— Know what they know.
/
Not Investment Advice

ILMN

NASDAQ · USD
Illumina, Inc.
Healthcare · Medical - Diagnostics & Research
CEO Jacob Thaysen Employees 8,600 R&D / revenue 22.2%
Last price
$262.54−2.01%last session
Market cap
$39.6B
P/E (TTM)
48.5x
From 52w high
−15.1%
From 52w low
+179.3%
1-year return
+173.7%
RSI 14 · vs SMA200
53.1 · +54.8%
IS score
57.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ILMN   SPY   XLV (sector ETF) · weekly closes
100150200250300Jan 26Apr 26Jul 26Oct 26ILMN 274XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
28
Growth
29
Value
58
Momentum
100
Risk (safety)
83
Quality
76
Balance sheet
75
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
None of the computed warning flags fires for ILMN (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 5.7Beta 1.472 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
108 open-market sales, $592.3M
Form 144 notices (12m): 25, $590.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+92
165 new holders, 65 closed
942 filers hold 104.0% · 301 added, 335 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+218
1,058 funds adding shares
840 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
65.5%
20-day avg 49.3%, 50-day avg 60.6%
Latest 16.2 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.3B
Revenue growth YoY−0.7%
Gross margin66.5%
Operating income$865.0M
Operating margin19.9%
Net income$850.0M
Net margin19.6%
EPS (diluted)$5.44
Cash flow
Operating cash flow$1.1B
Capital expenditure$148.0M
Free cash flow$931.0M
FCF conversion (FCF / OCF)86.3%
Stock-based compensation$0
FCF less SBC$931.0M
Buybacks$742.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.6B
Total debt$2.0B
Net debt$356.0M
Shareholders' equity$2.7B
Goodwill & intangibles$1.3B
Debt / equity0.89
ROE (TTM)31.1%
ROIC (TTM)13.5%
Operating margin by fiscal year
-2.7%FY2021-91.2%FY2022-23.8%FY2023-18.4%FY202419.9%FY2025
Revenue $4.5B (FY2021) to $4.3B (FY2025), a -1.0% CAGR.

Valuation

P/E (TTM)48.5x
EV / EBITDA30.2x
Price / sales8.82x
Price / FCF42.2x
FCF yield2.37%
Buyback yield1.87%
SBC / revenue1.6%
Price / book13.97x
Forward P/E FY202649.0x
Forward P/E FY202651.8x
Forward P/E FY202743.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $240.09 across 11 analysts last quarter is theirs, not ours.

ILMN vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 66.8% 48.5% Operating margin 21.0% -9.4% Net margin 18.4% -9.5% ROIC 13.5% -2.5%
ILMN (TTM)Industry median Asset turnover 0.68 vs industry 0.54 · financial leverage 2.34

Earnings delivery

Next report 2026-10-29 · consensus EPS $1.36
92%
beat rate, 11 of 12 quarters
+15.6%
median EPS surprise
6
longest beat streak
+154+687+106+228+30-7+3+17+15+9+10+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-09 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ILMN Illumina, Inc. $39.6B48.5x31.1%18.4%−0.7% +173.7%
WAT Waters Corporation $42.9B108.7x1.9%-8.3%+52.5% +30.5%
IQV IQVIA Holdings Inc. $43.9B32.8x23.0%5.9%+8.2% +29.8%
IDXX IDEXX Laboratories, Inc. $44.1B39.4x74.2%27.8%+12.8% −12.1%
MTD Mettler-Toledo International $32.5B36.4x-736.4%22.7%+6.9% +19.2%
A Agilent Technologies, Inc. $48.8B34.0x21.0%19.3%+8.6% —
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% —
DGX Quest Diagnostics Incorporat $25.9B24.6x14.4%10.5%+9.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-13Material Agreement; Financial Obligation; Exhibits
2026-08-17Other Events; Exhibits
2026-08-13Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-08-12Other Events; Exhibits
2026-08-07Other Events; Exhibits
2026-07-30Earnings Release; Exhibits

