Illumina, Inc.ILMN
NasdaqGS•Healthcare•Diagnostics & Research
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.
Illumina, Inc. (ILMN) reported trailing twelve months revenue of $4.39B as of March 2026, a 1.3% increase year-over-year. Quarterly revenue reached $1.09B, reflecting continued top-line momentum.
Illumina, Inc. generated $853.00M in TTM net income, with quarterly EBITDA of $278.00M. The operating margin expanded from 15.8% to 19.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.2%) and net margin (12.3%) indicates moderate non-operating costs. Net margin has narrowed from 12.6% a year ago, reflecting increased costs or interest expense.
ILMN trades at a P/E of 21.1x (in line with broad market averages) and a P/S of 4.1x. The price-to-book ratio of 6.7x indicates a significant premium over book value.
The company generated $251.00M in free cash flow over the trailing twelve months, a 20.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.56B in total assets with $1.49B in long-term debt against $2.68B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 3.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation