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Gilead Sciences key statistics and ratios

In fiscal 2025, Gilead Sciences had return on equity of 40.5%, an operating margin of 34.0%, debt equal to 109.8% of equity and a current ratio of 1.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin———————86.0%83.3%78.1%79.2%81.5%75.8%79.3%76.0%78.3%78.8%79.9%
Operating margin50.3%49.8%45.2%41.3%40.4%61.3%68.0%58.0%54.1%37.1%19.1%16.5%36.3%26.9%28.0%5.8%34.0%−7.6%
Net margin37.6%36.5%33.4%26.7%27.5%48.6%55.5%44.4%17.7%24.7%24.0%0.5%22.8%16.8%20.9%1.7%28.9%−12.5%
Free-cash-flow margin40.6%34.9%41.8%28.8%26.5%49.3%62.8%53.6%43.3%33.8%37.1%30.5%39.6%30.6%27.4%35.8%32.1%44.5%
Return on equity41.4%47.4%44.5%32.3%29.7%90.3%106.6%72.2%23.5%26.1%24.5%0.6%31.7%21.7%25.7%2.3%40.5%−21.6%
Return on assets27.2%27.3%19.4%13.4%14.0%42.3%41.9%24.8%7.3%8.1%8.6%0.2%9.1%7.0%9.0%0.8%14.4%−7.0%
Asset turnover0.720.750.580.500.510.870.760.560.410.330.360.380.400.420.430.470.500.56
Current ratio2.572.325.531.451.093.072.502.132.743.383.101.401.271.291.431.601.551.38
Debt to equity18.2%70.4%112.9%88.4%58.4%80.4%119.7%139.5%164.1%127.8%109.2%172.5%126.7%118.8%109.4%138.2%109.8%201.2%
Interest cover (operating income ÷ interest)50.7x36.4x18.4x11.1x14.7x37.1x32.3x18.3x12.6x7.6x4.3x4.1x9.9x7.8x8.1x1.7x9.8xn/m
Effective tax rate25.0%26.2%23.6%28.7%27.4%18.8%16.4%21.1%65.7%30.0%−4.0%94.7%25.1%21.5%18.2%30.6%13.1%—
R&D as % of revenue13.4%13.5%14.7%18.1%18.9%11.5%9.2%16.8%14.3%22.7%40.6%20.0%16.9%18.2%21.1%20.5%19.7%20.4%
SG&A as % of revenue13.5%13.1%14.8%15.1%15.2%12.0%10.5%11.2%14.9%18.3%19.5%20.9%19.2%20.8%22.5%21.2%19.6%22.0%
Capital spending as % of revenue3.3%0.8%1.6%4.1%1.2%2.2%2.3%2.5%2.3%4.2%3.7%2.6%2.1%2.7%2.2%1.8%1.9%2.3%
Free cash flow ÷ net income108.1%95.5%125.1%107.9%96.6%101.3%113.2%120.7%244.3%137.0%154.5%>999%173.6%181.7%131.0%>999%111.1%—
Dividends ÷ net income————0.0%0.0%10.3%18.2%59.0%54.5%59.8%>999%57.9%80.8%67.2%816.3%47.0%—
Dividends and buybacks ÷ free cash flow35.0%145.1%68.0%23.8%19.6%43.6%57.9%82.6%32.6%78.5%59.8%66.9%38.4%61.2%64.8%49.2%62.7%39.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $51.4bn
Short-term assets $16.6bnLonger-term assets $34.9bn
What it owes, and who funded it · $25.0bn
Short-term liabilities $12.0bnShareholders' equity $13.0bn
  • Short-term assets cover short-term liabilities $16.6bn of assets due within a year against $12.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $6.4bn of cash against $26.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 201% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 126% to 201% over five years.
  • A year's operating cash flow covers at least 20% of debt $14.5bn of operating cash flow against $26.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$2.4bn against $1.0bn of interest.

From Gilead Sciences's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

79 /100

Strong moat

How hard Gilead Sciences's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.7% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 78.4%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 26.1%; its worst year was -7.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 34.9% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 1.0% over five years; stock-based pay has been a median 2.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Gilead Sciences's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Gilead Sciences.