GILD Gilead Sciences, Inc. - Common Stock
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| Ex-date | Split | Type |
|---|---|---|
| Jan. 28, 2013 | 2-for-1 | Forward |
| June 25, 2007 | 2-for-1 | Forward |
| Sept. 7, 2004 | 2-for-1 | Forward |
| March 8, 2002 | 2-for-1 | Forward |
| Feb. 22, 2001 | 2-for-1 | Forward |
About Gilead Sciences, Inc. - Common Stock Company overview from Wikipedia
Gilead Sciences, Inc. () is an American biopharmaceutical company headquartered in Foster City, California, that focuses on researching and developing antiviral drugs used in the treatment of HIV/AIDS, hepatitis B, hepatitis C, influenza, and COVID-19. It also develops medicines in therapeutic areas such as oncology and inflammation and cell therapy.
In 1987, Michael L. Riordan founded the company under the name Oligogen. The original name was a reference to oligonucleotides, small strands of DNA used to target genetic sequences. Gilead held its initial public offering in 1992, and successfully developed drugs including Tamiflu and Vistide that decade.
In the 2000s, Gilead began evolving from a biotechnology company into a large pharmaceutical company, through acquisitions and investments, acquiring several subsidiaries. Gilead is a member of the Nasdaq-100 and the S&P 100.
The company has faced criticism over its business practices, including extremely high pricing of drugs such as Sovaldi and Truvada in the United States relative to production cost and cost in the developing world.
History
Foundation
In June 1987, Gilead Sciences was originally founded under the name Oligogen by Michael L. Riordan, a medical doctor. Riordan graduated from Washington University in St. Louis, the Johns Hopkins School of Medicine, and the Harvard Business School. The idea for Gilead began as a research project at Menlo Ventures, where Michael was an associate. Three scientific advisers worked with Riordan to create the company: Peter Dervan of Caltech, Doug Melton of Harvard, and Harold M. Weintraub of the Fred Hutchinson Cancer Research Center, along with H. Dubose Montgomery, one of Menlo Ventures founders. Riordan served as CEO from the company's founding until 1996. Menlo Ventures subsequently made the first investment in Gilead of $2 million. Riordan also recruited scientific advisers, including Harold Varmus, a Nobel laureate who later became Director of the National Institutes of Health, and Jack Szostak, recipient of the Nobel Prize for Physiology or Medicine in 2009.
The company's primary therapeutic focus was in antiviral medicines, a field that piqued Riordan's interest after he contracted dengue fever. Riordan recruited Donald Rumsfeld to join the board of directors in 1988, followed by Benno C. Schmidt, Sr., Gordon Moore, and George P. Shultz. Riordan tried to recruit Warren Buffett as an investor and board member but was unsuccessful.
The company focused its early research on making small strands of DNA (oligomers, or more particularly, oligonucleotides) to target specific genetic code sequences – that is, antisense therapy, a form of gene therapy. According to Riordan, he had always wanted to use the name Gilead Sciences all along. Still, he used Oligogen as a temporary name because he needed to deal with a trademark clearance issue with a California nonprofit organization that was already using the word Gilead in its name. He had first heard of the Balm of Gilead when he read Lanford Wilson's play Balm in Gilead while in medical school, then learned that naturally occurring acetylsalicylic acid (aspirin) had been found in modern times in a willow tree species from that part of that world, and was therefore inspired to name his company Gilead. After founding Oligogen, he contacted the nonprofit about the naming issue and secured the right to use the Gilead Sciences name in exchange for a $1,000 donation.
By 1988, the company had moved its headquarters to Foster City's Vintage Park neighborhood, where it has been based ever since.
The company began developing small-molecule antivirals in the early 1990s, entering licensing agreements in 1991 and 1992 with the Institute of Organic Chemistry and Biochemistry in Prague and the Rega Institute for Medical Research in Leuven for nucleotide analogues discovered through the collaboration of Czech chemist Antonín Holý and Belgian virologist Erik De Clercq.
In 1991 and 1992, Gilead licensed nucleotide analogues from the Institute of Organic Chemistry and Biochemistry in Prague and the Rega Institute for Medical Research in Leuven, beginning its development of small-molecule antivirals. They had been discovered through a collaboration between Antonín Holý and Erik De Clercq. The compounds included cidofovir, tenofovir and adefovir, which Gilead subsequently developed as Vistide, Viread and Hepsera.
Riordan later recalled that Gilead's first decade as a startup was an extremely stressful experience for him, as a young venture capitalist serving for the first time as the founder, chairman, and chief executive officer of his own biotech company. The new company had no products and very little income, and narrowly escaped going out of business on several occasions: "It was touch and go for a long time". Finding a way for Gilead to make money was Riordan's top priority "every second of the day for eight years".
1990–1999: IPO
Gilead's antisense intellectual property portfolio was sold to Ionis Pharmaceuticals. Gilead debuted on the NASDAQ in January 1992. Its initial public offering raised $86.25 million in proceeds. In June 1996, Gilead launched Vistide (cidofovir injection) for the treatment of cytomegalovirus (CMV) retinitis in patients with AIDS. In January 1997, Donald Rumsfeld was appointed chairman, but left the board in January 2001 when he was appointed United States Secretary of Defense during George W. Bush's first term as president.
In March 1999, Gilead acquired NeXstar Pharmaceuticals of Boulder, Colorado. At the time, NeXstar's annual sales of $130 million was three times Gilead's sales; it sold AmBisome, an injectable fungal treatment, and DaunoXome, an oncology drug taken by HIV patients. That same year, Roche announced FDA approval of Tamiflu (oseltamivir) for the treatment of influenza. Tamiflu was originally discovered by Gilead and licensed to Roche for late-phase development and marketing.
One reason for entering into the Tamiflu licensing agreement was that with only 350 employees, Gilead still did not yet have the capability to sell its drugs directly to overseas buyers. To avoid having to license future drugs in order to access international markets, Gilead simply acquired the 480-employee NeXstar, which had already built its own sales force in Europe to market AmBisome there.
2000 to 2009
Viread (tenofovir) achieved first approval in 2001 for the treatment of HIV.
In 2002, Gilead changed its corporate strategy to focus exclusively on antivirals, and sold its cancer assets to OSI Pharmaceuticals for $200 million. In December 2002, Gilead and Triangle Pharmaceuticals announced that Gilead would acquire Triangle for around $464 million; Triangle's lead drug was emtricitabine that was near FDA approval, and it had two other antivirals in its pipeline. The company also announced its first full year of profitability. Later that year, Hepsera (adefovir) was approved for the treatment of chronic hepatitis B, and Emtriva (emtricitabine) for the treatment of HIV.
During this era, Gilead completed its gradual evolution from a biotech startup into a pharmaceutical company. The San Francisco Chronicle noted that by 2003, the Gilead corporate campus in Foster City had expanded to "seven low-slung sand-colored buildings around a tiny lake on which ducks happily paddle." Like many startups, Gilead originally leased its space, but in 2004, the company paid $123 million to buy all its headquarters buildings from its landlords. However, even as Gilead developed its ability to distribute and sell its own drugs, it remained distinct from most pharmaceutical companies in terms of its strong reliance on subcontracting most of its manufacturing to contract manufacturing organizations.
In 2004, during the Avian flu pandemic scare, Gilead Sciences' revenue from Tamiflu almost quadrupled to $44.6m as more than 60 national governments stockpiled the antiviral drug, though the firm had made a loss in 2003 before concern about the flu started. As stocks soared, US Defense Secretary and Pentagon chief Donald Rumsfeld sold shares of the company, receiving more than $5 million in capital gains, while still maintaining up to $25m-worth of shares by the end of the year. Sales of Tamiflu almost quadrupled again in 2005, to $161.6m, during which time the share price tripled. A 2005 report showed that, in all, Rumsfeld owned shares worth up to $95.9m, from which he got an income of up to $13m.
In 2006, the company acquired Corus Pharma, Inc. for $365 million. The acquisition of Corus signaled Gilead's entry into the respiratory arena. Corus was developing aztreonam lysine for the treatment of patients with cystic fibrosis who are infected with Pseudomonas aeruginosa. In July 2006, the U.S. Food and Drug Administration (FDA) approved Atripla, a once a day single tablet regimen for HIV, combining Sustiva (efavirenz), a Bristol-Myers Squibb product, and Truvada (emtricitabine and tenofovir disoproxil), a Gilead product.
Gilead purchased Raylo Chemicals, Inc. in November 2006, for a price of US$133.3 million. Raylo Chemical, based in Edmonton, Alberta, was a wholly owned subsidiary of Degussa AG, a German company. Raylo Chemical was a custom manufacturer of active pharmaceutical ingredients and advanced intermediates for the pharmaceutical and biopharmaceutical industries.
Later in the same year, Gilead acquired Myogen, Inc. for $2.5 billion (then its largest acquisition). With two drugs in development (ambrisentan and darusentan), and one marketed product (Flolan) for pulmonary diseases, the acquisition of Myogen has solidified Gilead's position in this therapeutic arena. Under an agreement with GlaxoSmithKline, Myogen marketed Flolan (epoprostenol sodium) in the United States for the treatment of primary pulmonary hypertension. Additionally, Myogen was developing (in Phase 3 studies) darusentan, also an endothelin receptor antagonist, for the potential treatment of resistant hypertension.
Gilead expanded its move into respiratory therapeutics in 2007 by entering into a licensing agreement with Parion for an epithelial sodium channel inhibitor for the treatment of pulmonary diseases, including cystic fibrosis, chronic obstructive pulmonary disease and bronchiectasis.
In 2009, the company acquired CV Therapeutics, Inc. for $1.4 billion, bringing Ranexa and Lexiscan into Gilead. Ranexa is a cardiovascular drug used to treat chest pain related to coronary artery disease, with both of these products and pipeline building out Gilead's cardiovascular franchise. Later that year, the company was named one of the Fastest Growing Companies by Fortune.
2010 to 2019
In 2010, the company acquired CGI Pharmaceuticals for $120 million, expanding Gilead's research expertise into kinase biology and chemistry. Later that year, the company acquired Arresto Biosciences, Inc. for $225 million, obtaining developmental-stage research for treating fibrotic diseases and cancer.
In February 2011, the company acquired Calistoga Pharmaceuticals for US$375 million ($225 million plus milestone payments). The acquisition boosted Gilead's oncology and inflammation areas. Later that year, Gilead made its most important acquisition – and by then most expensive – with the US$10.4 billion purchase of Pharmasset, Inc. This transaction helped cement Gilead as the leader in treatment of the hepatitis C virus by giving it control of sofosbuvir (see below).
In October 2011, Gilead broke ground on a massive multi-year expansion of its 17-building headquarters campus in Foster City. By replacing eight one or two-story buildings with seven new structures ranging as tall as 10 stories, Gilead nearly doubled its headquarters real estate footprint from about 620,000 square feet to about 1.2 million square feet.
On July 16, 2012, the FDA approved Gilead's Truvada for prevention of HIV infection (it was already approved for treating HIV). The pill was a preventive measure (PrEP) for people at high risk of getting HIV through sexual activity.
In 2013, the company acquired YM Biosciences, Inc. for $510 million. The acquisition brings drug candidate CYT387, an orally administered, once-daily, selective inhibitor of the Janus kinase (JAK) family, specifically JAK1 and JAK2, into Gilead's oncology pipeline. The JAK enzymes have been implicated in myeloproliferative diseases, inflammatory disorders, and certain cancers.
In 2015, the company made a trio of acquisitions:
It bought Phenex Pharmaceuticals for $470 million. Its Farnesoid X receptor (FXR) program used small-molecule FXR agonists in the treatment of liver diseases such as non-alcoholic steatohepatitis.
It bought EpiTherapeutics for $65 million. This acquisition gave Gilead first-in-class small molecule inhibitors of histone demethylases involved in regulating gene transcription in cancer.
It paid $425 million for a 15% equity stake in Galapagos NV, with additional payments for Gilead to license the experimental anti-inflammatory drug filgotinib, which may treat rheumatoid arthritis, ulcerative colitis, and Crohn's disease.
In 2016, the company acquired Nimbus Apollo, Inc. for $400 million, giving Gilead control of the compound NDI-010976 (an ACC inhibitor) and other preclinical ACC inhibitors for the treatment of non-alcoholic steatohepatitis and for the potential treatment of hepatocellular carcinoma. Also in 2016, the company was named the most generous company on the 2016 Fortune list of The Most Generous Companies of the Fortune 500. Charitable donations to HIV/AIDS and liver disease organizations totaled over 440 million in 2015.
In August 2017, the company announced it would acquire Kite Pharma for $11.9 billion, equating to $180 cash per share, a 29% premium over the closing price of the shares. The deal was Gilead's entry into the cell therapy market and added a chimeric antigen receptor T cell (CAR-T) therapy candidate to the company's portfolio. By 2022 this acquisition had led to two marketed products for lymphoma: Yescarta and Tecartus. In November, the company announced it will acquire Cell Design Labs for up to $567 million, after it indirectly acquired a stake of 12.2% via the Kite Pharma deal.
