Recent News
In June–August 2026 Gilead completed several strategic transactions, including the Arcellx acquisition and the Ouro Medicines deal, and announced expanded collaborations and clinical readouts tied to its HIV and oncology programs; partners reported positive Phase 3 results for the once‑weekly islatravir/lenacapavir program. Management publicly described portfolio realignment and amended investor agreements with collaborators as part of a streamlined collaboration posture announced in early August.
Technical Analysis
Directional indicators show a strong trend: ADX registers 38.42, indicating a strong underlying trend in the market for the stock. The strength supports conviction in the directional signals that follow.
DI+ sits at 31.20 and shows a peak & reversal, which signals a bearish shift in directional momentum; DI‑ reads 10.15 with a dip & reversal, also signaling bearish directional pressure. Together these directional moves imply a bearish directional pivot despite trend strength.
MACD registers 3.93 and recently peak & reversed, which signals waning bullish momentum; the MACD currently remains above its signal line (signal 3.19), indicating that a prior bullish crossover occurred but momentum has since softened.
MRO stands at 36.4 with a peak & reversal trend; the positive MRO indicates price sits above the modeled target and implies downward pressure on price from a valuation‑relative perspective.
RSI at 57.75 with a peak & reversal indicates reduced upside momentum from recent levels while remaining short of overbought extremes.
Price action stays above near‑term averages: closing price $145.68 exceeds the 12‑day EMA $144.33 (increasing), the 20‑day average $143.27, the 50‑day average $134.10 and the 200‑day average $132.68, situating the stock in a technically constructive posture against shorter moving averages even as momentum indicators show a recent peak.
Bollinger bands place price modestly below the upper 1x band ($148.74), suggesting limited immediate upside breadth inside the band range; ichimoku Tenkan (140.81) and Kijun (138.62) lie below the close, supporting short‑term technical support levels.
Fundamental Analysis
Revenue totaled $7,803,000,000 with year‑over‑year revenue growth of 95.04%, reflecting substantial top‑line expansion over the prior year. Gross margin at 79.76% and operating margin at 32.54% indicate strong core profitability on product sales and operations despite GAAP distortions elsewhere.
GAAP profit metrics reflect large non‑operational items: EBIT equals $‑10,007,000,000 and the EBIT margin registers ‑128.25%, which lies below the industry peer mean (‑86.70%) and below the industry peer median (33.91%) but remains within the industry peer range. The negative EBIT and the company’s reported acquired in‑process R&D and related acquisition accounting drove the GAAP operating loss reported in the period.
Net income reached $‑10,496,000,000 while operating cash flow registered $‑10,122,000,000; free cash flow totaled $3,433,000,000, producing a free cash flow yield of 2.11% and year‑over‑year free cash flow growth of 41.45%. Cash and short‑term investments stand at $3,179,000,000 with net debt of $23,067,000,000 and a debt‑to‑equity ratio of 221.90%, indicating meaningful leverage following recent transactions.
EPS came in at $‑6.75 versus an estimate of $‑7.25, a positive EPS surprise of $0.50 or about 6.90%. Forward EPS equals $2.47 producing a forward P/E of 53.05x; reported trailing P/E remains negative at ‑19.40x due to the GAAP loss. Market capitalization equals $162.52B and enterprise value $185.59B, aligning with a substantial valuation multiple profile driven by expected future earnings rather than current GAAP results.
Liquidity ratios show a current ratio of 1.27 and a quick ratio of 1.09, while the cash ratio sits at 0.29; those levels provide operational coverage but reflect a tighter cushion after recent cash outflows related to deal consideration and working capital. Return on equity stands at ‑88.74% and return on assets at ‑19.87%, both depressed by one‑time charges and the negative net income base.
