Recent News
June 23: Illumina appointed Daniel M. Skovronsky, MD, PhD, to its board. June 8: the company launched StrataMap Spatial, an end-to-end spatial whole-transcriptome research solution. May 28: Illumina announced workflow integrations and a new targeted oncology kit with Pillar Biosciences. May 19: the company published its 2025 Corporate Responsibility Report outlining expanded access and community initiatives. July 9: Illumina announced a senior commercial leadership change, naming a new Chief Commercial Officer effective July 20, 2026.
Technical Analysis
ADX registers 35.66, indicating a strong directional regime in place; that strength raises the significance of any directional shift.
DI+ sits at 27.32 and is decreasing while DI– reads 13.77 and is increasing — the directional indicators together point to a bearish shift in trend.
MACD equals 6.84, is decreasing, and remains below its signal line (7.72), signaling bearish momentum rather than a bullish crossover.
MRO stands at 33.21 with a dip & reversal; the oscillator’s positive reading implies price sits above the model target and faces mean-reversion pressure.
RSI at 64.52 shows momentum cooling and the RSI trend is decreasing, leaving less room for sustained near-term upside.
Price rests above short- and long-term averages (12-day EMA rising at $187.98; 20-day average $189.99; 50-day average $167.90; 200-day average $136.21), which supports the longer-term bullish bias even as short-term momentum indicators weaken.
Price trades near the upper Bollinger band (upper 1σ ~$193.08) with volume slightly above the 10-day average but below longer-term averages, suggesting recent moves lack strong participation. SuperTrend lower support aligns near $177.00 and the Ichimoku Tenkan/Kijun levels sit at $187.77 / $177.15 respectively, the former nearer to current price and implying short-term support around those levels.
Fundamental Analysis
Profitability: gross margin stands at 66.09% (QoQ +0.92%, YoY +0.73%). Operating margin registers 19.16% and EBIT margin measures 16.59%; EBIT margin QoQ declined by 52.29% and YoY declined by 16.57%. The EBIT margin sits above the industry peer mean of 13.63% but below the industry peer median of 18.97%.
Growth and earnings: total revenue equals $1.091 billion with revenue growth year‑over‑year of +2.80% and a quarter‑over‑quarter change of -184.80%. Reported EPS came in at $1.15 versus an estimate of $1.05, producing an EPS surprise of +9.52%. Reported net income reached $134.0 million. Earnings growth measures -14.82% on the primary growth metric and the year‑over‑year earnings change reads -215.82% on the provided YoY field.
Cash flow and liquidity: operating cash flow equals $250.0 million and free cash flow totals $251.0 million, yielding a free cash flow yield of 1.30% and a free cash flow to net income ratio of 1.87. Cash and short‑term investments total $1.155 billion; the current ratio stands at 1.75 and the quick ratio at 1.36.
Capital structure and coverage: total debt equals $2.544 billion with net debt near $900.0 million. Debt to EBITDA registers about 10.18x while interest coverage equals 7.54x. Return on equity reads 5.01% and return on assets 2.03%.
Valuation snapshot: trailing P/E about 110.5x, forward P/E about 86.7x, price-to-sales near 17.7x, and price-to-book about 7.22x; enterprise value approximates $20.70 billion. The current valuation, as determined by WMDST, classifies the stock as under-valued despite elevated multiples on common market metrics.
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: 84.153 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: 96.052 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: 18.548 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: 114.964 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: 2.918 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: 44.337 % 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: 13.628 % 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: 15.973 % 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: 362.912 % ILMN: -5.639 % mean: -64.217 % 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: 1.189 % low: -20.807 % |
|
| 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: -0.7 |
|
| 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: -10.359 % |
|