On May 9, 2019, the U.S. Department of Health and Human Services announced that Gilead Sciences will donate Truvada, the only drug approved to prevent infection with H.I.V., for free to 200,000 patients annually for 11 years. On December 3, 2019, HHS explained how the government would distribute the donated drugs. HHS Secretary Alex Azar explained that the U.S. government will pay Gilead $200 per bottle for 30 pills for costs associated with getting the drug from factories into the eventual hands of patients.
Gilead Sciences is led by a board of directors and an executive management team. Daniel O'Day has served as the chairman and chief executive officer since 2019. He succeeded John F. Milligan who was CEO from 2016 to 2018 and John C. Martin, who held the CEO role from 1996 to 2016, and was chairman until 2018.
2020-
In March 2020, the company announced it would acquire Forty Seven Inc. for $95.50 a share ($4.9 billion in total). On April 7, 2020, Gilead completed acquisition of Forty Seven, Inc. for "$95.50 per share, net to the seller in cash, without interest, or approximately $4.9 billion in the aggregate."
In June 2020, Bloomberg reported that AstraZeneca Plc had made a preliminary approach to Gilead for a potential merger, worth almost $240 billion. In the same month, the company announced it would acquire a 49.9% stake in privately held Pionyr Immunotherapeutics Inc for $275 million. In September 2020, Gilead announced it had reached a deal to acquire Immunomedics for $21 billion ($88 per share), gaining control of the cancer treatment Trodelvy (Sacituzumab govitecan-hziy) – a first-in-class Trop-2 antibody-drug conjugate. In December, the business announced it would acquire German biotech, MYR GmbH, for €1.15 billion plus up to a further €300 million. MYR focuses on the treatment of chronic hepatitis delta virus.
In November 2021, the company was added to the Dow Jones Sustainability World Index. In January 2022, Gilead pulled its cancer drug Zydelig (idelalisib) from its accelerated approval in relapsed follicular B-cell non-Hodgkin lymphoma (FL) and relapsed small lymphocytic leukemia (SLL). In September, the company completed its acquisition of MiroBio for $405 million. In February 2023, the business, through Kite Pharma completed its acquisition of Tmunity Therapeutics. In May, the business announced it would acquire XinThera and its small molecule inhibitors. In February 2024, the company acquired CymaBay Therapeutics, and in September, paid Genesis Therapeutics $35 million for AI-based drug discovery work.
In May 2025, Gilead Sciences announced it would pay $10 million for sole ownership of arenavirus immunotherapies for hepatitis B (HBV) and HIV resulting from the company's collaboration with Hookipa Pharma.
In December 2025, it was announced that Gilead Sciences had agreed to acquire RP-3467, a polymerase theta (Polθ) ATPase inhibitor, from Repare Therapeutics for total consideration of up to US$30 million. The agreement includes an upfront payment of US$25 million and up to an additional US$5 million contingent on the completion of specified technology transfer activities.
Throughout 2024 and 2025, Gilead invested in AI-based drug discovery and continued to focus on immunotherapy research and development. This included a collaboration with Hookipa Pharma for arenavirus immunotherapies for hepatitis B and HIV. In 2025, Gilead reported it would invest $32 billion in U.S. research, development, and manufacturing through 2030.
Acquisition history
Treatments for hepatitis C
The drug sofosbuvir had been part of the 2011 acquisition of Pharmasset. In 2013, the FDA approved this drug, under the trade name Sovaldi, as a treatment for the hepatitis C virus. Forbes magazine ranked Gilead its number 4 drug company, citing a market capitalization of US$113 billion and stock appreciation of 100%, and describing their 2011 purchase of Pharmasset for $11 billion as "one of the best pharma acquisitions ever". Deutsche Bank estimated Sovaldi sales in the year's final quarter would be $53 million, and Barron's noted the FDA approval and subsequent strong sales of the "potentially revolutionary" drug as a positive indicator for the stock.
On July 11, 2014, the United States Senate Committee on Finance investigated Sovaldi's high price ($1,000 per pill; $84,000 for the full 12-week regimen). Senators questioned the extent to which the market was operating "efficiently and rationally", and committee chairman Ron Wyden (D-Oregon) and ranking minority member Chuck Grassley (R-Iowa) wrote to CEO John C. Martin asking Gilead to justify the price for this drug. The committee hearings did not result in new law, but in 2014 and 2015, due to negotiated and mandated discounts, Sovaldi was sold well below the list price. For poorer countries, Gilead licensed multiple companies to produce generic versions of Sovaldi; in India, a pill's price was as low as $4.29.
Gilead later combined Sovaldi with other antivirals in single-pill combinations. First, Sovaldi was combined with ledipasvir and marketed as Harvoni. This treatment for hepatitis C cures the patient in 94% to 99% of cases (HCV genotype 1). By 2017, Gilead was reporting drastic drops in Sovaldi revenue from year to year, not only because of pricing pressure but because the number of suitable patients decreased. Later single-pill combinations were Epclusa (with velpatasvir) and Vosevi (with velpatasvir and voxilaprevir).
Finances
For the fiscal year 2017, Gilead Sciences reported earnings of US$4.628 billion and annual revenue of US$26.107 billion, a decline of 14.1% over the previous fiscal cycle. Gilead Sciences's shares traded at over $70 per share, and its market capitalization was valued at US$93.4 billion in October 2018.
For the fiscal year 2024, Gilead Sciences reported annual revenue of $28.754 billion, a 6.04% increase over the previous fiscal cycle. The company's shares traded at around $123 per share and its market capitalization value was approximately $153 billion as of November 2025.
Prospects for the future
As of 2017, Gilead's challenge is to develop or acquire new blockbuster drugs before its current revenue-producers wane or their patent protection expires. Gilead benefited from the expansion of Medicaid in the ACA; Leerink analyst Geoffrey Porges wrote that Gilead's HIV drugs could face funding pressure under reform proposals. Gilead has $32 billion in cash, but $27.4 billion is outside the U.S. and is unavailable for acquisitions unless Gilead pays U.S. tax on it, though it could borrow against it. Gilead would benefit from proposals to let companies repatriate offshore capital with minimal further taxation.
Gilead's Entospletinib has shown a 90% complete response rate for MLL type acute myeloid leukaemia (AML).
Criticisms
TAF development delays
Several mass tort lawsuits have been filed against Gilead alleging that the company deliberately delayed development of antiretroviral drugs based on tenofovir alafenamide fumarate (TAF) in order to maximize profits from previous-generation medications containing tenofovir disoproxil fumarate (TDF). Plaintiffs allege that Gilead suspended TAF in 2004 despite clear evidence indicating that TAF-based medications were safer than TDF, a compound whose long-term use was associated with adverse side effects such as nephrotoxicity and bone density loss.
Gilead's first TAF medication, marketed under the trade name Genvoya, came out in 2015. Lawsuits allege that in the interim period, many HIV patients who continuously took Gilead's older TDF-based drugs suffered severe side effects, including nephrotoxicity.
Pricing
Biktarvy
In 2024, the Institute for Clinical and Economic Review (ICER) identified Biktarvy (bictegravir/emtricitabine/tenofovir alafenamide) as one of five high-expenditure drugs that experienced significant net price increases without new clinical evidence to justify the hikes. Specifically, Biktarvy's wholesale acquisition cost rose by 5.49%, leading to an additional $815 million in costs to U.S. payers.
Sovaldi
Gilead came under intense criticism for its high pricing of its patented drug sofosbuvir (sold under the brand name Sovaldi), used to treat hepatitis C. In the US, for instance, it was launched at $1,000 per pill or $84,000 for the standard 84-day course, but it was drastically cheaper in the developing world; in India, it dropped as low as $4.29 per pill. While Sovaldi represented a significant improvement over contemporary treatments, the controversy surrounding its price ignited a national debate in the US, according to Reuters.
The United States Senate Committee on Finance launched an 18-month investigation of Gilead's Sovaldi pricing, and argued in its 2015 report that Gilead set prices high in disregard of the human cost and in order to set the stage for a higher eventual price for Sovaldi's successor, Harvoni. The committee's investigation, based in part on internal documents obtained from Gilead, revealed that the company had considered prices ranging from $50,000 to $115,000 per year, trying to strike a balance between revenue and predicted activist and public relations blowback, with little regard to research and development costs.
The high prices forced state Medicaid programs to ration treatment to patients, delaying treatment of less advanced hepatitis C cases. In Oregon, for example, 10,000 Medicaid patients were deemed good candidates for Sovaldi therapy, but the Oregon Health Authority estimated that treating half of these patients would more than double the state's total drug expenditures. The state thus opted to limit treatment to 500 patients per year.
Truvada and Descovy
Truvada was introduced to the market by Gilead in 2004 to treat HIV infections. In the following years, the United States government conducted research demonstrating that Truvada was able to prevent HIV infection. The US Centers for Disease Control holds the patent for this use of Truvada as pre-exposure prophylaxis (PreP).
Gilead introduced Truvada for PreP in 2012, at which point a prescription cost approximately $1,200 per month in the United States. By 2018, this price had increased to up to $2,000, despite generally costing less than $100 outside the U.S. Gilead made over $3 billion in sales of Truvada in 2018.
The high price drew the ire of activist groups such as ACT UP and was the subject of a Congressional hearing in May 2019. Gilead's CEO defended its pricing in the hearing by noting the large sums the company spends on HIV/AIDS research. Activists pressured the US government to enforce its patent on Truvada in order to combat the high prices set by Gilead.
In May 2019, Gilead announced it would donate enough Truvada to treat up to 200,000 patients annually for up to 11 years, the result of discussions with the Department of Health and Human Services under Trump. Dr. Rochelle Walensky noted that the donations still covered less than one-fifth of the people who need the drug, and argued it was possibly a move to help the company market Descovy, a more advanced successor drug. Walensky led a 2020 study that concluded the high costs of Descovy would on the whole negate any comparative advantage of prescribing it over a generic Truvada alternative.
In July 2021, Gilead announced it would decrease 340B Drug Pricing Program reimbursements to clinics serving primarily low-income communities; clinics argued this severely hinders their ability to provide HIV/AIDS prevention and treatment services among vulnerable populations.
Anticompetitive behavior
Gilead has also been accused of stifling competition. A lawsuit filed in the United States in 2019 alleged that the company entered "pay for delay" agreements with other manufacturers, wherein the manufacturers agreed to delay releasing generic versions of Truvada. In 2021, CVS Pharmacy and Rite Aid filed a lawsuit on similar grounds against Gilead, Bristol-Myers Squibb, and Teva Pharmaceuticals in 2021.
In response to criticisms over the price of Sovaldi, Gilead began licensing the rights to produce generic versions of the drug to select producers in India in 2015. Included in the licensing agreements were 'anti-diversion' provisions, designed to prevent the drug from being exported back to developed countries where the cheaper, generic alternatives were still unavailable. (In India, a one-month treatment cost approximately US$300, versus $1,000 per pill in the United States.) Gilead required the Indian producers to screen patients to determine who could buy Sovaldi, which was criticized by Médecins Sans Frontières since it could lead to the exclusion of vulnerable groups like refugees and migrants from accessing the medicines. In response to the criticism, Gilead eventually relaxed these requirements.
Tax structures and tax avoidance
Gilead has been criticized for tax avoidance. Tax avoidance, as opposed to tax evasion, is the use of legal means to shift tax burdens from the one jurisdiction to overseas affiliates that pay a lower tax rate, even if revenue is primarily generated outside the overseas jurisdiction.
A 2016 report by the liberal think tank Americans for Tax Fairness argued that Gilead was able to avoid up to $10 billion in taxes on U.S. sales through mechanisms such as transfer pricing, the sale of assets between affiliated entities. In particular, Gilead sells intellectual property to an Irish subsidiary, which then sells the finished products, such as Sovaldi, in the United States and elsewhere, paying the low Irish tax rate on profits. The practice is common among multinational pharmaceutical companies like Gilead.
On December 26, 2018, The Times reported that Gilead had used the Double Irish arrangement to avoid U.S. corporate taxes on global profits, stating that the firm "used a controversial tax loophole arrangement to shift almost €20 billion in profits through an Irish entity in just two years" without paying Irish taxes. The company repatriated a portion of the Irish subsidiary's holdings, $28 billion, to the United States in 2018 following reductions of the corporate tax rate. For this it paid an estimated $5.5 billion in tax.
Remdesivir
Gilead sought and obtained orphan drug designation for remdesivir from the US Food and Drug Administration (FDA) on March 23, 2020. This designation is intended to encourage the development of drugs affecting fewer than 200,000 Americans by granting strengthened and extended legal monopoly rights to the manufacturer, along with waivers on taxes and government fees.
