Recent News
On April 2, 2026 the company announced planned retirements of three directors and nominated a new director for election at the annual meeting. On April 28, 2026 the board authorized a new share repurchase program of up to $1.5 billion. Grail, the company’s former unit with ongoing commercial products, announced NHS Galleri trial results on February 19, 2026 showing improved stage-shift detection for multiple cancers. Separately, Grail has pursued damages and costs against the European Commission related to the earlier regulatory veto of Illumina’s acquisition, a development reported in April 2026.
Technical Analysis
ADX at 13.13 indicates no dominant trend; directional indicators present a short-lived directional tug. DI+ registered a peak-and-reversal, which reads as bearish pressure following a prior advance, while DI- decreasing signals reduced selling intensity—together these suggest market indecision rather than sustained directional conviction.
MACD sits at 3.06 with the MACD line above the signal line (1.83) and an increasing MACD trend; that cross-above constitutes a bullish momentum signal and supports the case for further near-term upside continuation from current levels.
MRO at 32.34 and rising identifies the price as above the internal target and denotes elevated downside potential toward fair-value anchors; this amplifies the risk of a corrective pullback even as momentum indicators remain constructive.
RSI at 54.04 and climbing shows mild bullish momentum without extended overbought stress, aligning with price holding above several moving averages and recent intraday highs.
Price sits above the 20-, 50- and 200-day averages (20d: $132.55; 50d: $127.67; 200d: $119.07) and the 12-day EMA is rising, which supports a near-term price bias higher. The close of $141.88 trades near the upper 1x Bollinger band ($140.36), implying strength but also vulnerability to volatility-driven mean reversion. Short-term volume ran slightly below the 10- and 50-day averages, suggesting recent advances proceeded without a sustained pickup in trading participation.
Fundamental Analysis
Revenue for the period totaled $1.091 billion and YoY revenue growth registered 2.80%. Operating cash flow stood at $250 million with free cash flow of $251 million; free-cash-flow yield equals 1.30%. EPS came in at $1.15 versus an estimate of $1.05, producing an EPS surprise of 9.52%. These results underline improving profitability and cash conversion.
Profitability metrics show operating margin at 19.16% and EBIT margin at 16.59%. EBIT margin sits above the industry peer mean and below the industry peer median, while quarter-over-quarter EBIT margin contracted by about 52.3% and year-over-year declined roughly 16.6%, indicating margin volatility tied to period-specific items and mix shifts.
Balance-sheet and leverage metrics present mixed signals: cash and short-term investments total $1.155 billion and net debt equals $900 million; debt to EBITDA measures 10.18x while interest coverage near 7.54x. High debt-to-EBITDA reflects leverage relative to current earnings, but adequate interest coverage and positive operating cash flow mitigate solvency concerns in the near term.
Operational efficiency shows asset turnover at 0.165 and a cash-conversion cycle of ~148 days, above the industry peer mean for cash-conversion days; working-capital dynamics remain stretched but produced only a modest change in working capital this period. Return on equity near 5.01% and return on assets near 2.03% reflect recovery from prior compression but still modest returns on capital.
Multiples remain elevated on reported metrics: trailing PE ~110.5 and forward PE ~86.7, with enterprise value to revenue and enterprise multiple elevated as well; WMDST values the stock as under-valued, indicating WMDST’s fair-value analysis diverges from headline multiples and rests on growth normalization and demonstrated margin improvements. Use the company’s strong cash flow and repurchase authorization as contextual inputs to the valuation stance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 1.4 B |
