Recent News
April 7, 2026 — GRAIL announced integration of the Galleri multi-cancer early detection test into the Epic electronic health record platform to expand clinical access. April 14, 2026 — Illumina partnered with the Center for Data-Driven Discovery in Biomedicine to supply genomic data and scalable software for pediatric cancer and rare-disease research. April 21, 2026 — GRAIL confirmed plans to present new NHS-Galleri and PATHFINDER 2 data at the 2026 ASCO annual meeting.
Technical Analysis
ADX at 13.15 indicates no dominant trend; the absence of trend strength lowers conviction for directional breakouts and frames near-term moves as range-bound versus trending.
Directional indicators show DI+ at 23.90 with a peak-and-reversal (bearish) and DI- at 19.42 with a dip-and-reversal (bearish), together signaling increased downside pressure on price momentum relative to recent directional strength.
MACD reads 3.66 above its signal line at 3.44 (a bullish crossover), yet the MACD trend shows a peak-and-reversal, signaling that bullish crossover strength may fade as momentum weakens; reconcile by treating the current histogram advantage as vulnerable to deterioration.
MRO at 31.54 with a peak-and-reversal places the market price above the model target and implies potential downside pressure as valuation realigns toward intrinsic benchmarks.
RSI at 55.33 and increasing indicates mild bullish momentum without overbought conditions, supporting the possibility of limited upside within the current consolidation band rather than a strong trend extension.
Price sits at $141.92, above the 200-day average of $120.60 and marginally above the 20-day average of $141.53; the 12-day EMA at $140.71 trends higher, implying short-term support near recent averages while upper Bollinger levels leave room to the $147.34 band before volatility typically expands.
Fundamental Analysis
Revenue totaled $1,091,000,000 with YoY revenue growth of 2.80% and a quarter-over-quarter figure of -184.80%; the YoY gain reflects modest top-line expansion while the reported QoQ swing indicates pronounced seasonal or timing effects in the quarter reported.
Gross margin at 66.09% and operating margin at 19.16% signal high product-level profitability and operational leverage. EBIT margin equals 16.59%, above the industry peer mean of 13.635% and below the industry peer high of 23.643%; however, EBIT margin declined QoQ by -52.29% and YoY by -16.57%, reflecting near-term margin pressure versus the longer-term level.
EPS came in at $1.15 versus an estimate of $1.05, producing an EPS surprise of 9.5%, which improved reported earnings versus expectations for the period.
Cash and short-term investments reached $1,155,000,000 with operating cash flow of $250,000,000 and free cash flow of $251,000,000; free cash flow yield sits at 1.30%, above the industry peer mean of 0.382%, though free cash flow yield fell YoY by -9.60%.
Leverage shows total debt of $2,544,000,000 and net debt of $900,000,000; debt-to-EBITDA equals 10.18x and debt-to-equity equals 0.95x, with debt-to-equity above the industry peer mean of 0.71196, indicating higher leverage relative to peers and sensitivity to earnings variability.
Return metrics register return on equity at 5.01% and return on invested capital at 3.31%, both above their respective industry peer means, suggesting efficient capital returns despite growth headwinds. Earnings growth reads -14.82% overall and shows notable QoQ pressure, aligning with margin compressions cited earlier.
Valuation context: price multiples run rich in places—P/E near 110.5x and P/B at 7.22x—while enterprise-value measures (enterprise multiple ~82.81x) and a forward P/E near 86.69x reflect market expectations for future margin or growth recovery. WMDST values the stock as under-valued, a view that the current fundamental cash generation, improving product integrations, and premium multiples can reconcile over time if operational trends stabilize.