Remdesivir became a candidate for treating COVID-19; at the time the status was granted, fewer than 200,000 Americans had COVID-19, but numbers were climbing rapidly as the COVID-19 pandemic reached the US, and crossing the threshold soon was considered inevitable. Gilead retains 20-year remdesivir patents in more than 70 countries.
In 2021, remdesivir (tradename Veklury) generated more than $4.5 billion in annual revenues, and was Gilead's highest selling product.
COVID-19
Emergency use authorization for remdesivir was granted in the U.S. on May 1, 2020, for people hospitalized with severe COVID-19. In September 2020 following a review of the evidence, the WHO issued guidance not to use remdesivir for people with COVID-19, as there was no good evidence of benefit. However, over 2020–22 with further clinical research, remdesivir had been approved for treatment of hospitalized people with COVID-19 in the United States, European Union, and multiple other countries. In 2022, the Canadian component of the WHO international Solidarity Trial reported that in-hospital people with COVID-19 treated with remdesivir had lower death rates (by about 4%) and reduced need for oxygen and mechanical ventilation compared to people receiving standard-of-care treatments.
Regulatory approval
Veklury received approval from the US Food and Drug Administration (FDA) in October 2020 use in hospitalized adults and children 12 years and older for treatment of severe COVID-19 infections. In January 2022, the FDA gave regulatory approval to Veklury for use in adults and children (12 years of age and older who weigh at least 40 kilograms (88 lb) and are positive for COVID-19, not hospitalized, and are ill having high risk for developing severe COVID-19, including hospitalization or death.
The FDA also provided Emergency Use Authorization for Veklury treatment of children under age 12 who are COVID-positive and not hospitalized, but have mild-to-moderate COVID-19 with high risk of developing severe COVID-19, including hospitalization or death.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | GILD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -54.45Y avg ≈63.5 | ≈63.5 | · | · | |
| P/S (TTM) | 5.95Y avg ≈4.0 | ≈4.0 | 7.8 | Undervalued | |
| P/B (MRQ) | 15.25Y avg ≈5.3 | ≈5.3 | 9.7 | Pricier | |
| Price / FCF (TTM) | 13.95Y avg ≈12.4 | ≈12.4 | · | · | |
| Price / Cash Flow (TTM) | 13.35Y avg ≈11.6 | ≈11.6 | 21.3 | Undervalued | |
| Price / Tangible Book (MRQ) | -81.5 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | GILD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -8.2%5Y avg ≈26.2% | ≈26.2% | 30.1% | Weak | |
| EBITDA Margin | 34.0%5Y avg ≈26.2% | ≈26.2% | 30.1% | Weak | |
| Pretax Margin (TTM) | -6.4%5Y avg ≈22.5% | ≈22.5% | 25.2% | Weak | |
| Net Profit Margin (TTM) | -10.6%5Y avg ≈18.2% | ≈18.2% | 21.3% | Weak | |
| ROA (TTM) | -6.2%5Y avg ≈8.1% | ≈8.1% | 8.5% | Top tier | |
| ROE (TTM) | -20.6%5Y avg ≈24.4% | ≈24.4% | 22.1% | Top tier | |
| ROIC | 18.3%5Y avg ≈12.3% | ≈12.3% | 9.3% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | GILD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 2.25Y avg ≈1.2 | ≈1.2 | 0.1 | High debt | |
| Current Ratio (MRQ) | 1.35Y avg ≈1.4 | ≈1.4 | 2.3 | Low liquidity | |
| Quick Ratio | 0.45Y avg ≈0.6 | ≈0.6 | 0.8 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 2.05Y avg ≈1.1 | ≈1.1 | 1.1 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | GILD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 2.4%5Y avg ≈3.7% | ≈3.7% | · | · | |
| Revenue CAGR 3Y | 2.6%5Y avg ≈2.5% | ≈2.5% | · | · | |
| Revenue CAGR 5Y | 3.6% | · | · | · | |
| EPS YoY | 1684.2%5Y avg ≈1284.0% | ≈1284.0% | · | · | |
| Net Income YoY | 1672.9%5Y avg ≈1307.9% | ≈1307.9% | · | · | |
| EPS CAGR 3Y | 23.0%5Y avg ≈73.8% | ≈73.8% | · | · | |
| EPS CAGR 5Y | 132.4% | · | · | · | |
| Net Income CAGR 3Y | 22.8%5Y avg ≈74.6% | ≈74.6% | · | · | |
| Net Income CAGR 5Y | 133.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | GILD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.4 | ≈0.4 | 0.5 | Top tier | |
| Inventory Turnover | 3.65Y avg ≈3.7 | ≈3.7 | 3.6 | In line | |
| Receivables Turnover | 6.35Y avg ≈6.0 | ≈6.0 | 6.3 | In line | |
| Revenue / Employee | ≈$1.7M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 15, 2026 | $0.82 | USD | ≈2.2% |
| Jun 15, 2026 | $0.82 | USD | ≈2.6% |
| Mar 13, 2026 | $0.82 | USD | ≈2.2% |
| Dec 15, 2025 | $0.79 | USD | ≈2.6% |
| Sep 15, 2025 | $0.79 | USD | ≈2.8% |
| Jun 13, 2025 | $0.79 | USD | ≈2.8% |
| Mar 14, 2025 | $0.79 | USD | ≈2.8% |
| Dec 13, 2024 | $0.77 | USD | ≈3.4% |
| Sep 13, 2024 | $0.77 | USD | ≈3.7% |
| Jun 14, 2024 | $0.77 | USD | ≈4.7% |
| Mar 14, 2024 | $0.77 | USD | ≈4.1% |
| Dec 14, 2023 | $0.75 | USD | ≈3.7% |
| Sep 14, 2023 | $0.75 | USD | ≈3.9% |
| Jun 14, 2023 | $0.75 | USD | ≈3.8% |
| Mar 14, 2023 | $0.75 | USD | ≈3.7% |
| Dec 14, 2022 | $0.73 | USD | ≈3.3% |
| Sep 14, 2022 | $0.73 | USD | ≈4.4% |
| Jun 14, 2022 | $0.73 | USD | ≈5.0% |
| Mar 14, 2022 | $0.73 | USD | ≈4.9% |
| Dec 14, 2021 | $0.71 | USD | ≈4.0% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $-6.75 | $-7.38 | 8.5% |
| March 31, 2026 | $2.03 | $1.95 | 4.0% | |
| Dec. 31, 2025 | $1.86 | $1.85 | 0.73% | |
| Sept. 30, 2025 | $2.47 | $2.17 | 13.7% | |
| June 30, 2025 | $2.01 | $2.00 | 0.60% | |
| March 31, 2025 | $1.81 | $1.82 | -0.59% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.44B | $28.75B | $27.12B | $27.28B | $27.30B | $24.69B | $22.45B | $22.13B | $26.11B | $30.39B | $32.64B | $24.89B | |
| Cost of Revenue | $6.23B | $6.25B | $6.50B | $5.66B | $6.60B | $4.57B | $4.67B | $4.85B | $4.37B | $4.26B | $4.01B | $3.79B | |
| R&D Expense | · | · | · | · | · | · | $9.11B | $5.02B | $3.73B | $5.10B | $3.01B | $2.85B | |
| SG&A Expense | $5.77B | $6.09B | $6.09B | $5.67B | $5.25B | $5.15B | $4.38B | $4.06B | $3.88B | $3.40B | $3.43B | $2.98B | |
| Operating Expenses | $19.42B | $27.09B | $19.51B | $19.95B | $17.39B | $20.62B | $18.16B | $13.93B | $11.98B | $12.76B | $10.45B | $9.62B | |
| Operating Income | $10.02B | $1.66B | $7.61B | $7.33B | $9.92B | $4.07B | $4.29B | $8.20B | $14.12B | $17.63B | $22.19B | $15.27B | |
| Interest Expense | · | · | $944M | $935M | $1.00B | $984M | $995M | $1.08B | $1.12B | $964M | $688M | $412M | |
| Other Non-op | $-1M | $-2M | $-11M | $-29M | $-639M | $-1.42B | $1.87B | $676M | $523M | $428M | $154M | $3M | |
| Pretax Income | $9.80B | $690M | $6.86B | $5.81B | $8.28B | $1.67B | $5.16B | $7.80B | $13.53B | $17.10B | $21.66B | $14.86B | |
| Income Tax | $1.29B | $211M | $1.25B | $1.25B | $2.08B | $1.58B | $-204M | $2.34B | $8.88B | $3.61B | $3.55B | $2.80B | |
| Net Income | $8.51B | $480M | $5.67B | $4.59B | $6.22B | $123M | $5.39B | $5.46B | $4.63B | $13.50B | $18.11B | $12.10B | |
| EPS (Basic) | $6.84 | $0.38 | $4.54 | $3.66 | $4.96 | $0.10 | $4.24 | $4.20 | $3.54 | $10.08 | $12.37 | $7.95 | |
| EPS (Diluted) | $6.78 | $0.38 | $4.50 | $3.64 | $4.93 | $0.10 | $4.22 | $4.17 | $3.51 | $9.94 | $11.91 | $7.35 | |
| Shares (Basic) | 1,244,000,000 | 1,247,000,000 | 1,248,000,000 | 1,255,000,000 | 1,256,000,000 | 1,257,000,000 | 1,270,000,000 | 1,298,000,000 | 1,307,000,000 | 1,339,000,000 | 1,464,000,000 | 1,522,000,000 | |
| Shares (Diluted) | 1,255,000,000 | 1,255,000,000 | 1,258,000,000 | 1,262,000,000 | 1,262,000,000 | 1,263,000,000 | 1,277,000,000 | 1,308,000,000 | 1,319,000,000 | 1,358,000,000 | 1,521,000,000 | 1,647,000,000 | |
| EBITDA | $10.02B | $1.66B | $7.61B | $7.33B | $9.92B | $4.07B | $4.29B | · | $14.12B | $17.63B | $22.19B | $15.27B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | $5.41B | $5.34B | $6.00B | $11.63B | $17.94B | $7.59B | $8.23B | $12.85B | $10.03B | |
| Short-term Investments | $68M | $0 | $1.18B | $973M | $1.18B | $1.41B | $12.72B | $12.15B | $17.92B | $3.67B | $1.76B | $101M | |
| Receivables | $4.91B | $4.42B | $4.66B | $4.78B | $4.49B | $4.89B | $3.58B | $3.33B | $3.85B | $4.51B | $5.85B | $4.63B | |
| Inventory | $1.77B | $1.71B | $1.79B | $1.51B | $1.62B | $1.68B | $922M | $814M | $801M | $1.59B | $1.96B | $1.39B | |
| Prepaid Expense | $4.02B | $3.05B | $2.37B | $1.77B | $2.14B | $2.01B | $1.44B | $1.61B | $1.66B | $1.59B | $1.52B | $1.06B | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $1.06B | $505M | $472M | |
| Current Assets | $18.34B | $19.17B | $16.09B | $14.44B | $14.77B | $16.00B | $30.30B | $35.84B | $31.82B | $19.59B | $24.76B | $17.71B | |
| PP&E (Net) | $5.61B | $5.41B | $5.32B | $5.47B | $5.12B | $4.97B | $4.50B | $4.01B | $3.29B | $2.87B | $2.28B | $1.67B | |
| PP&E (Gross) | $8.30B | $7.88B | $7.77B | $7.66B | $7.01B | $6.63B | $5.92B | $5.20B | $4.29B | $3.68B | $3.04B | $2.04B | |
| Accum. Depreciation | $2.70B | $2.47B | $2.45B | $2.19B | $1.89B | $1.67B | $1.42B | $1.19B | $994M | $818M | $763M | $620M | |
| Goodwill | $8.31B | $8.31B | $8.31B | $8.31B | $8.33B | $8.11B | $4.12B | $4.12B | $4.16B | $1.17B | $1.17B | $1.17B | |
| Intangibles | $16.98B | $19.95B | $26.45B | $28.89B | $33.45B | $33.13B | $13.79B | $15.74B | $17.10B | $8.97B | $10.25B | $11.07B | |
| Other Non-current Assets | $4.84B | $3.77B | $4.79B | $4.80B | $4.96B | $5.71B | $7.44B | $2.56B | $2.72B | $3.90B | $934M | $731M | |
| Total Assets | $59.02B | $58.99B | $62.12B | $63.17B | $67.95B | $68.41B | $61.63B | $63.67B | $70.28B | $56.98B | $51.72B | $34.66B | |
| Accounts Payable | $715M | $833M | $550M | $905M | $705M | $844M | $713M | $790M | $814M | $1.21B | $1.18B | $955M | |
| Accrued Liabilities | · | · | · | · | $6.14B | $4.34B | $3.07B | $3.14B | $3.37B | $2.99B | $3.17B | $1.87B | |
| Current Liabilities | $11.81B | $12.00B | $11.28B | $11.24B | $11.61B | $11.40B | $9.76B | $10.61B | $11.63B | $9.22B | $9.89B | $5.76B | |
| Capital Leases | $503M | $498M | $546M | $467M | $489M | $608M | $626M | · | · | · | · | · | |
| Deferred Tax | $402M | $724M | $1.59B | $2.67B | $4.36B | $3.91B | · | · | · | · | · | $51M | |
| Other Non-current Liabilities | $1.17B | $1.29B | $1.28B | $1.18B | $976M | $1.21B | $1.01B | $1.04B | $558M | $297M | $395M | $586M | |
| Long-term Debt | $24.94B | $26.71B | $24.99B | $25.23B | $26.70B | $31.40B | $24.59B | $27.32B | $33.54B | $26.35B | $22.18B | $12.40B | |
| Total Debt | $24.94B | $26.71B | $24.99B | $25.23B | $26.70B | $31.40B | $24.59B | · | $33.54B | $26.35B | $22.18B | $12.40B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | |
| Paid-in Capital | $8.93B | $7.70B | $6.50B | $5.55B | $4.66B | $3.88B | $3.05B | $2.28B | $1.26B | $454M | $444M | $2.39B | |
| Retained Earnings | $13.73B | $11.50B | $16.30B | $15.69B | $16.32B | $14.38B | $19.39B | $19.02B | $19.01B | $18.15B | $18.00B | $12.73B | |
| AOCI | $39M | $132M | $28M | $2M | $83M | $-60M | $85M | $80M | $165M | $278M | $88M | $301M | |
| Stockholders' Equity | $22.70B | $19.33B | $22.83B | $21.24B | $21.07B | $18.20B | $22.52B | $21.39B | $20.44B | $18.89B | $18.53B | $15.43B | |
| Liabilities + Equity | $59.02B | $58.99B | $62.12B | $63.17B | $67.95B | $68.41B | $61.63B | $63.67B | $70.28B | $56.98B | $51.72B | $34.66B | |
