Gilead Sciences, Inc. Financial Ratios — GILD Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	229.46	182.43	189.3	94.53	62.66	128.45	117.83	74.68	24.9	28.68	28.04	0.73	40.54	28.69	35.41
Return on Assets (%)	31.69	27.25	19.41	13.45	14.04	42.28	41.93	24.84	7.27	8.14	8.6	0.19	9.13	7	9.04
Return on Capital (%)	107.13	72.04	41.2	26.44	26.22	64.57	56.48	33.35	10.24	12.52	- -	0.47	15.76	12.76	15.81
Return on Invested Capital (%)	38.94	33.67	24.36	17.96	18.43	53.74	54.43	32.6	9.75	12.67	- -	1.1	16.76	18.29	15.2
Gross Margin (%)	77.24	76.48	74.67	74.53	74.48	84.78	87.73	85.98	83.26	78.07	79.18	81.48	75.82	79.26	76.04
EBITDA Margin (%)	53.37	53.18	48.8	44.2	43.47	65.55	71.36	61.83	59.03	48.48	47.85	46.2	47.27	47.93	42.42
Operating Margin (%)	50.34	49.84	45.2	41.33	40.39	61.33	68	58.02	54.1	42.02	41.6	40.21	39.76	40.23	32.49
Incremental Operating Margin (%)	50.12	46.16	-39.54	16.72	34.27	78.47	89.41	202.76	81.93	121.26	12.42	26.29	35.55	-487.5	1,311.52
Pretax Margin (%)	49.95	49.23	43.54	37.23	37.56	59.69	66.36	56.26	51.82	35.25	22.99	6.76	30.32	21.31	25.3
Profit Margin (%)	37.59	36.5	33.43	26.72	27.45	48.62	55.48	44.43	17.73	24.65	23.99	0.5	22.8	16.83	20.89
Net Income to Common Margin (%)	37.59	36.5	33.43	26.72	27.45	48.62	55.48	44.43	17.73	24.65	23.99	0.5	22.8	16.83	20.89
Effective Tax Rate (%)	25.02	26.16	23.61	28.74	27.35	18.83	16.4	21.11	65.67	29.99	- -	94.67	25.09	21.47	18.18
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	10.35	18.22	58.61	54.36	60.31	6,270.91	58.36	81.7	68.51
Sustainable Growth Rate (%)	229.46	182.43	189.3	94.53	62.66	128.45	105.63	61.07	10.31	13.09	11.13	-44.95	16.88	5.25	11.15

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,248	3,485	7,607	8,224	6,636	12,404	22,055	26,346	33,542	27,322	24,593	31,402	26,695	25,230	24,987
ST Debt	6	646	2	1,169	2,697	483	982	- -	2,747	2,748	2,499	2,757	1,516	2,273	1,798
LT Debt	1,243	2,839	7,606	7,055	3,939	11,921	21,073	26,346	30,795	24,574	22,094	28,645	25,179	22,957	23,189
Total Debt/EBITDA	0.33	0.82	1.86	1.92	1.36	0.76	0.95	1.4	2.18	2.55	2.29	2.75	2.07	1.93	2.17
Net Debt/EBITDA	-0.01	0.61	-0.56	1.5	0.93	0.15	0.4	0.96	1.68	0.87	1.21	2.23	1.65	1.52	1.64
Total Debt/EBIT	0.35	0.88	2.01	2.05	1.47	0.81	0.99	1.49	2.37	2.94	2.63	3.16	2.46	2.3	2.84
Net Debt/EBIT	-0.01	0.65	-0.6	1.6	1	0.16	0.41	1.03	1.84	1.01	1.39	2.56	1.97	1.81	2.15
EBITDA to Interest Expense	53.72	38.8	19.92	11.88	15.86	39.6	33.85	19.49	13.78	9.96	10.8	11.59	12.89	13.99	12.19
EBITDA-CapEx/Interest Expense	53.72	38.8	19.92	11.88	15.86	39.6	33.85	19.49	13.78	9.96	10.8	11.59	12.89	13.99	12.19
EBIT to Interest Expense	50.66	36.36	18.45	11.11	14.74	37.05	32.26	18.29	12.63	8.63	9.38	10.09	10.85	11.74	9.33
Interest Expense	70	109	205	361	307	412	688	964	1,118	1,077	995	984	1,001	935	944
Common Equity/Total Assets	20.58	10.22	10.27	17.45	27.05	36.74	34.81	31.86	27.05	29.88	31.46	21.02	24.02	24.83	26.25
Long-Term Debt/Equity (%)	19.11	46.37	110.75	73.92	33.54	75.36	110.25	136.06	150.21	114.12	97.55	157.21	119.54	108.24	101.93
Long-Term Debt/Capital (%)	36.74	57.61	79.95	57.96	30.03	46.69	51.86	58.58	58.53	52.85	50.09	62.54	58.54	56.15	56.27
Long-Term Debt/Total Assets (%)	12.81	24.49	43.96	33.21	17.45	34.39	40.75	46.24	43.82	38.59	35.85	41.87	37.05	36.34	37.33
Total Debt/Equity (%)	19.19	56.93	110.78	86.17	56.5	78.41	115.39	136.06	163.61	126.88	108.58	172.34	126.73	118.96	109.84
Total Debt/Capital (%)	36.91	70.72	79.96	67.57	50.58	48.58	54.27	58.58	63.75	58.76	55.76	68.56	62.06	61.71	60.64
Total Debt/Total Assets (%)	12.87	30.06	43.96	38.72	29.39	35.78	42.65	46.24	47.72	42.91	39.91	45.9	39.29	39.94	40.22
Net Debt to Equity	-0.38	42.1	-33.15	67.27	38.51	15.03	48.16	93.57	126.6	43.57	57.23	139.43	101.39	93.44	83.09
Net Debt/Capital (%)	-1.16	64.11	614.49	61.93	41.1	15.33	33.13	49.3	57.64	32.86	39.91	63.82	56.68	55.86	53.82
EBITDA	3,742	4,228	4,092	4,288	4,869	16,315	23,291	18,791	15,410	10,727	10,742	11,407	12,907	13,077	11,503
EBITDA-CapEx	3,742	4,228	4,092	4,288	4,869	16,315	23,291	18,791	15,410	10,727	10,742	11,407	12,907	13,077	11,503
Operating Income (Loss)	3,529	3,962	3,790	4,010	4,524	15,265	22,193	17,633	14,124	9,298	9,338	9,927	10,857	10,974	8,810

