Recent News
On November 5, 2025 Illumina announced that China’s Ministry of Commerce plans to lift an export ban effective November 10 while the company remains on the Unreliable Entities List, requiring approvals for some instrument purchases. On November 11, 2025 Illumina scheduled executive presentations at investor conferences and a webcast of its Wolfe Research appearance. On October 15, 2025 the company unveiled a new 5-base solution enabling combined variant and DNA methylation analysis from a single sample. Earlier in October Illumina publicized a new BioInsight unit and an expanded multiomics roadmap presented at industry events in early October 2025.
Technical Analysis
ADX at 36.08 signals a strong directional move in place; trend strength increases the likelihood that recent fundamental news will translate into sustained price action rather than a brief spike.
DI+ at 32.52, decreasing, indicates waning buying pressure; DI- at 13.00, decreasing, indicates retreating selling pressure. Those directional moves emphasize that momentum indicators will determine whether upside continuation follows the recent product and regulatory catalysts.
MACD currently 5.85 with a signal line at 5.50 and a MACD trend described as peak-and-reversal. The MACD sits above its signal line (a bullish cross), while the peak-and-reversal trend signals momentum rolling over; near-term upside faces a risk of momentum exhaustion despite the cross.
MRO at 37.46 and noted as peak-and-reversal sits positive, indicating price above a modeled target and suggesting the potential for a corrective pullback as that oscillator rolls over.
RSI 60.76, increasing, remains in a constructive range without overbought readings, supporting resilience to intraday weakness and giving price room to test short-term resistance levels.
Price sits at $128.72, above the 20-day average $123.94, 50-day average $107.93 and 200-day average $94.23; the 12-day EMA at $125.08 trends upward. The close lies just beneath the 1x Bollinger upper band ($128.80) and above the super-trend lower support at $119.94, which frames a near-term support band and leaves scope for continuation if momentum holds.
Liquidity and volatility remain ordinary for this profile: 10-day average volume ~1.85M vs today’s 1.93M and 42-day beta ~1.11, consistent with above-market sensitivity but typical trading depth for a large-cap genomics name.
Fundamental Analysis
Profitability shows strength: gross margin 65.63% and EBIT margin 31.26%, with the EBIT margin above the industry peer mean of 18.33% and above the industry peer median of 19.47%. QoQ, EBIT margin improved markedly (+57.18% QoQ); YoY EBIT margin declined (-117.77% YoY), reflecting sizable year-over-year comparatives while sequential margin recovery remains evident.
Revenue and growth metrics display a split profile. Trailing revenue growth reads 1.73%, while revenue growth year-over-year shows -48.33% and the most recent QoQ change shows -130.30%, indicating significant year-to-year comps and quarter-to-quarter variability; the company’s multiomics roadmap and product launches aim to reaccelerate top-line momentum.
Earnings and cash flow show operational resilience: reported EPS $1.34 vs estimate $1.17, an EPS surprise of +14.53%. Operating cash flow $234M and free cash flow $204M produce a free cash flow yield of 1.33%, above the industry peer mean free cash flow yield of 0.55%, supporting the company’s investment and capital return flexibility.
Balance sheet and leverage: total cash $934M and cash plus short-term investments $1.155B support liquidity; current ratio 1.81 and quick ratio 1.41 indicate working-capital coverage. Debt-to-equity stands at 115.06%, above the industry peer mean 64.52%, and debt-to-EBITDA at 6.51x indicates measurable leverage; interest coverage of 13.24x compares favorably to the industry peer mean of 6.87x and supports debt servicing capacity.
