF margin
32.1% · ≥ 5%
- pass
Earnings back their cash
OCF $10.0B vs NI $8.5B · OCF ≥ net income (latest FY)
Balance Sheet
4/5
- pass
Debt payable from cash flow
2.3y · LT debt ≤ 3× FCF
- fail
Cash cushion
34% · cash ≥ 50% of LT debt
- pass
Leverage
0.97 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$22.7B · equity > 0 and grew over ~5y
- pass
Interest burden
10% · interest ≤ 15% of operating income
Capital Allocation
4/4
- pass
Share count flat or shrinking
-2.0% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
9% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
63% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
3/4
- pass
FCF yield
5.2% · ≥ 3%
- pass
Earnings multiple
21.5 · P/E ≤ 25
- fail
Price asks less than history delivered
7.3% vs -7.4% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
3.2% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 29,443 | — | 10,022 | 8,510 | 6.78 | 10,019 | 563 | 9,456 | 4,003 | 1,922 | 894 | 7,564 | 22,129 | 22,703 | 1,255 |
| 2024 | 28,754 | — | 1,662 | 480 | 0.38 | 10,828 | 523 | 10,305 | 3,918 | 1,150 | 835 | 9,991 | 24,896 | 19,330 | 1,255 |
| 2023 | 27,116 | — | 7,605 | 5,665 | 4.50 | 8,006 | 585 | 7,421 | 3,809 | 1,000 | 766 | 6,085 | 23,189 | 22,833 | 1,258 |
| 2022 | 27,281 | — | 7,330 | 4,592 | 3.64 | 9,072 | 728 | 8,344 | 3,709 | 1,396 | 637 | 5,412 | 22,957 | 21,240 | 1,262 |
| 2021 | 27,305 | — | 9,918 | 6,225 | 4.93 | 11,384 | 579 | 10,805 | 3,605 | 546 | 635 | 5,338 | 25,179 | 21,069 | 1,262 |
| 2020 | 24,689 | — | 4,071 | 123 | 0.10 | 8,168 | 650 | 7,518 | 3,449 | 1,583 | 643 | 5,997 | 28,645 | 18,202 | 1,263 |
| 2019 | 22,449 | — | 4,287 | 5,386 | 4.22 | 9,144 | 825 | 8,319 | 3,222 | 1,749 | 636 | 11,631 | 22,094 | 22,525 | 1,277 |
| 2018 | 22,127 | — | 8,200 | 5,455 | 4.17 | 8,400 | 924 | 7,476 | 2,971 | 2,900 | 845 | 17,940 | 24,574 | 21,387 | 1,308 |
| 2017 | 26,107 | — | 14,124 | 4,628 | 3.51 | 11,898 | 590 | 11,308 | 2,731 | 954 | 638 | 7,588 | 30,795 | 20,442 | 1,319 |
| 2016 | 30,390 | — | 17,633 | 13,501 | 9.94 | 17,047 | 748 | 16,299 | 2,455 | 11,001 | 380 | 8,229 | 26,346 | 18,887 | 1,358 |
| 2015 | 32,639 | — | 22,193 | 18,108 | 11.91 | 21,250 | 747 | 20,503 | 1,874 | 10,002 | 382 | 12,851 | 21,073 | 18,534 | 1,521 |
| 2014 | 24,890 | — | 15,265 | 12,101 | 7.35 | 12,818 | 557 | 12,261 | 0 | 5,349 | 360 | 10,027 | 11,921 | 15,426 | 1,647 |
| 2013 | 11,202 | — | 4,524 | 3,075 | 1.81 | 3,105 | 134 | 2,971 | 0 | 582 | 252 | 2,113 | 3,939 | 11,370 | 1,695 |
| 2012 | 9,703 | — | 4,010 | 2,592 | 1.64 | 3,195 | 397 | 2,798 | — | 667 | 209 | 1,804 | 7,055 | 9,303 | 1,583 |
| 2011 | 8,385 | — | 3,790 | 2,804 | 1.77 | 3,639 | 132 | 3,507 | — | 2,383 | 192 | 9,884 | 7,606 | 6,739 | 1,580 |
| 2010 | 7,949 | — | 3,962 | 2,901 | 1.66 | 2,834 | 62 | 2,772 | — | 4,023 | 200 | 908 | — | 5,864 | 1,747 |
| 2009 | 7,011 | — | 3,529 | 2,636 | 1.51 | 3,080 | 230 | 2,850 | — | 998 | 181 | 1,273 | — | 6,367 | 1,747 |
| 2008 | 5,336 | — | 2,679 | 1,979 | 1.10 | 2,143 | 115 | 2,028 | — | 1,970 | 153 | 1,459 | — | 4,273 | 1,793 |
| 2007 | 4,230 | — | 2,165 | 1,585 | 0.88 | 1,669 | 79 | 1,590 | — | 488 | 185 | 968 | — | 3,753 | 1,803 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.