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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- 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 (quarterly data)
Based on: 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 shows a general upward trend from the earliest recorded period in Q1 2020 through Q1 2025. Starting at 4.9 in Q1 2020, the ratio increased steadily to a peak of 5.4 in Q4 2020. Subsequently, a slight decline is observed over the next year, with values fluctuating between 4.88 and 5.13 from 2021 through early 2023. From Q2 2023 onward, the ratio gradually recovers, reaching approximately 5.28 by Q1 2025, suggesting improved efficiency in utilizing fixed assets over time with minor short-term fluctuations.
- Total Asset Turnover
- The total asset turnover ratio reflects a positive and consistent rising pattern over the period analyzed. From an initial value of 0.36 in Q1 2020, it increased moderately to 0.41 by Q4 2020. The ratio then maintained relative stability around the 0.43 mark through 2021 and early 2023. Starting in mid-2023, the ratio rose more sharply, peaking at 0.52 in Q3 2024 and remaining near that level through Q1 2025. This indicates an improving ability to generate sales from total assets, signaling enhanced operational efficiency in asset utilization.
- Equity Turnover
- The equity turnover ratio exhibits more volatility compared to the other turnover ratios. Initially registering 1.34 in Q1 2020, the ratio fluctuates mildly throughout 2020 and 2021, primarily hovering between 1.27 and 1.37. Notably, from Q1 2023 onwards, a decline is observed, bottoming out at 1.18 in Q2 2023. This is followed by a sharp increase to a high of 1.56 in Q3 2024, which is sustained above 1.48 through Q1 2025. The variability suggests changing efficiency in equity utilization with periods of both reduced and enhanced performance, potentially influenced by capital structure adjustments or shifts in profitability.
Net Fixed Asset Turnover
Gilead Sciences Inc., net fixed asset turnover calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Net fixed asset turnover
= (Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024
+ Product salesQ2 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analyzed financial data reveals multiple trends across several key metrics over the observed periods.
- Product Sales
- Product sales exhibited notable fluctuations throughout the observed timeline. Initially, sales decreased from 5467 million USD in March 2020 to 5067 million USD in June 2020, followed by an increase reaching a peak of 7328 million USD in December 2020. Subsequently, sales values showed variability with intermittent rises and falls, but generally remained within the range of approximately 6000 to 7500 million USD. The data toward the latter quarters indicates a relatively stable but somewhat volatile sales pattern stabilizing around the 6600 to 7500 million USD mark, with the highest values recorded in the third and fourth quarters of 2024.
- Property, Plant and Equipment, Net
- This asset category showed a consistently increasing trend over the entire period, growing from 4564 million USD in March 2020 to 5421 million USD in March 2025. The increase appears steady and gradual without any evident sudden spikes or declines, indicating continuous investment or capital expenditure in property, plant, and equipment over time. Despite small fluctuations, the net value of fixed assets generally maintains an upward trajectory throughout all reported quarters.
- Net Fixed Asset Turnover (Ratio)
- Beginning from a value of 4.9 in the third quarter of 2020, the net fixed asset turnover ratio shows an advisable upward trend, rising to a higher efficiency level of 5.4 by the end of 2021. After this period, the ratio exhibits minor oscillations but generally remains within the range of approximately 4.88 to 5.28. Toward the end of the observed timeline, this ratio increases again, closing near the peak levels observed previously, suggesting improved utilization efficiency of fixed assets in generating sales. The trend indicates an overall positive development in asset efficiency, albeit with some fluctuations.
Total Asset Turnover
Gilead Sciences Inc., total asset turnover calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Total asset turnover
= (Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024
+ Product salesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales
- Product sales experienced fluctuations across the analyzed periods. Starting from a value of 5467 million USD in March 2020, sales showed a decrease in the subsequent quarter but recovered with noticeable peaks, particularly in September 2020 (6493 million USD) and December 2020 (7328 million USD). Through 2021, sales maintained strong but somewhat volatile levels, peaking at 7356 million USD in September before slightly dipping towards the year's end. In 2022, sales decreased during the first half but rebounded in the latter half, reaching above 7300 million USD by year-end. The trend in 2023 involved moderate growth followed by stability, with values hovering around 7000 million USD. The most recent data for 2024 shows a general increase in sales, reaching the highest observed quarterly amount of 7515 million USD in September, followed by a slight reduction in the last recorded quarter.