| Operating Cash Flow | $ 250.0 M | |
| Capital Expenditures | $ -38.00 M | |
| Change In Working Capital | $ -1.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -329.00 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 457.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 370.0 M | |
| Depreciation | $ 51.0 M | |
| Depreciation and Amortization | $ 69.0 M | |
| Research and Development | $ 240.0 M | |
| Total Operating Expenses | $ 882.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 721.0 M | |
| EBITDA | $ 250.0 M | |
| EBIT | $ 181.0 M | |
| Operating Income | $ 209.0 M | |
| Interest Income | $ 11.0 M | |
| Interest Expense | $ 24.0 M | |
| Net Interest Income | $ -13.00 M | |
| Income Before Tax | $ 157.0 M | |
| Tax Provision | $ 23.0 M | |
| Tax Rate | 14.65 % | |
| Net Income | $ 134.0 M | |
| Net Income From Continuing Operations | $ 134.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.05 | |
| EPS Actual | $ 1.15 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 9.524 % | |
| Forward EPS | $ 1.48 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.6 B | |
| Intangible Assets | $ 1.7 B | |
| Net Tangible Assets | $ 962.0 M | |
| Total Current Assets | $ 2.7 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 738.0 M | |
| Inventory | $ 611.0 M | |
| Long-Term Investments | $ 523.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 218.0 M | |
| Short-Term Debt | $ 499.0 M | |
| Total Current Liabilities | $ 1.6 B | |
| Net Debt | $ 900.0 M | |
| Total Debt | $ 2.5 B | |
| Total Liabilities | $ 3.9 B | |
| EQUITY | ||
| Total Equity | $ 2.7 B | |
| Retained Earnings | $ -258.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.61 | |
| Shares Outstanding | 152.000 M | |
| Revenue Per-Share | $ 7.18 | |
| VALUATION | Market Capitalization | $ 19.3 B |
| Enterprise Value | $ 20.7 B | |
| Enterprise Multiple | 82.81 | |
| Enterprise Multiple QoQ | 81.626 % | |
| Enterprise Multiple YoY | 48.899 % | |
| Enterprise Multiple IPRWA | ILMN: 82.81 high: 82.306 median: 82.306 mean: 75.884 low: -94.625 |
|
| EV/R | 18.976 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.451 | |
| Asset To Liability | 1.689 | |
| Debt To Capital | 0.487 | |
| Debt To Assets | 0.388 | |
| Debt To Assets QoQ | 0.937 % | |
| Debt To Assets YoY | -8.027 % | |
| Debt To Assets IPRWA | ILMN: 0.388 high: 0.381 median: 0.381 mean: 0.368 low: 0.141 |
|
| Debt To Equity | 0.951 | |
| Debt To Equity QoQ | 1.397 % | |
| Debt To Equity YoY | -13.648 % | |
| Debt To Equity IPRWA | ILMN: 0.951 high: 0.831 median: 0.831 mean: 0.797 low: 0.2 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.217 | |
| Price To Book QoQ | -3.962 % | |
| Price To Book YoY | 22.253 % | |
| Price To Book IPRWA | ILMN: 7.217 high: 6.871 median: 3.707 mean: 3.656 low: 1.116 |
|
| Price To Earnings (P/E) | 110.489 | |
| Price To Earnings QoQ | 11.524 % | |
| Price To Earnings YoY | 21.896 % | |
| Price To Earnings IPRWA | high: 264.798 ILMN: 110.489 median: 95.233 mean: 94.57 low: -70.858 |
|
| PE/G Ratio | -7.458 | |
| Price To Sales (P/S) | 17.703 | |
| Price To Sales QoQ | 0.263 % | |
| Price To Sales YoY | 31.822 % | |
| Price To Sales IPRWA | high: 28.243 ILMN: 17.703 median: 17.494 mean: 17.488 low: 12.917 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 86.693 | |
| Forward PE/G | -5.852 | |
| Forward P/S | 42.239 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 9.389 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.165 | |
| Asset Turnover Ratio QoQ | -8.59 % | |
| Asset Turnover Ratio YoY | -0.893 % | |
| Asset Turnover Ratio IPRWA | high: 0.168 ILMN: 0.165 median: 0.098 mean: 0.098 low: 0.058 |
|
| Receivables Turnover | 1.371 | |
| Receivables Turnover Ratio QoQ | -6.4 % | |
| Receivables Turnover Ratio YoY | -5.598 % | |
| Receivables Turnover Ratio IPRWA | high: 1.939 ILMN: 1.371 mean: 1.231 low: 1.216 median: 1.216 |
|
| Inventory Turnover | 0.63 | |
| Inventory Turnover Ratio QoQ | -9.153 % | |
| Inventory Turnover Ratio YoY | -4.652 % | |
