Illumina, Inc.

ILMN · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$20,620	$21,454	$22,111	$31,806	$59,463	$57,831	$51,937	$46,879	$34,150	$20,013	$30,001	$24,315	$13,443	$6,644	$3,655	$7,608	$3,672	$2,959	$3,119	$1,700	$550	$330	$219	$101	$340	$434	$54
Enterprise value	$21,540	$22,856	$23,319	$33,324	$60,664	$56,265	$50,404	$45,451	$33,417	$19,576	$29,738	$24,268	$13,146	$6,137	$3,279	$7,103	$3,269	$2,719	$3,133	$1,569	$499	$276	$212	$74	$250	$319	$21
P/E (TTM) at period end	24.26×	–	–	–	78.04×	88.16×	51.83×	56.75×	47.04×	44.08×	64.94×	68.81×	107.28×	43.93×	42.19×	60.91×	50.81×	75.07×	–	42.53×	–	–	–	–	–	–	–
P/S (TTM) at period end	4.75×	4.91×	4.91×	6.94×	13.14×	17.85×	14.66×	14.07×	12.41×	8.35×	13.51×	13.06×	9.46×	5.79×	3.46×	8.43×	5.51×	5.16×	8.50×	9.21×	7.48×	6.53×	7.81×	10.09×	136.65×	331.89×	113.23×
P/B at period end	7.57×	9.04×	3.85×	4.82×	5.54×	12.32×	11.26×	12.47×	12.42×	9.11×	16.23×	16.62×	8.77×	5.04×	3.40×	6.35×	4.25×	3.49×	7.58×	6.87×	7.59×	4.57×	4.62×	1.41×	3.18×	3.50×	1.68×
EV / EBITDA (TTM)	21.33×	–	–	–	1144.60×	76.45×	44.37×	44.43×	46.67×	28.92×	43.35×	42.09×	71.09×	24.64×	12.86×	28.89×	21.78×	27.81×	–	36.06×	–	–	–	–	–	–	–
EV / Sales (TTM)	4.96×	5.23×	5.18×	7.27×	13.40×	17.37×	14.23×	13.64×	12.14×	8.16×	13.40×	13.04×	9.25×	5.34×	3.11×	7.87×	4.91×	4.74×	8.54×	8.50×	6.79×	5.45×	7.56×	7.36×	100.61×	243.32×	43.43×
Returns
Return on equity	31.2%	(51.5%)	(20.2%)	(66.7%)	7.1%	14.0%	21.7%	22.0%	26.4%	20.7%	25.0%	24.2%	8.2%	11.5%	8.1%	10.4%	8.4%	4.6%	(67.6%)	16.2%	(28.8%)	(8.6%)	(57.1%)	(56.2%)	(23.2%)	(15.0%)	(17.2%)
Return on invested capital	16.4%	(21.5%)	(15.4%)	(51.3%)	(0.9%)	9.3%	19.6%	16.4%	14.5%	17.3%	22.2%	19.1%	6.2%	7.9%	8.2%	10.7%	7.9%	5.0%	(50.1%)	17.0%	(98.2%)	(31.6%)	(44.0%)	(43.6%)	(29.3%)	(254.1%)	(54.4%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.08×	1.78×	1.66×	1.28×	2.48×	3.60×	6.69×	2.49×	3.99×	3.29×	3.43×	2.62×	5.02×	5.87×	6.81×	2.35×	2.22×	1.70×	3.40×	5.74×	3.67×	4.39×	4.94×	5.09×	20.02×	45.99×	54.69×
Debt / equity	0.73×	0.84×	0.26×	0.41×	0.16×	0.25×	0.25×	0.52×	0.43×	0.48×	0.59×	0.88×	0.57×	0.64×	0.75×	0.33×	0.34×	0.47×	0.97×	0.00×	0.00×	–	0.54×	0.36×	0.01×	0.01×	0.00×
Effective tax rate	21.7%	(3.7%)	(3.9%)	(1.6%)	13.8%	23.4%	11.4%	12.5%	35.0%	23.7%	21.4%	21.3%	21.3%	32.1%	34.9%	32.6%	36.7%	45.8%	3.6%	6.2%	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	156	159	158	157	151	148	149	149	148	148	149	149	140	134	139	143	137	134	108	98	80	72	64	62	59	56	3

