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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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Gilead Sciences Inc., historical price multiples (quarterly data)
Based on: 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 metrics exhibit two distinct phases: a period of relative stability from early 2022 through late 2023, followed by significant volatility and an overall expansion in valuation multiples from 2024 through early 2026. While earnings-based ratios experienced extreme fluctuations during 2024, asset and revenue-based ratios show a sustained upward trend in market valuation.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Earnings-based multiples remained stable between 16.17 and 29.30 for P/E and 10.78 and 16.27 for P/OP during the first two years. A severe anomaly occurred between March 31, 2024, and December 31, 2024, where the P/E ratio peaked at 925.87 and the P/OP ratio reached 143.05 in September 2024. This suggests a period of extreme earnings compression or a temporary collapse in net and operating income. Following this volatility, both ratios normalized by early 2025, with P/E returning to a range of 18.06 to 21.68 and P/OP stabilizing between 14.06 and 18.29.
- Price to Sales (P/S)
- A consistent upward trajectory in the P/S ratio is observed over the analyzed period. Starting from a low of 2.84 in June 2022, the ratio climbed steadily, surpassing 4.00 in late 2024 and peaking at 6.34 in December 2025. This indicates that the market began assigning significantly higher value to each dollar of revenue generated, reflecting increased investor confidence or a shift in the perceived quality of the revenue streams.
- Price to Book Value (P/BV)
- The P/BV ratio follows a similar expansionary pattern to the P/S ratio. The multiple shifted from a baseline of approximately 3.80 to 4.90 in 2022 to a higher plateau in 2024 and 2025. The ratio reached a maximum of 8.07 by December 31, 2025, before settling at 7.08 in March 2026. This trend demonstrates a marked increase in the premium paid over the company's accounting book value, suggesting an increase in the valuation of intangible assets or future growth expectations.
In summary, the divergence between the stabilizing earnings ratios and the expanding sales and book value ratios suggests that while profitability experienced a temporary and severe disruption in 2024, the underlying market valuation of the company's assets and revenue capacity has grown substantially.
Price to Earnings (P/E)
Gilead Sciences Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to GileadQ1 2026
+ Net income (loss) attributable to GileadQ4 2025
+ Net income (loss) attributable to GileadQ3 2025
+ Net income (loss) attributable to GileadQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
Analysis of the valuation metrics reveals a multi-phase transition in the relationship between share price and earnings from March 2022 through March 2026. The period is characterized by a general appreciation in equity value, interrupted by a phase of extreme valuation volatility during 2024 caused by a temporary compression of earnings.
- Share Price Evolution
- An overall upward trajectory is observed, with the share price increasing from 62.08 US$ in March 2022 to a peak of 147.64 US$ in December 2025. Despite some intermittent fluctuations, the price ended the period at 134.06 US$ in March 2026, representing a substantial increase in market valuation over the analyzed timeframe.
- Earnings Per Share (EPS) Performance
- Earnings remained relatively stable between March 2022 and December 2023, fluctuating within a range of 2.66 US$ to 4.71 US$. A severe contraction occurred throughout 2024, where EPS fell precipitously, reaching a low of 0.10 US$ in September 2024. A strong recovery followed in 2025, with earnings accelerating to 6.86 US$ by December 2025 and reaching a period high of 7.42 US$ by March 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited three distinct phases. From March 2022 to December 2023, the ratio remained within a normalized range of 16.17 to 29.30. In 2024, the ratio experienced extreme inflation, peaking at 925.87 in September 2024; this spike was a mathematical consequence of the share price remaining resilient while EPS collapsed. Starting in March 2025, the ratio normalized once again, stabilizing between 18.06 and 21.68 as earnings recovered to align with the higher share price.
Price to Operating Profit (P/OP)
Gilead Sciences Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits three distinct phases: a period of relative stability, a phase of extreme volatility characterized by a valuation spike, and a subsequent return to normalized levels. While the share price demonstrates a consistent long-term upward trajectory, the P/OP ratio was heavily influenced by significant fluctuations in quarterly operating profit per share.
- Share Price Trend
- A sustained increase in share price is observed over the analyzed period, ascending from 62.08 US$ in March 2022 to a peak of 147.64 US$ in September 2025, before settling at 134.06 US$ in March 2026. This reflects a general expansion in market valuation despite underlying operational volatility.