| Shares Outstanding | 1,241,000,000 | 1,246,000,000 | 1,246,000,000 | 1,247,000,000 | 1,254,000,000 | 1,254,000,000 | 1,266,000,000 | 1,282,000,000 | 1,308,000,000 | 1,310,000,000 | 1,422,000,000 | 1,499,000,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $894M | $835M | $766M | $637M | $635M | $643M | $636M | $845M | $638M | $380M | $382M | $360M | |
| Deferred Tax | $160M | $-1.84B | $-962M | $-1.55B | $-116M | $-214M | · | · | · | · | · | · | |
| Amort. of Intangibles | $2.40B | $2.40B | $2.30B | $1.80B | $1.70B | $1.20B | · | · | · | · | · | · | |
| Restructuring | $138M | $188M | $527M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $10.02B | $10.83B | $8.01B | $9.07B | $11.38B | $8.17B | $9.14B | $8.40B | $11.90B | $17.05B | $21.25B | $12.82B | |
| CapEx | $563M | $523M | $585M | $728M | $579M | $650M | $825M | $924M | $590M | $748M | $747M | $557M | |
| Investing Cash Flow | $-4.79B | $-3.45B | $-2.27B | $-2.47B | $-3.13B | $-14.62B | $-7.82B | $14.36B | $-16.07B | $-11.98B | $-12.47B | $-1.82B | |
| Net Debt Issued | · | · | · | · | $-4.75B | · | · | · | · | · | · | · | |
| Stock Issued | $408M | $422M | $232M | $309M | $169M | $256M | $209M | $289M | $234M | $208M | $319M | $331M | |
| Stock Repurchased | $1.92B | $1.15B | $1.00B | $1.40B | $546M | $1.58B | $1.75B | $2.90B | $954M | $11.00B | $10.00B | $5.35B | |
| Net Stock Activity | $-1.51B | $-728M | $-768M | $-1.09B | $-377M | $-1.33B | $-1.54B | · | $-720M | $-10.79B | $-9.68B | $-5.02B | |
| Dividends Paid | $4.00B | $3.92B | $3.81B | $3.71B | $3.60B | $3.45B | $3.22B | $2.97B | $2.73B | $2.46B | $1.87B | $0 | |
| Financing Cash Flow | $-7.75B | $-3.43B | $-5.12B | $-6.47B | $-8.88B | $770M | $-7.63B | $-12.32B | $3.39B | $-9.72B | $-5.88B | $-3.02B | |
| Net Change in Cash | $-2.43B | $3.91B | $673M | $74M | $-659M | $-5.63B | $-6.31B | $10.35B | $-641M | $-4.62B | $2.82B | $7.91B | |
| Taxes Paid | $3.21B | $2.78B | $3.99B | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $9.46B | $10.30B | $7.42B | $8.34B | $10.80B | $7.52B | $8.32B | · | $11.31B | $15.92B | $19.58B | $12.26B | |
| Levered FCF | · | · | $6.65B | $7.61B | $10.06B | $7.47B | $7.28B | · | $10.92B | $15.16B | $19.01B | $11.93B |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 34.0% | 5.8% | 28.1% | 26.9% | 36.3% | 16.5% | 19.1% | · | 54.1% | 58.0% | 68.0% | 61.3% | |
| Net Margin | 28.9% | 1.7% | 20.9% | 16.8% | 22.8% | 0.50% | 24.0% | · | 17.7% | 44.4% | 55.5% | 48.6% | |
| Pretax Margin | 33.3% | 2.4% | 25.3% | 21.3% | 30.3% | 6.8% | 23.0% | · | 51.8% | 56.3% | 66.4% | 59.7% | |
| EBITDA Margin | 34.0% | 5.8% | 28.1% | 26.9% | 36.3% | 16.5% | 19.1% | · | 54.1% | 58.0% | 68.0% | 61.3% | |
| ROA | 14.4% | 0.79% | 9.0% | 7.0% | 9.1% | 0.19% | 8.6% | · | 7.3% | 24.8% | 41.9% | 42.3% | |
| ROE | 40.5% | 2.3% | 25.7% | 21.7% | 31.7% | 0.60% | 24.5% | · | 23.5% | 72.2% | 106.6% | 90.3% | |
| ROIC | 18.3% | 2.5% | 13.0% | 12.4% | 15.6% | 0.44% | 9.5% | · | 9.0% | 30.8% | 45.6% | 44.5% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.6 | 1.4 | 1.3 | 1.3 | 1.4 | 3.1 | · | 2.7 | 2.2 | 2.5 | 3.1 | |
| Quick Ratio | 0.4 | 0.4 | 0.5 | 1.0 | 0.9 | 1.1 | 2.9 | · | 2.5 | 1.8 | 2.1 | 2.6 | |
| Debt / Equity | 1.1 | 1.4 | 1.1 | 1.2 | 1.3 | 1.7 | 1.1 | · | 1.6 | 1.4 | 1.2 | 0.8 | |
| LT Debt / Equity | 1.0 | 1.3 | 1.0 | 1.1 | 1.2 | 1.6 | 1.0 | · | 1.5 | 1.4 | 1.1 | 0.8 | |
| Interest Coverage | · | · | 8.1 | 7.8 | 9.9 | 4.1 | 4.3 | · | 12.6 | 18.3 | 32.3 | 37.1 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.6 | 0.8 | 0.9 | |
| Inventory Turnover | 3.6 | 3.6 | 3.9 | 3.6 | 4.0 | 3.5 | 5.4 | · | 3.7 | 2.4 | 2.4 | 2.5 | |
| Receivables Turnover | 6.3 | 6.3 | 5.7 | 5.9 | 5.8 | 5.8 | 6.5 | · | 6.2 | 5.9 | 6.2 | 7.3 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $18.29 | $15.51 | $18.32 | $17.03 | $16.80 | $14.52 | $17.79 | · | $15.63 | $14.42 | $13.03 | $10.29 | |
| Revenue / Share | $23.46 | $22.91 | $21.55 | $21.62 | $21.64 | $19.55 | $17.58 | · | $19.79 | $22.38 | $21.46 | $15.11 | |
| Cash Flow / Share | $7.98 | $8.63 | $6.36 | $7.19 | $9.02 | $6.47 | $7.16 | · | $9.02 | $12.27 | $13.37 | $7.78 | |
| Cash / Share | · | · | · | $4.34 | $4.26 | $4.78 | $9.19 | · | $5.80 | $6.28 | $9.04 | $6.69 | |
| Dividend / Share | $3.16 | $3.08 | $3.00 | $2.92 | $2.84 | $2.72 | $2.52 | $2.28 | $2.08 | $1.84 | $1.29 | $0.00 | |
| EPS (TTM) | $6.78 | $0.38 | $4.50 | $3.64 | $4.93 | $0.10 | $4.22 | $4.17 | $3.51 | $9.94 | $11.91 | $7.35 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.4% | 6.0% | -0.60% | -0.09% | 10.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.6% | 1.7% | 3.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1684.2% | -91.6% | 23.6% | -26.2% | 4830.0% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 23.0% | -57.4% | 255.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 132.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 1672.9% | -91.5% | 23.4% | -26.2% | 4961.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 22.8% | -57.4% | 258.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 133.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 3.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $29.44B | $28.75B | $27.12B | $27.28B | $27.30B | $24.69B | $22.45B | $22.13B | $26.11B | $30.39B | $32.64B | $24.89B | |
| Net Income TTM | $8.51B | $480M | $5.67B | $4.59B | $6.22B | $123M | $5.39B | $5.46B | $4.63B | $13.50B | $18.11B | $12.10B | |
| Market Cap | $152.32B | $115.09B | $100.94B | $107.05B | $91.05B | $73.06B | $82.26B | · | $93.71B | $93.81B | $143.89B | $141.30B | |
| Enterprise Value | · | · | · | $125.90B | $111.23B | $97.05B | $82.51B | · | $101.74B | $108.26B | $151.46B | $143.57B | |
| P/E | 18.1 | 243.1 | 18.0 | 23.6 | 14.7 | 582.6 | 15.4 | 15.0 | 20.4 | 7.2 | 8.5 | 12.8 | |
| P/S | 5.2 | 4.0 | 3.7 | 3.9 | 3.3 | 3.0 | 3.7 | · | 3.6 | 3.1 | 4.4 | 5.7 | |
| P/B | 6.7 | 6.0 | 4.4 | 5.0 | 4.3 | 4.0 | 3.7 | · | 4.6 | 5.0 | 7.8 | 9.2 | |
| P / Cash Flow | 15.2 | 10.6 | 12.6 | 11.8 | 8.0 | 8.9 | 9.0 | · | 7.9 | 5.6 | 7.1 | 11.0 | |
| P / FCF | 16.1 | 11.2 | 13.6 | 12.8 | 8.4 | 9.7 | 9.9 | · | 8.3 | 5.9 | 7.3 | 11.5 | |
| EV / EBITDA | · | · | · | 17.2 | 11.2 | 23.8 | 19.2 | · | 7.2 | 6.1 | 6.8 | 9.4 | |
| EV / FCF | · | · | · | 15.1 | 10.3 | 12.9 | 9.9 | · | 9.0 | 6.8 | 7.7 | 11.7 | |
| EV / Revenue | · | · | · | 4.6 | 4.1 | 3.9 | 3.7 | · | 3.9 | 3.6 | 4.6 | 5.8 | |
| Dividend Yield | 2.6% | 3.4% | 3.8% | 3.5% | 4.0% | 4.7% | 3.9% | · | 2.9% | 2.6% | 1.3% | 0.00% | |
| Earnings Yield | 5.5% | 0.41% | 5.5% | 4.2% | 6.8% | 0.17% | 6.5% | 6.7% | 4.9% | 13.9% | 11.8% | 7.8% | |
| Payout Ratio | 47.0% | 816.2% | 67.2% | 80.8% | 57.9% | 2804.1% | 59.8% | · | 59.0% | 18.2% | 10.3% | · | |
| Annual Payout | $4.00B | $3.92B | $3.81B | $3.71B | $3.60B | $3.45B | $3.22B | $2.97B | $2.73B | $2.46B | $1.87B | $0 |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.80B | $6.96B | $7.92B | $7.77B | $7.08B | $6.67B | $7.57B | $7.54B | $6.95B | $6.69B | $7.11B | $7.05B | $6.60B | $6.35B | $7.39B | $7.04B | |
| Cost of Revenue | $1.58B | $1.45B | $1.62B | $1.57B | $1.50B | $1.54B | $1.58B | $1.57B | $1.54B | $1.55B | $2.09B | $1.56B | $1.44B | $1.40B | $1.40B | $1.40B | |
| SG&A Expense | $1.92B | $1.45B | $1.79B | $1.36B | $1.36B | $1.26B | $1.91B | $1.43B | $1.38B | $1.38B | $1.61B | $1.31B | $1.85B | $1.32B | $2.02B | $1.21B | |
| Operating Expenses | $18.20B | $4.37B | $5.94B | $4.44B | $4.61B | $4.43B | $5.12B | $6.66B | $4.31B | $11.01B | $5.50B | $4.43B | $4.93B | $4.65B | $5.12B | $4.21B | |
| Operating Income | $-10.39B | $2.59B | $1.98B | $3.33B | $2.47B | $2.24B | $2.45B | $888M | $2.64B | $-4.32B | $1.61B | $2.62B | $1.67B | $1.71B | $2.27B | $2.84B | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $254M | · | $232M | $230M | $230M | · | $229M | |
| Other Non-op | $-1M | $-2M | $2M | $-1M | $-6M | $4M | $5M | $-4M | $1M | $-4M | $83M | $-72M | $152M | $-174M | $542M | $-176M | |
| Pretax Income | $-10.25B | $2.58B | $2.08B | $3.64B | $2.43B | $1.65B | $2.17B | $956M | $2.05B | $-4.49B | $1.65B | $2.32B | $1.59B | $1.30B | $2.03B | $2.43B | |
| Income Tax | $242M | $559M | $-105M | $589M | $468M | $334M | $385M | $-297M | $438M | $-315M | $236M | $146M | $549M | $316M | $398M | $646M | |
| Net Income | $-10.50B | $2.02B | $2.18B | $3.05B | $1.96B | $1.31B | $1.78B | $1.25B | $1.61B | $-4.17B | $1.43B | $2.18B | $1.04B | $1.01B | $1.64B | $1.79B | |
| EPS (Basic) | $-8.45 | $1.63 | $1.75 | $2.46 | $1.57 | $1.06 | $1.43 | $1.00 | $1.29 | $-3.34 | $1.14 | $1.75 | $0.84 | $0.81 | $1.30 | $1.43 | |
| EPS (Diluted) | $-8.45 | $1.61 | $1.75 | $2.43 | $1.56 | $1.04 | $1.43 | $1.00 | $1.29 | $-3.34 | $1.14 | $1.73 | $0.83 | $0.80 | $1.29 | $1.42 | |
| Shares (Basic) | 1,243,000,000 | 1,242,000,000 | · | 1,243,000,000 | 1,245,000,000 | 1,246,000,000 | · | 1,247,000,000 | 1,247,000,000 | 1,247,000,000 | · | 1,248,000,000 | 1,249,000,000 | 1,248,000,000 | · | 1,255,000,000 | |
| Shares (Diluted) | 1,243,000,000 | 1,254,000,000 | · | 1,254,000,000 | 1,255,000,000 | 1,259,000,000 | · | 1,254,000,000 | 1,251,000,000 | 1,247,000,000 | · | 1,257,000,000 | 1,258,000,000 | 1,261,000,000 | · | 1,261,000,000 | |
| EBITDA | $-10.39B | $2.59B | · | $3.33B | $2.47B | $2.24B | · | $888M | $2.64B | $-4.32B | · | $2.62B | $1.67B | $1.71B | · | $2.84B |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Short-term Investments | $0 | $15M | $68M | $19M | $69M | · | $0 | $0 | $0 | $0 | · | $1.16B | $963M | $936M | · | $961M | |
| Receivables | $5.05B | $4.74B | $4.91B | $5.09B | $4.78B | $4.39B | $4.42B | $4.59B | $4.66B | $4.67B | · | $4.79B | $4.23B | $4.16B | · | $4.35B | |
| Inventory | $1.95B | $1.91B | $1.77B | $1.78B | $1.82B | $1.76B | $1.71B | $1.87B | $2.03B | $1.85B | · | $1.66B | $1.63B | $1.58B | · | $1.46B | |
| Prepaid Expense | $3.76B | $4.34B | $4.02B | $3.65B | $2.90B | $2.83B | $3.05B | $3.29B | $2.86B | $2.80B | · | $2.66B | $1.76B | $1.85B | · | $2.08B | |
| Current Assets | $13.95B | $18.64B | $18.34B | $17.87B | $14.72B | $16.90B | $19.17B | $14.78B | $12.32B | $14.04B | · | $15.98B | $14.29B | $13.46B | · | $13.55B | |
| PP&E (Net) | $5.83B | $5.64B | $5.61B | $5.50B | $5.46B | $5.42B | $5.41B | $5.39B | $5.35B | $5.32B | · | $5.57B | $5.54B | $5.48B | · | $5.35B | |
| PP&E (Gross) | $8.71B | $8.42B | $8.30B | $8.19B | $8.08B | $7.96B | $7.88B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $2.87B | $2.78B | $2.70B | $2.69B | $2.62B | $2.54B | $2.47B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | $8.31B | · | $8.31B | $8.31B | $8.31B | · | $8.31B | |
| Intangibles | $14.03B | $16.38B | $16.98B | $17.97B | $18.57B | $19.36B | $19.95B | $20.55B | $22.83B | $23.43B | · | $27.15B | $27.75B | $28.35B | · | $29.44B | |
| Other Non-current Assets | $4.75B | $4.55B | $4.84B | $4.87B | $4.03B | $3.87B | $3.77B | $5.49B | $4.77B | $5.19B | · | $4.20B | $5.11B | $4.95B | · | $4.62B | |
