Price to Book Value (P/BV)
since 2005
Calculation
Gilead Sciences Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Gilead stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 8.07 | = | 147.64 | ÷ | 18.29 | 18.29 | = | 22,703 | ÷ | 1,241,420,528 | |
| Feb 28, 2025 | 7.36 | = | 114.31 | ÷ | 15.52 | 15.52 | = | 19,330 | ÷ | 1,245,346,062 | |
| Feb 23, 2024 | 4.01 | = | 73.55 | ÷ | 18.33 | 18.33 | = | 22,833 | ÷ | 1,245,774,616 | |
| Feb 22, 2023 | 4.90 | = | 83.50 | ÷ | 17.03 | 17.03 | = | 21,240 | ÷ | 1,247,105,154 | |
| Feb 23, 2022 | 3.65 | = | 61.35 | ÷ | 16.80 | 16.80 | = | 21,069 | ÷ | 1,253,886,724 | |
| Feb 25, 2021 | 4.33 | = | 62.79 | ÷ | 14.49 | 14.49 | = | 18,202 | ÷ | 1,256,593,156 | |
| Feb 25, 2020 | 3.93 | = | 70.10 | ÷ | 17.83 | 17.83 | = | 22,525 | ÷ | 1,263,636,656 | |
| Feb 26, 2019 | 3.89 | = | 65.28 | ÷ | 16.77 | 16.77 | = | 21,387 | ÷ | 1,275,510,558 | |
| Feb 27, 2018 | 5.15 | = | 80.36 | ÷ | 15.60 | 15.60 | = | 20,442 | ÷ | 1,309,967,781 | |
| Feb 27, 2017 | 4.88 | = | 70.50 | ÷ | 14.45 | 14.45 | = | 18,887 | ÷ | 1,307,066,900 | |
| Feb 24, 2016 | 6.59 | = | 89.36 | ÷ | 13.56 | 13.56 | = | 18,534 | ÷ | 1,366,845,691 | |
| Feb 25, 2015 | 10.08 | = | 104.43 | ÷ | 10.36 | 10.36 | = | 15,426 | ÷ | 1,489,401,683 | |
| Feb 25, 2014 | 11.36 | = | 83.95 | ÷ | 7.39 | 7.39 | = | 11,369 | ÷ | 1,538,252,914 | |
| Feb 27, 2013 | 7.01 | = | 42.89 | ÷ | 6.12 | 6.12 | = | 9,310 | ÷ | 1,522,392,518 | |
| Feb 23, 2012 | 5.08 | = | 22.58 | ÷ | 4.45 | 4.45 | = | 6,739 | ÷ | 1,514,630,722 | |
| Feb 28, 2011 | 5.29 | = | 19.49 | ÷ | 3.69 | 3.69 | = | 5,864 | ÷ | 1,590,529,288 | |
| Mar 1, 2010 | 6.74 | = | 23.76 | ÷ | 3.52 | 3.52 | = | 6,367 | ÷ | 1,806,757,972 | |
| Feb 27, 2009 | 9.83 | = | 22.40 | ÷ | 2.28 | 2.28 | = | 4,152 | ÷ | 1,821,909,204 | |
| Feb 27, 2008 | 11.76 | = | 21.90 | ÷ | 1.86 | 1.86 | = | 3,460 | ÷ | 1,857,740,064 | |
| Feb 27, 2007 | 18.07 | = | 17.65 | ÷ | 0.98 | 0.98 | = | 1,816 | ÷ | 1,858,655,664 | |
| Mar 3, 2006 | 9.18 | = | 15.03 | ÷ | 1.64 | 1.64 | = | 3,028 | ÷ | 1,849,138,544 |
Based on: 10-K (reporting date: 2025-12-31), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Gilead Sciences Inc. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates a high of 18.07 before declining and stabilizing in a narrower range for several years, then increasing again before a recent period of volatility.
- Initial Period (2006-2009)
- The P/BV ratio began at 9.18 and peaked at 18.07 in 2007, representing a significant increase. Following this peak, the ratio decreased, though it remained above 9.00 through 2009, ending the period at 9.83. This initial fluctuation suggests changing investor sentiment or expectations regarding the company’s asset valuation relative to its market price.
- Period of Relative Stability (2010-2012)
- From 2010 to 2012, the P/BV ratio experienced a period of relative stability, ranging between 5.29 and 7.01. This suggests a more consistent valuation approach by the market during these years. The ratio decreased steadily during this time, indicating a potential shift in investor perception or a change in the company’s financial performance relative to its book value.
- Increasing Valuation (2013-2015)
- The P/BV ratio increased substantially from 7.01 in 2013 to 10.08 in 2015. This increase, reaching a high of 11.36 in 2014, indicates growing investor confidence and a willingness to pay a higher premium for the company’s net asset value. This period coincides with a significant increase in book value per share.
- Recent Volatility (2016-2026)
- From 2016 onwards, the P/BV ratio demonstrates increased volatility. It declined from 6.59 in 2016 to 3.89 in 2019, then experienced a slight recovery to 4.33 in 2021. More recently, the ratio has shown significant increases, reaching 7.36 in 2024 and 8.07 in 2025. This recent volatility could be attributed to various factors, including changes in market conditions, company-specific events, or shifts in investor expectations. The book value per share also shows fluctuations during this period, contributing to the P/BV ratio’s instability.
