undamentalytics Newsletter
Sign in

Illumina, Inc. (ILMN) stock

Add to watchlist

Add holding +

NASDAQ: ILMN Nasdaq Life Sciences Tools & Services Next results ~February 4, 2027

B Fundamentals grade

Illumina, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$76

Cash-flow model

Base case. Range ~$57–$100 across our lower- and higher-growth cases (-1.8%–8.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 66% below it.

Price used: $226.58, November 2, 2026

Illumina, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Illumina files

10-Q filed October 30: Illumina

Model value +29.2%

Revenue for the twelve months to September 2026 was $4.54bn, up 5.8% on a year earlier, faster than the 4.9% growth a quarter earlier. Free-cash-flow margin held at 23.3%. Operating margin widened to 21.2% from 18.2%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from B to B+. Our model value rises from $59.14 to $76.41 a share, against a share price of $236. The rating stays Sell. At that price, our model says the market is pricing in about 24.0% a year of cash-flow growth for five years, faster than the 0.1% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Illumina stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.49bn, up 4.9% on a year earlier, faster than 1.3% a quarter earlier. Free-cash-flow margin fell to 20.7% from 24.1% a year earlier. Operating margin narrowed to 19.6% from 30.2%. The diluted share count is down 3.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $55.19 a share, against a share price of $271.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Illumina, Inc.'s trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 23.3%. Where it stands out: free-cash-flow margin of 23.3% ranks 3 of 54 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$76 per share in the base case (~$57–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.7% while net income grew 27.5%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 23.3% of revenue turned into free cash flow, against a median of -1.3% for life sciences tools & services companies we cover.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $226.58 is 66% above our value per share of $76.
  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 1.0 against the S&P 500.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.44 against an average estimate of $1.36: beat by 6.1%
Revenue
$1.13bn, up 4.2% on a year earlier
Share reaction
-18.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total revenue $4.6bn to $4.64bn (fiscal year 2026); ROW organic revenue growth growth 5% (fiscal year 2026)
Next report
October 29, 2026; average EPS estimate $1.53

Illumina's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.0%
  • 1 week-16.4%
  • 1 month-17.0%
  • This year+72.8%
  • 1 year+83.4%
  • 5 years-44.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.5B
Operating margin
21.2%
Net margin
19.7%
EPS (TTM, diluted)
$5.82

Growth

Revenue growth
+5.8%
Change in growth rate
+1.0 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
23.3%
Stock pay % of revenue
5.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Results
  4. Agreement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Announcement
  11. Agreement
  12. Announcement
  13. Announcement
  14. Results
  15. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Illumina, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 24.1% a year of cash-flow growth for five years.That is faster than the 0.1% a year revenue growth Illumina has delivered.

  • Priced in24.1%
  • Last 12 months5.8%
  • 3 years a year0.5%
  • 5 years a year0.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($237.42, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$76
Price used
$237.42close November 3, 2026
Implied change
▼ 68%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Illumina, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($656M, FY2026 Q3 TTM), growing 5.9% and 4.4% in the next two years (forecasts, guidance and its record), then back to 3.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$57–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Illumina, Inc.'s free cash flow after stock-based pay ( $656M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Illumina, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$76 ~$57–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$110–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$97 ~$76–$140 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Illumina, Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −0%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $59$81$110$148$198$263
8.5% $44$60$81$109$144$190
10% $35$48$64$85$112$147

