NASDAQ: ILMN
Illumina
Health Care · Laboratory Analytical Instruments
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$40.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Jan 1, 2017 | $18.7B |
| FY2017, ended Dec 31, 2017 | $32.1B |
| FY2018, ended Dec 30, 2018 | $43.8B |
| FY2019, ended Dec 29, 2019 | $48.8B |
| FY2020, ended Jan 3, 2021 | $54.0B |
| FY2021, ended Jan 2, 2022 | $59.7B |
| FY2022, ended Jan 1, 2023 | $31.9B |
| FY2023, ended Dec 31, 2023 | $22.1B |
| FY2024, ended Dec 29, 2024 | $21.4B |
| FY2025, ended Dec 28, 2025 | $20.6B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $40.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$4.54B
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| Period | Revenue |
|---|---|
| FY2016, ended Jan 1, 2017 | $2.40B |
| FY2017, ended Dec 31, 2017 | $2.75B |
| FY2018, ended Dec 30, 2018 | $3.33B |
| FY2019, ended Dec 29, 2019 | $3.54B |
| FY2020, ended Jan 3, 2021 | $3.24B |
| FY2021, ended Jan 2, 2022 | $4.53B |
| FY2022, ended Jan 1, 2023 | $4.58B |
| FY2023, ended Dec 31, 2023 | $4.50B |
| FY2024, ended Dec 29, 2024 | $4.37B |
| FY2025, ended Dec 28, 2025 | $4.34B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $4.54B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Jan 1, 2017 | $463M | $519M |
| FY2017, ended Dec 31, 2017 | $726M | $565M |
| FY2018, ended Dec 30, 2018 | $826M | $846M |
| FY2019, ended Dec 29, 2019 | $1.00B | $842M |
| FY2020, ended Jan 3, 2021 | $656M | $891M |
| FY2021, ended Jan 2, 2022 | $762M | $337M |
| FY2022, ended Jan 1, 2023 | −$4.40B | $106M |
| FY2023, ended Dec 31, 2023 | −$1.16B | $283M |
| FY2024, ended Dec 29, 2024 | −$1.22B | $709M |
| FY2025, ended Dec 28, 2025 | $850M | $931M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $895M | $1.06B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$1.29B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Jan 1, 2017 | $735M |
| FY2017, ended Dec 31, 2017 | $1.23B |
| FY2018, ended Dec 30, 2018 | $1.14B |
| FY2019, ended Dec 29, 2019 | $2.04B |
| FY2020, ended Jan 3, 2021 | $1.81B |
| FY2021, ended Jan 2, 2022 | $1.23B |
| FY2022, ended Jan 1, 2023 | $2.01B |
| FY2023, ended Dec 31, 2023 | $1.05B |
| FY2024, ended Dec 29, 2024 | $1.13B |
| FY2025, ended Dec 28, 2025 | $1.42B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $1.29B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$1.79B
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| Period | Total debt |
|---|---|
| FY2016, ended Jan 1, 2017 | $1.06B |
| FY2017, ended Dec 31, 2017 | $1.19B |
| FY2018, ended Dec 30, 2018 | $2.00B |
| FY2019, ended Dec 29, 2019 | $1.14B |
| FY2020, ended Jan 3, 2021 | $1.18B |
| FY2021, ended Jan 2, 2022 | $702M |
| FY2022, ended Jan 1, 2023 | $1.25B |
| FY2023, ended Dec 31, 2023 | $1.49B |
| FY2024, ended Dec 29, 2024 | $1.99B |
| FY2025, ended Dec 28, 2025 | $1.99B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $1.79B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 3.3% since 2016.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.151M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Jan 1, 2017 | 146M |
| FY2017, ended Dec 31, 2017 | 147M |
| FY2018, ended Dec 30, 2018 | 147M |
| FY2019, ended Dec 29, 2019 | 147M |
| FY2020, ended Jan 3, 2021 | 146M |
| FY2021, ended Jan 2, 2022 | 157M |
| FY2022, ended Jan 1, 2023 | 158M |
| FY2023, ended Dec 31, 2023 | 159M |
| FY2024, ended Dec 29, 2024 | 158M |
| FY2025, ended Dec 28, 2025 | 153M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | 151M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.Net: $105M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Jan 1, 2017 | $249M | $129M | $47.0M | — |
| FY2017, ended Dec 31, 2017 | $251M | $164M | $71.0M | — |
| FY2018, ended Dec 30, 2018 | $201M | $193M | $46.0M | — |
| FY2019, ended Dec 29, 2019 | $324M | $194M | $59.0M | — |
| FY2020, ended Jan 3, 2021 | $736M | $194M | $61.0M | — |
| FY2021, ended Jan 2, 2022 | $0 | $754M | $60.0M | $4.99B |
| FY2022, ended Jan 1, 2023 | $0 | $366M | $63.0M | — |
| FY2023, ended Dec 31, 2023 | $0 | $380M | $67.0M | — |
| FY2024, ended Dec 29, 2024 | $116M | $370M | $56.0M | — |
| FY2025, ended Dec 28, 2025 | $742M | $275M | $44.0M | — |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $421M | $270M | $46.0M | — |
Revenue (TTM)
$4.54B
+5.9% YoY
Net income (TTM)
$895M
+27.3% YoY
Cash
$1.29B
+22.8% YoY
Total debt
$1.79B
−10.2% YoY
Valuation
At current price- Market Cap
- $35.7B
- P/E
- 39.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 7.9×
- Price / Book
- 11.3×
- EV / EBITDA
- 29.2×
Growth
Trailing 12 months- Revenue (TTM)
- $4.54B
- Revenue Growth YoY
- 5.9%
- Revenue CAGR 3Y
- −1.8%
- Revenue CAGR 5Y
- 6.0%
- EPS Growth YoY
- 30.3%
- Net Income Growth YoY
- 27.3%
Profitability
Trailing 12 months- Gross Margin
- 67.9%
- Operating Margin
- 21.2%
- Net Margin
- 19.7%
- FCF Margin
- 23.3%
- Return on Equity
- 32.4%
Earnings
Trailing 12 months- Net Income
- $895M
- EPS (diluted)
- $5.81
- EBITDA
- $1.24B
- Operating Income
- $960M
Balance Sheet
As of Sep 27, 2026- Cash and cash equivalents
- $1.29B
- Total Debt
- $1.79B
- Net Debt
- $500M
- Total Assets
- $6.81B
- Total Liabilities
- $3.67B
- Shareholders' Equity
- $3.15B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.23B
- Capital Expenditure
- $173M
- Free Cash Flow
- $1.06B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.42
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.9% year over year, at $4.54B.
