Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Gilead Sciences Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit a period of relative stability followed by extreme volatility in 2024 and a subsequent long-term upward trend in asset and revenue multiples through mid-2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Between March 2022 and December 2023, these ratios remained within narrow, predictable ranges, with P/E fluctuating between 16.17 and 29.30 and P/OP between 10.78 and 16.27. A period of severe distortion occurred throughout 2024, characterized by massive spikes; the P/E ratio peaked at 925.87 in September 2024 and the P/OP ratio reached 143.05 in the same period. This pattern suggests a temporary and significant contraction in earnings and operating profits rather than a commensurate surge in stock price. By March 2025, both ratios normalized, returning to a range of 18.06 to 21.68 for P/E and 14.06 to 18.29 for P/OP.
- Price to Sales (P/S)
- A consistent upward trajectory is observed in the revenue multiple. Starting from a low of 2.84 in June 2022, the ratio climbed steadily, surpassing 4.00 by September 2024. The ratio reached a peak of 6.34 in December 2025 before settling at 5.44 by June 2026. This indicates that the market increasingly valued each dollar of revenue at a higher premium over the multi-year period.
- Price to Book Value (P/BV)
- The most pronounced long-term growth is evident in the book value multiple. The ratio began at 3.91 in March 2022 and trended upward with moderate acceleration through 2024. A significant escalation occurred between December 2025 and June 2026, where the ratio rose from 8.07 to a peak of 13.72. This suggests a substantial increase in the market's valuation of the company relative to its accounting net asset value.
Overall, the analysis reveals a divergence between profitability-based multiples and asset/revenue-based multiples. While earnings experienced a volatile shock in 2024, the steady rise in P/S and the sharp increase in P/BV indicate a strengthening market premium and a shift in investor valuation toward the company's growth potential and intangible assets.
Price to Earnings (P/E)
Gilead Sciences Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Gilead (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to GileadQ2 2026
+ Net income (loss) attributable to GileadQ1 2026
+ Net income (loss) attributable to GileadQ4 2025
+ Net income (loss) attributable to GileadQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits three distinct phases: a period of relative stability, a phase of extreme volatility driven by earnings compression, and a subsequent recovery followed by a sudden shift in earnings polarity.
- Baseline Valuation Period (2022–2023)
- Between March 2022 and December 2023, the P/E ratio generally fluctuated between 16.17 and 29.30. During this timeframe, share prices ranged from approximately $61.60 to $83.50, supported by earnings per share (EPS) typically between $2.66 and $4.71. This period represents a phase of valuation consistency where the market multiple remained aligned with fundamental performance.
- Earnings Compression and Valuation Spikes (2024)
- A significant anomaly occurred throughout 2024, characterized by a sharp decline in EPS, which reached a low of $0.10 in September 2024. Concurrently, the share price experienced an upward trend, rising to $114.31 by the end of the year. This inverse relationship between plummeting earnings and rising share prices resulted in extreme P/E ratio expansion, peaking at 925.87 in the third quarter of 2024. Such an expansion indicates a temporary decoupling of the stock price from current quarterly earnings.
- Earnings Recovery and Normalization (2025–Early 2026)
- From March 2025 through March 2026, EPS returned to and exceeded previous levels, climbing from $4.80 to a peak of $7.42. During this period, the share price continued to appreciate, reaching $147.64 in December 2025. Consequently, the P/E ratio normalized, stabilizing between 18.06 and 21.68, indicating that share price growth was again being supported by actual earnings growth.
- Recent Profitability Reversal (June 2026)
- The most recent data point indicates a sharp reversal in profitability, with EPS falling to negative $2.61 as of June 30, 2026. While the share price remained relatively elevated at $130.86, the P/E ratio became unavailable due to the negative earnings, marking a significant departure from the recovery trend observed in the preceding year.
Price to Operating Profit (P/OP)
Gilead Sciences Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a period of relative stability followed by extreme volatility and a subsequent return to normalized levels, culminating in a profit reversal. The Price to Operating Profit (P/OP) ratio demonstrates a significant divergence between equity pricing and operational earnings during the 2024 fiscal year.
- Share Price Trajectory
- The share price exhibited a long-term upward trend, increasing from 62.08 US$ in March 2022 to a peak of 147.64 US$ in December 2025. Despite a period of volatility in early 2024 and a slight correction in the first half of 2026, the overall trajectory indicates sustained growth in market valuation over the observed period.
