Illumina (ILMN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Illumina

NasdaqGS•Healthcare•Diagnostics & Research

$271.04+1.62(0.01%)Pre-market

Market Cap

$34.21B

P/E

38.2x

P/S

7.5x

P/B

10.9x

Illumina, Inc. provides sequencing- and array-based solutions for genetic and genomic analysis in the Americas, Europe, Greater China, the Asia Pacific, the Middle East, and Africa. The company offers sequencing- and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest. It also provides whole-genome sequencing, genotyping, noninvasive prenatal testing, and product support services. The company serves genomic research centers, academic institutions, government laboratories, and hospitals, as well as pharmaceutical, biotechnology, commercial molecular diagnostic laboratories, and consumer genomics companies. The company markets and distributes its products directly to customers, as well as through life-science distributors. The company has a collaboration with Labcorp Holdings Inc. for the development of oncology treatments through applications of sequencing solutions across the healthcare ecosystem; and strategic collaboration with Integrated DNA Technologies to enable a DRAGEN, secondary analysis pipeline for IDT xGena, FFPE and cfDNA next generation sequencing (NGS) library preparation with custom panels, delivering an integrated, end-to-end solution for somatic oncology research. It also has a data partnership with Center for Data-Driven Discovery in Biomedicine to advance research in pediatric cancer and rare disease. Illumina, Inc. was incorporated in 1998 and is headquartered in San Diego, California.

How this company scores

ExcellentMetricSide Score: 84/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability25/25

Growth20/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 38.2x5y range 11.8x – 79.3x

Currently above its 8-quarter median.

P/S · 7.5x5y range 2.9x – 12.8x

Currently above its 20-quarter median.

P/B · 10.9x5y range 2.8x – 11.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 36.3% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $34.21B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.54B
Q. Revenue: $1.13B
TTM EBITDA: $1.24B
TTM Op. Income: $961.00M
Q. Op. Income: $305.00M
TTM Net Income: $895.00M
Q. Net Income: $220.00M
EPS: $1.46
Shares Out.: $151.00M

$4.54B in TTM revenue grew 5.8% YoY, reaching $1.13B last quarter. TTM EBITDA of $1.24B and TTM operating income of $961.00M show growth is flowing through to the bottom line. TTM net income of $895.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.5%
EBITDA Margin: 33.4%
Op. Margin: 27.0%
Net Margin: 19.5%

Op. margin of 27.0% is up 6.1% YoY — cost efficiency is improving. Net margin at 19.5% and gross margin of 73.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 38.2x
P/S Ratio: 7.5x
P/B Ratio: 10.9x

At 38.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 7.5x and P/B of 10.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 6 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.81B
Cash: $1.29B
Long-Term Debt: $1.79B
Book Value: $3.15B
D/E Ratio: 0.6
Debt/EBITDA: 4.7

With $6.81B in assets and $1.79B in long-term debt, D/E is 0.6and book value is $3.15B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 36% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $419.00M
TTM Free Cash Flow: $1.06B
FCF Margin: 23.3%
FCF / Net Income: 1.2

TTM FCF of $1.06B on $419.00M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 6% — an improving trend.