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Illumina, Inc.
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$31.2B
Market Cap
24.8
P/E
3.08
PEG
18.3%
ROCE
33.4%
ROE
0.94
D/E
20.0%
OPM
-11.6%
% from 52W High
93
α RS
🔍 ILMN is showing a high-conviction setup because it matches 14 of 39 tracked screener presets, RS Rating is 93 (top decile vs market), and an ECS of 66.7 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 14/39 · RS Rating 93 · ECS 66.7
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Currency-adjusted total returns for ILMN including FX impact
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📈 Price History
Ratio Health
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By Category
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About

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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ILMN
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Manager Shares Value % of Fund Period
Cathie Wood ARK Investment Management 1.13M $139.2M 1.08% Mar 2026
Jim Simons Renaissance Technologies LLC 972.6K $119.9M 0.19% Mar 2026
Steve Cohen Point72 Asset Management 53.7K $6.6M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.16B
+9.5% YoY
Non-GAAP Operating Income
$260M
+3% YoY
Non-GAAP Operating Margin
22.5%
-1.3pp YoY
Non-GAAP EPS
$1.31
+10% YoY
What Went Right
  • Rest-of-world organic revenue grew 8.1%, above the high end of guidance and driving the fastest revenue growth since the CEO joined.
  • More than 95 NovaSeq X placements in Q2; clinical consumables ex-China grew 15%, with U.S.-Canada growing over 20%.
  • FY26 guidance raised: ROW organic growth to >5% from 2%-4%, EPS midpoint up $0.12 to $5.35.
  • Billion Cell Atlas is gaining traction: over 300 million cells delivered, six pharma partners, and revenue contribution has started.
What to Watch
  • Research and applied consumables declined 7% ROW in Q2; management still expects a mid-to-high single-digit decline in 2026 and sees no clear recovery timing.
  • Memory and freight costs rose more than expected; the team absorbed them in Q2, secured supply for coming quarters and is sharing some cost increases with customers.
  • Q3 ROW organic growth is guided to ~4.5%, a step down from 8.1%, as instrument growth moderates against tougher comparisons.
Management Guidance
  • Q3 2026: revenue of $1.14-$1.16B, ROW organic growth of approximately 4.5%, non-GAAP EPS of $1.33-$1.38 and non-GAAP operating margin of approximately 24%.
  • FY26: revenue raised to $4.60-$4.64B, ROW organic growth greater than 5%, non-GAAP operating margin maintained at 23.4%-23.6%, and non-GAAP EPS raised to $5.30-$5.40.
  • FY26 consumables: ROW organic sequencing consumables growth of mid-single digits, with clinical growing mid-teens and research/applied declining mid-to-high single digits.
Investor Lens
The thesis is stronger after this call. Clinical sequencing demand remains durable and broad-based, with U.S.-Canada clinical consumables still growing above 20% and the 95-plus NovaSeq X placement quarter setting up future consumables growth. Management raised full-year guidance and reaffirmed the path toward high-single-digit revenue growth in 2027. Watch-outs are the soft research/academic market and elevated memory/freight costs, which are pressuring gross margin but so far being managed. Overall, the Q2 beat supports confidence in sustained clinical-led growth.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 beats guidance; ROW organic growth 8.1%
Revenue
Total revenue was $1.16B, up 9.5% year-over-year, with organic growth of 6.5% and rest-of-world organic growth of 8.1%. Sequencing consumables were $775M, up 5% YoY, driven by high-throughput volume, while sequencing instruments grew 31% to $125M and microarrays/other grew 21% to $105M.
Profitability
Non-GAAP EPS was $1.31, up approximately 10% year-over-year, or about 13% excluding acquisitions. GAAP diluted EPS was $1.35 versus $1.49 in the prior-year period.
Margins
Non-GAAP operating margin was 22.5%, above guidance but down 1.3 percentage points year-over-year. Non-GAAP gross margin came in at 68.2%, slightly better than expected despite higher freight and memory costs and a higher mix of instrument sales.
Balance Sheet
The company ended Q2 with $1.17B in cash, equivalents and short-term investments, and $1.99B in total debt. Operating cash flow was $201M, capital expenditures were $39M, and free cash flow was $162M; Illumina repurchased $122M of stock during the quarter.
Key Risks
Management flagged ongoing weakness in research and academic markets, with ROW research/applied consumables down 7% and no meaningful recovery assumed for the year. Memory and freight costs were higher than expected, and Q3 ROW organic growth is guided to moderate to about 4.5% as instrument comparables get tougher.
Outlook
For Q3, Illumina expects revenue of $1.14-$1.16B, ROW organic growth of roughly 4.5%, non-GAAP EPS of $1.33-$1.38 and operating margin around 24%. For the full year, revenue guidance was raised to $4.60-$4.64B, ROW organic growth to greater than 5%, and non-GAAP EPS to $5.30-$5.40.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 saw robust revenue and EPS growth, driven by strong clinical demand, expanding NovaSeq X placements, and innovation in multi-omics and AI-enabled offerings. Full-year guidance was raised for revenue and EPS, with clinical markets and new products expected to drive future growth.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 results exceeded expectations with strong clinical growth and robust NovaSeq X demand, prompting raised full-year guidance for revenue, margin, and EPS. Clinical markets remain the primary growth driver, while research and applied markets are cautious amid funding uncertainty.
Q4 2025 Q4 2025 2026-02-05
Q4 2025 exceeded expectations with strong clinical growth and margin expansion. 2026 guidance calls for 2%-4% ex-China organic revenue growth, robust clinical momentum, and continued margin improvement, while research remains challenged by funding uncertainty.
Q3 2025 Q3 2025 2025-10-30
Q3 revenue and earnings exceeded guidance, driven by strong clinical growth and successful NovaSeq X transition. 2025 guidance was raised, with clinical expected to remain the main growth driver and research stabilizing as funding uncertainty persists.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 revenue reached $1.06B, with strong clinical demand offsetting research softness and driving 23.8% non-GAAP operating margin and $1.19 EPS. FY25 guidance was raised for revenue, margin, and EPS, supported by robust clinical growth, cost discipline, and the announced SomaLogic acquisition.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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