A Business at a Glance
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ILLUMINA, INC.
ILMN
$30.3B
Mkt Cap
$194.09
-1.41%
ILLUMINA, INC. (ILMN) has a current P/E ratio of 35.6, compared to its historical median P/E of 51.5. The stock is currently considered Fair based on its historical valuation range.
ILLUMINA, INC. (ILMN) has a 5-year average return on invested capital (ROIC) of 2.7%. This is below average and may indicate limited pricing power.
ILLUMINA, INC. (ILMN) has a market capitalization of $29.9B. It is classified as a large-cap stock.
ILLUMINA, INC. (ILMN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.62%.
Based on historical P/E analysis, ILLUMINA, INC. (ILMN) appears fair. The current P/E of 35.6 is 31% below its historical median of 51.5. The estimated fair value CAGR (P/E method) is -5.2%.
ILLUMINA, INC. (ILMN) operates in the Laboratory Analytical Instruments industry, within the Technology sector.
ILLUMINA, INC. (ILMN) reported annual revenue of $4.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Illumina is a global leader in sequencing- and array-based solutions for genetic and genomic analysis, serving research centers, academic institutions, government laboratories, hospitals, pharmaceutical and biotechnology companies, commercial molecular diagnostic laboratories, and consumer genomics companies. The company's integrated portfolio of sequencing and microarray systems, consumables, and analysis tools addresses a range of genomic complexity, price points, and throughput, enabling customers to select solutions for research or clinical applications. Illumina operates across research and applied markets (including universities, research centers, government institutions, biotechnology, and pharmaceutical companies) and clinical markets where sequencing-based diagnostics are increasingly adopted. The business model is built on recurring consumables revenue from installed instruments combined with upfront instrument sales, with a transition underway to the NovaSeq X platform that is driving higher utilization and clinical adoption. The company's competitive moat derives from its integrated end-to-end solutions, data quality and consistency, proven reliability and service, and substantial R&D investment in multi-omics expansion (including spatial transcriptomics, proteomics, and single-cell approaches). Geographic footprint spans research and clinical markets globally, with significant exposure to the United States, Europe, and Asia-Pacific, though Greater China faces export restrictions on instruments.
【Clinical momentum driving growth】 Management expects clinical markets to continue leading demand in 2026, with clinical consumables growing double-digit to mid-teens and clinical volumes transitioning to the NovaSeq X platform, while research and applied markets remain cautious with expected mid-to-high single-digit declines. The company is scaling NovaSeq X supply to meet robust demand, with placements expected to reach mid-single-digit growth in 2026 and high single-digit growth in 2027, supported by a solid backlog and strong pipeline. Operating leverage is expected to improve through the second half of 2026 as cost mitigation actions take effect and the company progresses toward its 2027 targets of high single-digit revenue growth and 26% operating margins. Management remains confident in the underlying strategy and long-term financial targets, with multi-omics launches and expanded services offerings positioned to support sustained growth as research markets stabilize.