- Operating Profit Per Share Volatility
- Operating profit per share remained stable between 4.79 US$ and 7.09 US$ from March 2022 through December 2023. A severe contraction occurred throughout 2024, where values dropped precipitously to a low of 0.66 US$ in September 2024. A recovery began in March 2025, with profit per share returning to and exceeding previous levels, reaching 8.46 US$ in September 2025.
- P/OP Ratio Dynamics
- The P/OP ratio highlights a significant divergence between market pricing and operational earnings during 2024. After maintaining a range of 10.78 to 16.27 through 2023, the ratio spiked to a maximum of 143.05 in September 2024, driven by the simultaneous occurrence of rising share prices and collapsing operating profits. Following the restoration of operating profits in 2025, the ratio stabilized between 14.06 and 18.29, indicating a realignment of the stock price with operational performance.
Price to Sales (P/S)
Gilead Sciences Inc., historical P/S calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Product salesQ1 2026
+ Product salesQ4 2025
+ Product salesQ3 2025
+ Product salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits a significant upward trajectory over the analyzed period, expanding from a baseline of 2.86 in March 2022 to a peak of 6.34 in December 2025, before moderating to 5.69 by March 2026. This trend indicates a substantial increase in the market valuation assigned to each dollar of revenue generated.
- Share Price Dynamics
- The share price demonstrated a volatile but generally bullish trend. After maintaining a range between 61.60 and 83.50 through 2022, a period of correction occurred in early 2024, reaching a local low of 64.92 in March 2024. Following this trough, a rapid acceleration was observed, with the price climbing to a maximum of 147.64 by December 2025, representing a significant increase in market capitalization.
- Sales per Share Stability
- In contrast to the share price, sales per share remained relatively stable with a marginal upward slope. Revenue per share moved from 21.69 in March 2022 to 23.56 in March 2026. The lack of high volatility in this metric suggests that the changes in the P/S ratio were not driven by sudden surges in operational revenue, but rather by shifts in market sentiment and investor valuation.
- Valuation Ratio Analysis
- The P/S ratio remained within a tight corridor of 2.84 to 3.86 between March 2022 and December 2023. A valuation contraction occurred in March 2024, bringing the ratio down to 2.97. However, a period of aggressive valuation expansion followed from June 2024 through December 2025. The expansion from 2.97 to 6.34 reflects a decoupling where the share price growth far outpaced the steady growth in sales per share, indicating that investors were willing to pay a higher premium for the company's revenue stream toward the end of the period.
Price to Book Value (P/BV)
Gilead Sciences Inc., historical P/BV calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation ratios reveals a significant expansion in the Price to Book Value (P/BV) multiple over the period from March 2022 to March 2026. While the initial two years were characterized by relative stability in the valuation multiple, a marked upward trend emerged starting in mid-2024, indicating a shift in how the market valued the equity relative to its underlying book value.
- Share Price Dynamics
- The share price exhibited a long-term upward trajectory, increasing from 62.08 US$ in March 2022 to a peak of 147.64 US$ in December 2025. A period of heightened growth is observed between June 2024 and December 2024, where the price rose from 75.59 US$ to 114.31 US$, representing a substantial increase in market capitalization within a six-month window.
- Book Value Per Share (BVPS) Trends
- BVPS showed steady incremental growth from March 2022 (15.89 US$) through December 2023 (18.33 US$). A sharp decline was recorded in March 2024, where the value dropped to 14.08 US$. Following this contraction, a consistent recovery trend is observed, with the BVPS climbing steadily to reach 18.94 US$ by March 2026.
- P/BV Ratio Interpretation
- The P/BV ratio remained within a stable range of 3.82 to 4.90 from March 2022 to December 2023. Beginning in June 2024, the ratio entered a phase of expansion, rising from 5.15 and peaking at 8.07 in December 2025. This expansion suggests that the increase in share price significantly outpaced the recovery of the book value per share, resulting in a higher premium applied to the company's net assets.
Overall, the transition from a P/BV average of approximately 4.4x in the 2022-2023 period to a peak of over 8.0x in late 2025 reflects a substantial increase in market optimism or a re-rating of the asset's value relative to its accounting basis.