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 | high: 221.771 mean: 84.157 ILMN: 82.81 median: 82.306 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 | high: 0.694 ILMN: 0.388 median: 0.381 mean: 0.337 low: 0.046 |
|
| Debt To Equity | 0.951 | |
| Debt To Equity QoQ | 1.397 % | |
| Debt To Equity YoY | -13.648 % | |
| Debt To Equity IPRWA | high: 1.28 ILMN: 0.951 median: 0.831 mean: 0.712 low: 0.053 |
|
| 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 mean: 3.857 median: 3.707 low: 0.163 |
|
| Price To Earnings (P/E) | 110.489 | |
| Price To Earnings QoQ | 11.524 % | |
| Price To Earnings YoY | 21.896 % | |
| Price To Earnings IPRWA | high: 338.717 ILMN: 110.489 mean: 96.057 median: 95.233 low: -211.689 |
|
| 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: 36.903 mean: 18.549 ILMN: 17.703 median: 17.494 low: 0.107 |
|
| 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 mean: 0.105 median: 0.098 low: 0.035 |
|
| Receivables Turnover | 1.371 | |
| Receivables Turnover Ratio QoQ | -6.4 % | |
| Receivables Turnover Ratio YoY | -5.598 % | |
| Receivables Turnover Ratio IPRWA | high: 3.506 ILMN: 1.371 mean: 1.284 median: 1.216 low: 1.147 |
|
| Inventory Turnover | 0.63 | |
| Inventory Turnover Ratio QoQ | -9.153 % | |
| Inventory Turnover Ratio YoY | -4.652 % | |
| Inventory Turnover Ratio IPRWA | high: 2.484 median: 1.204 mean: 1.094 ILMN: 0.63 low: 0.207 |
|
| 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: 393.16 ILMN: 148.359 mean: 114.967 median: 100.104 low: 42.31 |
|
| 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: 12.356 mean: 2.089 ILMN: 1.748 median: 1.526 low: 0.267 |
|
| Quick Ratio | 1.358 | |
| Quick Ratio QoQ | -20.998 % | |
| Quick Ratio YoY | -8.433 % | |
| Quick Ratio IPRWA | high: 11.915 mean: 1.609 ILMN: 1.358 median: 1.15 low: 0.211 |
|
| 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 | high: 30.652 ILMN: 7.542 median: 5.898 mean: 2.924 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: 32.205 % ILMN: -5.867 % mean: -7.832 % median: -9.906 % low: -16.725 % |
|
| Earnings Growth | -14.815 % | |
| Earnings Growth QoQ | -2085.925 % | |
| Earnings Growth YoY | -215.824 % | |
| Earnings Growth IPRWA | high: 108.696 % mean: -12.136 % ILMN: -14.815 % median: -17.199 % low: -140.0 % |
|
| MARGINS | ||
| Gross Margin | 66.086 % | |
| Gross Margin QoQ | 0.915 % | |
| Gross Margin YoY | 0.725 % | |
| Gross Margin IPRWA | high: 83.743 % ILMN: 66.086 % mean: 44.336 % median: 40.254 % low: 4.636 % |
|
| EBIT Margin | 16.59 % | |
| EBIT Margin QoQ | -52.288 % | |
| EBIT Margin YoY | -16.57 % | |
| EBIT Margin IPRWA | high: 23.643 % median: 18.973 % ILMN: 16.59 % mean: 13.635 % low: -170.307 % |
|
| Return On Sales (ROS) | 19.157 % | |
| Return On Sales QoQ | 5.229 % | |
| Return On Sales YoY | -3.661 % | |
| Return On Sales IPRWA | high: 24.243 % ILMN: 19.157 % median: 17.383 % mean: 15.98 % low: -173.107 % |
|
| 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: 0.382 % low: -25.298 % |
|
| Free Cash Growth | -5.639 % | |
| Free Cash Growth QoQ | -344.324 % | |
| Free Cash Growth YoY | -85.903 % | |
| Free Cash Growth IPRWA | high: 341.975 % ILMN: -5.639 % mean: -64.418 % median: -72.727 % low: -125.322 % |
|
| 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 | high: 2.388 % ILMN: 2.03 % median: 1.477 % mean: 1.2 % 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 | high: 0.226 ILMN: 0.05 median: 0.032 mean: 0.026 low: -0.421 |
|
| 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: 3.177 % median: 2.107 % mean: 1.763 % low: -6.427 % |
|