WMDST values the stock as under‑valued on a normalized, post‑charge basis, given healthy operating margins, robust gross margin, positive free cash flow and substantial revenue growth juxtaposed with large one‑time acquisition accounting charges that compress GAAP metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-04 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 7.6 B |
| Operating Cash Flow | $ -10.12 B | |
| Capital Expenditures | $ -140.00 M | |
| Change In Working Capital | $ 36.0 M | |
| Dividends Paid | $ -1.03 B | |
| Cash Flow Delta | $ -4.45 B | |
| End Period Cash Flow | $ 3.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.8 B | |
| Forward Revenue | $ -569.29 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 98.0 M | |
| Depreciation and Amortization | $ 698.0 M | |
| Research and Development | $ 1.8 B | |
| Total Operating Expenses | $ 5.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 6.2 B | |
| EBITDA | $ -9.31 B | |
| EBIT | $ -10.01 B | |
| Operating Income | $ 2.5 B | |
| Interest Income | $ 45.0 M | |
| Interest Expense | $ 247.0 M | |
| Net Interest Income | $ -202.00 M | |
| Income Before Tax | $ -10.25 B | |
| Tax Provision | $ 242.0 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -10.50 B | |
| Net Income From Continuing Operations | $ -10.50 B | |
| EARNINGS | ||
| EPS Estimate | $ -7.25 | |
| EPS Actual | $ -6.75 | |
| EPS Difference | $ 0.50 | |
| EPS Surprise | 6.897 % | |
| Forward EPS | $ 2.47 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 49.4 B | |
| Intangible Assets | $ 22.3 B | |
| Net Tangible Assets | $ -10.52 B | |
| Total Current Assets | $ 13.9 B | |
| Cash and Short-Term Investments | $ 3.2 B | |
| Cash | $ 3.2 B | |
| Net Receivables | $ 5.1 B | |
| Inventory | $ 2.0 B | |
| Long-Term Investments | $ 4.8 B | |
| LIABILITIES | ||
| Accounts Payable | $ 674.0 M | |
| Short-Term Debt | $ 2.4 B | |
| Total Current Liabilities | $ 11.0 B | |
| Net Debt | $ 23.1 B | |
| Total Debt | $ 26.2 B | |
| Total Liabilities | $ 37.6 B | |
| EQUITY | ||
| Total Equity | $ 11.8 B | |
| Retained Earnings | $ 2.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.53 | |
| Shares Outstanding | 1.241 B | |
| Revenue Per-Share | $ 6.29 | |
| VALUATION | Market Capitalization | $ 162.5 B |
| Enterprise Value | $ 185.6 B | |
| Enterprise Multiple | -19.937 | |
| Enterprise Multiple QoQ | -137.93 % | |
| Enterprise Multiple YoY | -142.224 % | |
| Enterprise Multiple IPRWA | high: 148.972 median: 52.134 mean: 26.734 GILD: -19.937 low: -178.99 |
|
| EV/R | 23.784 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.173 | |
| Asset To Liability | 1.312 | |
| Debt To Capital | 0.689 | |
| Debt To Assets | 0.532 | |
| Debt To Assets QoQ | 34.946 % | |
| Debt To Assets YoY | 18.765 % | |
| Debt To Assets IPRWA | high: 0.833 GILD: 0.532 mean: 0.243 median: 0.138 low: 0.0 |
|
| Debt To Equity | 2.219 | |
| Debt To Equity QoQ | 135.317 % | |
| Debt To Equity YoY | 75.011 % | |
| Debt To Equity IPRWA | GILD: 2.219 high: 1.704 mean: 0.305 median: 0.098 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.741 | |
| Price To Book QoQ | 90.167 % | |
| Price To Book YoY | 93.691 % | |
| Price To Book IPRWA | high: 18.326 GILD: 13.741 mean: 7.458 median: 5.872 low: -9.25 |
|
| Price To Earnings (P/E) | -19.402 | |
| Price To Earnings QoQ | -128.79 % | |
| Price To Earnings YoY | -135.598 % | |
| Price To Earnings IPRWA | high: 160.554 median: 46.37 mean: 26.906 GILD: -19.402 low: -176.575 |
|
| PE/G Ratio | 0.045 | |
| Price To Sales (P/S) | 20.828 | |
| Price To Sales QoQ | -14.68 % | |
| Price To Sales YoY | 5.667 % | |
| Price To Sales IPRWA | high: 559.892 mean: 60.434 median: 30.604 GILD: 20.828 low: 0.983 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.049 | |
| Forward PE/G | -0.123 | |
| Forward P/S | -285.483 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -37.554 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.148 | |
| Asset Turnover Ratio QoQ | 22.364 % | |
| Asset Turnover Ratio YoY | 16.995 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 GILD: 0.148 mean: 0.111 median: 0.106 low: 0.0 |
|
| Receivables Turnover | 1.593 | |
| Receivables Turnover Ratio QoQ | 10.487 % | |
| Receivables Turnover Ratio YoY | 3.143 % | |
| Receivables Turnover Ratio IPRWA | high: 4.472 GILD: 1.593 mean: 1.414 median: 1.306 low: 0.058 |
|
