Debt to Equity
since 2005
Calculation
Gilead Sciences Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and other obligations, net1 | ÷ | Total Gilead stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1.38 | = | 26,711) | ÷ | 19,330) |
| Dec 31, 2023 | 1.09 | = | 24,987) | ÷ | 22,833) |
| Dec 31, 2022 | 1.19 | = | 25,230) | ÷ | 21,240) |
| Dec 31, 2021 | 1.27 | = | 26,695) | ÷ | 21,069) |
| Dec 31, 2020 | 1.73 | = | 31,402) | ÷ | 18,202) |
| Dec 31, 2019 | 1.09 | = | 24,593) | ÷ | 22,525) |
| Dec 31, 2018 | 1.28 | = | 27,322) | ÷ | 21,387) |
| Dec 31, 2017 | 1.64 | = | 33,542) | ÷ | 20,442) |
| Dec 31, 2016 | 1.39 | = | 26,346) | ÷ | 18,887) |
| Dec 31, 2015 | 1.20 | = | 22,178) | ÷ | 18,534) |
| Dec 31, 2014 | 0.80 | = | 12,404) | ÷ | 15,426) |
| Dec 31, 2013 | 0.58 | = | 6,636) | ÷ | 11,369) |
| Dec 31, 2012 | 0.88 | = | 8,224) | ÷ | 9,310) |
| Dec 31, 2011 | 1.13 | = | 7,606) | ÷ | 6,739) |
| Dec 31, 2010 | 0.59 | = | 3,478) | ÷ | 5,864) |
| Dec 31, 2009 | 0.18 | = | 1,155) | ÷ | 6,367) |
| Dec 31, 2008 | 0.31 | = | 1,300) | ÷ | 4,152) |
| Dec 31, 2007 | 0.38 | = | 1,301) | ÷ | 3,460) |
| Dec 31, 2006 | 0.77 | = | 1,400) | ÷ | 1,816) |
| Dec 31, 2005 | 0.10 | = | 301) | ÷ | 3,028) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial data reveals several notable trends concerning the company's leverage and equity position over the period analyzed.
- Total Debt and Other Obligations, Net
- The amount of total debt and other financial obligations shows a general upward trend with some fluctuations. Starting at $301 million in 2005, the debt rose substantially, peaking at $33,542 million in 2017. Following 2017, debt levels exhibited a moderate decline and stabilization, settling around $24,987 to $26,711 million by 2023-2024. This pattern indicates periods of significant borrowing, possibly linked to expansion or strategic acquisitions, followed by efforts to reduce or manage debt levels more effectively in recent years.
- Total Stockholders’ Equity
- Stockholders’ equity demonstrated growth from $3,028 million in 2005 to a peak of $22,833 million in 2023. The equity trend was mostly upward, with some reversals, notably a decline from $22,525 million in 2019 to $18,202 million in 2020. Afterward, equity recovered and rose steadily until reaching the 2023 level, though it declined slightly to $19,330 million in 2024. This reflects the company’s ability to generate retained earnings and possibly issue shares, though there are periods where equity was impacted, potentially by net losses, dividends, or repurchases.
- Debt to Equity Ratio
- The debt to equity ratio exhibits considerable variability over the years. Starting from a very low ratio of 0.10 in 2005, the ratio increased sharply by 2011, reaching 1.13, indicating higher leverage relative to equity. The ratio climbed further to its maximum of 1.64 in 2017, confirming the trend of increased indebtedness relative to equity. Subsequently, the ratio fluctuated between approximately 1.09 and 1.73 in the years following, demonstrating a consistently high leverage position compared to earlier years. The elevated ratio indicates that debt financing became a more prominent component of the capital structure over time, with the company maintaining a significant leverage level through recent years.
Overall, the data shows a clear shift from a relatively conservative capital structure with low debt in the initial years to a more leveraged position over the decade, supported by substantial growth in equity. The company's management of debt suggests strategic borrowing possibly in support of growth initiatives, balanced with ongoing equity growth and periodic debt reduction efforts. The fluctuations in equity and leverage ratios indicate responsiveness to market conditions, operational performance, and financial strategy adjustments over time.
