Health Care · Life Sciences Tools & Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$262.54
52-week range
$93.50 – $309.35
Market cap
$40.2B
P/E (trailing)
49.1×
EV / EBITDA
46.5×
Free-cash-flow yield
2.3%
Dividend yield
–
Revenue (last 12 months)
$4.5B
Revenue growth (3y a year)
−1.8%
Operating margin
19.6%
Return on invested capital
19.6%
Net debt / EBITDA
0.9×
Fair value
Blended fair value$127.23 range $121 – $134
Versus priceData under review+0% to fair value
Peer multiples
$135.18
Fundamentals-adjusted multiple
$128.48
10-year DCF (market-scaled)
$118.04
Earnings power value (floor, not blended)
n/m
Model uncertainty
High
X-Ray Score
39/ 100 · High confidence · ahead of 17% of sector peers
Valuation12
Growth30
Profitability56
Financial health63
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Illumina makes instruments, chemicals and software used to read DNA at scale. Its sequencing systems and the single-use consumables that run on them are used in research, clinical testing, cancer and genetic disease diagnostics, and drug discovery. Customers are academic and government laboratories, pharmaceutical and biotechnology firms and clinical labs. The company is based in San Diego.
Illumina earns money from instrument placements and from ongoing consumables and services that run on its installed base. Revenue is $4.5 billion over the last twelve months, but revenue growth over three years is -1.8% a year. The operating margin is 19.6%, and the business earns a profit of 20% on the capital invested in it. The company carries net debt of 0.9 times EBITDA and pays no dividend.
StocksXray gives Illumina, Inc. an X-Ray Score of 39 out of 100 (high confidence), ahead of 17% of the S&P 500 stocks in its sector. Its strongest lens is financial health (63) and its weakest is valuation (12).
Our fair value blend is $127.23 (range $121.41 to $133.92). At $262.54 the stock trades 106% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Illumina, Inc. (ILMN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2023
FY2024
FY2025
Now
Price
$370.08
$196.69
$135.45
$135.27
$134.95
$262.54
Market cap
$55.9B
$30.9B
$21.4B
$21.5B
$21.1B
$40.2B
P/E
73.4×
–
–
–
24.8×
49.1×
EV / revenue
12.3×
6.7×
4.8×
5.1×
4.9×
9.1×
EV / EBITDA
433.9×
–
–
–
19.9×
46.5×
Price / free cash flow
165.8×
291.3×
75.6×
30.3×
22.6×
43.1×
Free-cash-flow yield
0.6%
0.3%
1.3%
3.3%
4.4%
2.3%
Price / book
5.2×
4.7×
3.7×
9.1×
7.7×
14.2×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 5 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.1%Average
Free-cash-flow yield2.3%Bad
Risk models
Altman Z score2.9×Average
Piotroski F-Score8 of 9Good
Growth
Free-cash-flow growth (3y)106.3%Good
Revenue growth (3y)−1.8%Bad
Growth consistency40%Bad
Balance sheet
Current ratio1.8×Average
Net debt / EBITDA0.9×Good
Interest cover8.9×Average
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield2.2%Bad
Profitability
Return on invested capital19.6%Good
Operating margin19.6%Average
Gross profitability44.9%Good
XStocksXray
Illumina, Inc. (ILMN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY23
FY24
FY25
LTM
Revenue
4,526
4,584
4,504
4,372
4,343
4,493
Gross profit
3,154
2,972
2,744
2,861
2,870
2,983
Operating income
-123
-4,179
-1,069
-833
807
882
Net income
762
-4,404
-1,161
-1,223
850
825
Diluted EPS ($)
5.04
-28.00
-7.34
-7.69
5.45
5.35
Free cash flow
337
106
283
709
931
931
Gross margin
69.7%
64.8%
60.9%
65.4%
66.1%
66.4%
Operating margin
−2.7%
−91.2%
−23.7%
−19.1%
18.6%
19.6%
Net margin
16.8%
−96.1%
−25.8%
−28.0%
19.6%
18.4%
Balance sheet
FY22
FY23
FY23
FY24
FY25
LTM
Total assets
15,217
12,252
10,111
6,303
6,644
6,650
Cash
1,232
2,011
1,048
1,127
1,418
1,040
Total debt
993
1,987
1,489
1,989
1,989
1,991
Equity
10,740
6,599
5,745
2,373
2,723
2,838
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.