Illumina, Inc. (ILMN)
Health Care · Life Sciences Tools & Services · US stock · S&P 500 component
$269.40
▼ -13.46 (4.76%)
Fair valueOvervalued
$200 −25.6% to fair value
$100fair band $171–$243$301
Day's range
$257.31 – $283.55
52-week range
$94.00 – $309.35
About Illumina, Inc.
Illumina makes instruments, chemicals and software used to read DNA at scale. Its sequencing systems and the single-use consumables that run on them are used in research, clinical testing, cancer and genetic disease diagnostics, and drug discovery. Customers are academic and government laboratories, pharmaceutical and biotechnology firms and clinical labs. The company is based in San Diego.
Illumina earns money from instrument placements and from ongoing consumables and services that run on its installed base. Revenue is $4.5 billion over the last twelve months, but revenue growth over three years is -1.8% a year. The operating margin is 19.6%, and the business earns a profit of 20% on the capital invested in it. The company carries net debt of 0.9 times EBITDA and pays no dividend. On the site's X-Ray Score it receives 39 out of 100.
Price chart
52-wk range $94.00 – $309.35Volume 2,223,767Daily, split-adjusted
Vitals
Market cap$41.2B
52-week range$94.00 – $309.35
Volume (last day)2,223,767
P/E (TTM)50.4
EBIT / EV yield2.1%
Free-cash-flow yield2.3%
Dividend yieldNo dividend
Revenue (TTM)$4.5B
Net income (TTM)$825M
Operating margin19.6%
Return on capital19.6%
Debt incl. leases$2.0B
Cash & securities$1.2B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$200middle half of models $185 – $218
Overvalued
−25.6% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $269
Undervalued < $171Fair $171 – $243Overvalued > $243
P/E multiple
$253
P/B multiple
$172
P/S multiple
$209
EV/EBITDA multiple
$219
EV/EBIT multiple
$199
EV/revenue multiple
$226
10-year DCF, EBITDA exit
$140
5-year DCF, EBITDA exit
$185
10-year DCF, revenue exit
$185
5-year DCF, revenue exit
$216
10-year DCF, growth exit · not used
$53
5-year DCF, growth exit · not used
$61
Growth the price implies
29.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
9/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.1%
Free-cash-flow yield2.3%
Fair value vs price0.7×
Growth
Weak
30/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-1.8%
Growth consistency40%
Profitability
Fair
56/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital19.6%
Operating margin19.6%
Gross profitability44.9%
Financial health
Fair
63/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA0.9×
Interest cover8.9×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
-3.3%
Mar '25
-4.8%
Jun '25
+0.4%
Sep '25
+5.0%
Dec '25
+4.8%
Mar '26
+9.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.2B, diluted EPS $1.35.
Compare with peers
MTD Mettler Toledo Interna...47 TECH BIO-TECHNE Corp45 IQV Iqvia Holdings Inc.43 A Agilent Technologies,...40Other Life Sciences Tools & Services companies by X-Ray Score.
SWOT analysis: Illumina, Inc.
Strengthsinside the company
- Return on invested capital is 19.6%, against a median of 8.5% for industry peers.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 1.8% a year over three years while industry peers grew 0.7%.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 50.0x earnings, 36% above the 36.7x median of industry peers, so the price already assumes better results.
- The price is 26% above our fair value estimate, so there is little room for disappointment.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ILMN with peers and sector
Medians of 8 Life Sciences Tools & Services peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): TMO 34, DHR 30, A 40, IQV 43, WAT 33, MTD 47.