- Operating Profit Performance
- Operating profit per share remained relatively consistent between March 2022 and December 2023, generally fluctuating between 4.79 US$ and 7.09 US$. A severe contraction occurred between March 2024 and December 2024, with earnings dropping to a low of 0.66 US$ in September 2024. A recovery followed in 2025, reaching a peak of 8.46 US$ in September 2025, before a sharp decline into negative territory, reaching -2.01 US$ by June 2026.
- P/OP Ratio Volatility
- The P/OP ratio was stable within the 10.78 to 16.27 range from March 2022 through December 2023. However, the ratio spiked dramatically in 2024, reaching an anomalous peak of 143.05 in September 2024. This surge was driven by a collapse in operating profit per share coinciding with a rising share price, suggesting a decoupling of market value from immediate operational profitability. The ratio normalized between 14.06 and 18.29 throughout 2025 and early 2026, until the operating profit became negative in June 2026, rendering the ratio inapplicable.
- Correlation Insights
- The data indicates that while the share price generally trended upward, it did not move in lockstep with operating profit. The extreme P/OP valuations in 2024 highlight a period where the market attributed value to the company based on factors other than current operating profit. The final transition to a negative operating profit in June 2026 marks a significant shift in the company's operational efficiency or cost structure.
Price to Sales (P/S)
Gilead Sciences Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Product sales (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Product salesQ2 2026
+ Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a significant expansion over the analyzed period, characterized by a substantial increase in the Price to Sales (P/S) ratio driven primarily by share price appreciation rather than proportional revenue growth.
- Share Price Trajectory
- The share price demonstrated a strong upward trend, rising from 62.08 US$ in March 2022 to a peak of 147.64 US$ in December 2025. Although volatility was present—most notably a decline to 64.92 US$ in March 2024—the stock experienced a rapid ascent beginning in the second half of 2024, eventually settling at 130.86 US$ by June 2026.
- Sales per Share Performance
- Sales per share remained relatively stable with a modest, gradual increase. Starting at 21.69 US$ in March 2022, the figure rose to 24.05 US$ by June 2026. This steady but limited growth indicates that the increase in market valuation was not fundamentally driven by a surge in top-line revenue generation per share.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio evolved from a baseline of 2.86 in March 2022 to a peak of 6.34 in December 2025. The ratio maintained a range between 2.84 and 3.86 throughout 2022 and 2023, suggesting a period of valuation stability. A marked expansion occurred between June 2024 (3.41) and December 2025 (6.34), signaling that the market began assigning a significantly higher premium to the company's sales. A subsequent correction is observed in the first half of 2026, with the ratio declining to 5.44.
The clear divergence between the accelerated growth of the share price and the marginal increase in sales per share suggests that the valuation expansion was likely driven by market sentiment, anticipated future earnings, or other external value drivers rather than immediate revenue acceleration.
Price to Book Value (P/BV)
Gilead Sciences Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Gilead stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Gilead stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics demonstrate a significant expansion in the market premium over the book value of the company from March 2022 through June 2026. While the initial period was characterized by relative stability, the latter half of the timeframe exhibits a sharp divergence between the share price and the book value per share.
- Share Price Evolution
- The share price exhibited a general upward trajectory, rising from 62.08 US$ in March 2022 to a peak of 147.64 US$ in December 2025. Following a period of consolidation during 2023, a sustained bullish trend emerged in 2024, with the price maintaining levels above 130.00 US$ through the end of the analyzed period in June 2026.
- Book Value per Share (BVPS) Dynamics
- BVPS showed steady growth from 15.89 US$ in March 2022 to a high of 18.33 US$ in December 2023. A significant contraction was observed in March 2024, with the value dropping to 14.08 US$. Although a recovery period followed, bringing the BVPS to 18.94 US$ by March 2026, a precipitous decline to 9.54 US$ occurred in June 2026, representing a substantial reduction in the net asset value per share.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio remained relatively stable between 3.82 and 4.90 throughout 2022 and 2023. Starting in June 2024, the ratio entered a phase of rapid expansion, exceeding 7.0x by December 2024 and reaching 8.07 in December 2025. The ratio culminated in a sharp spike to 13.72 by June 2026, a trend driven by the simultaneous combination of elevated share prices and the collapse of the book value per share.