Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Gilead Sciences Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrated a generally increasing trend over the five-year period. Starting at 4.9 in 2020, it rose to 5.27 in 2021, experienced a slight decline to 4.93 in 2022, then increased again to 5.07 in 2023 and reached 5.28 in 2024. This suggests a consistent improvement in the efficiency with which the fixed assets are being utilized to generate sales, despite a minor fluctuation in 2022.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted net fixed asset turnover ratio, which incorporates operating lease assets, followed a pattern similar to the standard net fixed asset turnover. It started at 4.34 in 2020, increased to 4.77 in 2021, declined to 4.51 in 2022, then rose slightly to 4.57 in 2023 and further to 4.83 in 2024. The trend indicates steady efficiency gains in asset usage even when considering lease assets, with a small dip in 2022 analogous to the unadjusted ratio.
- Total Asset Turnover
- The total asset turnover ratio showed a consistent upward trend throughout the period. Beginning at 0.36 in 2020, it increased to 0.40 in 2021, then to 0.43 in 2022 and maintained that level in 2023 before rising further to 0.48 in 2024. This upward movement indicates improving effectiveness in utilizing total assets to generate revenue over time.
- Equity Turnover
- The equity turnover ratio displayed some variability across the years. Initially at 1.34 in 2020, it declined gradually to 1.28 in 2021 and further to 1.27 in 2022. The ratio then decreased more notably to 1.18 in 2023 before rebounding sharply to 1.48 in 2024. This suggests fluctuations in the company's ability to generate sales from shareholders’ equity, with a significant improvement occurring in the final year analyzed.
Net Fixed Asset Turnover
Gilead Sciences Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Product sales | ||||||
| Property, plant and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Net fixed asset turnover = Product sales ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales demonstrated a generally upward trajectory over the five-year period. Starting at $24,355 million at the end of 2020, sales increased significantly to $27,008 million in 2021. The following year saw a slight decline to $26,982 million, stabilizing near the previous year's figure. In 2023, sales maintained a stable level at approximately $26,934 million, followed by a notable increase to $28,610 million in 2024, indicating an overall positive growth trend with a brief plateau in the middle years.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment showed a steady but moderate increase throughout the analyzed period. Beginning at $4,967 million in 2020, the figure rose to $5,121 million in 2021 and continued to increase to $5,475 million in 2022. A slight reduction occurred in 2023, with a value of $5,317 million, before increasing again to $5,414 million in 2024. This pattern suggests ongoing investment in fixed assets with minor fluctuations.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, an efficiency metric reflecting how well fixed assets generate sales, experienced fluctuations but remained within a relatively narrow range. Beginning at 4.9 in 2020, the ratio improved to 5.27 in 2021, indicating enhanced asset utilization. A decline to 4.93 occurred in 2022, followed by a slight recovery to 5.07 in 2023, and a further increase to 5.28 in 2024. Overall, this indicates consistent and slightly improving efficiency in the use of fixed assets to generate revenue.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Gilead Sciences Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Product sales | ||||||
| Property, plant and equipment, net | ||||||
| Operating lease right-of-use assets, net (classified as Other long-term assets) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| 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. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Product sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Product Sales
-
Product sales demonstrated a generally positive trend over the five-year period, increasing from US$24,355 million in 2020 to US$28,610 million in 2024. The most significant growth occurred between 2020 and 2021, with an increase of approximately 10.8%. However, sales experienced a slight decline during 2022 and 2023, reaching a low of US$26,934 million in 2023 before rising again in 2024. This indicates some volatility in sales, but the overall trajectory remains upward.
- Property, Plant and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
-
The net value of property, plant and equipment showed modest growth over the period, moving from US$5,613 million in 2020 to US$5,929 million in 2024. The increase was gradual, with the largest increment occurring between 2021 and 2022. The value peaked slightly in 2022, then experienced a slight reduction in 2023, followed by a minor rebound in 2024. This suggests relatively stable investment in fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
-
This ratio, which reflects the efficiency in utilizing fixed assets to generate sales, exhibited some fluctuations. It increased from 4.34 in 2020 to 4.77 in 2021, indicating improved asset utilization. In 2022, the ratio declined to 4.51, suggesting a reduction in efficiency, before increasing slightly to 4.57 in 2023 and further improving to 4.83 in 2024. Overall, the trend points towards enhanced asset efficiency over the five-year period, despite minor interim dips.
Total Asset Turnover
Gilead Sciences Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Product sales | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Total asset turnover = Product sales ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales displayed a generally positive trend over the analyzed period, increasing from 24,355 million US dollars in 2020 to 28,610 million US dollars in 2024. There was a steady year-over-year increase from 2020 through 2021, followed by relative stability in 2022 and 2023, with a slight decline in 2023 compared to 2022. However, the sales rebounded in 2024 to the highest recorded level in the period.
- Total Assets
- Total assets exhibited a consistent decline over the five-year span. Starting at 68,407 million US dollars in 2020, total assets decreased gradually each year, reaching 58,995 million US dollars by 2024. This reflects a reduction of approximately 14% over the period, indicating possible asset divestitures, depreciation, or other balance sheet adjustments.
- Total Asset Turnover
- The total asset turnover ratio, which measures how efficiently assets generate sales, improved steadily from 0.36 in 2020 to 0.48 in 2024. The increase suggests enhanced efficiency in using the company's asset base to drive revenue. This improvement aligns with the decreasing asset base and generally stable to growing sales figures, implying tighter asset management or shifts in operational focus.
Equity Turnover
Gilead Sciences Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Product sales | ||||||
| Total Gilead stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| 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. | ||||||
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2024 Calculation
Equity turnover = Product sales ÷ Total Gilead stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Product Sales
- The product sales exhibit an overall positive trend from 2020 to 2024, increasing from 24,355 million USD in 2020 to 28,610 million USD in 2024. Notably, sales grew steadily in 2021 to 27,008 million USD and remained relatively stable in 2022 and 2023, with figures close to 27,000 million USD. A more pronounced increase is observed in 2024, where sales rose to 28,610 million USD, indicating renewed growth momentum.
- Total Gilead Stockholders’ Equity
- Stockholders’ equity increased from 18,202 million USD in 2020 to a peak of 22,833 million USD in 2023. The growth was generally consistent from 2020 through 2023. However, in 2024, a decline occurred, reducing equity to 19,330 million USD. This decrease suggests potential changes in equity financing, dividend policies, or accumulated losses during the latest period.
- Equity Turnover
- The equity turnover ratio, which measures how effectively the company's equity is being used to generate sales, decreased steadily from 1.34 in 2020 to 1.18 in 2023. This downward trend indicates a gradual reduction in efficiency over this period. However, in 2024, the ratio rebounded sharply to 1.48, surpassing the initial value from 2020. This recovery implies improved utilization of equity to generate revenues in the most recent year, which aligns with the increased product sales observed.