| Total Assets | $49.36B | $56.28B | $59.02B | $58.53B | $55.72B | $56.43B | $58.99B | $54.52B | $53.58B | $56.29B | · | $62.37B | $62.34B | $61.88B | · | $62.56B | |
| Accounts Payable | $674M | $645M | $715M | $808M | $582M | $737M | $833M | $903M | $537M | $622M | · | $586M | $622M | $627M | · | $614M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3.87B | |
| Current Liabilities | $11.02B | $9.48B | $11.81B | $12.30B | $11.19B | $12.34B | $12.00B | $11.72B | $10.78B | $13.02B | · | $11.95B | $13.96B | $10.53B | · | $10.42B | |
| Capital Leases | · | · | $503M | · | · | · | $498M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $333M | $392M | $402M | $597M | $652M | $709M | $724M | $794M | $907M | $933M | · | $1.98B | $2.11B | $2.40B | · | $3.04B | |
| Other Non-current Liabilities | $1.49B | $1.20B | $1.17B | $1.18B | $1.29B | $1.34B | $1.29B | $1.40B | $1.42B | $1.40B | · | $924M | $1.35B | $1.28B | · | $1.11B | |
| Long-term Debt | $26.25B | $22.17B | $24.94B | $24.94B | $24.95B | $24.95B | $26.71B | $23.25B | $23.35B | $25.19B | · | $24.98B | $25.25B | $25.24B | · | $25.22B | |
| Total Debt | $26.25B | $22.17B | · | $24.94B | $24.95B | $24.95B | · | $23.25B | $23.35B | $25.19B | · | $24.98B | $25.25B | $25.24B | · | $25.22B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $9.53B | $9.30B | $8.93B | $8.68B | $8.37B | $8.14B | $7.70B | $7.33B | $7.02B | $6.81B | · | $6.28B | $6.01B | $5.79B | · | $5.23B | |
| Retained Earnings | $2.20B | $14.13B | $13.73B | $12.82B | $11.32B | $10.93B | $11.50B | $11.07B | $11.16B | $10.66B | · | $16.00B | $15.14B | $15.22B | · | $15.76B | |
| AOCI | $95M | $78M | $39M | $36M | $-18M | $92M | $132M | $73M | $93M | $69M | · | $31M | $10M | $-20M | · | $98M | |
| Stockholders' Equity | $11.83B | $23.52B | $22.70B | $21.54B | $19.67B | $19.16B | $19.33B | $18.48B | $18.28B | $17.54B | · | $22.31B | $21.16B | $21.00B | · | $21.08B | |
| Liabilities + Equity | $49.36B | $56.28B | $59.02B | $58.53B | $55.72B | $56.43B | $58.99B | $54.52B | $53.58B | $56.29B | · | $62.37B | $62.34B | $61.88B | · | $62.56B | |
| Shares Outstanding | 1,241,000,000 | 1,242,000,000 | 1,241,000,000 | 1,242,000,000 | 1,242,000,000 | 1,245,000,000 | 1,246,000,000 | 1,246,000,000 | 1,246,000,000 | 1,246,000,000 | 1,246,000,000 | 1,247,000,000 | 1,247,000,000 | 1,248,000,000 | 1,247,000,000 | 1,254,000,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $231M | $218M | $230M | $230M | $225M | $209M | $222M | $216M | $210M | $187M | $201M | $202M | $198M | $165M | $174M | $168M | |
| Deferred Tax | $-587M | $179M | $-122M | $659M | $-178M | $-199M | $-379M | $-576M | $-166M | $-723M | $-370M | $-68M | $-221M | $-303M | $-338M | $-270M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | $558M | $598M | $598M | $546M | $465M | $445M | |
| Restructuring | $17M | $40M | $37M | $14M | $13M | $74M | $76M | $28M | $21M | $63M | · | · | · | · | · | · | |
| Operating Cash Flow | $3.57B | $2.54B | $3.33B | $4.11B | $827M | $1.76B | $2.98B | $4.31B | $1.32B | $2.22B | $2.17B | $1.75B | $2.34B | $1.74B | $2.57B | $2.86B | |
| CapEx | $140M | $117M | $205M | $147M | $107M | $104M | $147M | $141M | $130M | $105M | $215M | $122M | $139M | $109M | $181M | $157M | |
| Investing Cash Flow | $-10.35B | $1.77B | $-1.83B | $-427M | $-2.12B | $-415M | $-225M | $-710M | $-307M | $-2.21B | $-727M | $-229M | $-483M | $-826M | $-375M | $-713M | |
| Stock Issued | $9M | $166M | $32M | $97M | $27M | $252M | $173M | $98M | $5M | $146M | $26M | $83M | $26M | $97M | $176M | $36M | |
| Stock Repurchased | $355M | $419M | $230M | $435M | $527M | $730M | $350M | $300M | $100M | $400M | $150M | $300M | $150M | $400M | $792M | $180M | |
| Net Stock Activity | · | $-253M | · | · | · | $-478M | · | · | · | $-254M | · | · | · | $-303M | · | · | |
| Dividends Paid | $1.03B | $1.04B | $994M | $1.00B | $994M | $1.01B | $973M | $983M | $972M | $990M | $943M | $953M | $944M | $969M | $915M | $929M | |
| Financing Cash Flow | $2.34B | $-4.24B | $-1.26B | $-1.49B | $-1.57B | $-3.43B | $2.26B | $-1.38B | $-2.95B | $-1.36B | $-1.10B | $-1.52B | $-1.10B | $-1.41B | $-1.55B | $-2.12B | |
| Net Change in Cash | $-4.45B | $65M | $233M | $2.19B | $-2.78B | $-2.06B | $4.96B | $2.26B | $-1.95B | $-1.37B | $380M | $1M | $768M | $-476M | $713M | $-40M | |
| Free Cash Flow | · | $2.43B | · | · | · | $1.65B | · | · | · | $2.11B | · | · | · | $1.64B | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $1.88B | · | · | · | $1.46B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -133.2% | 37.2% | · | 42.8% | 34.9% | 33.6% | · | 11.8% | 38.0% | -64.6% | · | 37.2% | 25.2% | 26.8% | · | 40.3% | |
| Net Margin | -134.5% | 29.0% | · | 39.3% | 27.7% | 19.7% | · | 16.6% | 23.2% | -62.4% | · | 30.9% | 15.8% | 15.9% | · | 25.4% | |
| Pretax Margin | -131.4% | 37.1% | · | 46.9% | 34.3% | 24.7% | · | 12.7% | 29.5% | -67.1% | · | 32.9% | 24.1% | 20.5% | · | 34.5% | |
| EBITDA Margin | -133.2% | 37.2% | · | 42.8% | 34.9% | 33.6% | · | 11.8% | 38.0% | -64.6% | · | 37.2% | 25.2% | 26.8% | · | 40.3% | |
| ROA | -20.0% | 3.6% | · | 5.4% | 3.6% | 2.3% | · | 2.1% | 2.8% | -7.1% | · | 3.5% | 1.7% | 1.6% | · | 2.8% | |
| ROE | -66.6% | 9.5% | · | 15.2% | 10.3% | 7.2% | · | 6.1% | 8.2% | -21.6% | · | 10.1% | 5.1% | 4.9% | · | 8.4% | |
| ROIC | -27.9% | 4.4% | · | 6.0% | 4.5% | 4.0% | · | 2.8% | 5.0% | -9.4% | · | 5.2% | 2.4% | 2.8% | · | 4.5% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 2.0 | · | 1.5 | 1.3 | 1.4 | · | 1.3 | 1.1 | 1.1 | · | 1.3 | 1.0 | 1.3 | · | 1.3 | |
| Quick Ratio | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.5 | · | 0.5 | |
| Debt / Equity | 2.2 | 0.9 | · | 1.2 | 1.3 | 1.3 | · | 1.3 | 1.3 | 1.4 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | |
| LT Debt / Equity | 2.0 | 0.9 | · | 1.0 | 1.1 | 1.2 | · | 1.2 | 1.2 | 1.2 | · | 1.0 | 1.0 | 1.1 | · | 1.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -17.0 | · | 11.3 | 7.2 | 7.4 | · | 12.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.8 | 0.8 | · | 0.9 | 0.8 | 0.9 | · | 0.9 | 0.8 | 0.9 | · | 1.0 | 0.9 | 0.9 | · | 0.9 | |
| Receivables Turnover | 1.6 | 1.5 | · | 1.6 | 1.5 | 1.5 | · | 1.6 | 1.6 | 1.5 | · | 1.5 | 1.6 | 1.6 | · | 1.6 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $9.53 | $18.93 | · | $17.34 | $15.84 | $15.39 | · | $14.83 | $14.67 | $14.08 | · | $17.89 | $16.97 | $16.82 | · | $16.81 | |
| Revenue / Share | $6.28 | $5.55 | · | $6.20 | $5.64 | $5.30 | · | $6.02 | $5.56 | $5.36 | · | $5.61 | $5.25 | $5.04 | · | $5.58 | |
| Cash Flow / Share | · | $2.03 | · | · | · | $1.40 | · | · | · | $1.78 | · | · | · | $1.38 | · | · | |
| Dividend / Share | $0.82 | $0.82 | $0.79 | $0.79 | $0.79 | $0.79 | $0.77 | $0.77 | $0.77 | $0.77 | $0.75 | $0.75 | $0.75 | $0.75 | $0.73 | $0.73 | |
| EPS (TTM) | $-2.66 | $7.35 | · | $6.46 | $5.03 | $4.76 | · | $0.09 | $0.82 | $0.36 | · | $4.65 | $4.34 | $4.42 | · | $2.65 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $30.46B | $29.74B | · | $29.09B | $28.86B | $28.73B | · | $28.30B | $27.80B | $27.45B | · | $27.39B | $27.38B | $27.04B | · | $27.14B | |
| Net Income TTM | $-3.24B | $9.22B | · | $8.11B | $6.31B | $5.96B | · | $127M | $1.05B | $485M | · | $5.88B | $5.48B | $5.58B | · | $3.33B | |
| Market Cap | $156.79B | $173.10B | · | $137.86B | $137.70B | $139.50B | · | $104.46B | $85.49B | $91.27B | · | $93.45B | $96.11B | $103.55B | · | $77.36B | |
| P/E | -47.5 | 19.0 | · | 17.2 | 22.0 | 23.5 | · | 931.6 | 83.7 | 203.5 | · | 16.1 | 17.8 | 18.8 | · | 23.3 | |
| P/S | 5.1 | 5.8 | · | 4.7 | 4.8 | 4.9 | · | 3.7 | 3.1 | 3.3 | · | 3.4 | 3.5 | 3.8 | · | 2.9 | |
| P/B | 13.3 | 7.4 | · | 6.4 | 7.0 | 7.3 | · | 5.7 | 4.7 | 5.2 | · | 4.2 | 4.5 | 4.9 | · | 3.7 | |
| P / Cash Flow | · | 68.0 | · | · | · | 79.4 | · | · | · | 41.1 | · | · | · | 59.4 | · | · | |
| Dividend Yield | 2.6% | 2.3% | · | 2.9% | 2.9% | 2.8% | · | 3.7% | 4.5% | 4.2% | · | 4.0% | 3.9% | 3.6% | · | 4.8% | |
| Earnings Yield | -2.1% | 5.3% | · | 5.8% | 4.5% | 4.2% | · | 0.11% | 1.2% | 0.49% | · | 6.2% | 5.6% | 5.3% | · | 4.3% | |
| Payout Ratio | · | 51.5% | · | · | · | 76.8% | · | · | · | -23.7% | · | · | · | 95.9% | · | · | |
| Annual Payout | $4.07B | $4.03B | · | $3.98B | $3.96B | $3.94B | · | $3.89B | $3.86B | $3.83B | · | $3.78B | $3.76B | $3.73B | · | $3.69B |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $29.44B | $28.75B | $27.12B | $27.28B | $27.30B |
| Operating Margin % | 34.0% | 5.8% | 28.1% | 26.9% | 36.3% |
| Net Income | $8.51B | $480M | $5.67B | $4.59B | $6.22B |
| Diluted EPS | $6.78 | $0.38 | $4.50 | $3.64 | $4.93 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | 1.4 | 1.1 | 1.2 | 1.3 |
| Current Ratio | 1.6 | 1.6 | 1.4 | 1.3 | 1.3 |
| Quick Ratio | 0.4 | 0.4 | 0.5 | 1.0 | 0.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $9.46B | $10.30B | $7.42B | $8.34B | $10.80B |
Institutional owners (13F) 2,484 filers · $151.7B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 138 (-158 vs prior Q) | 153 (+50 vs prior Q) | 968 (+95 vs prior Q) | 873 (-22 vs prior Q) | +27.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $15,393,784,619 | 121,844,108 | 10.15% | Shares |
| VANGUARD GROUP INC | $14,863,487,020 | 121,097,336 | 9.80% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,245,129,674 | 81,091,734 | 6.75% | Shares |
| FMR LLC | $8,448,459,045 | 66,870,816 | 5.57% | Shares |
| STATE STREET CORP | $7,734,099,180 | 61,216,552 | 5.10% | Shares |
| Capital World Investors | $5,178,544,683 | 40,988,975 | 3.41% | Shares |
| Invesco Ltd. | $5,030,751,525 | 39,819,151 | 3.32% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,461,844,666 | 35,316,168 | 2.94% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,795,630,157 | 30,065,642 | 2.50% | Shares |
| MORGAN STANLEY | $3,032,710,535 | 24,004,354 | 2.00% | Shares |
| Dodge & Cox | $2,991,423,815 | 23,677,567 | 1.97% | Shares |
| NORGES BANK | $2,775,128,219 | 21,965,555 | 1.83% | Shares |
| JPMORGAN CHASE & CO | $2,630,269,146 | 20,820,621 | 1.73% | Shares |
| Capital Research Global Investors | $2,450,148,913 | 19,393,296 | 1.61% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,356,122,825 | 18,649,065 | 1.55% | Shares |
| Bank of New York Mellon Corp | $1,928,444,875 | 15,263,929 | 1.27% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,839,558,986 | 13,199,103 | 1.21% | Shares |
| NORTHERN TRUST CORP | $1,747,030,784 | 13,828,010 | 1.15% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,604,477,952 | 12,699,683 | 1.06% | Shares |
| GOLDMAN SACHS GROUP INC | $1,361,729,795 | 10,778,294 | 0.90% | Shares |
| Legal & General Group Plc | $1,316,605,694 | 10,421,131 | 0.87% | Shares |
| Amundi | $1,234,649,817 | 9,772,438 | 0.81% | Shares |
| Nuveen, LLC | $1,053,287,642 | 8,336,930 | 0.69% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,030,338,202 | 8,155,281 | 0.68% | Shares |
| PeakShares LLC | $1,000,613,000 | 7,920 | 0.66% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $998,068,365 | 7,899,794 | 0.66% | Shares |
| AMERIPRISE FINANCIAL INC | $962,486,478 | 7,618,082 | 0.63% | Shares |