Overall, the P/BV ratio has exhibited a non-linear trend over the examined period. While periods of stability have occurred, the ratio has generally fluctuated, suggesting that the market’s valuation of the company’s book value has been dynamic and responsive to changing circumstances.
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Comparison to Competitors
Gilead Sciences Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 8.07 | — | 22.99 | 6.61 | 2.82 | 36.91 | 7.12 | 5.82 | 1.78 | 2.62 | 3.62 | 6.69 |
| Feb 28, 2025 | 7.36 | 102.40 | 26.61 | 6.98 | 3.00 | 57.93 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 23, 2024 | 4.01 | 29.97 | 24.94 | 3.35 | 3.47 | 65.80 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 22, 2023 | 4.90 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 23, 2022 | 3.65 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 25, 2021 | 4.33 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 25, 2020 | 3.93 | — | 13.84 | 2.80 | 3.72 | 51.67 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 26, 2019 | 3.89 | — | 9.41 | 5.89 | 2.80 | 12.87 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 27, 2018 | 5.15 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 27, 2017 | 4.88 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 24, 2016 | 6.59 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 25, 2015 | 10.08 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 25, 2014 | 11.36 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 27, 2013 | 7.01 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 23, 2012 | 5.08 | — | 2.83 | 3.50 | 2.17 | 3.35 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 28, 2011 | 5.29 | — | 2.04 | 2.76 | 2.39 | 3.21 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Mar 1, 2010 | 6.74 | — | 2.46 | 2.88 | 2.07 | 4.17 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 27, 2009 | 9.83 | — | 2.48 | 3.29 | 1.69 | 5.01 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 27, 2008 | 11.76 | — | 2.77 | 4.22 | 2.62 | 4.16 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 27, 2007 | 18.07 | — | 3.96 | 5.50 | 3.32 | 5.43 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 3, 2006 | 9.18 | — | 4.26 | 4.00 | 3.78 | 5.85 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
Based on: 10-K (reporting date: 2025-12-31), 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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Gilead Sciences Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 24, 2026 | 8.07 | 7.72 |
| Feb 28, 2025 | 7.36 | 7.03 |
| Feb 23, 2024 | 4.01 | 6.77 |
| Feb 22, 2023 | 4.90 | 5.66 |
| Feb 23, 2022 | 3.65 | 5.72 |
| Feb 25, 2021 | 4.33 | 5.99 |
| Feb 25, 2020 | 3.93 | 5.82 |
| Feb 26, 2019 | 3.89 | 6.02 |
| Feb 27, 2018 | 5.15 | 5.14 |
| Feb 27, 2017 | 4.88 | 4.58 |
| Feb 24, 2016 | 6.59 | 4.15 |
| Feb 25, 2015 | 10.08 | 4.47 |
| Feb 25, 2014 | 11.36 | 3.97 |
| Feb 27, 2013 | 7.01 | 3.21 |
| Feb 23, 2012 | 5.08 | 2.55 |
| Feb 28, 2011 | 5.29 | 2.25 |
| Mar 1, 2010 | 6.74 | 2.37 |
| Feb 27, 2009 | 9.83 | 2.60 |
| Feb 27, 2008 | 11.76 | 3.42 |
| Feb 27, 2007 | 18.07 | 3.82 |
| Mar 3, 2006 | 9.18 | 4.00 |
Based on: 10-K (reporting date: 2025-12-31), 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., P/BV, long-term trends, comparison to industry (health care)
| Gilead Sciences Inc. | Health Care | |
|---|---|---|
| Feb 24, 2026 | 8.07 | 6.08 |
| Feb 28, 2025 | 7.36 | 5.99 |
| Feb 23, 2024 | 4.01 | 5.94 |
| Feb 22, 2023 | 4.90 | 87,112.79 |
| Feb 23, 2022 | 3.65 | 5.48 |
| Feb 25, 2021 | 4.33 | 5.37 |
| Feb 25, 2020 | 3.93 | 5.14 |
| Feb 26, 2019 | 3.89 | 5.17 |
| Feb 27, 2018 | 5.15 | 4.55 |
| Feb 27, 2017 | 4.88 | 4.06 |
| Feb 24, 2016 | 6.59 | 3.62 |
| Feb 25, 2015 | 10.08 | 4.10 |
| Feb 25, 2014 | 11.36 | 3.51 |
| Feb 27, 2013 | 7.01 | 2.87 |
| Feb 23, 2012 | 5.08 | 2.51 |
| Feb 28, 2011 | 5.29 | 2.24 |
| Mar 1, 2010 | 6.74 | 2.36 |
| Feb 27, 2009 | 9.83 | 2.65 |
| Feb 27, 2008 | 11.76 | 3.45 |
| Feb 27, 2007 | 18.07 | 3.81 |
| Mar 3, 2006 | 9.18 | 3.97 |
Based on: 10-K (reporting date: 2025-12-31), 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).