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$186.72$124.55$212.54$290.11$323.24$359.92$370.08$196.69$135.45$135.27$134.95$226.58
Market value$28.6bn$18.9bn$32.3bn$44.4bn$49.5bn$54.8bn$57.4bn$30.9bn$21.4bn$21.5bn$21.1bn$34.8bn
+ Net debt (− = net cash)$322m$323m−$33m$853m−$901m−$626m−$239m$724m$441m$862m$571m$500m
Enterprise value$28.9bn$19.3bn$32.3bn$45.3bn$48.6bn$54.1bn$57.2bn$31.6bn$21.8bn$22.4bn$21.6bn$35.3bn
Multiples
Price / sales 12.9x7.9x11.8x13.3x14.0x16.9x12.7x6.7x4.8x4.9x4.8x7.7x
Price / earnings 61.9x40.9x44.5x53.8x49.4x83.5x75.4x———24.8x38.9x
Price / free cash flow 44.5x36.5x57.2x52.5x58.8x61.5x170.5xn/m75.6x30.3x22.6x33.0x
EV / EBITDA 39.1x26.5x42.4x42.6x41.4x70.6xn/m———20.1x29.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Strong moat

How hard Illumina's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 67.1%, moving by 2.5 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 19.1%; its worst year was -85.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.2% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 3.4% over five years; stock-based pay has been a median 6.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.36 +11% $4.6bn +7%
Next $6.13 +14% $4.9bn +7%

Next year's EPS estimate has moved +3.3% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.5% on 90 days ago. In the last 30 days, 2 analysts raised Illumina, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Illumina, Inc., last 90 days
$5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.23 Current fiscal year, 60 days ago: $5.36 Current fiscal year, 30 days ago: $5.36 Current fiscal year, 7 days ago: $5.36 Current fiscal year, Now: $5.36 $5.36 Next fiscal year, 90 days ago: $5.93 Next fiscal year, 60 days ago: $6.10 Next fiscal year, 30 days ago: $6.10 Next fiscal year, 7 days ago: $6.13 Next fiscal year, Now: $6.13 $6.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.23$5.93
60 days ago $5.36$6.10
30 days ago $5.36$6.10
7 days ago $5.36$6.13
Now $5.36$6.13

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.36 $1.44 +6.1%
Jun 2026 $1.23 $1.31 +6.8%
Mar 2026 $1.05 $1.15 +9.0%
Dec 2025 $1.23 $1.35 +9.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Total revenue fiscal year 2026 $4.6bn to $4.64bn Raised
    “Total revenue of $4.60-$4.64 billion, versus prior guidance of $4.52-$4.62 billion” source
  • ROW organic revenue growth fiscal year 2026 — Non-GAAP Raised
    “ROW organic revenue growth greater than 5%, versus prior guidance of 2%-4%” source
  • Non-GAAP diluted EPS fiscal year 2026 $5.30 to $5.40 Non-GAAP Raised
    “Non-GAAP diluted EPS of $5.30-$5.40, versus prior guidance of $5.15-$5.30” source
  • Non-GAAP operating margin fiscal year 2026 23.4% to 23.6% Non-GAAP Maintained
    “Non-GAAP operating margin of 23.4%-23.6%, unchanged from prior guidance” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Illumina, Inc.'s revenue by +5.9% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.8%, weight 57%) , management guidance (+6.7%, weight 19%) and the company's own record (+3.2%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1048%
Hold733%
Sell419%

Monthly trend

  1. Oct 20264672221
  2. Sep 20264762221
  3. Aug 2026466320
  4. Jul 2026465319

Counts of recommendations published by analysts covering Illumina, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
1.86
at average volume
Short interest, 1 month
−26%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
8,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +83.4%

$123.54 on October 31, 2025 to $226.58

ThenNowEffect
Revenue (last 12 months) $4.3bn $4.5bn +4.9%
Net margin 29.3% 18.4% −37.4%
P/E multiple 15.6x 42.2x +171.1%
Share count 159m 154m +3.1%

Biggest factor: p/e multiple.

