Recent News
On January 30–31, 2026 Illumina completed its acquisition of SomaLogic, acquiring proteomics assets for $350 million upfront plus potential milestone payments; the company positioned the deal as accelerating its multiomics roadmap. On January 1, 2026 the TruSight Oncology Comprehensive test received Centers for Medicare & Medicaid Services reimbursement at $2,989.55 per test. March 2026 options chains for Illumina became available with standard expirations expanding derivative liquidity.
Technical Analysis
ADX at 17.75 indicates no established trend; directional indicators present a directional tussle: DI+ registered 18.28 and shows a peak-and-reversal (bearish signal), while DI– sits at 21.44 and trends decreasing (bullish signal for directional pressure). Together these readings imply trend weakness and limited conviction relative to the current valuation, supporting a near-term range bias rather than a sustained breakout.
MACD reads −1.03 with the MACD line above its signal (MACD signal −1.74) while the MACD trend increases; the MACD crossing above its signal line qualifies as an active bullish momentum signal despite the negative absolute level, suggesting momentum has shifted from more negative territory toward constructive momentum that could support price upside if it sustains.
MRO sits at 11.75 and trends increasing; the positive MRO indicates price currently resides above internal target levels and therefore faces potential downward pressure to re-align with target—this condition limits the stamina of any short-term rally and weighs against extended upside without reinvigorated buying volume.
RSI at 48.68 shows a recent peak-and-reversal pattern; that pattern implies loss of prior upward rate and adds a bearish tilt to momentum despite the neutral numeric reading near 50, reinforcing the view that rallies may encounter resistance absent stronger trend confirmation.
Price structure conveys mixed support: closing price $124.40 sits below the 50-day average $129.90, above the 20-day average $122.64 and above the 200-day average $113.89, while the 12-day EMA at $124.10 trends higher. Bollinger bands place price well within 1× standard deviation (upper ~ $126.17, lower ~ $119.11). Volume at 962,238 trails 10-, 50-, and 200-day averages, signaling lower conviction behind recent moves. Collectively the technicals favor a range-bound near-term outlook where MACD-driven rallies face resistance from MRO and directional indicators until volume and ADX confirm trend strength.
Fundamental Analysis
Profitability: Operating margin registers 20.94% and EBIT margin 22.60%; EBIT margin sits above the industry peer mean of 15.82% and above the industry peer median of 19.54%, indicating relative operational efficiency versus peers. QoQ EBIT margin contracted −27.69% and YoY contracted −67.71%, signaling meaningful margin compression over reported intervals despite the still-elevated headline margin.
Growth and earnings: Total revenue reached $1,084,000,000 with revenue per share $7.08; reported revenue growth stands at 2.36% (trailing), QoQ revenue growth accelerated 36.55% while revenue growth YoY shows −182.04% per the supplied figure—these numbers indicate uneven timing effects across periods and require careful read alongside reported quarter detail. Reported EPS came in at $1.35 versus estimate $1.23, producing an EPS surprise of 9.76%.
Cash flow & liquidity: Operating cash flow $284,000,000 and free cash flow $260,000,000 yield a free cash flow yield of 1.75%, above the industry peer mean free cash flow yield of 0.87% (0.00869 expressed), and free cash flow growth QoQ surged 1,738.65% while free cash flow growth YoY declined −94.28%, reflecting timing and acquisition effects. Cash and short-term investments total $1,278,000,000 and cash ratio 0.65; current ratio stands at 1.43 and quick ratio 1.12, both below the industry peer mean current ratio of 2.05 but near the industry peer median quick ratio of 1.11—liquidity adequate but tighter than some peers.
Leverage and coverage: Total debt $2,576,000,000 produces debt-to-equity 108.19% and debt-to-assets 41.70%; debt-to-EBITDA reads 8.26x while interest coverage sits at 9.8x. The debt-to-equity level exceeds the industry peer mean of 63.14% and the industry peer median of 69.94%, reflecting higher leverage following strategic transactions and a leverage profile that heightens sensitivity to cash-flow variability.
