Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Gilead Sciences Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrated a gradual decline from March 2021 through December 2022, decreasing from 5.06 to 4.93. This was followed by a period of stabilization and modest improvement, reaching a peak of 5.28 in March 2025 before experiencing a slight tapering off to 5.19 by September 2025. Overall, the ratio indicates fluctuations in asset utilization efficiency, with a tendency to recover after a mid-term dip.
- Total Asset Turnover
- The total asset turnover ratio showed a generally positive trend across the analyzed periods. Starting at 0.37 in March 2021, it increased steadily, peaking at 0.52 in both June and September 2024. Though there were minor declines intermittently, the ratio maintained relative strength above 0.48 towards the end of the period. This suggests improving efficiency in generating sales from total assets over time.
- Equity Turnover
- The equity turnover ratio experienced some volatility throughout the period under review. Initially remaining around the 1.3 mark from March 2021 to December 2022, the ratio rose sharply in early 2024, reaching a high of 1.56 in March 2024. Thereafter, it showed a gradual decline, finishing at 1.33 by September 2025. This pattern indicates fluctuating effectiveness in generating revenues from shareholders' equity, with notable improvement in early 2024 followed by normalization.
Net Fixed Asset Turnover
Gilead Sciences Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in product sales, property, plant and equipment, and net fixed asset turnover over the periods reviewed.
- Product Sales
- Product sales exhibit a cyclical pattern with fluctuations in quarterly amounts. Initial periods show a decline from 6,340 million USD to 6,138 million USD but are followed by a recovery phase reaching 7,332 million USD by the fourth quarter of 2021. Similar variability repeats in subsequent years, with sales peaking around 7,515 to 7,536 million USD between the third and fourth quarters of 2024, then declining again. The overall trend indicates variability with strong seasonal peaks but no clear sustained growth across the full period.
- Property, Plant and Equipment, Net
- There is a consistent and gradual increase in net property, plant, and equipment values across the timeline. Starting at 4,990 million USD in the first quarter of 2021, the figure steadily rises to reach approximately 5,500 million USD by the third quarter of 2025. This incremental growth indicates ongoing investment or capital accumulation in fixed assets over time without significant contractions or volatility.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrates relative stability with moderate fluctuations. Beginning at 5.06, the ratio peaks at about 5.4 in the third quarter of 2021, then declines slightly through 2022 down to around 4.93. From 2023 onwards, the ratio shows a gradual upward trend, rising to 5.28 by the third quarter of 2024 before tapering slightly near the end of the period. This pattern suggests that while asset utilization efficiency varies, there is an overall moderate improvement in generating sales from fixed assets towards the latter part of the observed timeframe.
In summary, the company maintains a steady expansion of its fixed assets base, experiences recurring cyclical patterns in product sales, and achieves a generally stable to modestly improving efficiency in the use of these assets to generate sales. The data reflects a dynamic but controlled operating environment with no extreme volatility in asset management or sales performance.
Total Asset Turnover
Gilead Sciences Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales demonstrate a degree of volatility over the observed periods. Initial values ranged around 6,152 to 7,356 million USD in 2021, with a notable dip towards mid-2022 before recovering towards the end of that year. The trend shows fluctuations through 2023 and 2024, with peaks recurring near 7,515 to 7,536 million USD in late 2024. Sales volumes declined again in early 2025 before showing some recovery by the third quarter of 2025. Overall, sales exhibit a cyclical pattern but maintain a general range between approximately 6,100 and 7,500 million USD.
- Total Assets
- Total assets show a general downward trend from 67,492 million USD at the beginning of 2021 to a low of approximately 53,579 million USD in mid-2024. After reaching this low, the asset base appears to stabilize somewhat, with modest fluctuations leading to slight increases by late 2024 and into 2025. Despite these recoveries, total assets in 2025 remain noticeably below the levels observed at the start of the period, indicating a contraction in asset holdings over the four-year span.
- Total Asset Turnover
- The total asset turnover ratio illustrates an improving efficiency in the use of assets over time. Starting at 0.37 in early 2021, the ratio steadily increases and stabilizes around 0.43 to 0.44 through late 2022 and most of 2023. A pronounced improvement occurs in 2024, with the ratio reaching as high as 0.52 before slightly moderating in 2025. This suggests that despite the reduction in total assets, the company has managed to generate higher sales per unit of assets, indicating enhanced operational efficiency or better asset utilization during these periods.
- Summary
- The analysis reveals that while total assets have decreased notably over the observed timeframe, product sales have fluctuated with some cyclical recoveries and declines. Concurrently, the increasing total asset turnover ratio indicates that the company has improved its ability to generate sales from its asset base. This combination suggests a focus on operational efficiency, possibly through asset rationalization or better management practices, allowing stable or improved sales despite a shrinking asset base. The patterns indicate resilience in sales performance aligned with more effective use of resources over the examined quarters.
Equity Turnover
Gilead Sciences Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
÷ Total Gilead stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales exhibit a fluctuating pattern over the periods analyzed. Initial sales start at 6,340 million USD in March 2021, followed by a slight decline in June 2021 to 6,152 million USD. Thereafter, a notable increase is observed in September 2021 with sales rising to 7,356 million USD. Sales stabilize relatively around the 7,000 million USD mark by the end of 2021 and into early 2022. Throughout 2022 and early 2023, sales values oscillate between approximately 6,100 million and 7,300 million USD. From March 2024 onwards, there is a visible upward trend reaching a peak of 7,536 million USD by December 2024, and although there is some variability afterwards, sales remain elevated above 7,000 million USD for most quarters towards 2025. This suggests a general recovery and growth in product sales after intermittent fluctuations.
- Total Gilead Stockholders’ Equity
- The total stockholders' equity displays a moderate upward trend from March 2021 through December 2023, increasing from 18,952 million USD to 22,833 million USD, indicating growth in the company's net value or retained earnings. However, starting in March 2024, equity experiences a significant decline to 17,539 million USD, marking a considerable drop. Despite some recovery through mid and late 2024, equity remains below previous peak levels until a rising trend resumes towards the end of the data period, reaching 21,540 million USD by September 2025. This suggests a period of financial restructuring or setbacks followed by recuperation.
- Equity Turnover Ratio
- The equity turnover ratio remains relatively stable with minor fluctuations across the quarters. The ratio hovers mostly between 1.2 and 1.4 during 2021 to early 2023, indicating a steady relationship between sales and equity. In 2024, the ratio experiences a notable increase, reaching a peak around 1.56 in March 2024, which corresponds inversely with the dip in equity, suggesting a relative increase in sales efficiency or asset utilization despite reduced equity. Following this peak, the ratio gently declines but stays elevated above previous years’ levels, settling around 1.33 by September 2025. This pattern signifies improved turnover efficiency during periods of lower equity and stable sales volumes in later periods.
- Summary Insights
- Overall, the data reveals a cyclical sales pattern with growth phases and temporary dips. Equity demonstrates long-term growth interrupted by a sharp decline in early 2024, possibly indicating significant financial events. The equity turnover ratio's increase during the equity decline phase implies efficient utilization of equity to generate sales, which normalizes as equity values recover. The company’s financial metrics point to resilience with recovery trends in both sales and equity after disturbances, accompanied by sustained operational efficiency reflected in the equity turnover ratio through the examined timeframe.