Last 3 years +99.2%

$113.74 on November 3, 2023 to $226.58

ThenNowEffect
Revenue (last 12 months) $4.5bn $4.5bn +0.7%
P/S multiple 4.0x 7.8x +93.7%
Share count 157m 154m +2.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ILMN+3%−47%−31%−1%−2%+73%
Industry peers (median)+5%−53%−3%−15%−7%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ILMN67%25%33%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ILMN−34%−58%−60%−31%−51%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 86% from August 16, 2021 to April 8, 2025. Getting back needed a 626% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$114.44 – $293.69
From 52-week high
−22.9%
vs 50-day average
−9.2%
vs 200-day average
+28.4%
Volatility (1 year)
47%
Beta vs S&P 500
1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.6%
After a week
6 up, 5 down
typical move ±9.6%
After a month
5 up, 6 down
typical move ±18.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −18.3% −2.1% — —
July 30, 2026 +5.3% +2.4% −0.6% +10.7%
April 30, 2026 +12.8% +1.3% +15.2% +36.6%
February 5, 2026 −10.8% +0.6% −14.7% −7.4%
January 13, 2026 −1.1% −0.7% +4.8% −21.4%
October 30, 2025 +30.0% −0.8% +27.4% +35.5%
July 31, 2025 −11.3% −2.0% −10.5% −6.3%
May 8, 2025 −0.8% +0.6% +6.0% +11.3%
February 6, 2025 −10.9% −0.6% −18.4% −31.0%
January 14, 2025 −5.6% +2.0% −2.7% −29.4%
November 4, 2024 +3.5% +1.0% +1.2% −4.8%
August 6, 2024 +4.9% +0.2% +3.7% +12.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Illumina, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.84× the last 60 days’ realised volatility , richer than 6% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ILMN Illumina, Inc. Grade B $228.89

Own 100 shares, sell the $260 call expiring December 18, 2026 (46 days) for $7.20 a share — $720 per contract.

Previous session · Bid $7.20, ask $8.30, quoted Mon 2 Nov, 17:26 New York time with ILMN at $228.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If ILMN ends below $260: you keep your shares and the $720 — 3.1% extra on the position, 25.0% a year at that pace.
  • If it ends above $260: your shares are sold at $260, a total return of 16.7% including the premium — at or above our value of ~$76.
$3.8k $0 −$4.4k Break-even $221.69 Price $228.89 ← Our value ~$76
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$720
Annualised
25.0%
Break-even
$221.69
Max gain
$3,831
Chance of selling
~31%

Collar

Own the shares, buy the $210 put and sell the $260 call, both expiring December 18, 2026 (46 days).