Valuation: Price-to-earnings at 72.59x and forward P/E near 76.69x reflect premium expectations versus long-run growth; price-to-book near 6.25x sits above the industry peer mean price-to-book of 3.98 and below the industry peer high of 8.27. Enterprise multiple registers ~51.86. WMDST values the stock as fair-valued; the valuation implies the market prices a premium for multiomics optionality and expected margin recovery, while cash-flow yields and leverage suggest limited immediate valuation upside without clearer growth stabilization.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 934.0 M |
| Operating Cash Flow | $ 284.0 M | |
| Capital Expenditures | $ -24.00 M | |
| Change In Working Capital | $ -56.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 116.0 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 401.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 351.0 M | |
| Depreciation | $ 50.0 M | |
| Depreciation and Amortization | $ 67.0 M | |
| Research and Development | $ 229.0 M | |
| Total Operating Expenses | $ 857.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 733.0 M | |
| EBITDA | $ 312.0 M | |
| EBIT | $ 245.0 M | |
| Operating Income | $ 227.0 M | |
| Interest Income | $ 9.0 M | |
| Interest Expense | $ 25.0 M | |
| Net Interest Income | $ -16.00 M | |
| Income Before Tax | $ 220.0 M | |
| Tax Provision | $ 70.0 M | |
| Tax Rate | 31.8 % | |
| Net Income | $ 150.0 M | |
| Net Income From Continuing Operations | $ 150.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.23 | |
| EPS Actual | $ 1.35 | |
| EPS Difference | $ 0.12 | |
| EPS Surprise | 9.756 % | |
| Forward EPS | $ 1.45 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.2 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 2.8 B | |
| Cash and Short-Term Investments | $ 1.3 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 729.0 M | |
| Inventory | $ 590.0 M | |
| Long-Term Investments | $ 423.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 218.0 M | |
| Short-Term Debt | $ 998.0 M | |
| Total Current Liabilities | $ 2.0 B | |
| Net Debt | $ 942.0 M | |
| Total Debt | $ 2.6 B | |
| Total Liabilities | $ 3.8 B | |
| EQUITY | ||
| Total Equity | $ 2.4 B | |
| Retained Earnings | $ -726.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.56 | |
| Shares Outstanding | 153.000 M | |
| Revenue Per-Share | $ 7.08 | |
| VALUATION | Market Capitalization | $ 14.9 B |
| Enterprise Value | $ 16.2 B | |
| Enterprise Multiple | 51.86 | |
| Enterprise Multiple QoQ | 23.093 % | |
| Enterprise Multiple YoY | 109.693 % | |
| Enterprise Multiple IPRWA | high: 162.48 median: 76.714 mean: 73.966 ILMN: 51.86 low: -116.757 |
|
| EV/R | 14.927 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.594 | |
| Asset To Liability | 1.627 | |
| Debt To Capital | 0.52 | |
| Debt To Assets | 0.417 | |
| Debt To Assets QoQ | -2.291 % | |
| Debt To Assets YoY | 3335.173 % | |
| Debt To Assets IPRWA | high: 0.872 ILMN: 0.417 median: 0.346 mean: 0.318 low: 0.051 |
|
| Debt To Equity | 1.082 | |
| Debt To Equity QoQ | -5.969 % | |
| Debt To Equity YoY | 3049.636 % | |
| Debt To Equity IPRWA | high: 1.499 ILMN: 1.082 median: 0.699 mean: 0.631 low: 0.069 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.25 | |
| Price To Book QoQ | -8.158 % | |
| Price To Book YoY | -37.625 % | |
| Price To Book IPRWA | high: 8.27 ILMN: 6.25 mean: 3.977 median: 3.632 low: 0.319 |
|
| Price To Earnings (P/E) | 72.59 | |
| Price To Earnings QoQ | -8.324 % | |
| Price To Earnings YoY | -38.599 % | |
| Price To Earnings IPRWA | high: 296.869 mean: 94.65 median: 85.169 ILMN: 72.59 low: -68.169 |
|
| PE/G Ratio | 5.759 | |
| Price To Sales (P/S) | 13.729 | |
| Price To Sales QoQ | -5.389 % | |
| Price To Sales YoY | -30.369 % | |
| Price To Sales IPRWA | high: 40.709 mean: 18.045 median: 16.658 ILMN: 13.729 low: 0.314 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 76.691 | |
| Forward PE/G | 6.084 | |
| Forward P/S | 42.519 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -11.006 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.177 | |
| Asset Turnover Ratio QoQ | 2.404 % | |
| Asset Turnover Ratio YoY | -1.013 % | |
| Asset Turnover Ratio IPRWA | high: 0.18 ILMN: 0.177 mean: 0.115 median: 0.109 low: 0.032 |
|
| Receivables Turnover | 1.516 | |
| Receivables Turnover Ratio QoQ | 0.213 % | |
