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Research · S&P 500 · Health Care
GILD · Gilead Sciences
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
30/55
low-moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $3.64 (2022), $4.50 (2023), $0.38 (2024), $6.78 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
5/5ROE (net income / common equity): 21.6% (2022), 24.8% (2023), 2.5% (2024), 37.5% (2025). Median 23.2%, lowest 2.5%; the framework scores a median above 20% as 5.
ROIC
5/5ROIC of 21.2%: operating income of $10.02B divided by $47.21B of capital (total assets $59.02B minus current liabilities $11.81B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
1/5Net margin of -10.6%; the framework scores a negative net margin as 1; gross margin 79.6%, operating margin 33.7%.
Balance sheet & cash
Debt-to-Equity
2/5Debt-to-equity of 2.23; the framework scores 1.5-2.5 as 2 (total debt $26.25B, total cash $4.88B).
Free Cash Flow
3/5Free cash flow (operating cash flow minus capital expenditure): $8.34B (2022), $7.42B (2023), $10.30B (2024), $9.46B (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
Retained Earnings
2/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $15.69B (2022), $16.30B (2023), $11.50B (2024), $13.73B (2025). It ended at or below 2022; the framework scores that as 2.
Valuation models
Graham IV
1/5Trailing EPS is -$2.65; the Graham formula requires positive trailing EPS, so no intrinsic value is computed.
DCF Value
1/5FCF/share = $7.878, stage 1 growth = 4.2% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $33.58, PV of terminal value = $88.42, DCF value = $122.00. Current price $156.19; price is 28.0% above the model value.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value N/A (not comparable); DCF value $122.00 (price is 28.0% above the model value).
Price-to-Book
1/5P/B of 16.39; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 5 of 10 years (2016-2025); lowest 3.5%, highest 36.9%.
Gross margin, each year
Between 75.8% and 86.0% over 10 years (a range of 10.2 points).
Competition, in the company’s own words · 10-K filed Feb 24, 2026
We operate in a highly competitive environment. Our products compete with other commercially available products based primarily on efficacy, safety, tolerability, acceptance by doctors, ease of patient compliance, ease of use, price, insurance and other reimbursement coverage, distribution and marketing. We also face significant competition from: (i) large pharmaceutical and biotechnology companies and specialized pharmaceutical firms acting either independently or together with other such companies to pursue the development of products and technologies that may be competitive with our existing products or research programs; (ii) academic institutions, government agencies and other public and private organizations conducting research who may seek patent protection or may establish collaborative arrangements for competitive products or programs; (iii) pricing pressures from private insurers and government payers as our products mature, which often result in a reduction of our net product prices; and (iv) new branded or generic products introduced into major markets, which may impact our ability to maintain pricing and market share.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $20.91B paid out against $35.53B of free cash flow (pass); total debt $25.23B to $24.94B, down 1.2%, 1.8x EBITDA (pass: not up more than 10%); shares outstanding 1.25B to 1.24B, down 0.5% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
Trailing EPS -$2.65 — formula requires positive trailing EPS, no value computed.
DCF:
FCF/share = $7.878
Stage 1 growth = 4.2% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $8.209 → PV $7.463
Y2: $8.554 → PV $7.069
Y3: $8.913 → PV $6.697
Y4: $9.288 → PV $6.344
Y5: $9.678 → PV $6.009
Stage 1 PV sum = $33.58
Terminal value at end of Y5 = $142.40
PV of terminal value = $88.42
DCF value = $122.00
Current price $156.19 vs DCF value $122.00 — price is 28.0% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $156.19. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.