  • Net cost of $3.90 a share ($390 per contract of 100 shares).
  • Worst case at expiry: -10.0%, if the shares fall below $210 (-8.3% from today).
  • Best case at expiry: +11.9%, if the shares rise above $260 (+13.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $76.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Illumina, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Illumina, Inc.
$4.2B $4.3B $4.4B $4.5B $4.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.5B Revenue (TTM), FY24 Q1: $4.5B Revenue (TTM), FY24 Q2: $4.4B Revenue (TTM), FY24 Q3: $4.4B Revenue (TTM), FY24 Q4: $4.4B Revenue (TTM), FY25 Q1: $4.3B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $4.3B Revenue (TTM), FY25 Q4: $4.3B Revenue (TTM), FY26 Q1: $4.4B Revenue (TTM), FY26 Q2: $4.5B Revenue (TTM), FY26 Q3: $4.5B $4.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.5B
FY24 Q1 $4.5B
FY24 Q2 $4.4B
FY24 Q3 $4.4B
FY24 Q4 $4.4B
FY25 Q1 $4.3B
FY25 Q2 $4.3B
FY25 Q3 $4.3B
FY25 Q4 $4.3B
FY26 Q1 $4.4B
FY26 Q2 $4.5B
FY26 Q3 $4.5B
Revenue growth, TTM YoY Illumina, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.7% Revenue growth, TTM YoY, FY24 Q1: 1.0% Revenue growth, TTM YoY, FY24 Q2: -0.7% Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: -2.9% Revenue growth, TTM YoY, FY25 Q1: -3.5% Revenue growth, TTM YoY, FY25 Q2: -3.3% Revenue growth, TTM YoY, FY25 Q3: -2.3% Revenue growth, TTM YoY, FY25 Q4: -0.7% Revenue growth, TTM YoY, FY26 Q1: 1.3% Revenue growth, TTM YoY, FY26 Q2: 4.9% Revenue growth, TTM YoY, FY26 Q3: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.7%
FY24 Q1 1.0%
FY24 Q2 -0.7%
FY24 Q3 -1.7%
FY24 Q4 -2.9%
FY25 Q1 -3.5%
FY25 Q2 -3.3%
FY25 Q3 -2.3%
FY25 Q4 -0.7%
FY26 Q1 1.3%
FY26 Q2 4.9%
FY26 Q3 5.8%
Operating margin (TTM) Illumina, Inc.
-100% -50% 0% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -23.8% Operating margin (TTM), FY24 Q1: -24.9% Operating margin (TTM), FY24 Q2: -60.2% Operating margin (TTM), FY24 Q3: -26.7% Operating margin (TTM), FY24 Q4: -19.0% Operating margin (TTM), FY25 Q1: -12.8% Operating margin (TTM), FY25 Q2: 30.2% Operating margin (TTM), FY25 Q3: 18.2% Operating margin (TTM), FY25 Q4: 18.6% Operating margin (TTM), FY26 Q1: 19.4% Operating margin (TTM), FY26 Q2: 19.6% Operating margin (TTM), FY26 Q3: 21.2% 21.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -23.8%
FY24 Q1 -24.9%
FY24 Q2 -60.2%
FY24 Q3 -26.7%
FY24 Q4 -19.0%
FY25 Q1 -12.8%
FY25 Q2 30.2%
FY25 Q3 18.2%
FY25 Q4 18.6%
FY26 Q1 19.4%
FY26 Q2 19.6%
FY26 Q3 21.2%
FCF margin (TTM) Illumina, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.3% FCF margin (TTM), FY24 Q1: 8.1% FCF margin (TTM), FY24 Q2: 8.1% FCF margin (TTM), FY24 Q3: 12.5% FCF margin (TTM), FY24 Q4: 16.2% FCF margin (TTM), FY25 Q1: 20.2% FCF margin (TTM), FY25 Q2: 24.1% FCF margin (TTM), FY25 Q3: 23.3% FCF margin (TTM), FY25 Q4: 21.4% FCF margin (TTM), FY26 Q1: 22.2% FCF margin (TTM), FY26 Q2: 20.7% FCF margin (TTM), FY26 Q3: 23.3% 23.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.3%
FY24 Q1 8.1%
FY24 Q2 8.1%
FY24 Q3 12.5%
FY24 Q4 16.2%
FY25 Q1 20.2%
FY25 Q2 24.1%
FY25 Q3 23.3%
FY25 Q4 21.4%
FY26 Q1 22.2%
FY26 Q2 20.7%
FY26 Q3 23.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Illumina took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.3B
  2. Other income $279M · 6.4%
  3. Cost of revenue $1.5B · 33.9%
  4. Gross profit $2.9B · 66.1%
  5. Research and development $967M · 22.3%
  6. Selling, general and admin $1.1B · 25.0%
  7. Operating income $807M · 18.6%
  8. Income tax $236M · 5.4%
  9. Net income $850M · 19.6%