Context

Shares outstanding151,000,000
Free float99.7%
Institutional ownership104.0%
Beta1.47
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$232.54 / $169.00
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ILMN sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureILMNIndustry medianIndustry percentileSector median
P/E (TTM) 48.1x 35.5x
82nd		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 8.8x 5.7x
76th		 3.7x
Price / book 14.0x 4.1x
89th		 3.6x
Price / tangible book 23.6x 9.0x
71st		 5.8x
Price / free cash flow 42.2x 34.4x
79th		 21.2x
Price / operating cash flow 36.2x 26.0x
78th		 17.1x
Enterprise value $41.0B $16.3B
76th		 $2.5B
EV / sales 9.1x 5.9x
76th		 3.8x
EV / EBITDA 29.5x 25.4x
76th		 16.2x
EV / EBIT 36.8x 29.2x
76th		 23.0x
EV / free cash flow 43.7x 35.1x
74th		 24.6x
Earnings yield 2.1% 1.7%
52nd		 -0.3%
FCF yield 2.4% 2.5%
48th		 1.7%
Operating cash flow yield 2.8% 3.2%
38th		 2.9%
Graham number (per share) $47.44 $65.89
35th		 $26.70

Profitability (TTM)

MeasureILMNIndustry medianIndustry percentileSector median
Gross margin 66.8% 52.9%
79th		 65.1%
EBITDA margin 30.9% 15.0%
86th		 6.6%
Operating margin 21.0% 11.0%
79th		 3.5%
EBIT margin 24.8% 9.1%
90th		 2.4%
Net margin 18.4% 7.5%
79th		 0.3%
NOPAT margin 17.0% 9.5%
72nd		 2.7%
FCF margin 20.9% 9.2%
79th		 4.3%
Operating cash flow margin 24.4% 15.0%
83rd		 7.1%
R&D / revenue 21.3% 7.2%
86th		 12.4%
SG&A / revenue 24.1% 29.8%
31st		 37.9%
Stock comp / revenue 1.6% 1.8%
29th		 4.5%
Effective tax rate 18.7% 20.5%
41st		 21.0%

Returns on capital

MeasureILMNIndustry medianIndustry percentileSector median
ROE (on average equity) 32.4% 4.7%
93rd		 0.8%
ROA 13.0% 3.2%
86th		 -0.3%
ROIC 18.2% 5.6%
86th		 5.5%
ROCE 22.0% 4.0%
90th		 2.3%
Return on tangible assets 17.5% 3.5%
90th		 1.7%
Cash ROIC (OCF / invested capital) 26.1% 11.8%
83rd		 9.7%
Gross profitability (GP / assets) 45.1% 22.3%
76th		 29.9%
ROIC, 3-yr average -15.2% 3.7%
17th		 2.6%
ROIC, 5-yr average -22.8% 5.7%
17th		 3.2%
ROE, 5-yr average -38.2% 3.1%
16th		 -4.9%
Incremental ROIC -50.5% -3.0%
26th		 17.2%

Growth

MeasureILMNIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.9% 8.1%
29th		 10.5%
Revenue growth (QoQ) 6.2% 8.1%
38th		 7.2%
Revenue CAGR, 3 yr 0.2% 4.9%
15th		 10.7%
Revenue CAGR, 5 yr 2.5% 7.0%
30th		 12.1%
Gross profit CAGR, 3 yr 2.6% 5.3%
33rd		 10.6%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) -34.4% 11.8%
12th		 17.5%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) -32.3% 15.1%
12th		 19.2%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr 0.6% -1.0%
57th		 8.1%
FCF growth (TTM YoY) -8.9% 12.4%
22nd		 18.6%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 73.4% 8.0%
88th		 11.9%
Book value CAGR, 3 yr -23.5% 2.6%
4th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 32.4% 10.3%
88th		 12.2%

Margin history & stability

MeasureILMNIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 65.1% 53.7%
82nd		 62.6%
Operating margin, 3-yr average -2.8% 8.7%
39th		 1.0%
Net margin, 3-yr average -7.0% 4.1%
32nd		 -2.6%
FCF margin, 3-yr average 17.7% 10.5%
75th		 3.2%
Revenue stability (0-1) 0.55 0.82
21st		 0.80
Earnings stability (0-1) 0.01 0.46
4th		 0.37
Margin stability (0-1) 0.95 0.93
57th		 0.93