| Inventory Turnover | 0.817 | |
| Inventory Turnover Ratio QoQ | 4.215 % | |
| Inventory Turnover Ratio YoY | -2.502 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 GILD: 0.817 median: 0.437 mean: 0.42 low: 0.029 |
|
| Days Sales Outstanding (DSO) | 57.278 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 137.73 | |
| Cash Conversion Cycle Days QoQ | 7.026 % | |
| Cash Conversion Cycle Days YoY | 9.151 % | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 median: 197.717 mean: 187.61 GILD: 137.73 low: -771.823 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.668 | |
| CapEx To Revenue | -0.018 | |
| CapEx To Depreciation | -1.429 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 35.7 B | |
| Net Invested Capital | $ 38.1 B | |
| Invested Capital | $ 38.1 B | |
| Net Tangible Assets | $ -10.52 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.288 | |
| Current Ratio | 1.265 | |
| Current Ratio QoQ | -35.68 % | |
| Current Ratio YoY | -3.799 % | |
| Current Ratio IPRWA | high: 31.351 mean: 5.31 median: 3.198 GILD: 1.265 low: 0.34 |
|
| Quick Ratio | 1.088 | |
| Quick Ratio QoQ | -38.359 % | |
| Quick Ratio YoY | -5.562 % | |
| Quick Ratio IPRWA | high: 16.477 mean: 3.135 median: 2.737 GILD: 1.088 low: 0.811 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.819 | |
| Cost Of Debt | 0.798 % | |
| Interest Coverage Ratio | -40.514 | |
| Interest Coverage Ratio QoQ | -444.801 % | |
| Interest Coverage Ratio YoY | -483.548 % | |
| Interest Coverage Ratio IPRWA | high: 533.0 mean: 54.989 median: 3.963 GILD: -40.514 low: -1501.103 |
|
| Operating Cash Flow Ratio | -0.919 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.647 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -10.2 | |
| Dividend Payout Ratio | -0.098 | |
| Dividend Rate | $ 0.83 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -12.289 % | |
| Revenue Growth | 12.112 % | |
| Revenue Growth QoQ | -199.556 % | |
| Revenue Growth YoY | 95.04 % | |
| Revenue Growth IPRWA | high: 278.717 % median: 16.223 % mean: 15.867 % GILD: 12.112 % low: -242.388 % |
|
| Earnings Growth | -432.512 % | |
| Earnings Growth QoQ | -4832.079 % | |
| Earnings Growth YoY | -4014.136 % | |
| Earnings Growth IPRWA | high: 185.714 % median: 13.636 % mean: 12.609 % low: -155.294 % GILD: -432.512 % |
|
| MARGINS | ||
| Gross Margin | 79.764 % | |
| Gross Margin QoQ | 0.663 % | |
| Gross Margin YoY | 1.221 % | |
| Gross Margin IPRWA | high: 100.0 % median: 84.203 % GILD: 79.764 % mean: 77.816 % low: -3.536 % |
|
| EBIT Margin | -128.246 % | |
| EBIT Margin QoQ | -416.524 % | |
| EBIT Margin YoY | -438.469 % | |
| EBIT Margin IPRWA | high: 103.704 % median: 33.914 % mean: -86.703 % GILD: -128.246 % low: -3750.867 % |
|
| Return On Sales (ROS) | 32.539 % | |
| Return On Sales QoQ | -15.872 % | |
| Return On Sales YoY | -15.415 % | |
| Return On Sales IPRWA | high: 74.372 % GILD: 32.539 % median: 30.748 % mean: -93.716 % low: -3837.989 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.4 B | |
| Free Cash Flow Yield | 2.112 % | |
| Free Cash Flow Yield QoQ | 47.899 % | |
| Free Cash Flow Yield YoY | 309.302 % | |
| Free Cash Flow Yield IPRWA | high: 13.067 % GILD: 2.112 % median: 0.76 % mean: 0.308 % low: -26.527 % |
|
| Free Cash Growth | 41.45 % | |
| Free Cash Growth QoQ | -286.2 % | |
| Free Cash Growth YoY | -173.437 % | |
| Free Cash Growth IPRWA | high: 175.34 % GILD: 41.45 % mean: 16.71 % median: -9.21 % low: -249.171 % |
|
| Free Cash To Net Income | -0.327 | |
| Cash Flow Margin | -129.719 % | |
| Cash Flow To Earnings | 0.964 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -19.871 % | |
| Return On Assets QoQ | -666.771 % | |
| Return On Assets YoY | -668.555 % | |
| Return On Assets IPRWA | high: 20.575 % median: 1.824 % mean: -1.635 % GILD: -19.871 % low: -44.847 % |
|
| Return On Capital Employed (ROCE) | -26.099 % | |
| Return On Equity (ROE) | -0.887 | |
| Return On Equity QoQ | -1132.449 % | |
| Return On Equity YoY | -990.775 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.041 mean: 0.012 low: -0.773 GILD: -0.887 |
|
| DuPont ROE | -59.396 % | |
| Return On Invested Capital (ROIC) | -15.77 % | |
| Return On Invested Capital QoQ | -426.163 % | |
| Return On Invested Capital YoY | -424.887 % | |
| Return On Invested Capital IPRWA | high: 30.797 % median: 4.279 % mean: 2.566 % GILD: -15.77 % low: -27.378 % |
|