| Metric | Target | Period |
|---|---|---|
| Revenue | $4.52 billion to $4.62 billion | FY2026 |
| Operating margin | 23.4%-23.6% | FY2026 |
| Non-GAAP diluted EPS | $5.15-$5.30 | FY2026 |
Revenue (FY2026): “we are raising our reported revenue guidance by $20 million to reflect our Q1 outperformance and now expect revenue of $4.52 billion to $4.62 billion”
Operating margin (FY2026): “we now expect operating margins between 23.4%-23.6%, up 10 basis points from our pre-prior guidance at the midpoint”
Non-GAAP diluted EPS (FY2026): “we are raising the top and bottom of our 2026 EPS range by $0.10 and now expect non-GAAP diluted EPS of $5.15-$5.30”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.4B | 4.3B | 4.4B | 4.5B | 4.5B | 3.2B |
| Net Income | 853M | 850M | -1.2B | -1.2B | 762M | 656M |
| EPS | $5.50 | $5.45 | $-7.69 | $-7.34 | $5.04 | $4.45 |
| Free Cash Flow | 974M | 931M | 709M | 283M | 337M | 891M |
| ROIC | 19.5% | 25.4% | -26.1% | -13.5% | 9.1% | 18.5% |
| Gross Margin | 66.2% | 66.1% | 65.4% | 60.9% | 69.7% | 68.0% |
| Debt/Equity | 0.74 | 0.37 | 0.73 | 0.26 | 0.07 | 0.25 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 852M | 807M | -833M | -1.1B | -123M | 580M |
| Operating Margin | 19.4% | 18.6% | -19.1% | -23.7% | -2.7% | 17.9% |
| ROE | 31.9% | 33.4% | -30.1% | -14.1% | 9.9% | 14.0% |
| Shares Outstanding | 154M | 156M | 159M | 158M | 151M | 147M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.4B | 1.9B | 2.2B | 2.8B | 3.3B | 3.5B | 3.2B | 4.5B | 4.5B | 4.4B | 4.3B | 4.4B |
| Gross Margin | 67.4% | 64.2% | 69.7% | 69.8% | 66.4% | 69.0% | 69.6% | 68.0% | 69.7% | 60.9% | 65.4% | 66.1% | 66.2% |
| R&D | 231M | 277M | 388M | 401M | 546M | 623M | 647M | 682M | 1.2B | 1.4B | 1.2B | 967M | 955M |
| SG&A | 286M | 381M | 466M | 516M | 674M | 794M | 835M | 941M | 2.1B | 1.6B | 1.1B | 1.1B | 1.1B |
| EBIT | 201M | 134M | 515M | 613M | 606M | 883M | 985M | 580M | -123M | -1.1B | -833M | 807M | 852M |
| Op. Margin | 17.5% | 9.4% | 27.7% | 27.6% | 22.0% | 26.5% | 27.8% | 17.9% | -2.7% | -23.7% | -19.1% | 18.6% | 19.4% |
| Net Income | 151M | 125M | 353M | 462M | 726M | 826M | 1.0B | 656M | 762M | -1.2B | -1.2B | 850M | 853M |
| Net Margin | 13.2% | 8.8% | 19.0% | 20.8% | 26.4% | 24.8% | 28.3% | 20.3% | 16.8% | -25.8% | -28.0% | 19.6% | 19.4% |
| Non-Recurring | 25M | 25M | 2.0M | 0 | 23M | 0 | 0 | 0 | 0 | 764M | 1.5B | 47M | 17M |
| Returns on Capital | |||||||||||||
| ROIC | 13.7% | 16.5% | 33.4% | 23.7% | 18.7% | 36.3% | 21.8% | 18.5% | 9.1% | -13.5% | -26.1% | 25.4% | 19.5% |
| ROE | 12.0% | 8.8% | 23.6% | 25.0% | 31.6% | 25.4% | 23.9% | 14.0% | 9.9% | -14.1% | -30.1% | 33.4% | 31.9% |
| ROA | 6.9% | 4.5% | 11.1% | 12.5% | 16.2% | 13.5% | 14.0% | 8.6% | 6.7% | -9.2% | -14.9% | 13.1% | 13.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 292M | 386M | 501M | 786M | 875M | 1.1B | 1.1B | 1.1B | 545M | 478M | 837M | 1.1B | 1.1B |
| Free Cash Flow | 223M | 307M | 395M | 643M | 565M | 846M | 842M | 891M | 337M | 283M | 709M | 931M | 974M |
