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 $110.29 per share. The share price was $170.87 on November 10, 2026, 55% 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% | $63.49 | -63% |
| Base | 3.5% | 9.0% | $110.29 | -35% |
| Bull | 8.5% | 8.0% | $203.56 | +19% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $144.18 | $154.44 | $166.98 | $182.66 | $202.81 |
| 8.0% | $118.96 | $125.61 | $133.47 | $142.91 | $154.44 |
| 9.0% | $100.49 | $105.04 | $110.29 | $116.41 | $123.65 |
| 10.0% | $86.39 | $89.63 | $93.30 | $97.49 | $102.32 |
| 11.0% | $75.29 | $77.66 | $80.31 | $83.29 | $86.67 |
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