| Metric | ILMN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 39 | 37 | 49 |
| Valuation | 9 | 28 | 55 |
| Growth | 30 | 28 | 48 |
| Profitability | 56 | 41 | 49 |
| Financial health | 63 | 38 | 48 |
| Dividends | – | 45 | 51 |
Sector leaders: highest X-Ray Score in Health Care
ILMN ranks #49 of 60 in Health Care and #5 of 9 in Life Sciences Tools & Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ILMN
Each factor is rated by where ILMN stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 8 Average · 8 Bad of 22
Growth: 0 · 0 · 2
Profitability: 3 · 2 · 0
Financial strength: 2 · 2 · 0
Valuation: 0 · 0 · 5
Cash flow: 1 · 2 · 1
Efficiency: 0 · 2 · 0
| Factor | ILMN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −1.8% | Bad beats 9% | +5.5% | – | – |
| Revenue growth, last year | −0.7% | Bad beats 8% | +7.1% | −0.7% | ≈ In line |
| Profitability | |||||
| Gross margin | 66.4% | Average beats 57% | 65.0% | 65.4% | ≈ In line |
| Operating margin | 19.6% | Average beats 61% | 16.4% | -19.1% | ▲ Better |
| Net margin | 18.4% | Good beats 73% | 11.1% | -25.8% | ▲ Better |
| Return on invested capital | 19.6% | Good beats 74% | 12.2% | – | – |
| Return on equity | 29.1% | Good beats 82% | 13.7% | -20.2% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 0.9x | Good beats 72% | 2.0x | – | – |
| Interest cover | 8.9x | Average beats 47% | 9.4x | -8.3x | ▲ Better |
| Current ratio | 1.80 | Average beats 66% | 1.52 | 1.78 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 50.0x | Bad beats 18% | 28.2x | – | – |
| Price / book | 14.5x | Bad beats 12% | 3.7x | 5.2x | ▼ Worse |
| Price / sales | 9.2x | Bad beats 14% | 3.7x | 4.9x | ▼ Worse |
| EV / EBITDA | 47.7x | Bad beats 6% | 17.6x | – | – |
| Free cash flow yield | 2.3% | Bad beats 9% | 4.4% | 1.3% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 20.7% | Average beats 62% | 16.3% | 7.4% | ▲ Better |
| Cash from operations / net income | 1.33 | Bad beats 32% | 1.61 | – | – |
| Free cash flow growth, 3 years a year | +106.3% | Good beats 99% | +4.3% | – | – |
| Accruals (lower is better) | −4.1% | Average beats 54% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.4x | Average beats 41% | 2.9x | 2.8x | ≈ In line |
| Days sales outstanding | 62 days | Average beats 49% | 62 days | 59 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 5 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.
Financials
| FY22 | FY23 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.5B | $4.6B | $4.5B | $4.4B | $4.3B |
| Operating income | −$123M | −$4.2B | −$1.1B | −$833M | $807M |
| Net income | $762M | −$4.4B | −$1.2B | −$1.2B | $850M |
| Operating cash flow | $545M | $392M | $478M | $837M | $1.1B |
| Operating margin | -2.7% | -91.2% | -23.7% | -19.1% | 18.6% |
| Free cash flow | $337M | $106M | $283M | $709M | $931M |
| Diluted EPS | $5.04 | $-28.00 | $-7.34 | $-7.69 | $5.45 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
8 bullish · 4 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 0 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 271.1 | Bearish |
| EMA 10 | 270.4 | Bearish |
| SMA 20 | 271.9 | Bearish |
| EMA 20 | 265.7 | Bullish |
| SMA 50 | 240.3 | Bullish |
| EMA 50 | 244.6 | Bullish |
| SMA 100 | 211.3 | Bullish |
| EMA 100 | 217.8 | Bullish |
| SMA 200 | 172.3 | Bullish |
| EMA 200 | 186.1 | Bullish |
Oscillators (daily)
| RSI (14) | 54.65 | Neutral |
| MACD (12, 26) | 8.39 | Bullish |
| Momentum (12) | -1.51 | Bearish |
| Stochastic %K (14) | 27.82 | Neutral |
| Williams %R (14) | -72.18 | Neutral |
| CCI (20) | -22.95 | Neutral |
Pivot points (classic, last session)
S3 230.4 | S2 243.8 | S1 256.6 | Pivot 270.1 | R1 282.9 | R2 296.3 | R3 309.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold ILMN
| ETF | Share of the fund |
|---|---|
| ARKG ARK Genomic Revolution | 4.74% |
| XMHQ Invesco S&P MidCap Quality | 4.21% |
| FBT First Trust NYSE Arca Biotechnology In... | 3.92% |
| IBB iShares Biotechnology | 2.07% |
| ARKK ARK Innovation | 1.45% |
| CGMM Capital Group U.S. Small and Mid Cap | 0.99% |
| FMDE Fidelity Enhanced Mid Cap | 0.78% |
| IJK iShares S&P Mid-Cap 400 Growth | 0.76% |
The eight funds with the largest weight in ILMN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ILMN stock splits
ILMN has split its stock once since 2008. The latest was a 2-for-1 split on 23 Sep 2008.
Full ILMN stock split history →ILMN SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.