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$4,493	$4,343	$4,372	$4,504	$4,584	$4,526	$3,239	$3,543	$3,333	$2,752	$2,398	$2,220	$1,861	$1,421	$1,149	$1,056	$903	$666	$573	$367	$185	$74	$51	$28	$10	$2	$1	$0
Cost of revenue	($1,510)	($1,473)	($1,511)	($1,760)	($1,612)	($1,372)	($1,036)	($1,076)	($1,033)	($926)	($732)	($671)	($564)	($509)	($375)	($346)	($301)	($212)	($220)	($132)	($59)	($23)	($13)	($10)	($4)	($1)	–	–
Gross profit	$2,983	$2,870	$2,861	$2,744	$2,972	$3,154	$2,203	$2,467	$2,300	$1,826	$1,666	$1,549	$1,298	$912	$774	$709	$602	$454	$353	$234	$125	$50	$37	$18	$7	$2	–	–
Operating expenses
Research and development	($960)	($967)	($1,169)	($1,354)	($1,321)	($1,185)	($682)	($647)	($623)	($546)	($504)	($401)	($388)	($277)	($231)	($197)	($178)	($141)	($100)	($74)	($33)	($28)	($21)	($23)	($27)	($21)	($14)	($4)
Selling, general and administrative	($1,131)	($1,086)	($1,092)	($1,612)	($1,297)	($2,092)	($941)	($835)	($794)	($674)	($584)	($516)	($466)	($381)	($286)	($262)	($220)	($176)	($148)	($101)	($54)	($28)	($25)	($19)	($9)	($6)	($4)	($1)
Total operating expenses	($2,101)	($2,063)	($3,694)	($3,813)	($7,151)	($3,277)	($1,623)	($1,482)	($1,417)	($1,220)	($1,079)	($936)	($783)	($778)	($573)	($510)	($390)	($328)	($273)	($536)	($87)	($72)	($43)	($45)	($48)	($32)	–	–
Total costs and expenses	($3,611)	($3,536)	($5,205)	($5,573)	($8,763)	($4,649)	($2,659)	($2,558)	($2,450)	($2,146)	($1,811)	($1,607)	($1,347)	($1,287)	($948)	($856)	($691)	($541)	($493)	($668)	($147)	($95)	($56)	($55)	($52)	($33)	($25)	($6)
Operating income	$882	$807	($833)	($1,069)	($4,179)	($123)	$580	$985	$883	$606	$587	$613	$515	$134	$201	$199	$212	$126	$80	($301)	$38	($21)	($6)	($27)	($42)	($30)	($23)	($6)
Earnings
EBITDA	$1,084	$1,010	($609)	($834)	($3,964)	$53	$736	$1,136	$1,023	$716	$677	$686	$577	$185	$249	$255	$246	$150	$98	($285)	$44	($17)	($1)	($19)	($32)	($23)	($16)	($5)
Interest income	$38	$40	$46	$58	$11	–	$41	$75	$44	$19	$10	$5	$4	$5	$16	$7	$8	$11	$13	$16	–	$1	–	$2	$4	–	–	–
Interest expense	($99)	($101)	($100)	($77)	($26)	($61)	($49)	($52)	($57)	($37)	($33)	($43)	($42)	($40)	($38)	($35)	($25)	($24)	($22)	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,014	$1,086	($1,179)	($1,117)	($4,336)	$884	$856	$1,118	$894	$1,043	$561	$583	$449	$159	$223	$133	$185	$114	$73	($289)	$43	–	–	–	–	–	–	–
Income tax expense	($189)	($236)	($44)	($44)	($68)	($122)	($200)	($128)	($112)	($365)	($133)	($125)	($95)	($34)	($71)	($46)	($60)	($42)	($33)	$10	($3)	–	–	–	–	–	–	–
Net income	$825	$850	($1,223)	($1,161)	($4,404)	$762	$656	$1,002	$826	$726	$463	$462	$353	$125	$151	$87	$125	$72	$39	($278)	$40	($21)	($6)	($27)	($40)	($25)	($19)	($6)
Per share
Diluted EPS (GAAP)	$5.37	$5.45	($7.69)	($7.34)	($28.00)	$5.04	$4.45	$6.74	$5.56	$4.92	$3.07	$3.10	$2.37	$0.90	$1.13	$0.62	$0.87	$0.53	$0.30	($2.57)	$0.41	($0.26)	($0.0868)	($0.42)	($0.65)	($0.42)	($0.33)	($1.96)
Basic EPS (GAAP)	$5.41	$5.47	($7.69)	($7.34)	($28.00)	$5.07	$4.48	$6.81	$5.63	$4.96	$3.09	$3.19	$2.61	$1.00	$1.23	$0.70	$1.01	$0.59	$0.34	($2.57)	$0.45	($0.26)	($0.0868)	($0.42)	($0.65)	($0.42)	($0.33)	($1.96)
Basic shares outstanding	152	155	159	158	157	150	147	147	147	146	147	145	136	125	123	123	124	123	117	108	89	80	72	64	62	59	56	3
Margins
Gross margin	66.4%	66.1%	65.4%	60.9%	64.8%	69.7%	68.0%	69.6%	69.0%	66.4%	69.5%	69.8%	69.7%	64.2%	67.4%	67.2%	66.6%	68.1%	61.6%	63.9%	67.9%	68.5%	73.8%	64.2%	64.8%	77.6%	–	–
Operating margin	19.6%	18.6%	(19.1%)	(23.7%)	(91.2%)	(2.7%)	17.9%	27.8%	26.5%	22.0%	24.5%	27.6%	27.7%	9.4%	17.5%	18.9%	23.4%	18.8%	14.0%	(82.1%)	20.5%	(29.2%)	(10.9%)	(95.0%)	(416.9%)	(1219.6%)	(1774.9%)	(1248.5%)
Net margin	18.4%	19.6%	(28.0%)	(25.8%)	(96.1%)	16.8%	20.3%	28.3%	24.8%	26.4%	19.3%	20.8%	19.0%	8.8%	13.2%	8.2%	13.8%	10.8%	6.9%	(75.9%)	21.7%	(28.4%)	(12.3%)	(96.5%)	(401.7%)	(998.5%)	(1421.3%)	(1164.0%)