| DEUTSCHE BANK AG\ | $918,386,937 | 7,269,170 | 0.61% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $880,845,891 | 6,972,027 | 0.58% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $876,749,354 | 6,651,833 | 0.58% | Shares |
| WELLS FARGO & COMPANY/MN | $813,577,346 | 6,439,586 | 0.54% | Shares |
| Boston Partners | $761,612,839 | 6,017,958 | 0.50% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $647,945,576 | 5,152,239 | 0.43% | Shares |
| BARCLAYS PLC | $646,006,996 | 5,113,242 | 0.43% | Shares |
| ALLIANCEBERNSTEIN L.P. | $642,967,189 | 4,613,383 | 0.42% | Shares |
| UBS Group AG | $568,946,113 | 4,503,294 | 0.37% | Shares |
| ROYAL BANK OF CANADA | $568,132,000 | 4,496,850 | 0.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $500,214,251 | 3,959,269 | 0.33% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $497,624,598 | 3,938,774 | 0.33% | Shares |
| HSBC HOLDINGS PLC | $484,156,433 | 3,836,489 | 0.32% | Shares |
| BANK OF MONTREAL /CAN/ | $476,608,498 | 3,772,428 | 0.31% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $476,149,000 | 3,768,793 | 0.31% | Shares |
| Swiss National Bank | $442,278,438 | 3,500,700 | 0.29% | Shares |
| FRANKLIN RESOURCES INC | $440,961,958 | 3,490,280 | 0.29% | Shares |
| CITADEL ADVISORS LLC | $439,719,295 | 3,480,444 | 0.29% | Shares |
| Robeco Institutional Asset Management B.V. | $437,122,881 | 3,459,893 | 0.29% | Shares |
| Holocene Advisors, LP | $406,422,135 | 3,216,892 | 0.27% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $398,905,032 | 3,157,393 | 0.26% | Shares |
| Qube Research & Technologies Ltd | $389,906,212 | 3,086,166 | 0.26% | Shares |
| National Pension Service | $386,902,732 | 3,062,393 | 0.26% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| GILEAD SCIENCES, INC. ×15 filings | April 28, 2026 | 100.00% | Amendment | M&A / sale | SEC |
| Gilead Sciences, Inc. S.S. OR, Simbolo Acquisition Sub, Inc. S.S. OR | Dec. 13, 2002 | · | Initial filing | Board campaign | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 53 insiders · 29 officers · 25 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| O'Day Daniel Patrick | Chairman & CEO | Oct. 1, 2026 S | 566,683 | 0 | 28 | $-52,440,700 |
| John F Milligan | President and CEO | Nov. 27, 2018 M | 1,574,306 | 0 | 0 | $0 |
| Andrew D Dickinson | Chief Financial Officer | Sept. 15, 2026 S | 164,096 | 0 | 12 | $-4,679,815 |
| Robin L Washington | EVP, CFO | Feb. 25, 2019 J | 117,323 | 0 | 0 | $0 |
| Caroline Dorsa | SVP, Chief Financial Officer | Dec. 14, 2007 A | · | 0 | 0 | $0 |
| Kevin Young | Chief Operating Officer | Feb. 21, 2018 A | 25,612 | 0 | 0 | $0 |
| Erin Burkhart | SVP, Controllership | Sept. 22, 2026 M | 1,455 | 0 | 0 | $0 |
| Johanna Mercier | Chief Comm & Corp Aff Officer | Sept. 15, 2026 S | 116,684 | 0 | 23 | $-18,521,436 |
| Wettan Keeley M Cain | EVP Gen Counsel, Legal & Comp | Sept. 10, 2026 M | 8,759 | 0 | 0 | $0 |
| Dietmar Berger | Chief Medical Officer | Sept. 10, 2026 M | 19,522 | 0 | 0 | $0 |
| Deborah H Telman | EVP, Corporate Affairs & GC | Nov. 12, 2025 M | 43,676 | 0 | 3 | $-6,590,414 |
| Sandra Patterson | SVP, Controllership | March 10, 2025 M | 39,453 | 0 | 0 | $0 |
| Merdad Parsey | Chief Medical Officer | Dec. 10, 2024 M | 82,850 | 0 | 0 | $0 |
| Brett A Pletcher | EVP,Corp Affairs & Gen Counsel | June 10, 2022 M | 33,426 | 0 | 0 | $0 |
| Laura Hamill | EVP, Worldwide Commercial Ops | May 8, 2019 F | 6,340 | 0 | 0 | $0 |
| Gregg H Alton | Chief Patient Officer | March 1, 2019 A | 58,046 | 0 | 0 | $0 |
| John G Mchutchison | Chief Scientific Off/HeadR&D | Feb. 6, 2019 A | 37,828 | 0 | 0 | $0 |
| James R Meyers | EVP Worldwide Commercial Ops | Feb. 21, 2018 G | 132,083 | 0 | 0 | $0 |
| Norbert W Bischofberger | EVP, R&D and CSO | Feb. 21, 2018 G | 2,317,800 | 0 | 0 | $0 |
| Paul Rutherford Carter | EVP Commercial Ops | Aug. 1, 2016 M | 62,305 | 0 | 0 | $0 |
| Kristen Metza | SVP, Human Resources | Nov. 1, 2012 M | 25,305 | 0 | 0 | $0 |
| Louis G Lange | EVP Cardiovascular Therapeutic | May 6, 2009 A | · | 0 | 0 | $0 |
| Taiyin Yang | SVP, Pharm Dev & Mfg | May 2, 2007 S | 146,381 | 0 | 0 | $0 |
| William A Lee | SVP, Research | May 2, 2007 M | 58,399 | 0 | 0 | $0 |
| John J Toole | SVP, Clinical Research | April 25, 2007 M | 0 | 0 | 0 | $0 |
| Alan Bruce Montgomery | SVP, Respiratory Therapeutics | Jan. 22, 2007 A | 14,280 | 0 | 0 | $0 |
| Anthony Caracciolo | SVP, Manufacturing | Jan. 22, 2007 A | 0 | 0 | 0 | $0 |
| Mark L Perry | EVP Operations | Feb. 3, 2004 M | 5,600 | 0 | 0 | $0 |
| Michael K Inouye | SVP | Jan. 28, 2004 A | · | 0 | 0 | $0 |
| Anthony Welters | Director | Aug. 26, 2026 M | 12,894 | 0 | 4 | $-2,675,197 |
| Jeffrey Bluestone | Director | Aug. 20, 2026 M | 10,066 | 0 | 7 | $-1,967,966 |
| Sandra Horning | Director | April 30, 2026 A | 6,293 | 0 | 0 | $0 |
| Kelly A. Kramer | Director | April 30, 2026 A | 1,339 | 0 | 2 | $-713,187 |
| Harish Manwani | Director | April 30, 2026 A | 15,015 | 0 | 0 | $0 |
| Javier Rodriguez | Director | April 30, 2026 A | 13,364 | 0 | 0 | $0 |
| Ted W Love | Director | April 30, 2026 A | 5,484 | 0 | 0 | $0 |
| Jacqueline K Barton | Director | April 30, 2026 A | 27,202 | 0 | 0 | $0 |
| Kevin E Lofton | Director | March 28, 2024 A | 92,653 | 0 | 0 | $0 |
| Richard James Whitley | Director | May 6, 2021 M | 33,058 | 0 | 0 | $0 |
| Olsen Per Wold | Director | May 6, 2021 M | 102,060 | 0 | 0 | $0 |
| Gayle E Wilson | Director | May 5, 2020 M | 129,052 | 0 | 0 | $0 |
| John Francis Cogan | Director | May 4, 2020 M | 54,860 | 0 | 0 | $0 |
| John C Martin | Director | Feb. 6, 2019 F | 2,887,225 | 0 | 0 | $0 |
| Nicholas G Moore | Director | March 29, 2018 A | 12,233 | 0 | 0 | $0 |
| John W Madigan | Director | May 9, 2017 M | 18,548 | 0 | 0 | $0 |
| Etienne Davignon | Director | May 6, 2016 M | 838,652 | 0 | 0 | $0 |
| Carla A Hills | Director | May 6, 2016 M | 39,285 | 0 | 0 | $0 |
| James M Denny | Director | Nov. 28, 2012 G | 254,058 | 0 | 0 | $0 |
| Gordon Earle Moore | Director | Aug. 14, 2012 M | 1,063,839 | 0 | 0 | $0 |
| Paul Berg | Director | May 12, 2011 M | 36,864 | 0 | 0 | $0 |
| George P Shultz | Director | July 22, 2005 G | 55,000 | 0 | 0 | $0 |
| Cordell W Hull | Director | Nov. 4, 2003 M | 10,000 | 0 | 0 | $0 |
| Diane E Wilfong | · | Sept. 10, 2025 M | 46,259 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 207 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBBQ · Invesco Exchange-Traded Fund Trust … | 8.16% | 59,068 SH | Oct. 1, 2026 | Daily |
| TBXU · Direxion Shares ETF Trust | 7.58% | 1,495 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 7.44% | 5,307,936 SH | Sept. 11, 2026 | Daily |
| PJP · Invesco Exchange-Traded Fund Trust | 5.63% | 210,832 SH | Oct. 1, 2026 | Daily |
| MEDI · Harbor ETF Trust | 5.10% | 16,135 NS | July 31, 2026 | N-PORT |
| PBE · Invesco Exchange-Traded Fund Trust | 5.08% | 144,606 SH | Oct. 1, 2026 | Daily |
| QNXT · iShares Trust | 3.44% | 6,494 SH | Sept. 11, 2026 | Daily |
| CVGD · Elevation Series Trust | 3.15% | 33,499 NS | July 31, 2026 | N-PORT |
| CARK · Advisors' Inner Circle Fund II | 2.97% | 72,712 NS | July 31, 2026 | N-PORT |
| IYH · iShares Trust | 2.90% | 727,200 SH | Sept. 11, 2026 | Daily |
| TBG · EA Series Trust | 2.49% | 49,784 NS | July 31, 2026 | N-PORT |
| GEND · Spinnaker ETF Series | 2.39% | 891 NS | July 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 2.34% | 590,446 NS | July 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 2.31% | 3,731,224 SH | Aug. 19, 2026 | Daily |
| IXJ · iShares Trust | 2.28% | 652,878 SH | Sept. 11, 2026 | Daily |
| BMVP · Invesco Exchange-Traded Fund Trust | 2.11% | 14,021 SH | Oct. 1, 2026 | Daily |
| GDIV · Harbor ETF Trust | 2.08% | 37,619 NS | July 31, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 1.93% | 2,767,850 NS | July 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 1.85% | 24,431 NS | July 31, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 1.68% | 520 NS | July 31, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.67% | 97,976 SH | Oct. 1, 2026 | Daily |
| QQQG · Pacer Funds Trust | 1.63% | 2,554 NS | July 31, 2026 | N-PORT |
| QFLR · Innovator ETFs Trust | 1.59% | 63,835 NS | July 31, 2026 | N-PORT |
| NULV · Nushares ETF Trust | 1.57% | 265,781 NS | July 31, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 1.53% | 20,787 NS | July 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 1.51% | 61,154 NS | July 31, 2026 | N-PORT |
| FFLV · FIDELITY COVINGTON TRUST | 1.49% | 1,885 NS | July 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.43% | 10,807 NS | July 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.40% | 112,700 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 1.30% | 697 SH | Sept. 11, 2026 | Daily |
| LCOW · Pacer Funds Trust | 1.29% | 2,556 NS | July 31, 2026 | N-PORT |
| FCPI · FIDELITY COVINGTON TRUST | 1.25% | 26,015 NS | July 31, 2026 | N-PORT |
| VMAX · Lattice Strategies Trust | 1.22% | 4,624 NS | July 31, 2026 | N-PORT |
| NUDV · Nushares ETF Trust | 1.21% | 4,671 NS | July 31, 2026 | N-PORT |
| DIVD · EA Series Trust | 1.18% | 1,936 NS | July 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 1.16% | 43,468 SH | Aug. 19, 2026 | Daily |
| QDF · FlexShares Trust | 1.11% | 189,538 NS | July 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 1.10% | 1,033,287 NS | July 31, 2026 | N-PORT |
| QDEF · FlexShares Trust | 1.07% | 44,772 NS | July 31, 2026 | N-PORT |
| XT · iShares Trust | 1.05% | 282,029 SH | Sept. 11, 2026 | Daily |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.04% | 193,485 SH | Oct. 1, 2026 | Daily |
| DGRO · iShares Trust | 1.00% | 2,953,853 SH | Sept. 11, 2026 | Daily |
| QQQE · Direxion Shares ETF Trust | 0.99% | 101,112 NS | July 31, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.97% | 13,462 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.91% | 173,570 NS | July 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.87% | 43,517 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.87% | 35,239 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.87% | 1,417,299 SH | Sept. 11, 2026 | Daily |
| BKDV · BNY Mellon ETF Trust II | 0.84% | 118,425 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.82% | 139,848 NS | July 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.80% | 17,904 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0.77% | 5,700,537 SH | Oct. 1, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 0.77% | 25,899,672 SH | Oct. 1, 2026 | Daily |
| QLV · FlexShares Trust | 0.77% | 9,660 NS | July 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.77% | 76,773 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.77% | 212,870 SH | Sept. 11, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.76% | 14,296 NS | July 31, 2026 | N-PORT |
| QYLD · Global X Funds | 0.75% | 468,497 NS | July 31, 2026 | N-PORT |
| QRMI · Global X Funds | 0.75% | 825 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 0.75% | 9,069 NS | July 31, 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 0.74% | 67,897 NS | July 31, 2026 | N-PORT |
