Enterprise Value (EV)
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Gilead Sciences Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Gilead Sciences Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, par value $0.001 per share; none outstanding (per books) | |
| Add: Noncontrolling interest (per books) | |
| Total equity | |
| Add: Current portion of long-term debt, net (per books) | |
| Add: Long-term debt, net, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term marketable debt securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Gilead Sciences Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Gilead Sciences Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value exhibited a generally increasing trend over the five-year period. While fluctuations occurred, the overall trajectory indicates growing valuation. Common equity market value and total equity also demonstrated similar growth patterns, contributing to the observed changes in enterprise value.
- Enterprise Value Trend
- Enterprise value increased from US$97,096 million in 2021 to US$200,502 million in 2025. A notable increase occurred between 2024 and 2025, with a rise of approximately US$41,510 million. A smaller increase was observed between 2021 and 2022 (US$25,851 million), followed by a decrease between 2022 and 2023 (US$13,681 million). The largest single-year increase was from 2023 to 2024, amounting to US$49,726 million.
- Relationship between Equity and Enterprise Value
- Common equity (market value) and total equity generally moved in tandem with enterprise value. The correlation suggests that changes in shareholder perception and the company’s net asset value are significant drivers of the overall enterprise value. The difference between common equity and total equity remained relatively small throughout the period, indicating a consistent capital structure.
- Total Equity and Debt
- Total equity and debt increased from US$103,616 million in 2021 to US$208,134 million in 2025. The increase in total equity and debt was not always proportional to the increase in enterprise value, suggesting that other factors, such as market sentiment and future growth expectations, also influenced the valuation. The decrease observed between 2022 and 2023 in total equity and debt (US$12,799 million) coincided with a decrease in enterprise value, reinforcing this observation.
The fluctuations in enterprise value, while generally positive, indicate a dynamic valuation influenced by a combination of equity performance, debt levels, and external market factors. The most recent period (2024-2025) shows the most substantial growth in enterprise value, potentially reflecting improved investor confidence or significant company developments.