Analyst consensus

Buy50 analysts

Bearish · 6 · Hold · 17 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$1.14	$0.88	Beat
Q4 2024	$0.86	$0.92	Miss
Q1 2025	$0.97	$0.94	Beat
Q2 2025	$1.19	$1.02	Beat
Q3 2025	$1.34	$1.17	Beat
Q4 2025	$1.35	$1.24	Beat
Q1 2026	$1.15	$1.05	Beat
Q2 2026	$1.31	$1.23	Beat

Peers

Company overview

IPO dateJul 28, 2000

CEOJacob Thaysen

Employees8,600

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNASDAQ Global Select

Websitewww.illumina.com

Illumina, Inc. specializes in delivering advanced genetic and genomic analysis tools, primarily through sequencing and array technologies. The company's offerings empower clients across various sectors to integrate genomic insights into both research and clinical environments, with applications spanning critical fields like life sciences, cancer diagnostics, reproductive health, agriculture, and innovative new domains. Illumina's portfolio encompasses specialized instrumentation and necessary consumables for genetic analysis, alongside comprehensive genotyping and sequencing services. They also offer instrument maintenance agreements, collaborate through development and licensing deals, and perform cancer detection tests. Its diverse clientele comprises leading genomic research facilities, universities, state-funded laboratories, medical centers, pharmaceutical and biotechnology firms, commercial molecular diagnostic providers, and businesses focused on consumer genomics. Illumina employs a two-pronged distribution strategy, selling directly to clients across North America, Europe, Latin America, and the Asia-Pacific. Additionally, it partners with life-science distributors to reach markets in Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Established in 1998, the company maintains its corporate headquarters in San Diego, California.

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