| MGV · VANGUARD WORLD FUND | 0.74% | 780,369 SH | Aug. 19, 2026 | Daily |
| QQWZ · Pacer Funds Trust | 0.74% | 2,887 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.74% | 39,877 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 0.73% | 429 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.73% | 27,780 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 0.72% | 184 NS | July 31, 2026 | N-PORT |
| FYEE · Fidelity Greenwood Street Trust | 0.72% | 12,010 NS | July 31, 2026 | N-PORT |
| DVY · iShares Trust | 0.71% | 1,155,542 SH | Sept. 11, 2026 | Daily |
| DIVB · iShares Trust | 0.71% | 99,781 SH | Sept. 11, 2026 | Daily |
| QUAL · iShares Trust | 0.69% | 2,221,228 SH | Sept. 11, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.68% | 35,332 SH | Oct. 1, 2026 | Daily |
| QSIX · Pacer Funds Trust | 0.68% | 959 NS | July 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.68% | 7,014,225 SH | Aug. 19, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.68% | 48,477 NS | July 31, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.67% | 1,226 NS | July 31, 2026 | N-PORT |
| IWX · iShares Trust | 0.67% | 179,392 SH | Sept. 11, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | 0.65% | 4,959,039 SH | Aug. 19, 2026 | Daily |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.65% | 170,000 | Oct. 1, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.63% | 35,062 SH | Aug. 19, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.62% | 68,042 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.62% | 14,032 SH | Sept. 11, 2026 | Daily |
| FQAL · FIDELITY COVINGTON TRUST | 0.62% | 67,150 NS | July 31, 2026 | N-PORT |
| FVAL · FIDELITY COVINGTON TRUST | 0.62% | 63,051 NS | July 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.62% | 39,429 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.62% | 388,399 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.61% | 116,234 NS | July 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.59% | 11,804,537 SH | Aug. 19, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.57% | 301,197 NS | July 31, 2026 | N-PORT |
| OEI · Listed Funds Trust | 0.55% | 1,969 NS | July 31, 2026 | N-PORT |
| EVUS · iShares Trust | 0.55% | 14,412 SH | Sept. 11, 2026 | Daily |
| INFO · Harbor ETF Trust | 0.55% | 35,285 NS | July 31, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.53% | 48,670 NS | July 31, 2026 | N-PORT |
| SUSL · iShares Trust | 0.53% | 43,819 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.52% | 133,254 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.52% | 48,270 SH | Sept. 11, 2026 | Daily |
| UPSD · ETF Series Solutions | 0.52% | 4,670 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.51% | 189,761 SH | Sept. 11, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.50% | 7,873 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.49% | 302 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.48% | 2,760,644 SH | Sept. 11, 2026 | Daily |
| QLC · FlexShares Trust | 0.46% | 35,840 NS | July 31, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.46% | 1,733 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.46% | 11,479 NS | July 31, 2026 | N-PORT |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.45% | 20,937,000 | Oct. 1, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.45% | 11,440 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.45% | 1,275,836 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.44% | 749,998 SH | Aug. 19, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.40% | 11,706,000 | Oct. 1, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.39% | 124,968 SH | Oct. 1, 2026 | Daily |
| OEF · iShares Trust | 0.38% | 525,293 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.38% | 247,190 SH | Oct. 1, 2026 | Daily |
| EGLE · Global X Funds | 0.37% | 63 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 13,047 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.36% | 446,324 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.34% | 65,712 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.33% | 754 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.33% | 21,341 SH | Oct. 1, 2026 | Daily |
| ACWV · iShares, Inc. | 0.32% | 74,252 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.32% | 48,286 SH | Sept. 11, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.31% | 444,000 | Oct. 1, 2026 | Daily |
| XVV · iShares Trust | 0.31% | 14,297 SH | Sept. 11, 2026 | Daily |
| MGC · VANGUARD WORLD FUND | 0.30% | 248,419 SH | Aug. 19, 2026 | Daily |
| GLOF · iShares Trust | 0.30% | 4,128 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.28% | 7,376 SH | Oct. 1, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.28% | 50,715 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.28% | 214,248 SH | Oct. 1, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.28% | 48,800 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.28% | 948,873 SH | Sept. 11, 2026 | Daily |
| IVV · iShares Trust | 0.27% | 15,649,068 SH | Sept. 11, 2026 | Daily |
| IVW · iShares Trust | 0.27% | 1,429,946 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.27% | 24,163 SH | Sept. 10, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.27% | 280,882 SH | Aug. 19, 2026 | Daily |
| ADME · ETF Series Solutions | 0.27% | 6,040 NS | July 31, 2026 | N-PORT |
| IUSV · iShares Trust | 0.26% | 499,421 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.26% | 590,304 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.26% | 859,483 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.26% | 53,172 SH | Sept. 10, 2026 | Daily |
| XYLD · Global X Funds | 0.25% | 63,149 NS | July 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.25% | 1,368 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.25% | 969 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.25% | 62,984 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 171,178 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.25% | 1,449,992 SH | Aug. 19, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.25% | 131,543 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.25% | 5,143 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.25% | 1,229 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.25% | 20,992 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.25% | 92 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.25% | 68 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.25% | 104,037 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.25% | 342,879 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.24% | 1,616,420 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.24% | 231,279 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.24% | 107,691 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.24% | 32,251,204 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.24% | 498,160 SH | Aug. 19, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.24% | 7,462,000 | Oct. 1, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.24% | 378,701 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.24% | 105 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.24% | 977 SH | Oct. 1, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.23% | 853,586 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.23% | 4,684 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.23% | 59,199 NS | July 31, 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.23% | 205,477 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.23% | 9,702 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.23% | 29,892 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.22% | 39,423,687 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.22% | 104,614 SH | Aug. 19, 2026 | Daily |
| ESG · FlexShares Trust | 0.22% | 2,220 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.22% | 17,452 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 1,344,406 SH | Oct. 1, 2026 | Daily |
| TOK · iShares Trust | 0.21% | 3,430 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.21% | 380 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.20% | 33,812 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.20% | 26,438 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.20% | 8,636 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.20% | 111,845 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.20% | 5,831 SH | Sept. 11, 2026 | Daily |
| PEVC · Pacer Funds Trust | 0.19% | 35 NS | July 31, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.19% | 97,065 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.17% | 393,809 SH | Sept. 11, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.17% | 27,685 SH | Aug. 19, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.16% | 104,613 SH | Oct. 1, 2026 | Daily |
| LGDX · Tidal Trust III | 0.16% | 1,732 NS | July 31, 2026 | N-PORT |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 573 NS | July 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.14% | 9,531 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.13% | 1,041,660 SH | Aug. 19, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.12% | 5,269 NS | July 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.12% | 4,055,000 | Oct. 1, 2026 | Daily |
| FEUS · FlexShares Trust | 0.11% | 952 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.11% | 1,258 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.10% | 5,211 SH | Oct. 1, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.06% | 29,629 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.00% | 1,000 | Sept. 30, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VPLS · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | · | · | July 30, 2026 | Daily |
GILD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
26 analysts · 2026-10-03Mean target $158.65 +9.6%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| GILD | $152.32B | 18.1 | 2.4% | 28.9% | 40.5% | · |
| ABBV | · | 96.8 | 8.6% | 6.9% | 15367.3% | · |
| AMGN | $176.35B | 23.0 | 10.0% | 21.0% | 95.9% | · |
| VRTX | $115.15B | 29.6 | 8.9% | 32.9% | 22.1% | · |
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | · |
| REGN | $106.21B | 18.6 | 0.99% | 31.4% | 14.7% | · |
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | · |
Latest News Recent headlines mentioning this company
GILD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Gilead Sciences remains a battleground stock where investors are weighing the company's reliable cash flow against its heavy debt burden. Claude and Gemini championed the firm's 40.7% return on equity as a sign of operational strength, while Grok and ChatGPT cautioned that high leverage and pipeline execution risks limit upside. The panel ultimately converged on a hold rating, agreeing that while the company is a stable cash generator, it lacks the organic growth needed to justify a premium v...