Valuation context: trailing PE ~79.18 with forward PE ~78.61 and price-target mean at $146.03. WMDST values the stock as fair-valued; elevated multiples reflect earnings power and growth optionality embedded in new product rollouts while cash-flow metrics and margin improvement underpin the current valuation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 234.0 M | |
| Capital Expenditures | $ -30.00 M | |
| Change In Working Capital | $ -75.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -179.00 M | |
| End Period Cash Flow | $ 934.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 197.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 364.0 M | |
| Depreciation | $ 51.0 M | |
| Depreciation and Amortization | $ 68.0 M | |
| Research and Development | $ 247.0 M | |
| Total Operating Expenses | $ 845.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 695.0 M | |
| EBITDA | $ 399.0 M | |
| EBIT | $ 331.0 M | |
| Operating Income | $ 214.0 M | |
| Interest Income | $ 10.0 M | |
| Interest Expense | $ 25.0 M | |
| Net Interest Income | $ -15.00 M | |
| Income Before Tax | $ 306.0 M | |
| Tax Provision | $ 71.0 M | |
| Tax Rate | 23.4 % | |
| Net Income | $ 235.0 M | |
| Net Income From Continuing Operations | $ 235.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.17 | |
| EPS Actual | $ 1.34 | |
| EPS Difference | $ 0.17 | |
| EPS Surprise | 14.53 % | |
| Forward EPS | $ 1.10 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.1 B | |
| Intangible Assets | $ 1.4 B | |
| Net Tangible Assets | $ 907.0 M | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 934.0 M | |
| Net Receivables | $ 701.0 M | |
| Inventory | $ 575.0 M | |
| Long-Term Investments | $ 400.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 200.0 M | |
| Short-Term Debt | $ 499.0 M | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 2.6 B | |
| Total Liabilities | $ 3.8 B | |
| EQUITY | ||
| Total Equity | $ 2.3 B | |
| Retained Earnings | $ -876.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.20 | |
| Shares Outstanding | 159.000 M | |
| Revenue Per-Share | $ 6.66 | |
| VALUATION | Market Capitalization | $ 15.4 B |
| Enterprise Value | $ 16.8 B | |
| Enterprise Multiple | 42.131 | |
| Enterprise Multiple QoQ | -24.245 % | |
| Enterprise Multiple YoY | -533.903 % | |
| Enterprise Multiple IPRWA | high: 142.585 mean: 73.304 median: 72.241 ILMN: 42.131 low: -148.838 |
|
| EV/R | 15.874 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.696 | |
| Asset To Liability | 1.59 | |
| Debt To Capital | 0.535 | |
| Debt To Assets | 0.427 | |
| Debt To Assets QoQ | 1.209 % | |
| Debt To Assets YoY | 248.843 % | |
| Debt To Assets IPRWA | high: 0.847 ILMN: 0.427 median: 0.348 mean: 0.32 low: 0.051 |
|
| Debt To Equity | 1.151 | |
| Debt To Equity QoQ | 4.51 % | |
| Debt To Equity YoY | 122.073 % | |
| Debt To Equity IPRWA | high: 1.368 ILMN: 1.151 median: 0.697 mean: 0.645 low: 0.067 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.806 | |
| Price To Book QoQ | 15.28 % | |
| Price To Book YoY | -46.369 % | |
| Price To Book IPRWA | high: 8.583 ILMN: 6.806 mean: 3.887 median: 3.432 low: 0.246 |
|
| Price To Earnings (P/E) | 79.181 | |
| Price To Earnings QoQ | -12.644 % | |
| Price To Earnings YoY | -75.081 % | |
| Price To Earnings IPRWA | high: 111.763 mean: 80.61 median: 79.394 ILMN: 79.181 low: -75.925 |
|
| PE/G Ratio | 3.491 | |
| Price To Sales (P/S) | 14.511 | |
| Price To Sales QoQ | 8.057 % | |
| Price To Sales YoY | -11.45 % | |
| Price To Sales IPRWA | high: 37.916 mean: 17.344 median: 15.972 ILMN: 14.511 low: 0.528 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 78.606 | |
| Forward PE/G | 3.466 | |
| Forward P/S | 77.637 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 34.644 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.173 | |
| Asset Turnover Ratio QoQ | 3.52 % | |
| Asset Turnover Ratio YoY | 25.13 % | |
| Asset Turnover Ratio IPRWA | high: 0.184 ILMN: 0.173 mean: 0.115 median: 0.108 low: 0.038 |
|
| Receivables Turnover | 1.513 | |
| Receivables Turnover Ratio QoQ | 4.2 % | |
| Receivables Turnover Ratio YoY | -13.201 % | |
| Receivables Turnover Ratio IPRWA | high: 2.963 ILMN: 1.513 mean: 1.336 median: 1.273 low: 0.962 |