| Owner Earnings | 132M | 183M | 236M | 526M | 555M | 770M | 669M | 699M | -460M | -334M | 113M | 534M | 614M |
| CapEx | 69M | 79M | 106M | 143M | 310M | 296M | 209M | 189M | 208M | 195M | 128M | 148M | 154M |
| Maint. CapEx | 65M | 98M | 113M | 127M | 156M | 179M | 188M | 187M | 251M | 432M | 354M | 270M | 252M |
| Growth CapEx | 3.5M | 0 | 0 | 16M | 154M | 117M | 21M | 2.0M | 0 | 0 | 0 | 0 | 0 |
| D&A | 65M | 98M | 113M | 127M | 156M | 179M | 188M | 187M | 251M | 432M | 354M | 270M | 252M |
| CapEx/OCF | 23.6% | 20.5% | 21.1% | 21.7% | 33.4% | 25.9% | 19.9% | 17.5% | 38.2% | 40.8% | 15.3% | 13.7% | 13.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 83M | 50M | 237M | 274M | 251M | 201M | 324M | 736M | 0 | 0 | 116M | 742M | 784M |
| Buyback Yield | 1.1% | 0.3% | 0.8% | 1.4% | 0.8% | 0.5% | 0.7% | 1.3% | N/A | N/A | 0.5% | 3.5% | 2.6% |
| Stock-Based Comp | 94M | 106M | 153M | 133M | 164M | 193M | 194M | 194M | 754M | 380M | 370M | 275M | 262M |
| Debt Repayment | 350M | 11M | 1.2B | 245M | 9.0M | 4.0M | 550M | 0 | 517M | 1.2B | 750M | 500M | 500M |
| Balance Sheet | |||||||||||||
| Net Debt | -508M | -297M | -39M | -296M | -953M | -1.3B | -1.4B | -2.3B | -637M | 435M | 520M | -639M | 834M |
| Cash & Equiv. | 434M | 712M | 636M | 769M | 1.2B | 1.1B | 2.0B | 1.8B | 1.2B | 1.0B | 1.1B | 1.4B | 1.2B |
| Long-Term Debt | 805M | 839M | 987M | 1.0B | 1.2B | 1.1B | 1.1B | 673M | 702M | 0 | 1.2B | 495M | 1.5B |
| Debt/Equity | 0.64 | 0.57 | 0.89 | 0.59 | 0.43 | 0.59 | 0.43 | 0.25 | 0.07 | 0.26 | 0.73 | 0.37 | 0.74 |
| Interest Coverage | 5.3 | 3.4 | 12.3 | 14.3 | 16.4 | 15.5 | 18.9 | 11.8 | -2.0 | -13.9 | -8.3 | 8.0 | 106.5 |
| Equity | 1.3B | 1.5B | 1.5B | 1.8B | 2.7B | 3.8B | 4.6B | 4.7B | 10.7B | 5.7B | 2.4B | 2.7B | 2.7B |
| Total Assets | 2.6B | 3.0B | 3.3B | 3.7B | 5.3B | 7.0B | 7.3B | 7.6B | 15.2B | 10.1B | 6.3B | 6.6B | 6.6B |
| Total Liabilities | 1.2B | 1.5B | 1.9B | 1.8B | 2.5B | 3.2B | 2.7B | 2.9B | 4.5B | 4.4B | 3.9B | 3.9B | -47M |
| Intangibles | 130M | 331M | 315M | 274M | 175M | 185M | 145M | 142M | 3.3B | 3.0B | 295M | 210M | 430M |
| Retained Earnings | 83M | 208M | 561M | 1.0B | 2.3B | 3.1B | 4.1B | 4.7B | 5.5B | -19M | -1.2B | -392M | -258M |
| Working Capital | 1.5B | 1.3B | 1.2B | 1.5B | 2.2B | 2.7B | 3.8B | 3.2B | 1.6B | 1.0B | 1.2B | 1.7B | 1.2B |
| Current Assets | 1.8B | 1.6B | 1.9B | 2.1B | 3.0B | 4.5B | 4.5B | 4.5B | 2.7B | 2.6B | 2.7B | 3.3B | 2.7B |
| Current Liabilities | 305M | 322M | 722M | 610M | 746M | 1.8B | 665M | 1.2B | 1.1B | 1.6B | 1.5B | 1.6B | 1.6B |
| Per Share Data | |||||||||||||
| EPS | 1.13 | 0.90 | 2.37 | 3.10 | 4.92 | 5.56 | 6.74 | 4.45 | 5.04 | -7.34 | -7.69 | 5.45 | 5.50 |
| Owner EPS | 0.99 | 1.31 | 1.58 | 3.53 | 3.76 | 5.18 | 4.50 | 4.74 | -3.04 | -2.11 | 0.71 | 3.42 | 3.99 |
| Book Value | 9.85 | 11.01 | 9.81 | 12.40 | 18.63 | 25.30 | 31.03 | 31.84 | 71.04 | 36.32 | 14.92 | 17.46 | 17.38 |
| Cash Flow/Share | 2.18 | 2.78 | 3.36 | 5.27 | 5.93 | 7.69 | 7.07 | 7.33 | 3.60 | 3.02 | 5.26 | 6.92 | 7.18 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 133.9M | 139.2M | 149.1M | 149.0M | 147.6M | 148.6M | 148.7M | 147.4M | 151.2M | 158.2M | 159.0M | 156.0M | 154.0M |
| Valuation | |||||||||||||
| P/E Ratio | 48.5 | 122.6 | 79.4 | 41.3 | 70.9 | 53.6 | 49.3 | 85.4 | 37.9 | N/A | N/A | 24.8 | 35.3 |