Round 1 — Opening Takes
Gilead's dominant HIV franchise generates reliable cash flows that fund smart oncology acquisitions, setting up multi-year growth. Its net margin hit 27.9% in 2026Q1, up sharply, which means the core antiviral business is firing on all cylinders with minimal cost pressure. At a P/E of 18.8, well below peers like AMGN's 25, the market undervalues this stability and pipeline upside. ROE at 40.7% reflects efficient capital use, powering buybacks and deals like Ouro Medicines without diluting shareholders.
Gilead's growth stalls as legacy drugs face patent pressures, with high debt amplifying risks in a high-rate world. Debt-to-equity at 126.8 signals heavy leverage that could strain cash flows if rates stay elevated or R&D bets flop. Market cap flat at $152 billion despite EPS gains shows investor skepticism on sustaining momentum. Peers like ABBV boast 95% ROE, justifying premium multiples Gilead can't match.
Gilead is printing cash at a scale most biotech peers can't match, and the market is pricing in almost none of it. My read is the 40.7% ROE tells you this company turns shareholder capital into profit at a rate that rivals the best software businesses — that's rare for a pharma company and reflects durable pricing power in HIV and hepatitis franchises. At 18.8 times trailing earnings, you're paying a 25% discount to AbbVie despite comparable profitability. The Ouro Medicines deal signals management is deploying capital into oncology, where margins stay fat. If execution holds, this trades higher.
Gilead is a mature cash cow trying to act like a growth story, and the market is starting to notice. My concern is the stock has gone nowhere — down 2% year-to-date while the broader market rallied — because revenue growth is stalling and the company is burning $1.7 billion in upfront cash on Ouro without proof the deal moves the needle. The 126.8 debt-to-equity ratio is bloated for a company with flat revenue. If the Ouro pipeline disappoints or HIV generics accelerate, earnings decelerate fast and the 18.8 P/E multiple compresses. You're betting on acquisition success, not organic momentum.
Gilead is effectively printing cash while keeping its valuation remarkably grounded compared to its biotech peers. The company is generating a 40.7% return on equity, which shows management is exceptionally efficient at turning shareholder capital into actual profit. This performance is backed by a robust 78.7% gross margin, indicating that their core drug portfolio maintains significant pricing power in a competitive market. At a trailing P/E of 18.8, investors are getting this high-margin efficiency at a discount relative to the broader biotech sector, which often trades at much higher multiples.
The company’s heavy debt load remains a significant anchor that limits its financial flexibility for future growth. With a debt-to-equity ratio of 126.8, Gilead carries more leverage than a typical blue-chip pharmaceutical firm, which increases risk if their R&D pipeline fails to deliver. This is concerning because they are relying on acquisitions like Ouro Medicines to drive growth rather than organic innovation. While the current 27.9% net margin is healthy, that level of debt means interest expenses will continue to eat into the bottom line during periods of market volatility.
I think GILD's strongest bullish case is that its earnings power remains intact and is supported by exceptional capital efficiency and catalysts. ROE 40.74% — That signals exceptional capital efficiency and earnings power from equity. Gross margin 78.72% — That indicates pricing power and a favorable product mix, enabling R&D intensity and buybacks. EPS TTM 6.4341 — That provides a solid earnings base that can support fair valuation and a steady buyback cadence.
I think the bear case is that leverage and execution risk could weigh on margins if growth slows. Debt/Equity 126.8 — That creates leverage risk and higher sensitivity to rate increases and refinancing headwinds. P/E TTM 18.7769 — That modest multiple leaves little cushion for disappointment; if earnings slow, the multiple could contract. EPS TTM 6.4341 — That earnings base could be at risk if pipeline monetization is slower than expected.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
Claude, your claim of a mere 25% P/E discount to AbbVie ignores the profitability gap that fully explains the valuation spread. Gilead's ROE sits at 40.7%, meaning it generates solid but not elite returns on equity from its HIV cash cow. AbbVie's 95.6% ROE crushes that, justifying its 88 times earnings — the market pays up for that superior capital efficiency, so Gilead's 18.8 P/E reflects reality, not a bargain.
I need to push back on Grok's comparison to AbbVie here. Grok says ABBV's 95% ROE justifies a premium multiple that Gilead can't match, but that's backwards — it's a warning flag, not a badge of honor. AbbVie's ROE is inflated by a debt-to-equity ratio of roughly 2.5x, while Gilead sits at 1.27x. When you lever up a balance sheet that aggressively, you artificially boost ROE. Gilead's 40.7% ROE is actually the cleaner signal because it's generated with half the financial risk. The market isn't undervaluing Gilead's stability — it's correctly pricing in that leverage matters, and Grok is confusing a higher number with a better business.
Grok, I disagree with your assessment that AbbVie’s 95% ROE makes Gilead look weak by comparison. While AbbVie’s 95.6% ROE is technically higher, it is often inflated by aggressive share buybacks that shrink the equity base, which can mask underlying operational efficiency. Gilead’s 40.7% ROE represents a more sustainable, cash-generative core business that doesn't rely on financial engineering to look attractive. Comparing the two purely on that metric ignores the fact that Gilead is trading at a significantly more reasonable valuation, giving investors a better margin of safety if their oncology pipeline hits.
Claude, your ROE is eye-catching, but it isn't a standalone endorsement and can hide risks if capital structure or earnings quality shift in a meaningful way. ROE stands at 40.7%. That means GILD is currently turning a lot of shareholder equity into profit, but much of that strength may reflect buybacks and leverage rather than a durable, organic growth trajectory over time.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Claude, your claim of AbbVie's debt-to-equity at 2.5x inflating its ROE isn't verifiable from our peer data, which only shows P/E and ROE — no balance sheet details. Without that, we can't dismiss AbbVie's 95.6% ROE as dirtier than Gilead's 40.7%. Gilead's own 126.8 debt-to-equity ratio means its returns carry leverage risk too, amplifying any HIV patent cliffs or oncology flops. That mutual vulnerability keeps valuations in check — I'm sticking with hold.
I want to push back on something ChatGPT just said that nobody's challenged yet. ChatGPT claims Gilead's 40.7% ROE 'may reflect buybacks and leverage rather than organic growth,' but that's imprecise. Buybacks shrink equity, which mathematically inflates ROE — I agree there. But Gilead's debt-to-equity is 1.27x, which is moderate for pharma. The real driver of that 40.7% ROE is the 27.9% net margin — that's cash profit on every dollar of sales, and that's organic, not financial engineering. If the margin compresses, ROE falls regardless of buybacks. ChatGPT is conflating two different risks and making the number sound less trustworthy than it is.
Grok, I have to step in on your point about AbbVie’s 88 times P/E multiple being a reward for efficiency. That valuation is heavily distorted by one-time accounting charges and does not reflect actual operational performance. If you look at the macro regime, the market is currently rotating away from high-multiple, debt-heavy pharma names toward companies with consistent free cash flow. Gilead’s 1.53 current ratio confirms they have the liquidity to navigate this cycle without needing to tap expensive credit markets. That financial flexibility is a massive advantage when rates remain elevated and capital is no longer free.
I side with Claude on this: AbbVie's 95% ROE is inflated by buybacks, not a clean signal of superior profitability. ABBV ROE 95.6%. That reads as a debt-fueled equity shrink, not real efficiency, so it overstates the quality of AbbVie’s earnings. GILD ROE 40.7% signals solid profitability without heavy leverage distortion. That matters for the investment lens because GILD's capital efficiency is more durable under a rate-rise regime. This reading keeps GILD fairly valued versus peers and avoids chasing AbbVie's headline ROE.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $115.00 | $125.00 | I expect Gilead to re-rate higher into 2026Q2 as the market credits its clean profitability over leveraged peers. The concrete catalyst is the Q2 2026 earnings print in late July, affirming HIV stability and initial Ouro Medicines oncology milestones. One key risk is early trial setbacks in the Ouro pipeline, forcing impairments that hit the 27.9% net margin. At 20 times trailing EPS of $6.43, shares hit $129 -- that multiple rewards the 40.7% ROE without chasing AbbVie's debt-inflated extremes, anchoring my conservative targets from the $109.64 recent close. |
| Claude | $115.00 | $122.00 | Gilead's durable 27.9% net margin and 40.7% ROE — generated with moderate 1.27x leverage, not financial engineering — justify a modest re-rating as the market rotates toward stable cash generators in a high-rate regime. The concrete catalyst is Ouro Medicines integration milestones in 2026Q3 earnings; if oncology pipeline shows early traction, the P/E multiple expands from 18.8 toward 22–24x, pushing the stock toward $122. The break-risk is HIV generic pressure or Ouro disappointment, which compresses margins and triggers multiple contraction. At 18.8x trailing earnings on a $103 base, you're paying a fair price for a business that actually prints cash — not a bargain, but not overcooked either. |
| Gemini | $112.00 | $120.00 | My thesis is that Gilead’s valuation expansion will be driven by the market shifting its focus from debt concerns to the cash-generative stability of the HIV franchise. The primary catalyst is the 2026Q2 earnings print, which will likely confirm whether the Ouro Medicines integration is successfully driving oncology revenue growth. A major risk is a clinical trial failure in their late-stage pipeline, which would force a sharp re-rating of the stock. At a 18.8 P/E, the market is currently pricing Gilead as a stagnant utility, meaning any positive surprise in organic growth could lead to meaningful multiple expansion as investors seek defensive, high-margin assets in a volatile market. |
| Chatgpt | $106.50 | $109.00 | I think GILD can drift higher into 2026Q2 on durable cash flow and capital returns that support a modest re-rating. Catalyst: The Ouro Medicines acquisition closes and starts to contribute to earnings, signaling growth optionality beyond HIV. Risk: If Ouro disappoints or HIV generics pressure accelerates or leverage strains cash flow, the multiple could compress. P/E 18.8x today means the stock isn't pricing in aggressive growth; a solid earnings beat could push the multiple higher and lift prices toward my 6-month target. |
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