- Total Assets
- Total assets demonstrated a general downward trend over the period. Starting at 59,741 million USD in March 2020, assets declined in the subsequent quarters with some slight recoveries. The highest levels were recorded at the end of 2020 (68,407 million USD). From early 2021 onwards, assets generally decreased, with low points in mid-2024 near 53,579 million USD, representing a significant reduction compared to the initial measurement. The latest quarter ends with total assets at 56,434 million USD, indicating a minor rebound from the lowest point.
- Total Asset Turnover
- The total asset turnover ratio, available only from September 2020 onwards, shows an overall improving efficiency in asset utilization. Initially at 0.36, the ratio steadily increased through 2021 reaching 0.44 by December. In 2022 and 2023, the turnover ratio stabilized at approximately 0.43 to 0.44. Data from 2024 reveals a substantial improvement, with the ratio peaking at 0.52 in the mid-year quarters, indicating better revenue generation relative to asset base in recent periods despite the decline in total assets. The slight dip at the end of 2024 (0.48) still reflects a strong turnover compared to earlier years.
- Insights
- Overall, the data indicates that despite decreasing total assets, the company has managed to maintain and even increase product sales towards recent quarters, which improves asset turnover. This suggests more effective use of assets in generating sales revenue. The increasing turnover ratio underlines this enhanced operational efficiency. However, the volatility in sales figures across quarters emphasizes the presence of fluctuating market or operational factors that impact revenue. Asset reduction may warrant further analysis to understand if it stems from asset sales, depreciation, or other strategic decisions.
Equity Turnover
Gilead Sciences Inc., equity turnover calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Equity turnover
= (Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024
+ Product salesQ2 2024)
÷ Total Gilead stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Product Sales Trend
- Product sales exhibit notable fluctuations throughout the observed periods. Initially, sales declined from 5,467 million US$ in March 2020 to 5,067 million US$ in June 2020, followed by a significant increase to 6,493 million US$ in September 2020 and 7,328 million US$ in December 2020. This uptrend peaked late 2020 before dropping again at the start of 2021. Sales maintained a generally stable pattern around 6,000 to 7,000 million US$ per quarter until late 2023, showing moderate growth phases interspersed with slight declines. From early 2024, sales rebounded more robustly, with a high point of 7,536 million US$ in December 2024 before declining to 6,613 million US$ in March 2025. Overall, the data reflects cyclicality with short-term peaks and troughs but no sustained long-term upward or downward trend.
- Total Gilead Stockholders’ Equity
- The total stockholders’ equity reveals a decrease from 22,067 million US$ in March 2020 to a low of 17,445 million US$ in September 2020, indicating an early decline possibly correlated with market conditions during that period. Subsequently, equity experienced gradual recovery reaching a peak of 22,833 million US$ in December 2023. A sharp decline occurred again in early 2024, with equity dropping to approximately 17,539 million US$ in March 2024 before modest recovery steps with values fluctuating around 18,000 to 19,000 million US$ through early 2025. This pattern suggests volatility in equity potentially reflecting operational challenges, share repurchases, dividend policies, or market valuation changes.
- Equity Turnover Ratio
- The equity turnover ratio, representing the efficiency of utilizing shareholders' equity to generate sales, ranges mostly between 1.22 and 1.56 over the quarters. Data for 2020 is incomplete, but from late 2020 onward, the ratio maintains relative stability around 1.27 to 1.34 through early 2023. Notable increases occur in mid and late 2024, reaching peaks near 1.56, 1.51, and 1.52, followed by slight reductions approaching 1.48 to 1.49 into early 2025. This increase signals improved efficiency in using equity to generate sales, corresponding with the rise in sales during the same timeframe. Periods of lower turnover ratio align with declining or more moderate sales growth.
- Overall Insights
- The financial data display cyclicality in sales and equity figures, with periods of growth interrupted by declines. Equity turnover improvements in 2024 suggest enhanced capital efficiency coinciding with higher sales volumes. However, fluctuations in equity levels indicate potential external or internal financial adjustments influencing the balance sheet. These dynamics recommend further investigation into capital management strategies and market conditions impacting sales variability to sustain long-term growth and equity stability.