Comparison to Competitors
Gilead Sciences Inc., debt to equity, long-term trends, comparison to competitors
| Gilead Sciences Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.38 | 20.19 | 10.23 | 3.04 | 0.32 | 2.37 | 0.51 | 0.80 | 0.73 | 0.09 | 0.63 | 0.01 |
| Dec 31, 2023 | 1.09 | 5.73 | 10.37 | 1.35 | 0.34 | 2.34 | 0.43 | 0.93 | 0.81 | 0.10 | 0.75 | 0.02 |
| Dec 31, 2022 | 1.19 | 3.67 | 10.64 | 1.27 | 0.39 | 1.52 | 0.52 | 0.67 | 0.37 | 0.12 | 0.78 | 0.03 |
| Dec 31, 2021 | 1.27 | 4.98 | 4.97 | 1.24 | 0.49 | 1.88 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 1.73 | 6.58 | 3.51 | 1.34 | 0.53 | 2.94 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | 1.09 | — | 3.09 | 0.91 | 0.72 | 5.88 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | 1.28 | — | 2.71 | 0.52 | 0.35 | 1.30 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 1.64 | 7.33 | 1.40 | 0.68 | 0.40 | 1.18 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 1.39 | 7.95 | 1.16 | 0.41 | 0.53 | 0.74 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | 1.20 | 8.03 | 1.12 | 0.47 | 0.54 | 0.55 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | 0.80 | 8.62 | 1.19 | 0.53 | 0.15 | 0.52 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | 0.58 | 3.28 | 1.45 | 0.55 | 0.16 | 0.30 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
| Dec 31, 2012 | 0.88 | 4.66 | 1.39 | 0.54 | 0.28 | 0.37 | 0.25 | 0.39 | 0.46 | 0.37 | 0.46 | 0.68 |
| Dec 31, 2011 | 1.13 | — | 1.13 | 0.34 | 0.31 | 0.52 | 0.34 | 0.32 | 0.47 | 0.90 | 0.47 | 0.58 |
| Dec 31, 2010 | 0.59 | — | 0.56 | 0.35 | 0.21 | 0.56 | 0.30 | 0.33 | 0.50 | 0.31 | 0.14 | 1.07 |
| Dec 31, 2009 | 0.18 | — | 0.47 | 0.43 | 0.25 | 0.70 | 0.29 | 0.30 | 0.54 | 0.27 | 0.14 | 0.14 |
| Dec 31, 2008 | 0.31 | — | 0.50 | 0.55 | 0.27 | 1.55 | 0.28 | 0.33 | 0.30 | 0.00 | 0.14 | 1.20 |
| Dec 31, 2007 | 0.38 | — | 0.63 | 0.59 | 0.41 | 0.37 | 0.22 | 0.32 | 0.20 | 0.43 | 0.15 | 0.07 |
| Dec 31, 2006 | 0.77 | — | 0.48 | 0.74 | 0.37 | 0.34 | 0.17 | 0.39 | 0.11 | 0.92 | 0.19 | 0.24 |
| Dec 31, 2005 | 0.10 | — | 0.19 | 0.77 | 0.21 | 0.60 | 0.07 | 0.45 | 0.27 | 1.75 | 0.21 | 0.75 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Gilead Sciences Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Gilead Sciences Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2024 | 1.38 | 1.04 |
| Dec 31, 2023 | 1.09 | 0.97 |
| Dec 31, 2022 | 1.19 | 0.80 |
| Dec 31, 2021 | 1.27 | 0.93 |
| Dec 31, 2020 | 1.73 | 1.12 |
| Dec 31, 2019 | 1.09 | 1.09 |
| Dec 31, 2018 | 1.28 | 0.93 |
| Dec 31, 2017 | 1.64 | 0.87 |
| Dec 31, 2016 | 1.39 | 0.79 |
| Dec 31, 2015 | 1.20 | 0.68 |
| Dec 31, 2014 | 0.80 | 0.55 |
| Dec 31, 2013 | 0.58 | 0.52 |
| Dec 31, 2012 | 0.88 | 0.51 |
| Dec 31, 2011 | 1.13 | 0.46 |
| Dec 31, 2010 | 0.59 | 0.40 |
| Dec 31, 2009 | 0.18 | 0.39 |
| Dec 31, 2008 | 0.31 | 0.37 |
| Dec 31, 2007 | 0.38 | 0.30 |
| Dec 31, 2006 | 0.77 | 0.25 |
| Dec 31, 2005 | 0.10 | 0.29 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Gilead Sciences Inc., debt to equity, long-term trends, comparison to industry (health care)
| Gilead Sciences Inc. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.38 | 0.87 |
| Dec 31, 2023 | 1.09 | 0.82 |
| Dec 31, 2022 | 1.19 | 0.73 |
| Dec 31, 2021 | 1.27 | 0.79 |
| Dec 31, 2020 | 1.73 | 0.92 |
| Dec 31, 2019 | 1.09 | 0.92 |
| Dec 31, 2018 | 1.28 | 0.86 |
| Dec 31, 2017 | 1.64 | 0.81 |
| Dec 31, 2016 | 1.39 | 0.76 |
| Dec 31, 2015 | 1.20 | 0.69 |
| Dec 31, 2014 | 0.80 | 0.52 |
| Dec 31, 2013 | 0.58 | 0.49 |
| Dec 31, 2012 | 0.88 | 0.51 |
| Dec 31, 2011 | 1.13 | 0.45 |
| Dec 31, 2010 | 0.59 | 0.42 |
| Dec 31, 2009 | 0.18 | 0.41 |
| Dec 31, 2008 | 0.31 | 0.41 |
| Dec 31, 2007 | 0.38 | 0.36 |
| Dec 31, 2006 | 0.77 | 0.33 |
| Dec 31, 2005 | 0.10 | 0.30 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).