Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
Gilead Sciences Inc., FCFE calculation
US$ in millions
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).
The financial information indicates fluctuating performance in net cash provided by operating activities and free cash flow to equity over the five-year period. While operating cash flow experienced a decline initially, it demonstrates a recovery towards the end of the period. Free cash flow to equity exhibits a more pronounced pattern of variation.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$11,384 million in 2021 to US$9,072 million in 2022, representing a decline of approximately 20.3%. A further decrease was observed in 2023, falling to US$8,006 million. However, a substantial increase occurred in 2024, reaching US$10,828 million, followed by a slight decrease to US$10,019 million in 2025. This suggests potential volatility in core business operations, with a recent positive trend.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity began at US$6,055 million in 2021 and increased to US$6,844 million in 2022, a rise of approximately 13.1%. A modest increase continued into 2023, reaching US$7,151 million. A significant surge in FCFE was then recorded in 2024, climbing to US$11,799 million, more than doubling the 2023 value. However, FCFE decreased considerably in 2025, settling at US$7,668 million. This substantial fluctuation suggests the presence of significant, potentially non-recurring, factors influencing cash flow available to equity holders, particularly in 2024.
The divergence between the trends in operating cash flow and FCFE suggests that factors beyond core operations, such as financing activities or changes in non-cash working capital, are significantly impacting the cash available to equity holders. The large increase in FCFE in 2024, followed by a decrease in 2025, warrants further investigation to determine the underlying drivers of these changes.
Price to FCFE Ratio, Current
Gilead Sciences Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| 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. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Gilead Sciences Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| 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. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Gilead Sciences Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited fluctuating behavior over the five-year period. Initial observations reveal an increase followed by a decrease, and then a significant rise towards the end of the period. A detailed examination of the components and the resulting ratio is presented below.
- Share Price
- The share price demonstrated an increasing trend overall. From 2021 to 2022, the share price increased from US$61.35 to US$83.50. A subsequent decline was observed in 2023, falling to US$73.55. However, the share price experienced substantial growth in 2024 and 2025, reaching US$114.31 and US$147.64 respectively.
- Free Cash Flow to Equity per Share
- FCFE per share showed a modest increase from US$4.83 in 2021 to US$5.74 in 2023. A notable surge occurred in 2024, with FCFE per share reaching US$9.47. However, this was followed by a decrease in 2025, with FCFE per share declining to US$6.18.
- Price to FCFE Ratio
- The P/FCFE ratio began at 12.70 in 2021 and increased to 15.22 in 2022, reflecting the increase in share price and a smaller increase in FCFE per share. A slight decrease to 12.81 was noted in 2023. The ratio then decreased further to 12.07 in 2024, despite the significant increase in share price, due to the larger increase in FCFE per share. A substantial increase in the P/FCFE ratio was observed in 2025, reaching 23.90, driven by the combination of a continued increase in share price and a decrease in FCFE per share.
The fluctuations in the P/FCFE ratio suggest a dynamic relationship between market valuation and the cash flow available to equity holders. The increase in 2025 warrants further investigation to determine the underlying factors contributing to the higher ratio, particularly the divergence between share price growth and declining FCFE per share. The earlier period from 2021-2024 showed a more balanced relationship between price and FCFE.