Liquidity (latest quarter)

MeasureILMNIndustry medianIndustry percentileSector median
Cash & short-term investments $1.2B $520.8M
86th		 $330.9M
Net cash (− = net debt) −$1.4B −$874.6M
45th		 $8.4M
Working capital $1.3B $404.8M
83rd		 $381.1M
Current ratio 1.80 2.13
38th		 3.02
Quick ratio 1.40 1.77
31st		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.74 0.96
38th		 1.43
Defensive interval (days) 342 days 466 days
24th		 415 days

Leverage & solvency (latest quarter)

MeasureILMNIndustry medianIndustry percentileSector median
Total debt $2.5B $1.7B
66th		 $289.1M
Debt / equity 0.89 0.50
85th		 0.45
Net debt / equity 0.48 0.30
70th		 −0.13
Debt / assets 38.0% 28.5%
79th		 24.4%
Debt / capital 47.1% 33.6%
82nd		 31.1%
Debt / EBITDA 1.82 3.30
24th		 2.62
Net debt / EBITDA 0.98 2.39
24th		 1.42
Interest coverage (EBIT / interest) 11.2x 2.9x
76th		 2.1x
Cash interest coverage 10.9x 6.7x
68th		 3.6x
Debt payback (years of OCF) 2.3 yrs 3.8 yrs
35th		 2.7 yrs
Liabilities / assets 57.3% 45.2%
76th		 49.8%
IS credit model rating AA — —
Implied credit spread (bps) 80 175
14th		 225

Efficiency

MeasureILMNIndustry medianIndustry percentileSector median
Asset turnover 0.71 0.56
69th		 0.56
Fixed asset turnover 4.06 4.31
45th		 4.87
Inventory turnover 2.5 7.2
4th		 2.7
Receivables turnover 6.1 6.5
38th		 6.4
Days sales outstanding 60 days 56 days
62nd		 57 days
Days inventory outstanding 147 days 51 days
96th		 136 days
Days payables outstanding 53 days 45 days
66th		 59 days
Cash conversion cycle (days) 155 days 67 days
93rd		 70 days
Capex / revenue 3.5% 3.4%
52nd		 2.6%
Capex / depreciation 0.57 0.69
34th		 0.55
Operating expense ratio 45.3% 45.1%
52nd		 56.5%

Cash flow & earnings quality

MeasureILMNIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.33 1.58
35th		 1.61
FCF / net income 1.14 1.14
47th		 1.36
FCF / operating cash flow 85.8% 76.8%
65th		 81.2%
Capex / operating cash flow 14.2% 23.2%
35th		 18.8%
Accruals ratio -4.2% -4.3%
52nd		 -5.4%
Sloan accruals ratio -3.1% -1.5%
34th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureILMNIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.4% 0.9%
45th		 0.0%
Shareholder yield (dividends + buybacks) 0.4% 1.1%
45th		 0.0%
Share count change (YoY) -3.2% -0.7%
14th		 2.0%
Buybacks, last 5 years $3.1B $129.7M
79th		 $0

Scores & forensic checks

MeasureILMNIndustry medianIndustry percentileSector median
IS score 58 50
59th		 46
IS profitability 80 36
93rd		 22
IS growth 28 55
7th		 60
IS value 29 40
7th		 39
IS momentum 58 72
25th		 67
IS risk (safety) 100 80
62nd		 80
IS quality 83 62
83rd		 49
IS balance sheet 76 51
83rd		 55
IS earnings quality 75 69
79th		 56
IS cash flow 64 50
66th		 41
Piotroski F-score (0-9) 7 6
59th		 5
Altman Z-score 5.7 3.4
72nd		 3.2
Beneish M-score −2.56 −2.60
64th		 −2.62
Ohlson O-score −8.01 −8.12
52nd		 −7.16
IS credit score 87 67
83rd		 62

Per share

MeasureILMNIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.39 $1.54
72nd		 −$0.03
Book value per share $18.55 $17.72
52nd		 $7.10
Tangible book per share $7.58 $0.32
79th		 $1.91
Revenue per share $29.37 $26.05
62nd		 $9.38
FCF per share $6.14 $2.08
66th		 $0.46
Operating cash flow per share $7.16 $3.59
66th		 $0.93
Cash per share $7.63 $6.18
62nd		 $3.51