Shares of revenue. Source: Illumina's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Jan 2012 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Jan 2016 2016 Jan 2017 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Jan 2023 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 666 903 1,056 1,149 1,421 1,861 2,220 2,398 2,752 3,333 3,543 3,239 4,526 4,584 4,504 4,372 4,343 4,538
Gross profit 454 602 709 774 912 1,298 1,549 1,666 1,826 2,300 2,467 2,203 3,154 2,972 2,744 2,861 2,870 3,080
EBITDA 150 246 255 249 185 627 740 728 762 1,062 1,173 767 128 −3,785 −637 −479 1,077 1,180
Operating income 126 212 199 201 134 515 613 587 606 883 985 580 −123 −4,179 −1,069 −833 807 960
Net income 72 125 87 151 125 353 462 463 726 826 1,002 656 762 −4,404 −1,161 −1,223 850 895
Diluted EPS $0.52 $0.87 $0.62 $1.13 $0.90 $2.37 $3.10 $3.07 $4.92 $5.56 $6.74 $4.45 $5.04 −$28.00 −$7.34 −$7.69 $5.45 $5.82
Growth (year on year)
Revenue +16.2% +35.5% +16.9% +8.8% +23.7% +31.0% +19.3% +8.0% +14.8% +21.1% +6.3% −8.6% +39.7% +1.3% −1.7% −2.9% −0.7% +5.8%
EBITDA +53.6% +63.8% +3.7% −2.4% −25.7% +239.2% +18.0% −1.6% +4.7% +39.4% +10.5% −34.6% −83.3% <−999% — — — +11.8%
Operating income +56.1% +68.5% −5.8% +0.6% −33.2% +283.8% +19.1% −4.2% +3.2% +45.7% +11.6% −41.1% −121.2% — — — — +23.1%
Net income +83.4% +72.8% −30.6% +74.6% −17.2% +182.0% +30.7% +0.2% +56.8% +13.8% +21.3% −34.5% +16.2% −678.0% — — — +27.5%
Diluted EPS +76.7% +68.7% −28.7% +82.3% −20.4% +163.3% +30.8% −1.0% +60.3% +13.0% +21.2% −34.0% +13.3% −655.6% — — — +30.2%
Margins
Gross margin 68.1% 66.6% 67.2% 67.4% 64.2% 69.7% 69.8% 69.5% 66.4% 69.0% 69.6% 68.0% 69.7% 64.8% 60.9% 65.4% 66.1% 67.9%
EBITDA margin 22.5% 27.2% 24.2% 21.7% 13.0% 33.7% 33.3% 30.4% 27.7% 31.9% 33.1% 23.7% 2.8% −82.6% −14.1% −11.0% 24.8% 26.0%
Operating margin 18.8% 23.4% 18.9% 17.5% 9.4% 27.7% 27.6% 24.5% 22.0% 26.5% 27.8% 17.9% −2.7% −91.2% −23.7% −19.1% 18.6% 21.2%
Net margin 10.8% 13.8% 8.2% 13.2% 8.8% 19.0% 20.8% 19.3% 26.4% 24.8% 28.3% 20.3% 16.8% −96.1% −25.8% −28.0% 19.6% 19.7%
Free-cash-flow margin 17.9% 24.7% 26.6% 19.4% 21.6% 21.2% 29.0% 21.6% 20.5% 25.4% 23.8% 27.5% 7.4% 2.3% 6.3% 16.2% 21.4% 23.3%
Cash flow
Cash from operations 172 273 358 292 386 501 786 779 875 1,142 1,051 1,080 545 392 478 837 1,079 1,230
Capital spending 53 50 78 69 79 106 143 260 310 296 209 189 208 286 195 128 148 173
Free cash flow 120 223 280 223 307 395 643 519 565 846 842 891 337 106 283 709 931 1,057
Stock-based pay 61 72 92 94 106 153 133 129 164 193 194 194 754 366 380 370 275 270
Free cash flow after stock pay 59 151 188 129 201 243 510 390 401 653 648 697 −417 −260 −97 339 656 787
Balance sheet
Cash 145 249 303 434 712 636 769 735 1,225 1,144 2,042 1,810 1,232 2,011 1,048 1,127 1,418 1,289
Total debt 290 312 807 960 950 1,470 1,091 1,058 1,192 1,997 1,141 1,184 993 2,735 1,489 1,989 1,989 1,789
Net debt (negative = net cash) 146 63 504 526 238 834 322 323 −33 853 −901 −626 −239 724 441 862 571 500
Diluted shares 141m 147m 143m 137m 144m 153m 153m 152m 152m 153m 153m 152m 155m 157m 158m 159m 156m 154m
Returned to shareholders
Buybacks 175 44 570 83 50 237 274 249 251 201 324 736 0 0 0 116 742 421
Total returned 175 44 570 83 50 237 274 249 251 201 324 736 0 0 0 116 742 421

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 27, 2026
What it owns · $6.8bn
Short-term assets $3.0bnLonger-term assets $3.8bn
What it owes, and who funded it · $4.3bn
Short-term liabilities $1.2bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.3bn of cash against $1.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 57% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 57% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $1.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $960m against $98m of interest.