|
| Inventory Turnover | 0.655 | |
| Inventory Turnover Ratio QoQ | -0.884 % | |
| Inventory Turnover Ratio YoY | -4.142 % | |
| Inventory Turnover Ratio IPRWA | high: 2.37 median: 1.196 mean: 1.051 ILMN: 0.655 low: 0.187 |
|
| Days Sales Outstanding (DSO) | 60.316 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 150.164 | |
| Cash Conversion Cycle Days QoQ | 5.415 % | |
| Cash Conversion Cycle Days YoY | 10.855 % | |
| Cash Conversion Cycle Days IPRWA | high: 448.101 ILMN: 150.164 mean: 131.469 median: 107.055 low: 51.486 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.897 | |
| CapEx To Revenue | -0.028 | |
| CapEx To Depreciation | -0.588 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.8 B | |
| Net Invested Capital | $ 4.2 B | |
| Invested Capital | $ 4.2 B | |
| Net Tangible Assets | $ 907.0 M | |
| Net Working Capital | $ 1.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.791 | |
| Current Ratio | 1.808 | |
| Current Ratio QoQ | -2.617 % | |
| Current Ratio YoY | 62.315 % | |
| Current Ratio IPRWA | high: 12.395 mean: 2.264 median: 1.933 ILMN: 1.808 low: 0.756 |
|
| Quick Ratio | 1.414 | |
| Quick Ratio QoQ | -4.667 % | |
| Quick Ratio YoY | 64.507 % | |
| Quick Ratio IPRWA | high: 11.708 mean: 1.75 median: 1.496 ILMN: 1.414 low: 0.701 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.511 | |
| Cost Of Debt | 0.738 % | |
| Interest Coverage Ratio | 13.24 | |
| Interest Coverage Ratio QoQ | 59.903 % | |
| Interest Coverage Ratio YoY | -113.538 % | |
| Interest Coverage Ratio IPRWA | high: 33.857 ILMN: 13.24 mean: 6.871 median: 5.23 low: -23.105 |
|
| Operating Cash Flow Ratio | 0.175 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 51.87 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.537 % | |
| Revenue Growth | 1.729 % | |
| Revenue Growth QoQ | -130.296 % | |
| Revenue Growth YoY | -48.326 % | |
| Revenue Growth IPRWA | high: 27.38 % mean: 5.158 % median: 4.728 % ILMN: 1.729 % low: -18.123 % |
|
| Earnings Growth | 22.68 % | |
| Earnings Growth QoQ | 77.312 % | |
| Earnings Growth YoY | -92.44 % | |
| Earnings Growth IPRWA | high: 71.304 % ILMN: 22.68 % mean: 4.87 % median: 4.078 % low: -61.905 % |
|
| MARGINS | ||
| Gross Margin | 65.628 % | |
| Gross Margin QoQ | 0.027 % | |
| Gross Margin YoY | 1.218 % | |
| Gross Margin IPRWA | high: 89.231 % ILMN: 65.628 % mean: 45.451 % median: 40.612 % low: 3.787 % |
|
| EBIT Margin | 31.256 % | |
| EBIT Margin QoQ | 57.184 % | |
| EBIT Margin YoY | -117.769 % | |
| EBIT Margin IPRWA | high: 65.47 % ILMN: 31.256 % median: 19.467 % mean: 18.334 % low: -167.282 % |
|
| Return On Sales (ROS) | 20.208 % | |
| Return On Sales QoQ | 1.624 % | |
| Return On Sales YoY | -111.488 % | |
| Return On Sales IPRWA | high: 40.537 % ILMN: 20.208 % median: 17.652 % mean: 16.672 % low: -167.282 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 204.0 M | |
| Free Cash Flow Yield | 1.327 % | |
| Free Cash Flow Yield QoQ | -7.719 % | |
| Free Cash Flow Yield YoY | 393.309 % | |
| Free Cash Flow Yield IPRWA | high: 13.177 % ILMN: 1.327 % median: 0.637 % mean: 0.551 % low: -16.613 % |
|
| Free Cash Growth | 1.493 % | |
| Free Cash Growth QoQ | -103.733 % | |
| Free Cash Growth YoY | -92.348 % | |
| Free Cash Growth IPRWA | high: 206.094 % median: 206.094 % mean: 126.542 % ILMN: 1.493 % low: -222.423 % |
|
| Free Cash To Net Income | 0.868 | |
| Cash Flow Margin | 24.174 % | |
| Cash Flow To Earnings | 1.089 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.831 % | |
| Return On Assets QoQ | 82.515 % | |
| Return On Assets YoY | -115.533 % | |
| Return On Assets IPRWA | ILMN: 3.831 % high: 3.668 % median: 1.615 % mean: 1.604 % low: -14.729 % |
|
| Return On Capital Employed (ROCE) | 7.155 % | |
| Return On Equity (ROE) | 0.104 | |
| Return On Equity QoQ | 88.124 % | |
| Return On Equity YoY | -107.517 % | |
| Return On Equity IPRWA | ILMN: 0.104 high: 0.068 median: 0.032 mean: 0.031 low: -0.217 |
|
| DuPont ROE | 10.16 % | |
| Return On Invested Capital (ROIC) | 5.983 % | |
| Return On Invested Capital QoQ | 74.993 % | |
| Return On Invested Capital YoY | -99.032 % | |
| Return On Invested Capital IPRWA | ILMN: 5.983 % high: 4.467 % median: 2.332 % mean: 2.22 % low: -17.594 % |
|