| P/FCF | 32.0 | 48.7 | 69.1 | 28.8 | 55.3 | 50.9 | 57.1 | 61.2 | 83.3 | 77.3 | 30.3 | 22.6 | 30.7 |
| EV/EBIT | 30.1 | 106.3 | 55.0 | 30.7 | 54.3 | 50.0 | 47.8 | 92.4 | N/A | N/A | N/A | 27.1 | 36.1 |
| Price/Book | 5.6 | 10.0 | 19.2 | 10.3 | 11.9 | 11.5 | 10.7 | 11.9 | 2.7 | 3.8 | 9.1 | 7.7 | 11.2 |
| Price/Sales | 66.6 | 64.5 | 101.0 | 68.9 | 11.6 | 12.7 | 13.0 | 19.3 | 8.6 | 6.0 | 4.7 | 3.6 | 6.8 |
| FCF Yield | 3.0% | 2.0% | 1.4% | 3.4% | 1.7% | 1.9% | 1.7% | 1.6% | 1.2% | 1.3% | 3.3% | 4.4% | 3.3% |
| Market Cap | 7.3B | 15.4B | 28.1B | 19.0B | 32.8B | 44.3B | 49.4B | 56.0B | 28.8B | 21.9B | 21.5B | 21.0B | 29.9B |
| Avg. Price | 44.84 | 70.49 | 159.40 | 148.06 | 179.94 | 278.17 | 301.13 | 412.03 | 251.31 | 171.85 | 127.97 | 101.43 | 194.09 |
| Year-End Price | 53.26 | 107.37 | 183.07 | 124.45 | 211.60 | 290.11 | 323.24 | 369.72 | 185.61 | 138.26 | 135.27 | 134.95 | 194.09 |
ILLUMINA, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
ILLUMINA, INC. trades at 35.6x trailing earnings, compared to its 15-year median P/E of 51.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 31.9x vs a median of 56.2x. The company's 5-year average ROIC is 2.7% with a gross margin of 66.0%. Total shareholder yield (buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is -7.6%.
ILLUMINA, INC. (ILMN) has a net profit margin of 19.6%. This is a healthy margin.
ILLUMINA, INC. (ILMN) generated $931 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ILLUMINA, INC. (ILMN) has a debt-to-equity ratio of 0.37. This indicates a conservatively financed balance sheet.
ILLUMINA, INC. (ILMN) reported earnings per share (EPS) of $5.45 in its most recent fiscal year.
ILLUMINA, INC. (ILMN) has a return on equity (ROE) of 33.4%. This indicates the company generates strong returns for shareholders.
ILLUMINA, INC. (ILMN) has a 5-year average gross margin of 66.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for ILLUMINA, INC. (ILMN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ILLUMINA, INC. (ILMN) has a book value per share of $17.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects clinical markets to continue leading demand in 2026, with clinical consumables growing double-digit to mid-teens and clinical volumes transitioning to the NovaSeq X platform, while research and applied markets remain cautious with expected mid-to-high single-digit declines. The company is scaling NovaSeq X supply to meet robust demand, with placements expected to reach mid-single-digit growth in 2026 and high single-digit growth in 2027, supported by a solid backlog and strong pipeline. Operating leverage is expected to improve through the second half of 2026 as cost mitigation actions take effect and the company progresses toward its 2027 targets of high single-digit revenue growth and 26% operating margins. Management remains confident in the underlying strategy and long-term financial targets, with multi-omics launches and expanded services offerings positioned to support sustained growth as research markets stabilize.
Based on recent SEC filings and earnings calls, ILLUMINA, INC. (ILMN) has provided the following forward guidance: Revenue: $4.52 billion to $4.62 billion (FY2026); Operating margin: 23.4%-23.6% (FY2026); Non-GAAP diluted EPS: $5.15-$5.30 (FY2026).