Size (TTM)

MeasureILMNIndustry medianIndustry percentileSector median
Market cap $39.6B $13.8B
76th		 $2.4B
Revenue $4.5B $2.5B
69th		 $770.2M
EBITDA $1.4B $438.4M
76th		 $56.1M
Net income $825.0M $139.0M
72nd		 −$3.3M
Free cash flow $939.0M $268.0M
72nd		 $41.2M
Total assets $6.7B $3.4B
66th		 $1.3B
Shareholders' equity $2.8B $1.5B
62nd		 $568.4M
Employees 8,600 6,319
59th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-05Thaysen Jacob
Director, Chief Executive Officer
 Tax withholding 1,303$293.69$382,678107,770
2026-09-30Ullem Scott B.
Director
 Award / grant 113$219.80$24,83811,143
2026-09-30Meister Keith A.
Director
 Award / grant 107$219.80$23,5196,887
2026-09-08Coletti Julie Ann
Chief Legal Officer
 Award / grant 4,549——4,549
2026-09-08Coletti Julie Ann
Chief Legal Officer
 Award / grant 14,214——18,763
2026-09-08Coletti Julie Ann
Chief Legal Officer
 Award / grant 5,307——5,307
2026-09-05Barnard Steven
SVP, Chief Technology Officer
 Tax withholding 408$211.06$86,11240,927
2026-09-04Meister Keith A.
Director
 Open-market sale 7,500$217.28$1.6M882,351
2026-09-04Meister Keith A.
Director
 Open-market sale 100,650$218.39$22.0M781,701
2026-09-04Meister Keith A.
Director
 Open-market sale 11,351$219.18$2.5M770,350
2026-09-03Meister Keith A.
Director
 Open-market sale 8,439$215.20$1.8M957,363
2026-09-03Meister Keith A.
Director
 Open-market sale 13,261$216.38$2.9M944,102

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1852,606$3.7M
Open-market saleDisposed1083,066,403$592.3M
Option exerciseDisposed4368,744$37.9M
Option exerciseAcquired4368,744$37.9M
OtherDisposed4368,744$53.5M
Tax withholdingDisposed43,456$715,777
—Disposed50—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 25 notices · 3,117,046 shares · $590.8M
FiledFilerShares proposedEst. proceeds
2026-09-04Corvex Management Lp150,000$32.0M
2026-08-27Corvex Management Lp200,000$45.0M
2026-08-25Corvex Management Lp300,000$67.0M
2026-08-21Corvex Management Lp250,000$53.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-02-10Gilbert CisnerosHousePurchase$1,001 - $15,0002026-03-10
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-06-09Lisa McClainHousePurchase$1,001 - $15,0002025-08-13
2025-06-08Lisa C. McClainHousePurchase$1,001 - $15,0002025-08-13
2020-03-11Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002020-04-14
2020-03-11Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002020-04-13
2020-03-11Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002020-04-13
2018-12-28Sheldon WhitehouseSenatePurchase$1,001 - $15,0002019-01-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.19,191,398$3.4B12.71%
Capital World Investors15,425,298$2.7B10.22%
VANGUARD PORTFOLIO MANAGEMENT LLC6,627,157$1.2B4.39%
VANGUARD CAPITAL MANAGEMENT LLC6,587,534$1.2B4.36%
STATE STREET CORP6,507,288$1.1B4.31%
WCM INVESTMENT MANAGEMENT, LLC6,206,701$1.1B4.11%
FMR LLC4,523,417$795.4M3.00%
PRIMECAP MANAGEMENT CO/CA/3,514,649$618.0M2.33%
GEODE CAPITAL MANAGEMENT, LLC2,946,669$516.7M1.95%
Jupiter Topco LLC2,039,763$358.7M1.35%
Invesco Ltd.1,994,241$350.6M1.32%
LOOMIS SAYLES & CO L P1,931,948$339.7M1.28%
WELLINGTON MANAGEMENT GROUP LLP1,812,928$318.8M1.20%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/1,744,209$308.5M1.16%
GUARDCAP ASSET MANAGEMENT Ltd1,480,264$257.5M0.98%

