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World's leading maker of DNA sequencing systems and consumables used in genomics research, clinical diagnostics and agrigenomics.
World's leading maker of DNA sequencing systems and consumables used in genomics research, clinical diagnostics and agrigenomics.
Sells sequencers once, then earns most revenue from the chemicals and flow cells used on every run, so the installed machine count matters. It spun off Grail, the cancer-screening firm it bought in 2021, in 2024 after antitrust challenges, and in 2025 China restricted its imports into the country.
Moat: wide (scale, installed base, switching costs). Dominant installed sequencer base and patent estate give pricing power in the sequencing-consumables model.
Headquarters: San Diego, California, USA · Founded: 1998 · Employees: 8,600
Size Illumina (ILMN) is a United States Health Care company (Medical Specialties) with a market value of $32.2B, the 342nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $213.13 on 6 Nov 2026.
Performance Over six months the shares gained 50.2%, against +26.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +8.5%); the operating margin is 20.7% (peer median 20.1%).
Valuation It trades at 35.7× forward earnings against a peer median of 26.7× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.3 points above its cost of capital (11.8% WACC).
Backlog Backlog (remaining performance obligations) was $933M at 27 Sep 2026, up 25% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Illumina has 4 bonds outstanding ($1.80B), rated BBB by the agencies and trading like BBB at a weighted spread of 83 bp.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.54B | $4.34B | $4.36B | $4.50B | $4.58B |
| Revenue growth | — | 0% | -3% | -2% | — |
| Gross profit | $3.10B | $2.89B | $2.85B | $2.75B | $2.97B |
| EBITDA | $1.22B | $1.13B | $739M | $338M | $748M |
| Net income | $895M | $850M | -$1.22B | -$1.16B | -$4.40B |
| Free cash flow | $1.06B | $931M | $709M | $282M | $106M |
| Capital expenditure | $593M | $158M | $209M | $196M | $466M |
| Total debt | $2.31B | $2.55B | $2.62B | $2.26B | $3.56B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Illumina ILMN | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| MGI Tech 688114.SS | $3.42B | +9% | +2% | -7% | n/a | 46.5% |
| Pacific Biosciences of California PACB | $701M | +60% | +2% | -102% | n/a | n/a |
| Oxford Nanopore Technologies ONT.L | $2.71B | +75% | +15% | -55% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ILMN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.4% | +11.8% | lowest of 21 |
| 6-month return | +50.2% | +26.9% | 5th highest of 21 |
| Distance from 52-week high | -31.1% | -7.6% | lowest of 21 |
| Revenue growth (TTM) | +6.0% | +8.5% | 7th lowest of 21 |
| Operating margin | 20.7% | 20.1% | 10th highest of 21 |
| Forward P/E | 35.7× | 26.7× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 27.1% | 15.2% | 4th most demanding of 20 |
| Growth delivered (Del g) | +6.0% | +9.2% | 6th lowest of 20 |
| Hurdle (Req g minus delivered) | +21.1 pp | +2.4 pp | 3rd most demanding of 20 |
| ROIC minus cost of capital | +6.3 pp | +4.1 pp | 10th highest of 21 |
| EV / EBITDA | 27.2× | 20.2× | 5th most expensive of 19 |
| Net debt / EBITDA | 0.8× | 1.0× | 8th least indebted of 19 |
| Bond spread | 83 bp | 77 bp | 4th widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
Illumina has 4 bonds outstanding with $1.80B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.33%, a spread of 83 bp over government bonds.
Illumina reported $933M of remaining performance obligations at 27 Sep 2026, up 25% from a year earlier and down 7% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.94.