From Illumina, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$421M
Returned to shareholders
40%
of free cash flow
Buybacks, last 3 fiscal years
$858M
Diluted share count
−2.1%
year over year
Total shareholder yield
1.2%
dividends 0.0% + buybacks 1.2% of market value
R&D spending
21.5%
of revenue
Sales & admin spending
25.0%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated ILMN WAT MTD CRL BRKR AVTR Median
Revenue, last 12 months $4.5bn $4.6bn $4.1bn $4.0bn $3.5bn $6.6bn $229m
Revenue growth, last 12 months 5.8% 52.5% 6.9% −0.7% 1.6% 0.9% 6.9%
Revenue growth, 3-year average 0.5% 15.8% 1.5% −1.5% 8.8% −1.9% 2.9%
Revenue growth, latest quarter 4.2% 113.3% 4.5% −2.7% 5.2% 4.6% 8.5%
Gross margin 67.9% 59.3% 60.3% 36.7% 46.4% 31.6% 51.9%
Operating margin 21.2% 7.1% — 2.3% −0.9% 7.3% −14.3%
Operating margin, 3-year average 4.2% 20.5% — 6.4% 5.1% 6.9% −22.4%
Net margin 19.7% 3.6% 21.9% −6.0% −2.0% 5.1% −16.1%
Cash from operations / revenue 27.1% 11.8% 23.6% 14.6% 5.4% 8.8% 1.3%
Free-cash-flow margin 23.3% 9.4% 20.9% 9.3% 2.7% 6.6% −2.2%
Free-cash-flow margin, 3-year average 19.7% 17.5% 22.3% 11.9% 3.2% 8.5% 0.6%
Stock pay / revenue 5.9% 1.6% 0.6% 2.1% 0.6% 0.7% 4.4%
Change in share count −2.1% 25.7% −3.0% −3.9% −2.0% −0.6% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 6.9% 30 of 54
Change in growth rate Growth +1.0pp +0.4pp 24 of 54
Gross margin Profitability 67.9% 52.0% 7 of 45
Operating margin Profitability 21.2% -14.3% 4 of 52
Net margin Profitability 19.7% -12.2% 4 of 54
Free-cash-flow margin Cash generation 23.3% -1.3% 3 of 54
Stock pay as % of revenue Cash generation 5.9% 4.4% 29 of 53
Long-term debt as % of assets Balance sheet 26.3% 26.3% 18 of 35
Change in share count Balance sheet -2.1% 1.0% 9 of 46
Days sales outstanding Balance sheet 59 days 62 days 23 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Segments
Line of business Revenue Share YoY
Sequencing $4B 91.8% ▼ 0.2%
Microarray $358M 8.2% ▼ 5.5%
Products and services
Line of business Revenue Share YoY
Products $3.7B 85.4% ▲ 1.4%
Consumables $3.2B 87.0% ▲ 2.3%
Instruments $482M 13.0% ▼ 3.8%
Services $634M 14.6% ▼ 11.5%
Geography
Region Revenue YoY
Americas $2.4B ▼ 1.4%
United States $2.2B ▼ 2.0%
Europe $1.3B ▲ 6.7%
Asia Pacific Middle East and Africa $430M ▼ 1.8%
China $243M ▼ 21.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Illumina, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$27.5B
Institutions reporting
932
Shares held vs prior quarter
▼ 0.2%
Positions opened / closed
151 / 64

Top buyers and sellers, Q2 2026: 451 institutions bought and 395 sold ; the biggest buyer was FMR LLC (+3.0M shares) and the biggest seller Sessa Capital Im, L.P (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.4B 19.2M 12.3% ▲ 0.9%
Capital World Investors $2.7B 15.4M 9.9% ▼ 0.8%
Vanguard Portfolio Management LLC $1.2B 6.6M 4.2% ▼ 2.9%
Vanguard Capital Management LLC $1.2B 6.6M 4.2% ▼ 0.1%
State Street Corp $1.1B 6.5M 4.2% ▲ 1.2%
WCM Investment Management, LLC $1.1B 6.2M 4.1% ▲ 4.8%
FMR LLC $795M 4.5M 2.9% ▲ 192.4%
AQR Capital Management LLC $623M 3.5M 2.3% ▼ 11.0%
Primecap Management Co $618M 3.5M 2.2% ▲ 70.0%
Geode Capital Management, LLC $517M 2.9M 1.9% ▼ 3.4%
Corvex Management LP $498M 2.8M 1.8% ▼ 26.1%
Jupiter Topco LLC $359M 2.0M 1.3% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Illumina, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $84,627 2 trades by 1 insider, last 12 months Insider sales History → $673M 113 trades by 6 insiders · 0% under pre-set plans
Net ▼ $673M net selling
Insider Date Trade Shares Price Value
Meister Keith A. Director September 4, 2026 Sell 11,351 $219.18 $2.5M
Meister Keith A. Director September 4, 2026 Sell 100,650 $218.39 $22M
Meister Keith A. Director September 4, 2026 Sell 7,500 $217.28 $1.6M
Meister Keith A. Director September 3, 2026 Sell 9,961 $221.55 $2.2M
Meister Keith A. Director September 3, 2026 Sell 6,656 $220.17 $1.5M
Meister Keith A. Director September 3, 2026 Sell 13,717 $219.41 $3M
Meister Keith A. Director September 3, 2026 Sell 9,721 $218.33 $2.1M
Meister Keith A. Director September 3, 2026 Sell 14,196 $217.29 $3.1M
Meister Keith A. Director September 3, 2026 Sell 13,261 $216.38 $2.9M
Meister Keith A. Director September 3, 2026 Sell 8,439 $215.20 $1.8M
Meister Keith A. Director September 2, 2026 Sell 10,620 $213.73 $2.3M
Meister Keith A. Director September 2, 2026 Sell 57,488 $213.20 $12.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 47 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Illumina, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • January 13, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Illumina, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Illumina, Inc. in brief

What does Illumina, Inc. do?
Illumina, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Illumina, Inc.'s stock ticker?
Illumina, Inc. trades under the ticker ILMN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Illumina, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Illumina, Inc. reported revenue of $4.5B, 5.8% higher than a year earlier, according to its SEC filings.
What is Illumina, Inc.'s free cash flow?
Illumina, Inc.'s free-cash-flow margin is 23.3% of revenue over the trailing twelve months, ranking 3 of the 54 life sciences tools & services companies we cover.
What is Illumina, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Illumina, Inc.'s free cash flow after stock-based pay gives ~$76 per share in the base case, and ~$57–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Illumina, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital World Investors and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Illumina, Inc. buying back stock, and does it pay a dividend?
Illumina, Inc. spent $421M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Illumina, Inc.'s market cap?
On November 2, 2026, Illumina, Inc.'s market capitalisation was about $34.8B, with a price-to-earnings ratio of 38.9 and net debt of $500M. Market figures come from third-party market data and may be delayed.
How much debt does Illumina, Inc. have?
Illumina, Inc.'s debt-to-equity ratio is 56.9%, from its latest balance sheet (9.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Illumina, Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Illumina, Inc. are Waters Corporation, Mettler Toledo, Charles River Laboratories, Bruker Corp and Avantor, Inc. The side-by-side comparison below sets their revenue, margins and growth against Illumina, Inc.'s.
Are insiders buying or selling Illumina, Inc. stock?
Over the last 12 months, Illumina, Inc.'s directors and officers reported 2 open-market purchases and 113 sales on Form 4. The insider trading page charts every trade.
When is Illumina, Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Illumina, Inc. announces its own schedule.