| Inventory Turnover Ratio IPRWA | high: 1.613 median: 1.204 mean: 1.179 ILMN: 0.63 low: 0.374 |
|
| Days Sales Outstanding (DSO) | 66.577 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 148.359 | |
| Cash Conversion Cycle Days QoQ | -2.897 % | |
| Cash Conversion Cycle Days YoY | 4.148 % | |
| Cash Conversion Cycle Days IPRWA | high: 232.098 ILMN: 148.359 mean: 104.809 median: 100.104 low: 83.093 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.931 | |
| CapEx To Revenue | -0.035 | |
| CapEx To Depreciation | -0.745 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.2 B | |
| Net Invested Capital | $ 4.7 B | |
| Invested Capital | $ 4.7 B | |
| Net Tangible Assets | $ 962.0 M | |
| Net Working Capital | $ 1.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.738 | |
| Current Ratio | 1.748 | |
| Current Ratio QoQ | -15.743 % | |
| Current Ratio YoY | -5.81 % | |
| Current Ratio IPRWA | high: 11.846 ILMN: 1.748 mean: 1.625 low: 1.526 median: 1.526 |
|
| Quick Ratio | 1.358 | |
| Quick Ratio QoQ | -20.998 % | |
| Quick Ratio YoY | -8.433 % | |
| Quick Ratio IPRWA | high: 2.417 ILMN: 1.358 mean: 1.216 low: 1.15 median: 1.15 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.176 | |
| Cost Of Debt | 0.898 % | |
| Interest Coverage Ratio | 7.542 | |
| Interest Coverage Ratio QoQ | -51.344 % | |
| Interest Coverage Ratio YoY | -8.917 % | |
| Interest Coverage Ratio IPRWA | ILMN: 7.542 high: 5.898 median: 5.898 mean: -0.652 low: -270.336 |
|
| Operating Cash Flow Ratio | 0.16 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 52.241 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.279 % | |
| Revenue Growth | -5.867 % | |
| Revenue Growth QoQ | -184.795 % | |
| Revenue Growth YoY | 2.804 % | |
| Revenue Growth IPRWA | high: 6.767 % ILMN: -5.867 % mean: -9.826 % median: -9.906 % low: -14.585 % |
|
| Earnings Growth | -14.815 % | |
| Earnings Growth QoQ | -2085.925 % | |
| Earnings Growth YoY | -215.824 % | |
| Earnings Growth IPRWA | high: 108.696 % ILMN: -14.815 % mean: -16.527 % median: -17.199 % low: -24.701 % |
|
| MARGINS | ||
| Gross Margin | 66.086 % | |
| Gross Margin QoQ | 0.915 % | |
| Gross Margin YoY | 0.725 % | |
| Gross Margin IPRWA | ILMN: 66.086 % high: 52.255 % mean: 40.88 % low: 40.254 % median: 40.254 % |
|
| EBIT Margin | 16.59 % | |
| EBIT Margin QoQ | -52.288 % | |
| EBIT Margin YoY | -16.57 % | |
| EBIT Margin IPRWA | high: 18.973 % median: 18.973 % ILMN: 16.59 % mean: 13.126 % low: -114.423 % |
|
| Return On Sales (ROS) | 19.157 % | |
| Return On Sales QoQ | 5.229 % | |
| Return On Sales YoY | -3.661 % | |
| Return On Sales IPRWA | ILMN: 19.157 % high: 17.383 % median: 17.383 % mean: 16.141 % low: -34.917 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 251.0 M | |
| Free Cash Flow Yield | 1.3 % | |
| Free Cash Flow Yield QoQ | 0.0 % | |
| Free Cash Flow Yield YoY | -9.597 % | |
| Free Cash Flow Yield IPRWA | ILMN: 1.3 % high: 1.021 % median: 0.424 % mean: 0.42 % low: -3.91 % |
|
| Free Cash Growth | -5.639 % | |
| Free Cash Growth QoQ | -344.324 % | |
| Free Cash Growth YoY | -85.903 % | |
| Free Cash Growth IPRWA | high: 7.853 % ILMN: -5.639 % mean: -70.442 % low: -72.727 % median: -72.727 % |
|
| Free Cash To Net Income | 1.873 | |
| Cash Flow Margin | 22.915 % | |
| Cash Flow To Earnings | 1.866 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.03 % | |
| Return On Assets QoQ | -61.036 % | |
| Return On Assets YoY | -3.287 % | |
| Return On Assets IPRWA | ILMN: 2.03 % high: 1.477 % median: 1.477 % mean: 1.085 % low: -7.968 % |
|
| Return On Capital Employed (ROCE) | 3.625 % | |
| Return On Equity (ROE) | 0.05 | |
| Return On Equity QoQ | -59.18 % | |
| Return On Equity YoY | -9.49 % | |
| Return On Equity IPRWA | ILMN: 0.05 high: 0.032 median: 0.032 mean: 0.026 low: -0.102 |
|
| DuPont ROE | 4.964 % | |
| Return On Invested Capital (ROIC) | 3.312 % | |
| Return On Invested Capital QoQ | -56.289 % | |
| Return On Invested Capital YoY | -3.13 % | |
| Return On Invested Capital IPRWA | ILMN: 3.312 % high: 2.107 % median: 2.107 % mean: 1.675 % low: -6.427 % |
|