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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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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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: 2025-06-30), 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net fixed asset turnover
- The net fixed asset turnover ratio demonstrates a generally stable and slightly fluctuating trend from the end of 2020 through the middle of 2025. Starting at 4.9 in December 2020, the ratio rises modestly, peaking around 5.4 at the end of 2021. After this peak, a gradual decline follows until late 2023, where the ratio dips to approximately 4.88. From this point onward, the ratio shows a progressive recovery, increasing to around 5.28 by the first quarter of 2025, before stabilizing near that level towards mid-2025. Overall, the figure stays within a narrow band just below and above 5, indicating consistent utilization efficiency of fixed assets with minor short-term variations.
- Total asset turnover
- The total asset turnover ratio displays a clear upward trajectory through the reported periods, beginning at 0.36 in December 2020 and rising steadily over time. The ratio maintains modest growth during 2021 and 2022, shifting from 0.37 to about 0.44 by the end of 2022. This increasing trend accelerates in 2023 and into 2024, attaining a peak of approximately 0.52 by mid-2024 and sustaining that level through to mid-2025. The upward movement signals an improvement in how efficiently the company employs its total assets to generate revenue, with notable gains especially evident in the last two years covered.
- Equity turnover
- The equity turnover ratio exhibits some fluctuations but remains largely consistent with intermittent peaks and troughs. It starts at 1.34 in December 2020, then slightly decreases to about 1.27 by the end of 2021. Subsequently, it remains relatively stable with minor oscillations around 1.27 to 1.28 through late 2023. A significant increase is evident beginning in early 2024, reaching a high of 1.56 in the first quarter. This elevated level slightly tapers but continues to maintain values above 1.4 through mid-2025. These movements suggest varying degrees of efficiency in generating revenue from shareholder equity, including a notable improvement beginning in early 2024.
Net Fixed Asset Turnover
Gilead Sciences Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales experienced notable fluctuations over the observed period. Starting from a level of 5,467 million US dollars in the first quarter of 2020, the sales declined to 5,067 million in the second quarter of 2020, followed by a strong recovery reaching a peak of 7,328 million in the last quarter of 2020. Throughout 2021 and 2022, sales showed variability but generally remained within the 6,000 to 7,300 million range, demonstrating some cyclical behavior. In 2023 and early 2024, sales hovered around 6,300 to 7,000 million with a modest upward trend observed towards the end of 2024, reaching a high of 7,536 million in the last quarter of 2024. However, the sales slightly decreased again in the first two quarters of 2025, moving back into the lower 6,600 to 7,000 million range. Overall, the product sales exhibited moderate volatility with a tendency to recover and increase after drops.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment showed a consistent upward trend over the entire period analyzed. Starting at 4,564 million US dollars at the beginning of 2020, there was a gradual increase quarter over quarter, rising to 5,475 million by the end of 2022. The upward trajectory continued through 2023, reaching 5,572 million in the third quarter before experiencing a slight decline to 5,317 million in the fourth quarter of 2023. After this dip, the asset base resumed its growth path, closing at 5,459 million by the last quarter of 2024 and modestly increasing thereafter. This consistent expansion suggests ongoing investment or capital expenditures into fixed assets, despite the minor temporary reduction observed late in 2023.
- Net Fixed Asset Turnover
- Net fixed asset turnover, introduced in the dataset from the fourth quarter of 2020 onwards, shows a generally stable and slightly increasing trend. Beginning at a ratio of 4.9 in December 2020, the ratio improved steadily, reaching 5.4 in the third quarter of 2021, indicating increased efficiency in generating sales from fixed assets during that phase. From late 2021 through 2022, the turnover experienced a gradual decline to 4.88 by the third quarter of 2023, reflecting a mild decrease in asset utilization efficiency. However, starting from late 2023 and continuing through 2024, the ratio increased again, peaking at 5.28 in the first quarter of 2025, which suggests improved operational efficiency in leveraging assets to drive sales. Overall, fixed asset turnover remained within a relatively narrow band between approximately 4.9 and 5.4, indicating stable asset productivity with some cyclical variation.