Institutional ownership by quarter

2023-092026-06104.0%
% of shares held by 13F filers
2023-092026-06942
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30942104.0%16530133565
2026-03-31850103.8%9729531894
2025-12-31861104.8%17830327177
2025-09-30776104.1%11227426978
2025-06-30747103.2%12228023694
2025-03-31726102.7%90265277211
2024-12-31856102.4%15126030685
2024-09-3080894.5%139282275101
2024-06-3077693.1%106271283121
2024-03-3180195.6%100325261107
2023-12-3181694.5%144267309134
2023-09-3082095.8%79253359142

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-07SCHEDULE 13GAbigail P. Johnson10.7%16,169,439
2026-05-14SCHEDULE 13G/ACapital World Investors10.3%15,776,452
2026-04-30SCHEDULE 13GVanguard Capital Management5.2%7,939,213
2025-11-13SCHEDULE 13G/ACapital World Investors13.2%20,263,950
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VSMPX0.06%$1.3B
VTI0.06%$1.3B
VTSAX0.06%$1.3B
VFFSX0.06%$1.1B
VFIAX0.06%$1.1B

Share structure

Shares outstanding151,000,000
Float150,483,127
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.5B$4.6B$4.5B$4.4B$4.3B
Cost of revenue$1.4B$1.6B$1.8B$1.5B$1.5B
Gross profit$3.2B$3.0B$2.7B$2.9B$2.9B
R&D$1.2B$1.3B$1.4B$1.2B$966.0M
SG&A$2.1B$1.3B$1.6B$1.1B$1.0B
Operating income−$123.0M−$4.2B−$1.1B−$833.0M$865.0M
EBITDA$1.2B−$3.9B−$608.0M−$725.0M$1.5B
Pretax income$884.0M−$4.3B−$1.1B−$1.2B$1.1B
Income tax$122.0M$68.0M$44.0M$44.0M$236.0M
Net income$762.0M−$4.4B−$1.2B−$1.2B$850.0M
EPS, diluted$5.05$-28.05$-7.35$-7.69$5.44
Diluted shares151.0M157.0M158.0M159.0M154.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.3B$2.0B$1.1B$1.2B$1.6B
Receivables$664.0M$688.0M$752.0M$751.0M$854.0M
Inventory$431.0M$568.0M$587.0M$547.0M$564.0M
Total current assets$2.7B$3.6B$2.6B$2.7B$3.3B
PP&E, net$1.7B$1.7B$1.6B$1.2B$1.1B
Goodwill & intangibles$10.4B$6.5B$5.5B$1.4B$1.3B
Total assets$15.2B$12.3B$10.1B$6.3B$6.6B
Accounts payable$332.0M$293.0M$245.0M$221.0M$240.0M
Total current liabilities$1.1B$2.8B$1.6B$1.5B$1.6B
Long-term debt$1.7B$1.5B$1.5B$1.5B$1.5B
Total liabilities$4.5B$5.7B$4.4B$3.9B$3.9B
Shareholders' equity$10.7B$6.6B$5.7B$2.4B$2.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$762.0M−$4.4B−$1.2B−$1.2B$850.0M
Depreciation & amortization$251.0M$394.0M$432.0M$354.0M$270.0M
Stock-based compensation$754.0M$366.0M$380.0M$370.0M$0
Change in working capital−$152.0M$204.0M−$90.0M−$483.0M−$153.0M
Operating cash flow$545.0M$392.0M$478.0M$837.0M$1.1B
Capital expenditure−$208.0M−$286.0M−$195.0M−$128.0M−$148.0M
Free cash flow$337.0M$106.0M$282.0M$709.0M$931.0M
Investing cash flow−$1.1B−$591.0M−$231.0M−$178.0M−$55.0M
Net debt issued / repaid$471.0M$991.0M−$1.2B$491.0M−$5.0M
Buybacks$0$0$0−$116.0M−$742.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin69.7%64.8%60.9%65.4%66.5%
Operating margin-2.7%-91.2%-23.8%-18.4%19.9%
Net margin16.8%-96.1%-25.8%-28.0%19.6%
FCF margin7.4%-1.6%6.3%16.2%21.6%
ROE9.9%-50.8%-18.8%-30.1%33.4%
ROIC-0.9%-40.7%-12.2%-16.8%18.6%
ROA6.7%-32.1%-10.4%-14.9%13.1%
Debt / equity0.240.540.391.100.94
Interest coverage15.2xn/mn/mn/m9.6x
Current ratio2.481.281.661.782.08
Revenue growth+39.7%+1.3%−1.7%−2.9%−0.7%
EPS growth+8.6%−675.0%+73.8%−4.7%+172.3%
P/E at year end76.3xn/mn/mn/m24.4x
EV / EBITDA at year end49.6xn/mn/mn/m14.6x
FCF yield at year end0.58%-0.24%1.31%3.28%4.52%
Dividend payout0.0%———0.0%

