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Illumina

ILMN Nasdaq Life Sciences Tools & Services Financials FY2016–FY2025

Illumina's revenue fell 0.7% to $4.3 billion in fiscal 2025. Its operating margin was 18.6%, up from −19.1% a year earlier. Free cash flow was $931 million, up 31.3%. It paid out $742 million in dividends and buybacks, 80% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$269.42

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$4.3B
0.7% vs prior year
Operating margin Operating income as a share of revenue.
18.6%
37.6 pts
Net income Profit after all expenses, interest and tax.
$850M
Free cash flow Cash from operations minus capital spending.
$931M
31.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.3%
34.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$41.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
50.3x
On $5.36 EPS (TTM)

What Illumina does

No business description yet.

Legal name
ILLUMINA, INC.
Fiscal year ends
December 28, 2025
Latest annual report
—
Accession · CIK
0001110803-26-000024
0001110803

Revenue and margins

Illumina had $4.3B of revenue in fiscal 2025, down 0.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $931M in fiscal 2025, 21.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Illumina returned $742M to shareholders in fiscal 2025, 80% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Illumina yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$356M and divides by 156.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 50.3x · peers — · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Illumina can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$2.0B$1.1B$1.2B$1.6B
Debt incl. finance leases $702M$2.0B$1.5B$2.0B$2.0B
Net debt / EBITDA −5.0x———0.3x
Debt / equity 0.1x0.3x0.3x0.8x0.7x
Interest coverage −2.0x−160.7x−13.9x−8.3x8.0x
Current ratio 2.5x1.3x1.7x1.8x2.1x
Quick ratio 2.1x1.1x1.3x1.4x1.7x
Total assets $15.2B$12.3B$10.1B$6.3B$6.6B
Total liabilities $4.5B$5.7B$4.4B$3.9B$3.9B
Shareholders' equity $10.7B$6.6B$5.7B$2.4B$2.7B
Net debt (− = net cash) −$637M−$50.0M$435M$769M$356M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$436M

2 insiders

Of sales under plans

0%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Keith A. MeisterDirector Sold 119,501 $218.40 $26.1M Form 4
Sep 3, 2026 Keith A. MeisterDirector Sold 75,951 $218.23 $16.6M Form 4
Sep 2, 2026 Keith A. MeisterDirector Sold 68,108 $213.28 $14.5M Form 4
Aug 27, 2026 Keith A. MeisterDirector Sold 138,379 $228.89 $31.7M Form 4
Aug 26, 2026 Keith A. MeisterDirector Sold 106,543 $225.46 $24.0M Form 4
Aug 25, 2026 Keith A. MeisterDirector Sold 131,019 $225.51 $29.5M Form 4
Aug 21, 2026 Keith A. MeisterDirector Sold 299,336 $217.96 $65.2M Form 4
Aug 20, 2026 Keith A. MeisterDirector Sold 285,238 $213.86 $61.0M Form 4
Aug 19, 2026 Keith A. MeisterDirector Sold 95,000 $203.29 $19.3M Form 4
Aug 18, 2026 Christensen Jakob WedelSVP, Strategy/Corp Development Sold plan 1,033 $191.52 $0.2M Form 4
Aug 5, 2026 Keith A. MeisterDirector Sold 283,269 $199.61 $56.5M Form 4
Aug 4, 2026 Keith A. MeisterDirector Sold 457,858 $200.10 $91.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 95 / 98 / 9
Accruals ratio −14.7%−25.1%−3.5%
Altman Z'' 1.340.353.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Illumina ILMN $41.2B −0.7% 18.6% 21.4% 20.3% 50.3x 8
Mettler Toledo MTD $33.7B 4.0% — 21.1% 50.5% 37.6x 7 Compare →
Charles River Laboratories CRL $16.6B −0.9% 0.6% 12.9% 0.4% — 4 Compare →
Waters WAT $44.6B 7.0% 25.4% 17.1% 21.0% — 6 Compare →
Avantor AVTR $11.7B −3.4% −3.8% 7.6% −2.1% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.4B $2.8B $3.3B $3.5B $3.2B $4.5B $4.6B $4.5B $4.4B $4.3B
Gross profit $1.7B $1.8B $2.3B $2.5B $2.2B $3.2B $3.0B $2.7B $2.9B $2.9B
Research and development $504M $546M $623M $647M $682M $1.2B $1.3B $1.4B $1.2B $967M
Operating income $587M $606M $883M $985M $580M −$123M −$4.2B −$1.1B −$833M $807M
Interest expense $33.0M $37.0M $57.0M $52.0M $49.0M $61.0M $26.0M $77.0M $100M $101M
Pretax income $561M $1.0B $894M $1.1B $856M $884M −$4.3B −$1.1B −$1.2B $1.1B
Income tax $133M $365M $112M $128M $200M $122M $68.0M $44.0M $44.0M $236M
Net income $463M $726M $826M $1.0B $656M $762M −$4.4B −$1.2B −$1.2B $850M
Diluted EPS $3.07 $4.92 $5.56 $6.74 $4.45 $5.04 −$28.00 −$7.34 −$7.69 $5.45
Diluted shares 0.15B 0.15B 0.15B 0.15B 0.15B 0.15B 0.16B 0.16B 0.16B 0.16B
Cash flow
Cash from operations $779M $875M $1.1B $1.1B $1.1B $545M $392M $478M $837M $1.1B
Capital expenditure $260M $310M $296M $209M $189M $208M $286M $195M $128M $148M
Free cash flow $519M $565M $846M $842M $891M $337M $106M $283M $709M $931M
Depreciation and amortization $141M $156M $179M $188M $187M $251M $394M $432M $354M $270M
Stock-based compensation $129M $164M $193M $194M $194M $754M $366M $380M $370M $275M
Acquisitions $18.0M $0.0M $100M $0.0M $98.0M $2.4B $265M $30.0M $81.0M $10.0M
Share buybacks $249M $251M $201M $324M $736M $0.0M $0.0M $0.0M $116M $742M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $249M $251M $201M $324M $736M $0.0M $0.0M $0.0M $116M $742M
Balance sheet
Cash and short-term investments $1.6B $2.1B $3.5B $3.4B $3.5B $1.3B $2.0B $1.1B $1.2B $1.6B
Total debt $1.1B $1.2B $2.0B $1.1B $1.2B $702M $2.0B $1.5B $2.0B $2.0B
Finance lease liabilities $9.0M $113M $269M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.3B $3.0B $4.5B $4.5B $4.5B $2.7B $3.6B $2.6B $2.7B $3.3B
Current liabilities $705M $746M $1.8B $665M $1.2B $1.1B $2.8B $1.6B $1.5B $1.6B
Inventory $300M $333M $386M $359M $372M $431M $568M $587M $547M $564M
Property and equipment, net $713M $931M $1.1B $889M $922M $1.0B $1.1B $1.0B $815M $759M
Total assets $4.3B $5.3B $7.0B $7.3B $7.6B $15.2B $12.3B $10.1B $6.3B $6.6B
Total liabilities $2.0B $2.5B $3.1B $2.7B $2.9B $4.5B $5.7B $4.4B $3.9B $3.9B
Shareholders' equity $2.2B $2.7B $3.8B $4.6B $4.7B $10.7B $6.6B $5.7B $2.4B $2.7B
Margins
Gross margin 69.5% 66.4% 69.0% 69.6% 68.0% 69.7% 64.8% 60.9% 65.4% 66.1%
Operating margin 24.5% 22.0% 26.5% 27.8% 17.9% −2.7% −91.2% −23.7% −19.1% 18.6%
EBITDA margin 30.4% 27.7% 31.9% 33.1% 23.7% 2.8% −82.6% −14.1% −11.0% 24.8%
Net margin 19.3% 26.4% 24.8% 28.3% 20.3% 16.8% −96.1% −25.8% −28.0% 19.6%
FCF margin 21.6% 20.5% 25.4% 23.8% 27.5% 7.5% 2.3% 6.3% 16.2% 21.4%
Returns
Return on capital 26.9% 21.4% 34.3% 35.3% 18.7% −1.7% −39.7% −13.3% −14.1% 20.3%
Return on capital employed 17.6% 15.0% 18.3% 16.7% 8.9% −1.2% −35.4% −11.9% −12.5% 16.4%
Return on equity 22.9% 29.4% 25.4% 23.9% 14.1% 9.9% −50.8% −18.8% −30.1% 33.4%
Return on assets 11.6% 15.2% 13.5% 14.0% 8.8% 6.7% −32.1% −10.4% −14.9% 13.1%
Growth
Revenue growth 8.0% 14.8% 21.1% 6.3% −8.6% 39.7% 1.3% −1.8% −2.9% −0.7%
Net income growth 0.2% 56.8% 13.8% 21.3% −34.5% 16.2% −678.0% — — —
EPS growth −1.0% 60.3% 13.0% 21.2% −34.0% 13.3% −655.6% — — —
FCF growth −19.3% 8.9% 49.7% −0.5% 5.8% −62.2% −68.6% 167.0% 150.5% 31.3%
Share count change −0.7% 0.0% 0.7% 0.0% −0.7% 2.0% 4.0% 0.6% 0.6% −1.9%
Financial health
Net debt / EBITDA −0.7x −1.1x −1.2x −1.9x −3.0x −5.0x — — — 0.3x
Debt / equity 0.5x 0.5x 0.6x 0.3x 0.3x 0.1x 0.3x 0.3x 0.8x 0.7x
Interest coverage 17.8x 16.4x 15.5x 18.9x 11.8x −2.0x −160.7x −13.9x −8.3x 8.0x
Current ratio 3.3x 4.0x 2.5x 6.7x 3.6x 2.5x 1.3x 1.7x 1.8x 2.1x
Quick ratio 2.9x 3.6x 2.3x 6.2x 3.3x 2.1x 1.1x 1.3x 1.4x 1.7x
Capital allocation
Capex / revenue 10.8% 11.3% 8.9% 5.9% 5.8% 4.6% 6.2% 4.3% 2.9% 3.4%
Stock comp / revenue 5.4% 6.0% 5.8% 5.5% 6.0% 16.7% 8.0% 8.4% 8.5% 6.3%
Payouts / FCF 48.0% 44.4% 23.8% 38.5% 82.6% 0.0% 0.0% 0.0% 16.4% 79.7%
Quality scores
Piotroski F-score 5.0 7.0 4.0 7.0 5.0 6.0 2.0 6.0 5.0 8.0
Altman Z'' 5.7 6.1 6.1 7.9 7.1 4.3 −0.3 1.3 0.4 3.0
Accruals ratio −7.9% −3.1% −5.2% −0.7% −5.7% 1.9% −34.9% −14.7% −25.1% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0001110803). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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