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.89	0.85	3.94	0.44	0.33	1.76	1.48	1.29	2.19	2.84	2.5	0.65	0.56	0.57	0.64
Current Ratio	2.57	2.32	5.53	1.45	1.09	3.07	2.5	2.12	2.74	3.38	3.1	1.4	1.27	1.29	1.43
Quick Ratio	1.63	1.51	4.71	0.85	0.67	2.56	2.07	1.78	2.52	3.15	2.86	1.08	0.95	0.99	1.06
CFO/Avg Current Liab	1.99	1.31	1.46	0.95	0.58	2.11	2.72	1.78	1.14	0.76	0.9	0.77	0.99	0.79	0.71
Common Equity/Total Assets	20.58	10.22	10.27	17.45	27.05	36.74	34.81	31.86	27.05	29.88	31.46	21.02	24.02	24.83	26.25
Long-Term Debt/Equity (%)	19.11	46.37	110.75	73.92	33.54	75.36	110.25	136.06	150.21	114.12	97.55	157.21	119.54	108.24	101.93
Long-Term Debt/Capital (%)	36.74	57.61	79.95	57.96	30.03	46.69	51.86	58.58	58.53	52.85	50.09	62.54	58.54	56.15	56.27
Long-Term Debt/Total Assets (%)	12.81	24.49	43.96	33.21	17.45	34.39	40.75	46.24	43.82	38.59	35.85	41.87	37.05	36.34	37.33
Total Debt/Equity (%)	19.19	56.93	110.78	86.17	56.5	78.41	115.39	136.06	163.61	126.88	108.58	172.34	126.73	118.96	109.84
Total Debt/Capital (%)	36.91	70.72	79.96	67.57	50.58	48.58	54.27	58.58	63.75	58.76	55.76	68.56	62.06	61.71	60.64
Total Debt/Total Assets (%)	12.87	30.06	43.96	38.72	29.39	35.78	42.65	46.24	47.72	42.91	39.91	45.9	39.29	39.94	40.22
CFO/Total Liabilities	96.45	51.8	34.87	27.32	28.66	68.02	65.18	45.32	23.9	19.93	23.46	16.28	24.28	21.62	20.33
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	8.35	5.06	3.75	5.66	8.3	8.08	5.68	3.84	3.39	3.42	3.45	3.81	4.47	4.88	4.59