Revenue by segment

FY2021FY2022FY2023FY2025
Sequencing$4.1B$4.2B$4.1B$4.0B
Microarray$417.0M$413.0M$392.0M$358.0M

Revenue by region · FY2025

Americas$2.4B · 55%
EMEA$1.3B · 29%
Asia Pacific$430.0M · 10%
CHINA$243.0M · 6%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $1.36 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$4.6B$4.6B – $4.6B$5.36$5.34 – $5.401249.0x
2026$4.4B$4.3B – $4.5B$5.07$4.93 – $5.261051.8x
2027$4.9B$4.8B – $5.0B$6.10$5.84 – $6.531243.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$1.23$1.31+6.5%$1.1B$1.2B+2.5%
2026-04-30$1.05$1.15+9.5%$1.1B$1.1B+1.7%
2026-02-05$1.24$1.35+8.9%$1.1B$1.2B+3.6%
2025-10-30$1.17$1.34+14.5%$1.1B$1.1B+1.6%
2025-07-31$1.02$1.19+16.7%$1.1B$1.1B−0.6%
2025-05-08$0.94$0.97+3.2%$1.0B$1.0B+1.5%
2025-02-06$0.92$0.86−6.5%$1.1B$1.1B+3.0%
2024-11-04$0.88$1.14+29.7%$1.1B$1.1B+0.0%
2024-08-06$0.11$0.36+228.5%$1.1B$1.1B+1.7%
2024-05-02$0.04$0.09+106.4%$1.1B$1.1B+2.4%
2024-02-08$0.02$0.14+686.5%$1.1B$1.1B+3.1%
2023-11-09$0.13$0.33+153.8%$1.1B$1.1B−1.0%
2023-08-09$0.02$0.32+1,639.1%$1.2B$1.2B+1.1%
2023-04-25$0.03$0.08+216.2%$1.2B$1.1B−6.8%
2023-02-07$0.19$0.14−26.3%$1.1B$1.1B+1.0%
2022-11-03$0.29$0.34+17.2%$1.1B$1.1B+0.4%
2022-08-11$0.63$0.57−9.5%$1.2B$1.2B−4.9%
2022-05-05$0.87$1.07+23.0%$1.2B$1.2B+0.3%
2022-02-10$0.49$0.75+53.1%$1.1B$1.2B+6.4%
2021-11-04$1.24$1.45+16.9%$1.0B$1.1B+6.2%
2021-08-05$1.36$1.87+37.5%$1.0B$1.1B+10.6%
2021-04-27$1.36$1.89+39.0%$925.2M$1.1B+18.1%
2021-02-11$1.21$1.22+0.8%$898.4M$953.0M+6.1%
2020-10-29$0.77$1.02+32.5%$599.4M$794.0M+32.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.606-220.606-290.707-060.507-130.407-201.007-271.008-030.408-100.708-170.708-240.608-31
Week ofNotionalSharesTrades
2026-08-31$588.9M2,753,11973,669
2026-08-24$704.2M3,151,94876,540
2026-08-17$727.9M3,520,72382,126
2026-08-10$375.1M1,957,86854,871
2026-08-03$996.5M5,090,50397,003
2026-07-27$971.2M4,933,99783,813

