TakeoverPE & activists

GILDGILEAD SCIENCES, INC.

Biological Products, (no Diagnostic Substances) · $211.8B market cap · 17,000 employees

0.2×

Less likely than average to be taken private

Top 51% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    118% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    3% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    59% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    16% of assets
    Over 40% of assets
  • Shareholder dissentNo
    92% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 88th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.3 per 10K words · 40th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    2.3× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $211.8B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Feb 23, 20268-KGilead Sciences, Inc.——

Key numbers

Revenue
$29.4BFY2021: $27.3BFY2022: $27.3BFY2023: $27.1BFY2024: $28.8BFY2025: $29.4B
2.4% YoY
Operating margin
34.0%FY2021: 36.3%FY2022: 26.9%FY2023: 28.0%FY2024: 5.8%FY2025: 34.0%
489% YoY
EBITDA
$10.4BFY2021: $10.2BFY2022: $7.7BFY2023: $8.0BFY2024: $2.0BFY2025: $10.4B
409% YoY
Net debt / EBITDA
2.3×
$23.6B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$27.3B$27.3B$27.1B$28.8B$29.4B 2.4% FY2021: $27.3BFY2022: $27.3BFY2023: $27.1BFY2024: $28.8BFY2025: $29.4B
Operating income$9.9B$7.3B$7.6B$1.7B$10.0B 503% FY2021: $9.9BFY2022: $7.3BFY2023: $7.6BFY2024: $1.7BFY2025: $10.0B
Net income$6.2B$4.6B$5.7B$480M$8.5B 1673% FY2021: $6.2BFY2022: $4.6BFY2023: $5.7BFY2024: $480MFY2025: $8.5B
Operating cash flow$11.4B$9.1B$8.0B$10.8B$10.0B 7.5% FY2021: $11.4BFY2022: $9.1BFY2023: $8.0BFY2024: $10.8BFY2025: $10.0B
Capex$579M$728M$585M$523M$563M 7.6% FY2021: $579MFY2022: $728MFY2023: $585MFY2024: $523MFY2025: $563M
Stock-based comp$635M$637M$766M$835M$894M 7.1% FY2021: $635MFY2022: $637MFY2023: $766MFY2024: $835MFY2025: $894M
Buybacks$546M$1.4B$1.0B$1.1B$1.9B 67% FY2021: $546MFY2022: $1.4BFY2023: $1.0BFY2024: $1.1BFY2025: $1.9B
Dividends$3.6B$3.7B$3.8B$3.9B$4.0B 2.2% FY2021: $3.6BFY2022: $3.7BFY2023: $3.8BFY2024: $3.9BFY2025: $4.0B

13D filers

None on file.

Insider trading

−$87Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $87M · 77 trades

Pay vs performance

No pay-versus-performance disclosure yet.