| Receivables Turnover Ratio YoY | -5.947 % | |
| Receivables Turnover Ratio IPRWA | high: 2.035 ILMN: 1.516 mean: 1.338 median: 1.271 low: 0.971 |
|
| Inventory Turnover | 0.603 | |
| Inventory Turnover Ratio QoQ | -7.958 % | |
| Inventory Turnover Ratio YoY | 2.079 % | |
| Inventory Turnover Ratio IPRWA | high: 2.315 median: 1.157 mean: 1.027 ILMN: 0.603 low: 0.205 |
|
| Days Sales Outstanding (DSO) | 60.188 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 153.819 | |
| Cash Conversion Cycle Days QoQ | 2.434 % | |
| Cash Conversion Cycle Days YoY | 7.16 % | |
| Cash Conversion Cycle Days IPRWA | high: 485.842 ILMN: 153.819 mean: 129.103 median: 108.644 low: 47.665 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.3 | |
| CapEx To Revenue | -0.022 | |
| CapEx To Depreciation | -0.48 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.4 B | |
| Net Invested Capital | $ 4.4 B | |
| Invested Capital | $ 4.4 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 834.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.651 | |
| Current Ratio | 1.425 | |
| Current Ratio QoQ | -21.165 % | |
| Current Ratio YoY | -41.448 % | |
| Current Ratio IPRWA | high: 8.361 mean: 2.053 median: 1.498 ILMN: 1.425 low: 0.349 |
|
| Quick Ratio | 1.124 | |
| Quick Ratio QoQ | -20.489 % | |
| Quick Ratio YoY | -39.063 % | |
| Quick Ratio IPRWA | high: 7.268 mean: 1.558 ILMN: 1.124 median: 1.112 low: 0.267 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.256 | |
| Cost Of Debt | 0.659 % | |
| Interest Coverage Ratio | 9.8 | |
| Interest Coverage Ratio QoQ | -25.982 % | |
| Interest Coverage Ratio YoY | -53.333 % | |
| Interest Coverage Ratio IPRWA | high: 17.394 ILMN: 9.8 mean: 6.475 median: 6.262 low: -34.049 |
|
| Operating Cash Flow Ratio | 0.098 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 52.394 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.479 % | |
| Revenue Growth | 2.361 % | |
| Revenue Growth QoQ | 36.553 % | |
| Revenue Growth YoY | -182.036 % | |
| Revenue Growth IPRWA | high: 12.006 % median: 2.469 % ILMN: 2.361 % mean: 2.077 % low: -19.725 % |
|
| Earnings Growth | 12.605 % | |
| Earnings Growth QoQ | -44.422 % | |
| Earnings Growth YoY | -94.182 % | |
| Earnings Growth IPRWA | high: 40.625 % ILMN: 12.605 % median: 8.022 % mean: 4.65 % low: -107.143 % |
|
| MARGINS | ||
| Gross Margin | 67.62 % | |
| Gross Margin QoQ | 3.035 % | |
| Gross Margin YoY | -1.973 % | |
| Gross Margin IPRWA | high: 87.843 % ILMN: 67.62 % mean: 45.727 % median: 41.207 % low: 8.88 % |
|
| EBIT Margin | 22.601 % | |
| EBIT Margin QoQ | -27.691 % | |
| EBIT Margin YoY | -67.713 % | |
| EBIT Margin IPRWA | high: 34.151 % ILMN: 22.601 % median: 19.538 % mean: 15.824 % low: -168.218 % |
|
| Return On Sales (ROS) | 20.941 % | |
| Return On Sales QoQ | 3.627 % | |
| Return On Sales YoY | -70.084 % | |
| Return On Sales IPRWA | high: 35.591 % ILMN: 20.941 % median: 18.657 % mean: 17.128 % low: -162.41 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 260.0 M | |
| Free Cash Flow Yield | 1.747 % | |
| Free Cash Flow Yield QoQ | 31.65 % | |
| Free Cash Flow Yield YoY | 30.96 % | |
| Free Cash Flow Yield IPRWA | high: 2.65 % ILMN: 1.747 % median: 0.99 % mean: 0.869 % low: -10.147 % |
|
| Free Cash Growth | 27.451 % | |
| Free Cash Growth QoQ | 1738.647 % | |
| Free Cash Growth YoY | -94.276 % | |
| Free Cash Growth IPRWA | high: 163.652 % median: 66.063 % mean: 63.439 % ILMN: 27.451 % low: -201.519 % |
|
| Free Cash To Net Income | 1.733 | |
| Cash Flow Margin | 17.712 % | |
| Cash Flow To Earnings | 1.28 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.446 % | |
| Return On Assets QoQ | -36.152 % | |
| Return On Assets YoY | -79.019 % | |
| Return On Assets IPRWA | high: 3.109 % ILMN: 2.446 % median: 1.582 % mean: 1.484 % low: -14.382 % |
|
| Return On Capital Employed (ROCE) | 5.813 % | |
| Return On Equity (ROE) | 0.063 | |
| Return On Equity QoQ | -39.464 % | |
| Return On Equity YoY | -81.01 % | |
| Return On Equity IPRWA | high: 0.064 ILMN: 0.063 median: 0.032 mean: 0.03 low: -0.26 |
|
| DuPont ROE | 6.467 % | |
| Return On Invested Capital (ROIC) | 3.821 % | |
| Return On Invested Capital QoQ | -36.136 % | |
| Return On Invested Capital YoY | -104.471 % | |
| Return On Invested Capital IPRWA | high: 4.606 % ILMN: 3.821 % median: 2.222 % mean: 2.106 % low: -13.889 % |
|