Total Asset Turnover
Gilead Sciences Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- Throughout the observed periods, product sales exhibit a fluctuating but generally stable pattern, with values ranging approximately between 5,000 and 7,500 million US dollars. Starting in March 2020 at 5,467 million, sales declined slightly in mid-2020 but rebounded towards the end of that year. The first quarter of 2021 showed a temporary dip, followed by a recovery and relative stability through 2022, maintaining sales mostly in the range of 6,000 to 7,300 million. In 2023, sales continued with moderate increases and minor fluctuations, peaking at approximately 7,070 million in December. The trend into 2024 suggests some growth, reaching around 7,515 million in September and maintaining similar levels thereafter. Overall, despite periodic modest dips, product sales demonstrate resilience and incremental improvement over the four-year span.
- Total Assets
- Total assets displayed a gradual decline over the period under review. Beginning at 59,741 million US dollars in March 2020, assets decreased progressively, with some short intervals of stabilization or minor rebounds. The asset base diminished notably from roughly 68,000 million in late 2020 to just over 55,000 million by mid-2024. This downward trend signifies a contraction in asset holdings or valuation, reflecting either asset disposals, depreciation, or changes in asset management strategy. The decline appears consistent and sustained, with no significant recoveries observed by the end of the period.
- Total Asset Turnover
- Total asset turnover ratios indicate an improving efficiency in utilizing assets to generate sales. From a ratio of 0.36 reported in September 2020, turnover increased steadily, reaching approximately 0.44 by late 2022. In 2023 and through 2024, the turnover ratio further improved, fluctuating between 0.43 and 0.52, peaking in mid to late 2024. This suggests enhanced operational effectiveness or improved asset utilization, possibly as a response to the declining asset base. The upward trend in asset turnover demonstrates that even as total assets decreased, the ability to generate sales from those assets became more efficient over time.
Equity Turnover
Gilead Sciences Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024)
÷ Total Gilead stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- The product sales figures demonstrate observable fluctuations across the reported quarters. Initially, sales declined from 5467 million USD in March 2020 to 5067 million USD in June 2020, followed by a substantial increase reaching a peak of 7328 million USD by December 2020. Subsequently, sales exhibited a cyclical pattern with decreases in some quarters and increases in others, notably declining to 6152 million USD in June 2021 and rising again to 7160 million USD in December 2021. The trend continues with fluctuations around the 6500 to 7500 million USD range through the end of 2024, with a high point of 7536 million USD in December 2024. The data for the first half of 2025 indicate a moderate decrease to 6613 million USD in March and a slight recovery to 7054 million USD in June, suggesting volatility but maintaining a generally elevated sales level compared to early 2020.
- Total Stockholders’ Equity
- Total stockholders’ equity shows a declining trend from 22067 million USD in March 2020 down to a low of 17445 million USD in September 2020, indicating initial equity erosion. After this trough, equity gradually increases, peaking at 22833 million USD in December 2023. However, the first half of 2024 reveals a sharp decrease to 17539 million USD in March, followed by a modest recovery to 19674 million USD by June 2025. The pattern reflects significant variability with periods of recovery offset by notable declines, suggesting changes in retained earnings, comprehensive income, or other equity movements impacting the overall equity base.
- Equity Turnover Ratio
- The equity turnover ratio, available from December 2020 onward, remains relatively stable with values generally ranging between 1.18 and 1.56. The ratio starts at 1.34 in December 2020, maintaining around 1.3 for most of 2021 and 2022, and then shows some increases reaching peaks close to 1.56 in June 2024. The ratio then slightly decreases but stays elevated compared to early values. This trend indicates a relatively consistent efficiency in utilizing equity to generate sales, with some periods of improved turnover, suggesting enhanced operational effectiveness or changes in the capital structure.