Strength
Operating margin widened 2.9 pts in a year, to 21.2%.
Note
Net debt of $500M is 0.4× EBITDA, a manageable load.
Strength
Turns 23.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 30, 2018 · filed Feb 12, 2019
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2017 · 10-K74Good news
10-K for the fiscal year ended Dec 31, 2017
Filed Feb 13, 2018 · Read the filing on EDGAR
- Revenue rose 15% to $2.75 billion, driven by more sequencing consumables, genotyping services and the new NovaSeq instrument.
- Net income jumped 58% to $678 million, mostly because of a one-time $453 million gain from GRAIL no longer being counted in Illumina's results.
- Margins fell: gross margin dropped to 66.4% from 69.5%, and operating margin to 22.0% from 24.5%. Operating income rose only about 3%.
- US tax reform led to a $150 million tax charge, pushing the effective tax rate up to 35%.
Business momentum
Strong improvement
“Revenue increased $354 million, or 15%, to $2,752 million in 2017 compared to $2,398 million in 2016.”
Outlook
Positive
“We expect our revenue to continue to increase in 2018.”
Financial stress
Low
“We ended 2017 with cash, cash equivalents, and short-term investments totaling $2.1 billion, of which approximately $1.1 billion was held by our foreign subsidiaries.”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“The gross margin decrease was driven by a variety of factors, including an $18 million impairment of an acquired intangible asset”
Positives
NovaSeq launch reversed the fall in instrument sales
“Instrument revenue increased $46 million, or 10%, to $515 million in 2017 compared to $469 million in 2016, primarily due to shipments of our NovaSeq instrument introduced in Q1 2017”
Steady growth in consumables and services
“Service and other revenue increased $97 million, or 27%, to $463 million in 2017 compared to $366 million in 2016”
Cash from operations rose
“Net cash provided by operating activities $ 875 $ 779 $ 786”
Concerns
Gross margin fell
“Gross profit as a percentage of revenue (gross margin) decreased to 66.4% in 2017 from 69.5% in 2016.”
Profit jump mostly came from a one-time GRAIL gain
“Other income (expense), net, increased in 2017 compared to 2016 primarily due to a $453 million gain recorded on the deconsolidation of GRAIL in Q1 2017”
Operating costs expected to keep rising
“We expect research and development and selling, general and administrative expenses to continue to grow.”
New risks since the previous report
Some Helix investors can require Illumina to buy them out for cash
“The fair value of the redeemable noncontrolling interests related to Helix as of December 31, 2017, was $220 million.”
US tax reform charge and one-time tax on overseas profits
“In accordance with the Tax Cuts and Jobs Act that was enacted on December 22, 2017 (U.S. Tax Reform), we have recorded a provision for income taxes of $150 million.”
Another product change with the new iSeq 100 launch
“in 2018 we launched our iSeq 100 instrument system, which combines CMOS sensor technology with our proprietary sequencing technology.”
Biggest risks named
- New product launches and switching customers from older to newer instruments
- Intense competition and falling prices
- Cuts or delays in government research funding
- FDA rules for diagnostics and lab-developed tests
- Patent infringement lawsuits
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −1.5 | |
| Score | 74 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 12, 2019 | Pro | |||
| 10-K | Feb 13, 2018 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 14, 2017 | 56 | Mixed | None | |
| 10-K | Mar 2, 2016 | 73 | Strong improvement | None | |
| 10-K | Feb 18, 2015 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 18, 2014 | 54 | Mixed | 1 medium1 minor | |
| 10-K | Feb 15, 2013 | 66 | Improving | 2 minor | |
| 10-K | Feb 24, 2012 | 47 | Mixed | 1 medium2 minor | |
| 10-K | Feb 28, 2011 | 71 | Strong improvement | 2 minor | |
| 10-K | Feb 26, 2009 | 75 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 27, 2026), filed Oct 30, 2026. View filings on SEC EDGAR