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	5.81	5.28	4.69	5.24	5.7	7.3	6.22	5.86	6.24	6.17	6.5	5.83	5.82	5.89	5.75
Days Sales Outstanding	62.81	69.14	77.77	69.65	64.08	49.98	58.65	62.26	58.48	59.2	56.17	62.64	62.73	62.01	63.51
Inventory Turnover	1.61	1.66	1.64	1.58	1.66	2.46	2.4	2.41	3.66	6.01	5.39	3.51	4	3.62	3.95
Days Inventory Outstanding	226.43	220.14	222.82	231.54	219.71	148.53	152.2	151.7	99.7	60.73	67.77	103.98	91.26	100.82	92.51
Accounts Payable Turnover	2.44	2.51	2.3	2.23	2.18	3.15	4.29	3.27	3.55	6.07	6.36	6.85	8.44	6.89	9.32
Accounts Payable Turnover Days	149.84	145.64	158.69	163.6	167.72	116.05	85.09	111.76	102.83	60.16	57.35	53.28	43.25	52.98	39.18
Cash Conversion Cycle	139.4	143.64	141.9	137.58	116.08	82.47	125.77	102.21	55.35	59.78	66.59	113.34	110.74	109.85	116.85
Inventory to Cash Days	-163.62	-151.01	-145.06	-161.89	-155.63	-98.55	-93.56	-89.44	-41.23	-1.53	-11.6	-41.34	-28.54	-38.8	-29
Inventories	1,052	1,204	1,390	1,745	1,697	1,386	1,955	1,587	801	814	922	1,683	1,618	1,507	1,787
Raw Materials	334	408	698	827	1,049	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	392	455	466	359	413	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	326	341	226	560	593	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	-359	1,386	1,955	1,587	801	814	922	1,683	1,618	1,507	1,787

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	28,187	22,343	22,844	40,062	82,683	103,313	107,955	71,489	71,846	64,277	67,843	62,649	81,351	100,500	97,943
- Cash & Cash Equivalents	1,273	908	9,884	1,804	2,113	10,027	12,851	8,229	7,588	17,940	11,631	5,997	5,338	5,412	6,085
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	138	258	128	241	375	393	579	476	59	147	125	19	-5	-31	-84
+ Total Debt	1,248	3,485	7,607	8,224	6,636	12,404	22,055	26,346	33,542	27,322	24,593	31,402	26,695	25,230	24,987
Enterprise Value	27,917	23,988	20,680	46,665	87,562	105,982	115,982	86,416	79,937	61,657	68,209	86,662	101,521	119,314	115,582
Total Capital	3,383	4,928	9,513	12,171	13,119	25,531	40,636	44,977	52,614	46,494	44,107	45,803	43,015	40,887	41,208
Total Debt/Capital (%)	36.91	70.72	79.96	67.57	50.58	48.58	54.27	58.58	63.75	58.76	55.76	68.56	62.06	61.71	60.64
Total Debt / EV	0.04	0.15	0.37	0.18	0.08	0.12	0.19	0.3	0.42	0.44	0.36	0.36	0.26	0.21	0.22
EV/Sales	3.98	3.02	2.47	4.81	7.82	4.26	3.55	2.84	3.06	2.79	3.04	3.51	3.72	4.37	4.26
EV/EBITDA	7.46	5.67	5.05	10.88	17.98	6.5	4.98	4.6	5.19	5.75	6.35	7.6	7.87	9.12	10.05
EV/EBIT	7.91	6.05	5.46	11.64	19.36	6.94	5.23	4.9	5.66	6.63	7.3	8.73	9.35	10.87	13.12
EV/Cash Flow to Firm	8.91	8.23	5.45	13.52	26.31	8.06	5.31	4.85	6.51	6.74	6.7	10.54	8.37	12.17	13.17
EV/Free Cash Flow to Firm	8.91	8.23	5.45	13.52	26.31	8.06	5.31	4.85	6.51	6.74	6.7	10.54	8.37	12.17	13.17
Diluted Market Cap	29,107	22,796	23,293	41,858	91,669	111,798	112,159	72,504	72,505	64,772	68,217	62,948	81,740	101,061	98,728
Diluted Enterprise Value	29,220	25,631	21,145	48,520	96,567	114,568	121,942	91,097	98,518	74,301	81,304	88,372	103,092	120,848	117,546
EV per Share	15.43	14.01	13.34	30.81	57.28	69.63	79.22	64.54	61.16	47.5	53.71	68.94	80.83	95.07	92.61
TTM Sales	7,011	7,949	8,385	9,702	11,202	24,890	32,639	30,390	26,107	22,127	22,449	24,689	27,305	27,281	27,116
TTM EBITDA	3,742	4,228	4,092	4,288	4,869	16,315	23,291	18,791	15,410	10,727	10,742	11,407	12,907	13,077	11,503
TTM Operating Income	3,529	3,962	3,790	4,010	4,524	15,265	22,193	17,633	14,124	9,298	9,338	9,927	10,857	10,974	8,810
TTM Cash Flow to Firm	3,132	2,914	3,796	3,452	3,328	13,152	21,825	17,808	12,282	9,154	10,178	8,220	12,134	9,806	8,778
TTM Free Cash Flow to Firm	3,132	2,914	3,796	3,452	3,328	13,152	21,825	17,808	12,282	9,154	10,178	8,220	12,134	9,806	8,778

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y

Gilead Sciences, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples