Illumina, Inc.
- Open
- 213.74
- Day high
- 214.90
- Day low
- 208.98
- Prev close
- 215.59
- Volume
- 2.0M
- Mkt cap
- $32.3B
- P/E (TTM)
- 39.5
- EPS (TTM)
- $5.41
- P/B
- 11.4
- P/S
- 7.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$379.6M over the last 3 months (0 open-market buys, 66 sales)
- 🏛Institutions mixed (13F)
Illumina, Inc. (ILMN) is a Healthcare company listed on NASDAQ. The stock is up 118% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 66 sales (SEC Form 4).
Illumina, Inc. (ILMN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ILMN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.23 | $1.31 | +6.5% | $1.2B | +2.5% |
| Apr 30, 2026 | $1.05 | $1.15 | +9.5% | $1.1B | +1.7% |
| Feb 5, 2026 | $1.26 | $1.35 | +7.1% | $1.2B | +8.0% |
| Oct 30, 2025 | $1.17 | $1.34 | +14.5% | $1.1B | +1.6% |
| Jul 31, 2025 | $1.02 | $1.19 | +16.7% | $1.1B | -0.6% |
| May 8, 2025 | $0.94 | $0.97 | +3.2% | $1.0B | +1.5% |
| Feb 6, 2025 | $0.92 | $0.86 | -6.5% | $1.1B | +3.0% |
| May 2, 2024 | $0.04 | $0.09 | +106.4% | $1.1B | +2.4% |
| Feb 8, 2024 | $0.02 | $0.14 | +686.1% | $1.1B | +3.1% |
| Nov 9, 2023 | $0.13 | $0.33 | +153.8% | $1.1B | -1.0% |
| Feb 7, 2023 | $0.19 | $0.14 | -26.3% | $1.1B | +1.0% |
| Nov 3, 2022 | $0.29 | $0.34 | +17.2% | $1.1B | +0.4% |
ILMN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Meister Keith A.director | Sell | 38,213 | $224.72 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 24,363 | $228.64 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 53,123 | $225.69 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 28,439 | $230.54 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 425 | $227.22 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 42 | $226.79 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 54,309 | $227.67 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 38,201 | $226.13 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 9,405 | $231.23 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 16,990 | $229.72 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 92,776 | $225.26 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 4,873 | $226.74 |
| Aug 27, 2026 | Meister Keith A.director | Sell | 14,782 | $226.50 |
| Aug 21, 2026 | Meister Keith A.director | Sell | 12,813 | $205.00 |
| Aug 21, 2026 | Meister Keith A.director | Sell | 9,078 | $209.68 |
Source: ILMN SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full ILMN insider & 13F page →Illumina, Inc. company profile
Overview
Illumina, Inc. (NASDAQ:ILMN) is a leading biotechnology company founded in 1998 and based in San Diego, California, that went public in 2000. The company pioneered the development of DNA sequencing and array-based solutions that have revolutionized genetic and genomic analysis. Over its 25+ year history, Illumina has established itself as the dominant player in the DNA sequencing market, providing the foundational technology that enables genomic research, clinical diagnostics, and personalized medicine applications worldwide.
Business
Illumina operates in the genomics industry, which involves analyzing DNA and RNA to understand genetic information. The company's core business revolves around DNA sequencing - the process of determining the exact order of nucleotides (A, T, G, C) in DNA molecules. This technology is fundamental to modern biology, medicine, and biotechnology research. The company's primary offerings include sequencing instruments and consumables (reagents and flow cells needed for each sequencing run), along with related services. Illumina's flagship products include the NovaSeq X series for high-throughput sequencing, NextSeq series for mid-throughput applications, and MiSeq series for smaller-scale projects. These instruments use Illumina's proprietary sequencing-by-synthesis (SBS) chemistry to read DNA sequences with high accuracy and speed. The business operates through three main revenue segments: 1) Sequencing Consumables (~65% of revenue) - the reagents and flow cells that customers purchase for each sequencing run, 2) Sequencing Instruments (~10% of revenue) - the actual sequencing machines sold to customers, and 3) Sequencing Services and Other (~15% of revenue) - including genotyping services, instrument service contracts, and licensing agreements. The remaining revenue historically came from GRAIL, a cancer detection subsidiary that was divested. Illumina serves diverse end markets including genomic research centers, academic institutions, government laboratories, hospitals, pharmaceutical companies, biotechnology firms, commercial diagnostic laboratories, and consumer genomics companies. Applications span basic research, clinical diagnostics (particularly in oncology and rare diseases), agricultural genomics, and emerging areas like single-cell analysis and spatial genomics.
Revenue model
Illumina operates on a razor-and-blade business model similar to printer manufacturers. The company sells sequencing instruments (the "razor") at relatively modest margins, then generates substantial recurring revenue from consumables (the "blades") that customers must purchase for each sequencing run. This model creates predictable, high-margin revenue streams since consumables typically represent 60-70% of total revenue and carry gross margins of 70-80%. The paying customers are primarily research institutions, clinical laboratories, pharmaceutical companies, and biotechnology firms that purchase both instruments and the ongoing consumables needed to operate them. Revenue is also generated through service contracts for instrument maintenance, licensing agreements for Illumina's technology, and direct sequencing services. Several factors influence Illumina's margins and profitability. Positive margin drivers include the transition to newer, more efficient platforms like NovaSeq X that reduce per-unit sequencing costs while maintaining pricing power, economies of scale in manufacturing as volumes increase, and expansion into higher-value clinical applications that command premium pricing. The company's dominant market position allows it to maintain strong pricing discipline across its product portfolio. Negative margin pressures include competitive pricing pressure as alternative sequencing technologies emerge, customer demand for lower per-genome sequencing costs that requires ongoing efficiency improvements, macroeconomic constraints that reduce customer capital spending on instruments, and geopolitical challenges such as export restrictions to China that limit market access. Additionally, the transition between instrument platforms can temporarily reduce margins as customers delay purchases and the company manages inventory of older products.
Competitive moat
Illumina possesses a strong competitive moat built on several reinforcing elements. The company's most significant advantage is its network effects and switching costs - once customers invest in Illumina's sequencing platforms, they become locked into purchasing proprietary consumables and face substantial costs to switch to alternative technologies. This creates a predictable revenue stream and customer stickiness. The company also benefits from technological leadership and patent protection, with decades of R&D investment creating a comprehensive intellectual property portfolio around sequencing-by-synthesis chemistry and related technologies. Illumina's scale advantages in manufacturing and R&D spending ($800+ million annually) make it difficult for competitors to match its cost structure and innovation pace. However, this moat faces emerging challenges. Competitive threats are increasing from companies like Oxford Nanopore (long-read sequencing), Pacific Biosciences (also long-read), and newer entrants developing alternative sequencing approaches. These technologies may offer advantages for specific applications, potentially fragmenting Illumina's market dominance. Additionally, customer pressure for lower costs and more open platforms could erode some of Illumina's pricing power over time. The company's moat remains strong in the near-to-medium term due to its installed base, technological sophistication, and the high validation requirements in clinical applications. However, the competitive landscape is intensifying, and Illumina must continue innovating to maintain its leadership position as genomics technologies evolve and mature.
Risks & safety
Illumina presents a moderate to strong margin of safety from a financial stability perspective, though faces some operational and valuation challenges. • Cash and Liquidity: Strong balance sheet with $1.1 billion in cash and short-term investments, current ratio of 1.86, providing adequate liquidity buffer • Debt Levels: Debt-to-equity ratio of 1.1 is manageable but elevated; company generates positive free cash flow of $200+ million quarterly • Solvency Risk: Low near-term solvency risk given cash generation capability and market position • Valuation Metrics: Trading at 24x P/E ratio and 5.3x price-to-book, which appears reasonable for a market leader but not particularly cheap; EV/EBITDA of 12.8x is within normal range for biotech equipment companies • Other Considerations: Revenue declining 2-3% annually due to China restrictions and research funding constraints; however, strong clinical market growth and new product launches provide growth catalysts; margin expansion initiatives targeting 500 basis points improvement by 2027 offer upside potential
Recent development
Over the past few years, Illumina has undergone significant strategic transformation focused on three key areas. The company has prioritized the transition to its NovaSeq X platform, which offers substantially lower sequencing costs and improved performance compared to previous generations. By Q1 2025, approximately 50% of high-throughput revenue was running on the X series, with the transition expected to accelerate through 2025. Illumina has also pursued aggressive cost reduction initiatives, implementing over $100 million in annual cost savings through operational excellence programs, manufacturing optimization, and organizational restructuring. The company merged its marketing and commercial teams and expanded operations in lower-cost regions like Singapore and India to improve efficiency. The company has made strategic moves to expand beyond traditional sequencing into adjacent markets. Key developments include the acquisition of Fluent BioSciences to enter single-cell analysis, partnerships with SomaLogic for proteomics capabilities, and development of spatial genomics solutions. These initiatives aim to position Illumina as a broader multiomics platform rather than just a sequencing company. Additionally, Illumina completed the divestiture of GRAIL, its cancer detection subsidiary, allowing management to refocus on the core sequencing business. The company has also navigated significant geopolitical challenges, particularly export restrictions affecting the Chinese market, which historically represented about 7% of global revenue.
ILMN company profile · for informational purposes only — not investment advice.
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