What is Gilead Sciences, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Gilead Sciences, Inc.'s reported free cash flow gives $107.68 per share. The share price was $150.93 on September 25, 2026, 40% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.5% | 10.0% | $60.89 | -60% |
| Base | 3.5% | 9.0% | $107.68 | -29% |
| Bull | 8.5% | 8.0% | $200.95 | +33% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $141.57 | $151.83 | $164.37 | $180.05 | $200.20 |
| 8.0% | $116.35 | $123.00 | $130.86 | $140.30 | $151.83 |
| 9.0% | $97.88 | $102.43 | $107.68 | $113.80 | $121.04 |
| 10.0% | $83.79 | $87.02 | $90.69 | $94.88 | $99.71 |
| 11.0% | $72.68 | $75.05 | $77.70 | $80.69 | $84.07 |
Where the presets come from
Base: years 1 to 5 grow at Gilead Sciences, Inc.'s revenue growth rate over the last 5 fiscal years (3.6% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions