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Illumina, Inc. key statistics and ratios

In fiscal 2025, Illumina, Inc. had return on equity of 33.4%, an operating margin of 18.6%, debt equal to 73.0% of equity and a current ratio of 2.08. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Jan 20102010Jan 20112011Jan 20122012Dec 20122013Dec 20132014Dec 20142015Jan 20162016Jan 20172017Dec 20172018Dec 20182019Dec 20192020Jan 20212021Jan 20222022Jan 20232023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin68.1%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%
Operating margin18.8%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 margin10.8%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 margin17.9%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%
Return on equity8.4%12.1%7.6%12.6%8.8%23.6%27.9%22.9%29.4%25.4%23.9%14.1%9.9%−50.8%−18.8%−30.1%33.4%30.5%
Return on assets5.1%7.6%4.3%6.4%4.5%11.1%13.1%11.6%15.2%13.5%14.0%8.8%6.7%−32.1%−10.4%−14.9%13.1%13.3%
Asset turnover0.470.550.520.480.510.590.630.600.580.550.500.430.400.330.400.530.670.67
Current ratio2.222.356.815.875.022.623.433.293.992.496.693.602.481.281.661.772.082.63
Debt to equity33.6%26.0%75.1%72.8%61.9%100.5%59.0%48.2%43.4%53.1%24.7%25.2%9.2%41.4%25.9%83.8%73.0%56.9%
Interest cover (operating income ÷ interest)5.3x8.6x5.7x5.3x3.4x12.3x14.3x17.8x16.4x15.5x18.9x11.8xn/mn/mn/mn/m8.0x9.8x
Effective tax rate36.7%32.6%34.9%32.1%21.3%21.3%21.4%23.7%35.0%12.5%11.4%23.4%13.8%———21.7%15.4%
R&D as % of revenue21.1%19.7%18.7%20.1%19.5%20.8%18.1%21.0%19.8%18.7%18.3%21.1%26.2%28.8%30.1%26.7%22.3%21.5%
SG&A as % of revenue26.5%24.4%24.8%24.9%26.8%25.1%23.2%24.4%24.5%23.8%23.6%29.1%46.2%28.3%35.8%25.0%25.0%25.0%
Capital spending as % of revenue7.9%5.5%7.4%6.0%5.6%5.7%6.4%10.8%11.3%8.9%5.9%5.8%4.6%6.2%4.3%2.9%3.4%3.8%
Free cash flow ÷ net income165.4%178.4%323.6%147.5%245.2%111.9%139.2%112.1%77.8%102.4%84.0%135.8%44.2%———109.5%118.1%
Dividends and buybacks ÷ free cash flow146.5%19.8%203.5%37.0%16.3%60.0%42.6%48.0%44.4%23.8%38.5%82.6%0.0%0.0%0.0%16.4%79.7%39.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ILMN vs WATILMN vs MTDCRL vs ILMN

More: Life Sciences Tools & Services stocks compared, Health Care sector, rankings of US companies

Figures from Illumina, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Illumina, Inc.