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1565.5%
DateShort shareShort volumeTotal volume
2026-10-1565.5%759,6301,160,273
2026-10-1454.1%497,506919,547
2026-10-1355.4%437,452789,865
2026-10-1265.8%439,648668,385
2026-10-0940.3%340,549844,743
2026-10-0836.1%606,9321,679,892
2026-10-0740.3%473,9161,176,238
2026-10-0653.0%1,026,2541,935,253
2026-10-0544.4%818,2231,842,001
2026-10-0231.0%351,8871,135,882
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+8.2Jan-2.6Feb-0.0Mar+1.7Apr+0.9May+4.9Jun+3.8Jul-2.0Aug-1.0Sep+0.5Oct+0.5Nov+4.3Dec
MonthAvg returnUp yearsYears
Jan+8.2%75%20
Feb−2.6%30%20
Mar−0.0%52%21
Apr+1.7%55%20
May+0.9%55%20
Jun+4.9%75%20
Jul+3.8%70%20
Aug−2.0%35%20
Sep−1.0%45%20
Oct+0.5%50%20
Nov+0.5%50%20
Dec+4.3%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.1
MFI48.2
ADX39.6
Stochastic %K / %D24.2 / 31.0
Williams %R-84.6
CCI-29
TSI / signal21.8 / 29.4
Chaikin money flow0.09
ATR$13.49
Bollinger width16.6%
Volume vs 20-day avg0.82x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$268.49 (−2.2%)
SMA 50$233.92 (+12.2%)
SMA 200$169.65 (+54.8%)
EMA 21$262.20 (+0.1%)
EMA 50$240.05 (+9.4%)
EMA 200$182.69 (+43.7%)
Bollinger upper$290.83 (−9.7%)
Bollinger lower$246.14 (+6.7%)
Parabolic SAR$296.56 (−11.5%)
Open the live chart, 110+ indicators

About Illumina, Inc.

Illumina, Inc. specializes in delivering advanced genetic and genomic analysis tools, primarily through sequencing and array technologies. The company's offerings empower clients across various sectors to integrate genomic insights into both research and clinical environments, with applications spanning critical fields like life sciences, cancer diagnostics, reproductive health, agriculture, and innovative new domains. Illumina's portfolio encompasses specialized instrumentation and necessary consumables for genetic analysis, alongside comprehensive genotyping and sequencing services. They also offer instrument maintenance agreements, collaborate through development and licensing deals, and perform cancer detection tests. Its diverse clientele comprises leading genomic research facilities, universities, state-funded laboratories, medical centers, pharmaceutical and biotechnology firms, commercial molecular diagnostic providers, and businesses focused on consumer genomics. Illumina employs a two-pronged distribution strategy, selling directly to clients across North America, Europe, Latin America, and the Asia-Pacific. Additionally, it partners with life-science distributors to reach markets in Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Established in 1998, the company maintains its corporate headquarters in San Diego, California.

https://www.illumina.com

Key executives

NameTitlePayBorn
Jacob ThaysenCEO, President & Director$2.3M1975
Ankur DhingraChief Financial Officer$985,9921976
Steven BarnardChief Technology Officer$917,9761961
Kevin Carl PegelsChief of Global Operations$882,9921968
Mark FieldChief Information Officer$693,5191971
Jakob WedelChief Strategy & Corporate Development Officer—1972
Julie Ann ColettiChief Legal Officer—1968
Patricia LeckmanSenior Vice President & Chief People Officer—1964

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jacob Thaysen Chief Executive Officer2025$1.0M$8.8M$1.2M$11.0M
Everett Cunningham Former Chief Commercial Officer2025$650,000$2.9M$0$4.1M
Ankur Dhingra Chief Financial Officer2025$650,000$3.1M$325,325$4.1M
Steve Barnard Chief Technology Officer2025$600,000$2.6M$300,300$3.5M
Kevin Pegels Chief of Global Operations2025$575,000$2.3M$287,788$3.2M

Employees

7k20188k20198k20219k202210k20239k20239k20249k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

None · Efficient Scale · 2026-06-28
Cost advantage30
Intangibles36
Switching costs12
Network effect55
Efficient scale80
Our component scores (0-100) and overall 38.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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